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Publication date: 29 August 2018

Paul A. Pautler

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and…

Abstract

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

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Healthcare Antitrust, Settlements, and the Federal Trade Commission
Type: Book
ISBN: 978-1-78756-599-9

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Article
Publication date: 7 December 2018

Yi Luo and Yirong Huang

The purpose of this paper is to explore whether stock index volatility series exhibit real long memory.

245

Abstract

Purpose

The purpose of this paper is to explore whether stock index volatility series exhibit real long memory.

Design/methodology/approach

The authors employ sequential procedure to test structural break in volatility series, and use DFA and 2ELW to estimate long memory parameter for the whole samples and subsamples, and further apply adaptive FIGARCH (AFIGARCH) to describe long memory and structural break.

Findings

The empirical results show that stock index volatility series are characterized by long memory and structural break, and therefore it is appropriate to use AFIGARCH to model stock index volatility process.

Originality/value

This study empirically investigates the properties of long memory and structural break in stock index volatility series. The conclusion has a certain reference value for understanding the properties of long memory and structural break in volatility series for academic researchers, market participants and policy makers, and for modeling and forecasting future volatility, testing market efficiency, pricing financial assets, constructing quantitative investment strategy and measuring market risk.

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China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 29 April 2016

Suk-kyu Kim, Brian H. Yim, Kevin K. Byon, Jae-Gu Yu, Sung-Min Lee and Jae-Ahm Park

The purpose of this paper is to examine spectator perceptions of service quality at the Formula One (F-1) event in Shanghai by means of Martilla and James’ Importance and…

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Abstract

Purpose

The purpose of this paper is to examine spectator perceptions of service quality at the Formula One (F-1) event in Shanghai by means of Martilla and James’ Importance and Performance Analysis (IPA).

Design/methodology/approach

The items were plotted on the four IPA dimensions, including: Concentrate Here; Keep Up the Good Work; Lower Priority; and Possible Overkill.

Findings

The results indicated that staff courtesy seems to be the strength of the event. However, concession quality, food prices, and arena accessibility, including restrooms at the Shanghai F-1 event, did not meet spectators’ expectations. In addition, the results suggested that in any spectator sporting event, food consumption helps to create a positive experience. Therefore, IPA revealed that service quality related to concessions, food pricing, and arena accessibility at the Shanghai F-1 are in need of immediate improvement, whereas staff courtesy and race visuals were satisfactory.

Originality/value

The findings will help marketers prioritize certain services and offer strategic direction in effective service provision by highlighting management problems.

Details

International Journal of Sports Marketing and Sponsorship, vol. 17 no. 2
Type: Research Article
ISSN: 1464-6668

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Article
Publication date: 1 March 1933

THE R.A.F. Long — Range Monoplane, piloted by Squadron‐Leader O. R. Gayford and Flight‐Lieutenant G. E. Nicholetts, left Cranwell Aerodrome at 7.15 a.m. on February 6 and landed…

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Abstract

THE R.A.F. Long — Range Monoplane, piloted by Squadron‐Leader O. R. Gayford and Flight‐Lieutenant G. E. Nicholetts, left Cranwell Aerodrome at 7.15 a.m. on February 6 and landed at Walvis Bay at 4.40 p.m. on February 8, having covered a distance, measured on a Great‐Circle course, of 5,340 statute miles (8,592·06 kilometres). This beat the previous world's distance record of 5,012 miles (8,065·736 kilometres), set up by Messrs. Russel Boardman and John Polando in a Bellanca monoplane with a 300 h.p. Wright J.6 engine, between New York and Istanbul on July 28 to 30, 1931, by 328 miles (526·324 kilometres). The actual distance flown over the track followed by the aeroplane was, of course, considerably more—probably some 5,600 miles. For reference purposes, a map has been prepared, showing three routes: (a) the Great‐Circle Course, over which the distance for record purposes is measured as laid down by the F.A.I. Regulations, shown by a broken line; (b)the route laid down to be followed by the aeroplane before the start, shown by a full line; (c)the approximate track of the aeroplane on the flight as far as this deviated from (b), shown by a dotted line. This has been estimated from the signals received from the pilots, as issued by the Air Ministry, and from their cabled report. The precise locations of the divergencies near Duala and South of Loanda are not, at the time of writing, accurately known and must be treated as approximations only.

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Aircraft Engineering and Aerospace Technology, vol. 5 no. 3
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 17 December 2018

Andrew Adewale Alola

Observation of misalignment of the house prices with fundamentals in Malta was recently investigated (Vakili-Zad and Hoekstra, 2011; Micallef, 2018). As such, this study aims to…

210

Abstract

Purpose

Observation of misalignment of the house prices with fundamentals in Malta was recently investigated (Vakili-Zad and Hoekstra, 2011; Micallef, 2018). As such, this study aims to investigate nexus evidence of the housing market and production sector performance in Malta by using quarterly data spanning from 2005Q1 to 2016Q4.

Design/methodology/approach

Industrial expansion and development indicator-producer price index (ppi) and unemployment (uem) are used along with volatility index (vix) and fertility rate (frate) as control variables in a multivariate autoregressive distributed lag approach.

Findings

Precisely, the investigation reveals that any disequilibrium in the long-run equilibrium among these variables is subsequently corrected by the movement in the housing market vis-à-vis real residential property price. As the system is observed to adjust with a speed of 39.7 per cent in a situation of economic disequilibrium, the long-run impacts on the housing market are positive for ppi and vix but negative for frate and eum. The observed direction of the impacts in the short-run are the same as in the long-run for all variables. A reported sensitivity test indicates a very minimal differential impact for each variable in the long-run but with a significantly different adjustment parameter of 81.9 per cent. Also, the estimated system posits a very stable model that is void of serial correlation and heteroskedasticity.

Research limitations/implications

In view of the vibrant nature of the real estate and the housing sector of the country, consideration of the effective policy instruments provided by this study is strongly encouraged. On a wider note, these practicable tools could further be recommended to other regional countries.

Originality/value

The research presents a novel perspective of the real estate and housing sector of Malta, specifically in the light of economic diversification. The country’s housing sector is studied in relation with the performance of other sectors for the first time.

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International Journal of Housing Markets and Analysis, vol. 12 no. 1
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 17 December 2020

Zhengxun Tan, Yao Fu, Hong Cheng and Juan Liu

This study aims to examine the long memory as well as the effect of structural breaks in the US and the Chinese stock markets. More importantly, it further explores possible…

279

Abstract

Purpose

This study aims to examine the long memory as well as the effect of structural breaks in the US and the Chinese stock markets. More importantly, it further explores possible causes of the differences in long memory between these two stock markets.

Design/methodology/approach

The authors employ various methods to estimate the memory parameters, including the modified R/S, averaged periodogram, Lagrange multiplier, local Whittle and exact local Whittle estimations.

Findings

China's two stock markets exhibit long memory, whereas the two US markets do not. Furthermore, long memory is robust in Chinese markets even when we test break-adjusted data. The Chinese stock market does not meet the efficient market hypothesis (EMHs), including the efficiency of information disclosure, regulations and supervision, investors' behavior, and trading mechanisms. Therefore, its stock prices' sluggish response to information leads to momentum effects and long memory.

Originality/value

The authors elaborately illustrate how long memory develops by analyzing not only stock market indices but also typical individual stocks in both the emerging China and the developed US, which diversifies the EMH with wider international stylized facts and findings when compared with previous literature. A couple of tests conducted to analyze structural break effects and spurious long memory demonstrate the reliability of the results. The authors’ findings have significant implications for investors and policymakers worldwide.

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International Journal of Emerging Markets, vol. 17 no. 5
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 15 February 2013

Dilip Kumar and S. Maheswaran

The main purpose of this paper is to examine the asymmetry and long memory properties in the volatility of the stock indices of the PIIGS economies (Portugal, Ireland, Italy…

467

Abstract

Purpose

The main purpose of this paper is to examine the asymmetry and long memory properties in the volatility of the stock indices of the PIIGS economies (Portugal, Ireland, Italy, Greece and Spain).

Design/methodology/approach

The paper utilizes the wavelets approach (based on Haar, Daubechies‐4, Daubechies‐12 and Daubechies‐20 wavelets) and the GARCH class of models (namely, ARFIMA (p,d′,q)‐GARCH (1,1), IGARCH (1,1), FIGARCH (1,d,0), FIGARCH (1,d,1), EGARCH (1,1) and FIEGARCH (1,d,1)) to accomplish the desired goals.

Findings

The findings provide evidence in support of the presence of long range dependence in the various proxies of volatility of the PIIGS economies. The results from the wavelet approach also support the Taylor effect in the volatility proxies. The results show that ARFIMA (p,d′,q)‐FIGARCH (1,d,0) model specification is better able to capture the long memory property of conditional volatility than the conventional GARCH and IGARCH models. In addition, the ARFIMA (p,d′,q)‐FIEGARCH (1,d,1) model is better able to capture the asymmetric long memory feature in the conditional volatility.

Originality/value

This paper has both methodological and empirical originality. On the methodological side, the study applies the wavelet technique on the major proxies of volatility (squared returns, absolute returns, logarithm squared returns and the range) because the wavelet‐based estimator exhibits superior properties in modeling the behavior of the volatility of stock returns. On the empirical side, the paper finds asymmetry and long range dependence in the conditional volatility of the stock returns in PIIGS economies using the GARCH family of models.

Details

Review of Accounting and Finance, vol. 12 no. 1
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 17 September 2018

Radhika Prosad Datta and Ranajoy Bhattacharyya

The purpose of this paper is to determine whether foreign exchange markets in India have become more efficient over time. There were two major developments in India’s foreign…

388

Abstract

Purpose

The purpose of this paper is to determine whether foreign exchange markets in India have become more efficient over time. There were two major developments in India’s foreign exchange market since the 1980s: first, a shift in foreign exchange management regime from a basket peg to a free float; and second, a rapid phase of economic liberalization since the mid-1990s. The paper attempts to find out whether the market efficiency of foreign exchange markets is affected by these developments. The paper mainly uses the well-known Hurst exponent calculated through corrected empirical R over S analysis to determine whether the exchange rates possess long memory. The robustness of the method is tested by calculating the Hurst exponent through two other prevalent methods in the literature.

Design/methodology/approach

The authors apply the corrected empirical Hurst exponent which employs the Anis Lloyd correction with the modification suggested by Weron. The sensitivity of the results is then tested by replicating the calculations using the detrended fluctuation analysis and Robinson’s method.

Findings

All the methods show that: first, there is no significant change in the overall efficiency of the foreign exchange market vis a vis the US$ for the time period from 1980 to 2017. Second, neither regime shifts nor calculations over sub-time periods is able to identify significant change in the efficiency level of the market for the US$ exchange rate. Third, efficiency of different exchange rate markets are different over the time period 1999–2017. The US$ market has unequivocally more long run memory compared to the GBP, Yen and EURO markets. Fourth, the results are robust to the method used for calculations.

Originality/value

Does the efficiency of asset markets evolve over time? This paper attempts to answer this question. In the process, the paper studies the effect of regime shifts and progressive globalization on the ability of the market to internalize information.

Details

International Journal of Emerging Markets, vol. 13 no. 4
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 12 July 2023

Ji Kai, Ming Liu, Yue Wang and Ding Zhang

Nucleic acid testing is an effective method of accurate prevention and control and a key measure to block the spread of the epidemic. However, the fraud in nucleic acid testing…

116

Abstract

Purpose

Nucleic acid testing is an effective method of accurate prevention and control and a key measure to block the spread of the epidemic. However, the fraud in nucleic acid testing occurred frequently during epidemics. This paper aims to provide a viable scheme for the government to strengthen the supervision of nucleic acid testing and to provide a new condition for the punishment for the negative act of the government and the upper limit of the reward for nucleic acid testing institution of no data fraud.

Design/methodology/approach

This paper formulates an evolutionary game model between the government and nucleic acid testing institution under four different mechanisms of reward and punishment to solve the issue of nucleic acid testing supervision. The authors discuss the stability of equilibrium points under the four distinct strategies and conduct simulation experiments.

Findings

The authors find that the strategy of dynamic reward and static penalty outperforms the strategies of static reward and static penalty, dynamic reward and static penalty, static reward and dynamic penalty, dynamic reward and dynamic penalty. The results reveal the appropriate punishment for the negative act of the government can enhance the positivity of the government's supervision in the strategy of dynamic reward and static penalty, while the upper limit of the reward for nucleic acid testing institution of no data fraud cannot be too high. Otherwise, it will backfire. Another interesting and counterintuitive result is that in the strategy of dynamic reward and dynamic penalty, the upper limit of the penalty for data fraud of nucleic acid testing institution cannot be augmented recklessly. Otherwise, it will diminish the government's positivity for supervision.

Originality/value

Most of the existing evolutionary game researches related to the reward and punishment mechanism and data fraud merely highlight that increasing the intensity of reward and punishment can help improve the government's supervision initiative and can minimize data fraud of nucleic acid institution, but they fall short of the boundary conditions for the punishment and reward mechanism. Previous literature only study the supervision of nucleic acid testing qualitatively and lacks quantitative research. Moreover, they do not depict the problem scenario of testing data fraud of nucleic acid institution regulated by the government via the evolutionary game model. Thus, this study effectively bridges these gaps. This research is universal and can be extended to other industries.

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Kybernetes, vol. 53 no. 11
Type: Research Article
ISSN: 0368-492X

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Book part
Publication date: 13 May 2019

Lawal Adedoyin Isola, Babajide Abiola Ayopo, Asaleye Abiola and IseOlorunkanmi O. Joseph

Recent evidences show that terrorism is becoming frequent in Nigeria, ranging from incessant Boko Haram activities in the North East; Independent People of Biafra (IPOB…

Abstract

Recent evidences show that terrorism is becoming frequent in Nigeria, ranging from incessant Boko Haram activities in the North East; Independent People of Biafra (IPOB) activities in the South-East states, kidnapping and vandalizing oil pipes in the South-South, Fulani-herdsmen attacks in the Middle Belt, among others. In an attempt to tackle terrorism, the Federal Government at different times adopted military actions with little or no lasting solution. The Have and Have-nots hypothesis (Shahbaz, 2013) stresses the role of economic phenomenon in determining the causes of terrorism. It is on this note that this chapter investigates the linkages between economic growth proxy by gross domestic product per capita (GDPPC) and other fundamental variables such as inflation, unemployment, and inequality gaps, among others; and terrorism in Nigeria. We intend to know whether cointegration exists between the two constructs; and if it does, is there causality? The study employed both the autoregressive distributed lag (ARDL) and the vector error correction model (VECM) approaches to examine the existence of or otherwise a long-run relationship as well as causality among the constructs. Results reveal that a compelling cointegrating relationship exists among the variables. It is further revealed that unemployment, inequality, poverty, inflation, among others, Granger cause terrorism. It stresses that the Have-not hypothesis explained the causes of terrorism in Nigeria. The study therefore suggests that policy makers should, in order to prevent or combat terrorism, focus on improving the economy by creating job opportunities through provision of conducive environment that supports businesses and reduces inequality gaps.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

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