JEFAS Vol. 16 Nº 31 (2011)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4118
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Ítem Solo Metadatos Effect of public educational spending and macroeconomic uncertainty on schooling outcomes: evidence from Nigeria(Universidad ESAN. ESAN Ediciones, 2011-12-30) Dauda, Risikat OladoyinThis study examines the effect of government educational spending and macroeconomic uncertainty on schooling outcomes in Nigeria using the econometric methods of cointegration and error correction mechanism together with the vector auto-regression methodology. The results indicate that schooling outcome cointegrated with all the identified explanatory variables. The study found that public educational spending impacts positively on schooling outcome while macroeconomic instability impacts negatively. The variance decomposition analysis shows that “own shocks” constitute the predominant source of variation in schooling outcome. The impulse response analysis shows that any unanticipated increase in the macroeconomic uncertainty rate will have a contractionary impact on literacy rate. The policy implication of this study is that government should pay attention to policies that enhance educational attainment through adequate public social investment under stable macroeconomic environment.Ítem Solo Metadatos Linkages Between Value Based Performance Measurements and Risk Return Trade Off: Theory and Evidence(Universidad ESAN. ESAN Ediciones, 2011-12-30) Celik, Saban; Aslanertik, Banu EsraIn this study we attempt to investigate the linkages between value-based performance measurements and risk-return trade off in a way to explain cross sectional asset returns. On the side of value based performance measurements three groups of variables are used as a sorting factor: traditional measures which consist of accounting based and market based; recently popularized measures such as Economic Value Added and Market Value Added and theoretically sound measures such as foreign investor allocation and firm systematic risk indicators. The goals of the study are (i) to show how value based measurements techniques relate to risk return trade off and (ii) how these measures affect the cross sectional asset returns in manufacturing industry. Empirical results indicate that foreign investor allocation as a sorting factor produces much more meaningful risk return positive linear relation for cross sectional asset returns than traditional and recently popularized measures.Ítem Solo Metadatos Considerations for the Design of a Central Counterparty for the Mexican Money Market(Universidad ESAN. ESAN Ediciones, 2011-12-30) De Lascurain, MiguelThe financial crisis has brought the problems of regulatory failure and unbridled counterparty risk to the forefront in financial discussions. In the last decade central counterparties have been created in order to face those insidious problems. In Mexico both the stock and the derivatives markets have central counterparties but the money market has not. This paper addresses the Issue of creating a central counterparty for the Mexican money market. Recommendations that must be followed in the design and the management of risk of a central counterparty given by international regulatory institutions are presented in this study. Also two different conceptual designs for a central counterparty appropriate for the Mexican market are proposed. Final conclusions support the creation of a new central counterparty for the Mexican money market.Ítem Solo Metadatos Hofstede's Cultural Dimensions and Tourist Behaviors: A Review and Conceptual Framework(Universidad ESAN. ESAN Ediciones, 2011-12-30) Manrai, Lalita A.; Manrai, Ajai K.This paper develops a conceptual framework for analyzing tourist behaviors and identifies three categories of behaviors based on the applications of Hofstede's cultural dimensions and the processes underlying these influences. Our findings indicate that tourist behaviors in the Before-Travel During-Travel and After-Travel stages differ significantly in terms of the applicability and process through which Hofstede's cultural dimensions operate. The results of our analysis suggest three categories of behavioral patterns namely "Social Interaction Driven Travel Behaviors" (SID) "Risk Tendencies Driven Travel Behaviors" (RTD) and "Collectivity Orientation Driven Travel Behaviors" (COD). SID relates to the evaluation of travel experiences in the after-travel stage. The dominant cultural values associated with SID are Individualism/CollectivismMasculinity/Femininity and Power Distance. These three values act either independently or in pairs or all three together. RTD relates to the consumption of travel products in the during-travel stage and COD relates to the formation of travel preferences in the before-travel stage. Individualism/Collectivism and Uncertainty Avoidance are associated with both RTD and COD. However the underlying processes differ for these two categories of travel behaviors. In addition to their independent influences on travel behaviors these two values associated with RTD and COD also have an interactive effect. For RTD the Uncertainty Avoidance motive determines the Individualism/Collectivism outcome whereas for COD the opposite is true: the Individualism/Collectivism determines the Uncertainty Avoidance outcome. The paper also discusses the application of a fifth cultural dimension Confucian Dynamism (short-term versus long-term orientation) for the study of tourists' behaviors.
