Made available in DSpace on 2010-04-20T20:52:02Z (GMT). No. of bitstreams: 3 129981.pdf.jpg: 17685 bytes, checksum: e95d4aeeb8d8bf7a179ada24e9002e97 (MD5) 129981.pdf: 308873 bytes, checksum: fdaeeb83e019b4b3da3069e95dd3028d (MD5) 129981.pdf.txt: 170683 bytes, checksum: fb6c1b3c5c0b56eaf18ff3b8a774eab0 (MD5) Previous issue date: 2006-11-21T00:00:00Z / Tomando como base o referencial teórico existente, o presente trabalho estuda os fatores determinantes da estrutura de capital das empresas brasileiras abertas e fechadas, com base em uma amostra de 6.396 empresas dos anos de 2000, 2001, 2002, 2003 e 2004, em um total de 31.980 observações. Utilizando o procedimento econométrico de análise de dados em painel, foram realizados testes com base nos modelos de pooled OLS sem dummies de tempo, pooled OLS com dummies de tempo, efeitos fixos, efeitos aleatórios e primeiras diferenças. Para cada um destes modelos, foram feitas regressões para o endividamento de curto prazo(Y1), de longo prazo(Y2) e total(Y3). Os fatores tangibilidade, rentabilidade, liquidez, tamanho da empresa, taxa de crescimento do ativo, giro do ativo, taxa de imposto paga pela empresa, natureza do capital (aberto/fechado), segmento de atuação (classificação industrial) e o fato de uma empresa pertencer a grupo econômico apresentaram evidências de serem fatores que influenciam na estrutura de capital das empresas. Os fatores non debt tax shields (benefícios fiscais não provenientes do endividamento), idade da empresa e região geográfica de localização da empresa não se mostraram conclusivos. E, por último, os fatores singularidade e origem do capital (nacional privado, nacional estatal e estrangeiro) pareceram não exercer influência sobre o grau de endividamento das empresas. / Based on the existing literature, the present work studies the determinants of the capital structure of the Brazilian companies with open and closed capital. The sample was composed of 6.396 companies with information of the years of 2000, 2001, 2002, 2003 and 2004, in a total of 31.980 observations. Using the econometrical procedure of analysis of panel data, tests were made based on the models of pooled OLS without dummies of time, pooled OLS with dummies of time, fixed effect, random effect and first differences. For each one of these models, regressions were made for the short-term indebtedness (Y1), long-term indebtedness (Y2) and total indebtedness (Y3). The factors tangibility, profitability, liquidity, size of the company, growth of total assets, assets turnover, tax rate of company, nature of capital (opened/closed), economic segment (industrial classification) and the fact that a company belongs to an economic group have presented evidences to be factors that influence the capital structure of the companies. The factors non debt tax shields (tax benefits not proceeding from the indebtedness), age of the company and geographic region of location of the company have not revealed conclusive. And, finally, the factors singularity and origin of capital (national private, national state and foreign) have seemed not to exert influence on the degree of indebtedness of the companies.

Submitted by Rodrigo Barros (rodrigo.wang@gmail.com) on 2012-06-25T15:48:43Z No. of bitstreams: 1 RODRIGO WANG DE FARIA BARROS_.pdf: 14979 bytes, checksum: 435a2a9021a307d43eaca2f0afbbbead (MD5) / Rejected by Vera Lúcia Mourão (vera.mourao@fgv.br), reason: Prezado Rodrigo, você anexou arquivo errado, trata-se do comunicado da sua apresentação, peço a gentiliza de anexar o pdf da sua dissertação. obrigada. Vera on 2012-06-25T18:33:07Z (GMT) / Submitted by Rodrigo Barros (rodrigo.wang@gmail.com) on 2012-06-25T19:22:35Z No. of bitstreams: 1 Dissertação Rodrigo Wang de Faria Barros.pdf: 424805 bytes, checksum: 96d4118c71cec6a00e9ca280ac2fe146 (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2012-06-25T19:30:01Z (GMT) No. of bitstreams: 1 Dissertação Rodrigo Wang de Faria Barros.pdf: 424805 bytes, checksum: 96d4118c71cec6a00e9ca280ac2fe146 (MD5) / Made available in DSpace on 2012-06-25T20:06:11Z (GMT). No. of bitstreams: 1 Dissertação Rodrigo Wang de Faria Barros.pdf: 424805 bytes, checksum: 96d4118c71cec6a00e9ca280ac2fe146 (MD5) Previous issue date: 2012-05-28 / Esta tese tem por objetivo principal examinar a interação da política fiscal com a política monetária. A pergunta central a ser respondida por esse estudo é se a política fiscal tem efeitos sobre a regra de Taylor. Para responder a essa pergunta o estudo é conduzido com análise teórica e empírica. O modelo analítico é desenvolvido do framework novo keynesiano, apresentado por Gali (2008), adicionando-se papel do governo sobre a demanda agregada e a produtividade das firmas. A análise empírica é realizada com dados de 1990 a 2008, em um painel de países utilizando o System GMM (método generalizado dos momentos) desenvolvido por Blundell e Bond (1998). Os resultados obtidos nesse trabalho apontam para um impacto positivo do gasto fiscal na taxa de juros de curto prazo, tal que o aumento em 1 ponto percentual de gasto além do nível de equilíbrio leva a um aumento de aproximadamente 0,1 pontos percentuais na taxa de juros no curto prazo, já o impacto no longo prazo, na estimação preferida, varia de 0,5 a 1 ponto percentual. Ou seja, para efeito de recomendação de política fiscal, gastos governamentais têm efeitos na taxa de juros nominal de curto prazo. / This work aims to study the interaction between fiscal and monetary policy. The central question posed herein is whether or not the fiscal policy has relevant effects on the Taylor rule. To answer this question the study is conducted with both a theoretical and empirical analysis. The analytical model is developed from a new Keynesian framework as in Gali (2008), but adding to this model the role played by the government which with its spending would affect the aggregate demand and the firm’s productivity. The empirical analysis is conducted with data from 1990 to 2008, using panel data and the system GMM (generalized method of moments) developed by Blundell and Bond (1998). The results show a positive impact of the government spending in the short run interest rate, since an increase of 1 percentage point in the spending above its equilibrium level leads to an increase of, approximately, 0,1 percentage points in the short run interest rates; the long run impact varies from 0,5 to 1 percentage points. Then, as a policy recommendation, the fiscal policy affects the short run interest rates.

台灣是一個追求高等教育的理想學習地點，本研究藉由文獻整理歸納出以下幾點： 一、台灣提供優質的學術環境; 二、擁有豐富的文化遺產; 三、合理的學費; 四、多樣的獎學金申請機會; 五、優良以及安全的生活環境; 六、實惠且可靠的醫療系統; 七、良好的華語學習環境; 八、在台灣留學有助於未來的學習規劃以及工作機會。 本研究探討影響國際學生選擇來台灣就讀的因素，並運用追蹤資料(Panel data) 分析2006~2015年共10年的數據來了解台灣地區社會經濟的環境因素如何影響國際學生選擇學習目的地城市的決策指標，進一步分析出哪些因素特質影響了一個城市區域對於國際學生的吸引力。 結果顯示，國際學生總數在學院數量，失業率，高等教育比例，教育支出比例，醫療機構數量和犯罪率等方面都有達到統計顯著性。另外，分析顯示，國際學位生與非學位學生之間有不同的統計顯著性。 / Taiwan is an ideal study destination for several reasons. According to the literature reviewed in this research, the reasons are the following: Taiwan provides a high-quality academic environment, rich cultural heritage, reasonable tuition, generous scholarships, excellent living environment with a high level of safety, an affordable and reliable medical system, a good environment to learn Mandarin Chinese, and studying in Taiwan is helpful for both further study and future careers. This research was conducted in order to find out what factors influence international students' immigration to Taiwan to study. In this research, the investigation is carried out to find out how the environment affects international students' decision-making process and conducting with panel data analysis to find out from 2006~2015 what factors determine a students' destination city to study in Taiwan. The results indicate that the total number of the international students have statistical significance on the categories of Number of Colleges and Universities, Unemployment Rate, Higher Education Ratio, Education Expenditures Ratio, Number of Medical Care Institutions and General Crime Rate. The analysis indicated that there are different statistically significant results between the degree students and the non-degree students.

臺灣隨著戰後嬰兒潮步入高齡，加上生育率為世界最低國家之一，刻正面臨嚴重的少子化及高齡化問題，除提升生育率、減少本國勞動力外流、並爭取海外留學生、僑民回國就業外，補充外籍勞動力，以減緩工作世代壓力，實為我國的當務之急。 為了解外國勞動力在臺工作縣市分布的影響因素，不同於以往的研究，本文從縣市別角度出發，採用2006年至2015年臺灣21個縣市的追蹤調查資料，以外籍專業人員、外籍勞工、全部外籍勞動力為被解釋變數建立3個模型，並分別以最小平方法、固定效果模型以及隨機效果模型進行迴歸分析，結果顯示，影響外國專業人才來臺工作縣市分布之重要因素為產業因素與教育資源因素，而失業率、產業因素以及教育資源因素則為外籍勞工與全部外籍勞動力的重要影響因素。 / Taiwan, with the post-war baby boom turning into the elderly boom by time, coupled with being one of the lowest birth rate in the world, is currently facing serious population aging problems. In order to deal with this situation, Taiwan government needs to encourage fertility, reduce domestic workforce outflows, and attract overseas students and nationals to return home. In addition, it is also urgent to recruit foreign workforce to ease the pressure of domestic working generation. Different from the previous studies, this study attempted to understand the influencing factors of foreign workforce’s distribution in Taiwan by adopting a new perspective of observing each city and county respectively. This study used the data of 21 cities and counties in Taiwan from year 2006 to 2015, choosing the data of foreign workforce, foreign professionals and foreign labors as the dependent variables. Afterwards, the OLS model, the fixed effect model and the random effect model were conducted to estimate those variables separately. The results indicated that the industrial factors and educational resources factors were the main important factors influencing the distribution of foreign professionals in Taiwan, while the unemployment rate, industrial factors and educational resources factors were the important factors influencing the distribution of foreign labors and all the foreign workforce.

During recessions, the male unemployment rate tends to rise more than the female unemployment rate. Researchers agree that segregated labor markets account for most of the unemployment gap between genders. The Swedish labor market is largely divided into male- and female dominated sectors, and during the financial crisis in 2008, male workers had a higher inflow into unemployment than female ones. The male-dominated industries are often described as more reactive to cyclical fluctuations and economic growth. Differences in unemployment rates between high and low educated workers as well as natives and immigrants have also been an issue at stake, whereas low skilled and/or immigrant workers tend to have higher unemployment rates. In order to reveal which factors that drive male versus female unemployment, the regional unemployment rates of men and women are examined through a panel data analysis using the years 2005 to 2019. The findings of the study are the following: male unemployment seems to be more responsive to the industry composition and segregated labor markets, whereas female unemployment is more affected by the share of immigrants. Furthermore, when the share of college graduates is higher, the total unemployment rate is lower. Lastly, the growth in gross regional product has a positive effect on the regional unemployment rate amongst men. / Under lågkonjunkturer tenderar män att förlora arbetet i större utsträckning, vilket forskningen förklarar som en produkt av könssegregerade arbetsmarknader. Den svenska arbetsmarknaden är kraftigt könsuppdelad och under finanskrisen 2008 förlorade fler män än kvinnor sina arbeten. De mansdominerade yrkena beskrivs i många fall som känsliga för konjunkturförändringar och att arbetslösheten bland män svarar mer till förändringar i den ekonomiska tillväxten. Forskningen har också pekat på skillnader i arbetslöshet mellan hög- och lågutbildade såväl som för inrikes- och utrikes födda individer. För att utreda vad som påverkar män och kvinnors arbetslöshet studeras arbetslöshetsnivåerna uppdelat på kön i Sveriges samtliga 21 regioner under tidsspannet 2005 – 2019 i en paneldataanalys. Studien visar på skilda effekter för arbetslösheten bland män respektive kvinnor utifrån regioners branschstruktur och andel utrikes födda: arbetslösheten bland män svarar mer till branschstrukturen och den ojämna könsfördelningen än för kvinnor, medan arbetslösheten bland kvinnor tenderar att öka mer när andelen utrikes födda ökar. Andelen med högre utbildning har en minskande effekt på den totala arbetslösheten, men visar inte på några statistiskt säkerställda samband vad gäller män och kvinnors arbetslöshet separat. Bruttoregionalproduktens tillväxt ger ökande effekter på arbetslösheten bland män, men visar inte på något signifikant samband på arbetslösheten bland kvinnor.

<div> <p>In this dissertation, I investigate how firms’ various strategic decisions lead to innovation failures. Extant research in the strategic management field has suggested that a firms’ strategic choices determine its innovation trajectories and outcomes. While previous studies predominantly have emphasized firms’ successful innovation outcomes, very little research has been conducted on the antecedents of innovation failures. Although firms’ successful innovation outcomes provide important implications in understanding the source of firms’ competitive advantages, failed innovations would provide us with critical insight about firms’ ability to survive and develop as they may result in unfavorable consequences, such as financial risks and negative impacts on firms’ reputations In this light, I examine how various strategic choices – such as interorganizational relationships, acquisitions, and internal R&D – affect firm’s innovation trajectories and failures.</p> <p> In Essay 1, I explore how firms’ decision to form interorganizational relationships can affect their innovation failures. In particular, I investigate how a venture’s choice to form an investment relationship with a particular venture capitalist (VC) could determine the venture’s innovation failures. I propose that the time pressure that VCs face may elicit negative consequences for their portfolio companies’ innovation quality. In Essay 2, I examine how firms’ efforts to acquire technology and knowledge from external markets through acquisitions could affect their innovation failure rates. I suggest and find that adverse selection and post-acquisition integration problems impose substantial costs on firms pursuing acquisitions leading them to experience high rate of innovation failures. In Essay 3, I examine how firms’ efforts to develop new products incrementally affect their innovation failures. I suggest that, due to the path dependent nature of product development, when firms develop and introduce new products through an incremental approach, they may face the risk of their new products being exposed to the failure associated with the products and underlying technologies upon which the new products are built.</p> </div> <br>

This paper studies factors that influence the stock return on the Shanghai Stock Exchange (SSE) market. To achieve this goal, a stock-fixed effects model is estimated using a panel data sample comprising 100 companies listed on the SSE market during the 72-month period from January 2002 to December 2007. I find that number of trades and book-to-market value in both up and down markets have a significant and positive impact on stock returns during the studied period, whereas stock returns were negatively affected by systematic risk in both up and down markets although less so in up markets. Price to earnings ratio did not show any significant effect on stock returns on the SSE. My overall results indicate that SSE did not satisfy the efficient market hypothesis 1 during the studied period from January 2002 to December 2007.

<div>State and local adoption/repeal of highly polarized policies causes migration responses both out of and into the affected region. Interpreting the responses as revealed policy pref?erences leads to the conclusion that marijuana legalization and abortion waiting periods had been favored nationally, while gay marriage had been opposed. Policy preferences are geographically heterogeneous, which leads to different responses across counties. From 1992- 2017, these policy changes reduced domestic migration by two percent, which is approxi?mately 20% of the total migration decline. The migration changes, via partisan sorting, accounted for a significant share of the increased political polarization from 2012-2016 in western, urban, and swing counties. <br></div><div><br></div><div>In cases where unmarried parents have joint physical custody of their child(ren), there is a wide range of default relocation restrictions that depend on their state of origin. Using IRS county-to-county migration data, demographic data from the ACS, and state relocation restrictions gathered from divorce law websites, I study the impact of these default reloca?tion restrictions on domestic US migration. Results from both regression discontinuity and selection on observables designs, find about 10% - 30% less migration to counties that are outside the allowed relocation range. This migration friction is shown to strengthen from 1992 - 2012, as both joint physical custody and unmarried parents became more common, thereby contributing to the decline in domestic US migration. <br></div><div><br></div><div>In the United States, between 2004 and 2008, 28 states increased their minimum wage; the national minimum wage was increased in 2007. The average migration response to these increases was a 3% change in migration away from a one dollar increase. These effects are not distributed evenly across the population. People from more impacted demographic groups are more likely to move away from minimum wage increases.</div>

<p> The overall theme of my dissertation is applying frontier econometric models to interesting economic problems. The first chapter analyzes how individual consumption responds to permanent and transitory income shocks is limited by model misspecification and availability of data. The misspecification arises from ignoring unemployment risk while estimating income shocks. I employ the Heckman two step regression model to consistently estimate income shocks. Moreover, to deal with data sparsity, I propose identifying the partial consumption insurance and income and consumption volatility heterogeneities at the household level using Least Absolute Shrinkage and Selection Operator (LASSO). Using PSID data, I estimate partial consumption insurance against permanent shock of 63% and 49% for white and black household heads, respectively; the white and black household heads self-insure against 100% and 90% of the transitory income shocks, respectively. Moreover, I find income and consumption volatilities and partial consumption insurance parameters vary across time. In the second chapter I recast smooth structural break test proposed by Chen and Hong (2012), in a predictive regression setting. The regressors are characterized using the local to non-stationarity framework. I conduct a Monte Carlo experiment to evaluate the finite sample performance of the test statistic and examine an empirical example to demonstrate its practical application. The Monte Carlo simulations show that the test statistic has better power and size compared to the popular SupF and LM. Empirically, compared to SupF and LM, the test statistic rejects the null hypothesis of no structural break more frequently when there actually is a structural break present in the data. The third chapter is a collaboration with James Reeder III. We study the effects of using promotions to drive public policy diffusion in regions with polarized political beliefs. We estimate a model that allows for heterogeneous effects at the county-level based upon state-level promotional offerings to drive vaccine adoption during COVID-19. Central to our empirical application is accounting for the endogenous action of state-level agents in generating promotional schemes. To address this challenge, we synthesize various sources of data at the county-level and leverage advances in both the Bass Diffusion model and 10 machine learning. Studying the vaccine rates at the county-level within the United States, we find evidence that the use of promotions actually reduced the overall rates of adoption in obtaining vaccination, a stark difference from other studies examining more localized vaccine rates. The negative average effect is driven primarily by the large number of counties that are described as republican leaning based upon their voting record in the 2020 election. Even directly accounting for the population’s vaccine hesitancy, this result still stands. Thus, our analysis suggests that in the polarized setting of the United States electorate, more localized policies on contentious topics may yield better outcomes than broad, state-level dictates. </p>

Sverige planerar för en av de största infrastrukturinvesteringarna någonsin i Sveriges historia. I fokus står en ny höghastighetsjärnväg mellan Stockholm, Göteborg och Malmö som ska möjliggöra resor på två till två och en halv timme mellan städerna. Runt denna investering finns en ambition att samla andra samhällsbyggande åtgärder, som ökat bostadsbyggande och förbättringar i lokal och regional kollektivtrafik, för att genom en samordnad planering få ut så stora nyttor som möjligt. För detta ändamål har regeringen tillsatt den statliga utredningen Sverigeförhandlingen. En viktig del av deras arbete är att få fram en finansieringslösning för den nya statliga transportinfrastrukturen där medfinansiering från kommuner, regioner och andra aktörer står för en betydande andel. Idén kring medfinansiering är baserad på att aktörerna ska bidra till finansieringen som motsvarar de nyttor transportinfrastrukturen bidrar till. Alltså måste det gå att uppskatta att på förhand hur mycket nyttor som uppstår och vad de är värda. Sverigeförhandlingen har valt klassificera nyttorna i sex kategorier där ”social nyttor” är en av dessa. Däremot finns ingen etablerad metodik för att uppskatta dessa. Det här examensarbetet undersöker vilken social påverkan transportinfrastrukturen ger upphov till. Detta görs genom att studera samband mellan tillgänglighet, alltså hur transportinfrastrukturen ger möjlighet för människor att nå olika målpunkter, och ett antal sociala förhållanden. Tillgänglighetsmåttet valdes utifrån studier av tidigare forskning samt etablerade modeller för uppskattning av andra nyttor av transportinfrastruktur. För att veta vilka sociala förhållanden som är intressanta att undersöka har en studie av Svensk och internationell litteratur på området genomförts. Sambandsanalysen bygger på statistiska metoder där data för Sveriges kommuner används. Metoden ger möjlighet till att identifiera samvariation mellan tillgänglighet och sociala förhållanden men är inte tillräcklig för att säkerställa att tillgänglighet är en orsak till de sociala förhållandena. Resultaten tyder på att tillgänglighet har statistiskt signifikanta samband med ett antal indikatorer för sociala förhållanden. Exempel på två av dessa är ungdomsidrottande och andelen barn som går i förskola. Det visade sig att de flesta av de sociala förhållanden som har signifikanta samband med tillgänglighet har en samvariation som tyder på att tillgänglighet korrelerar med positiva sociala förhållanden. Detta tyder på att tillgänglighet kan ha samband med faktorer som kan tolkas som sociala nyttor. Dock kan inget sägas om tillgänglighet är en orsak till detta eller om det är någon icke studerad orsak som ger upphov till detta. Dessutom påverkas tillgänglighetsmåttet av andra faktorer än enbart tillgång till transportinfrastruktur och därför går det inte utifrån dessa samband att säkert säga att de beror på transportsystemet. För att sociala nyttor ska kunna kvantifieras och ligga till grund för medfinansiering krävs vidare studier. En viktig uppgift är att med hjälp av bättre data och mer avancerade metoder få fram bättre uppskattningar av sambanden samt orsaksrelationerna. Det krävs också studier för hur sociala nyttor ska värderas i monetära termer ur ett samhällsekonomiskt perspektiv. / Sweden is currently planning for one of its largest investments in transport infrastructure ever. A cornerstone in the project is a new high speed railroad between Stockholm, Gothenburg and Malmö. A considerable portion of the funding will consist of co-funding from municipalities, regions and private actors that will benefit from the infrastructure. The amount of co-funding is based on the total benefits that each actor will receive. Therefore these benefits must be able to be quantified. This report aims to study relationships between transport infrastructure and a number of social consequences that previous research has indicated being interesting. The method used is based on econometric methods that enable identification of statistical relationships using a simple linear model. This requires measures of transport infrastructure and indicators for social well-being which are chosen through a study of literature and established models quantifying wider economic benefits from transport infrastructure.The report suggests that a gravitybased accessibility measure is suitable for quantifying transport infrastructure in this context. The results from the econometrical model ssuggest that there are several significant relationships between accessibility and social well-being. In general accessibility seems to correlate with positive social consequences. However it is likely that endogeneity is biasing the results and make it difficult to draw any conclusions on causal relationships. It is stated that further research studying these relationships more carefully with better adapted data for the purpose is required to be able to obtain quantified estimates that can be used in co-funding of transport infrastructure.