Since the 1960s, rapid development of institutional investors is a prominent feature of global financial market. In china, full circulation of stock will realize after the completion of Split Share Structure Reform. Under the circumstance of institutional investors holding a large scale of stock, will they change their invest style? Whether they place more emphasis on value investment and conce...

Africa’s tourism potential is acknowledged to be significant but underdeveloped. This paper uses both cross-section data as well as panel data for the period 1996 to 2000 to identify the determinants of tourism arrivals in 43 African countries, taking into account the country of origin of tourists. The results strongly suggest that political stability, tourism infrastructure, marketing and info...

This paper stresses the links that exist between concepts that are used in the theory of model reduction and concepts that arise in the missing data literature. This connection motivates the extension of the missing at random (MAR) and the missing completely at random (MCAR) concepts from a static setting, as introduced by Rubin (1976), to the case of dynamic panel data models. Using this exten...

Amidst continuing difficulties in justifying the expenditure on e-Government with financial and other returns, we examine whether the delivery of government services online facilitates the setting up of new businesses in a country. Using a panel assembled from three public sources of data, we examine whether delivering more and more government services online reduces the number of procedures th...

According to the life-cycle theory of consumption and saving, foreseeable retirement events should not reduce consumption. This argument applies especially to housing consumption, whereas other consumption expenditures may fall when home production substitutes them (given higher leisure after retirement). Using micro panel data for German tenants we find that income drops at entering retirement...

Executive Compensation, Firm Performance, and Chaebols in Korea: Evidence from New Panel Data This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm performance ...

We test for the long-term impact of experiencing “prosperity in youth” (PIY) on nontraditional category consumption. Using unique twenty-year panel data of individuals from nine Chinese provinces with varying levels of per-capita GDP and rates of per-capita GDP growth, we find robust evidence for the PIY effect. We find both a direct effect of one’s own prosperity and an indirect effect of the ...