Advances in Cross-Section Data Methods in Applied Economic Research: 2019 International Conference on Applied Economics (ICOAE 2019) (Springer Proceedings in Business and Economics)

✍ Scribed by Nicholas Tsounis (editor), Aspasia Vlachvei (editor)

• Publisher: Springer
• Year: 2020
• Tongue: English
• Leaves: 720
• Edition: 1st ed. 2020
• Category: Library

✦ Synopsis

This proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial economics.
International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008, designed to bring together economists from different fields of applied economic research, in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics, to analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research.
Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.

✦ Table of Contents

Organization
Program Chairs
Program Committee
Preface
Contents
1 Impact of the Corporate Governance on the Financial Performance of Insurance Companies in the Slovak and Czech Republics
1.1 Introduction
1.2 Comparison of Indicators of Insurance Market Development in Slovak and Czech Republic
1.3 Literature Review
1.4 Methodology
1.5 Empirical Results and Discussion
1.5.1 Independent Samples Test
1.5.2 Correlation Analysis
1.5.3 Regression Analysis
1.6 Conclusion
References
2 Volatility of Education Aid and Female Education
2.1 Introduction
2.2 Background and Graphical Analysis
2.3 Information on Data and Empirical Specification
2.4 Regression Results
2.5 Conclusion
Data Appendix—Variable Definitions and Sources
References
3 Quality Perceptions of Feta Cheese
3.1 Introduction
3.2 Feta Cheese
3.3 Literature Review
3.4 Methodology
3.5 Results and Discussion
3.5.1 Sample Profile
3.5.2 Feta Cheese Quality Perception
3.5.3 Factor Analysis
3.5.4 Hypotheses Testing
3.6 Conclusions—Limitations and Recommendations
References
4 Risk-Neutral Densities and Their Application in the Piterbarg Framework
4.1 Introduction
4.2 Interpolation/Extrapolation Schemes
4.2.1 Dumas Quadratic Function
4.2.2 Gatheral SVI Parameterisation
4.2.3 Interpolating Time to Maturity
4.3 Risk-Neutral Densities
4.4 Numerical Results
4.4.1 Data
4.4.2 Constructing the Implied Volatility Surface
4.4.3 Constructing the Call Price Surface
4.4.4 Constructing the Risk-Neutral Density Surface
4.5 Conclusion
References
5 Expected Shortfall Modelling of the CARBS Indices
5.1 Introduction
5.2 Literature Review
5.3 Methodology
5.3.1 Expected Shortfall
5.4 Error Distribution Assumptions
5.4.1 Expected Shortfall Performance Measure
5.5 Empirical Results
5.5.1 Symmetric Error Distributions
5.5.2 Skewed Error Distributions
5.6 Conclusion
References
6 Social Benefits Versus Monetary and Multidimensional Poverty in Poland: Imputed Income Exercise
6.1 Introduction
6.2 The Data
6.3 Monetary and Multidimensinal Poverty Indicators
6.4 Some General Statistics
6.5 Income Imputation: Normalization and Orthonormal Basis
6.6 Prediction of the Income Distribution: Used Algorithm
6.7 Impact of The Social Transfers on Poverty
6.8 Testing the Behavioural Impact of the Benefits
6.9 Concluding Remarks
References
7 R&D Cooperation Facilitates Cartel Formation
7.1 Introduction
7.2 Stackelberg Competition
7.3 Full Cartelization of Industry
7.4 Incentives for Cartelization
7.5 Conclusions
References
8 Greek Households After the 10-Year-Crisis: An Exploratory Research
8.1 Crisis, Households and Everyday Life
8.2 Empirical Research
8.2.1 Research Methodology
8.2.2 Research Results
8.2.3 Correlation Between Factors
8.3 Summary—Conclusions
References
9 Easy or Tough Coopetition? Perspective of Coopetitive Real Options Games
9.1 Introduction
9.2 Firms’ Decisions and Payments
9.3 Analysis of Coopetitive Real Options Games
9.4 Easy or Tough Coopetition. Ranges of Investment Project Values
9.4.1 Partial Coopetition: Market Enlarging, no Costs Sharing
9.4.2 Partial Coopetition: Costs Sharing, no Market Enlarging
9.4.3 Full Coopetition: Market Enlarging, Costs Sharing
9.5 Benefits of Coopetition
9.6 Conclusions and Final Remarks
References
10 Corporate Governance and the Impact of Transferring the Owners’ Registered Office to Tax Havens on the Future Financial Position of Slovak Companies
10.1 Introduction
10.2 Theoretical Background
10.3 Methodology and Data
10.4 Results and Discussion
10.4.1 Bankruptcy Prediction Indicators Analysis (Altman Z-Score and Index IN05)
10.5 Discussion
10.6 Conclusion
References
11 Temporary Incapacity for Work in the Context of Legislative Changes in Sickness Insurance in the Czech Republic
11.1 Introduction
11.2 Sickness Insurance in the Czech Republic
11.2.1 Balance of Sickness Insurance
11.2.2 Legislative Regulation
11.2.3 Sickness Benefits
11.3 Temporary Incapacity for Work in the Czech Republic
11.3.1 Methodology
11.3.2 Results and Discussion
11.4 Conclusion
References
12 Analysis of Website Performance Dependence on Global Brand Value
12.1 Introduction
12.2 Literature Review
12.3 Methodology
12.4 Results
12.4.1 Monthly Visits Dependence on Global Brand Value
12.4.2 Average Visit Duration Dependence on Global Brand Value
12.4.3 Pages Per Visit Dependence on Global Brand Value
12.4.4 Page Views Dependence on Global Brand Value
12.5 Conclusions
References
13 Impact of R&D Cartelization with Endogenous Product Differentiation
13.1 Introduction
13.2 The Model of Duopoly
13.2.1 Optimal Production Level
13.2.2 Optimal R&D Investment Level
13.2.3 Optimal Level of Product Differentiation
13.2.4 Numerical Results
13.3 Market Cartelization
13.3.1 Cooperation in the R&D Investment
13.3.2 Full Cartel
13.4 Conclusion
References
14 Online Popularity of Luxury Brands and Its Impact on the Brand Value
14.1 Introduction
14.2 Literature Review
14.3 Methods
14.4 Results
14.5 Conclusion
References
15 Denaro … vil Denaro! When Sparafucile Would Not Gain, Whoever the Dead!
15.1 The Artist-Endowed Foundation: When Money is Not Guilty
15.2 The Economics of Art Education in North America. The Economics of Artists… When Alive and When Dead
15.3 Performances of the Multitasking Philanthropy of American Artist Foundations
15.4 Conclusion
References
16 Impact of Tax Simplification on Tax Efficiency
16.1 Introduction
16.2 Literature Review
16.3 Information on Data and Measures of Tax Effort, Tax Complexity, and Tax Corruption
16.4 Regression Results
16.5 Conclusion
Appendix
References
17 Public Investment and Monetary Poverty in the Department of Puno
17.1 Introduction
17.2 Literature Review
17.3 Theoretical Foundations of the Relationship Between Public Investment and Poverty
17.3.1 Monetary Poverty
17.3.2 Relationship Between Public Investment and Poverty
17.4 Method and Data
17.5 Results and Discussion
17.5.1 Dynamic Evolution of Public Investment in the Department of Puno
17.5.2 Effects of Public Investment on Poverty
17.5.3 Discussion of Results
17.6 Conclusions
References
18 Does Reforming the Benchmark Policy Rate Really Work? The Analysis of Monetary Policy Transmission in Indonesia
18.1 Introduction
18.2 Literature Review
18.3 Methodology
18.4 Result and Analysis
18.4.1 Descriptive Analysis
18.4.2 Policy Interest Pass-Through Towards Lending Rate
18.4.3 Robustness Test
18.4.4 Discussion
18.5 Conclusion
Appendix 1: Summary of Unit Root Analysis
Appendix 2: Summary of Lag Measurement in the Model
Appendix 3: Granger Cause Analysis
Appendix 4: VAR Residual Serial Correlation LM Test
References
19 Quo Vadis Brand Management? Specifics in Brand Value Sources Across Markets
19.1 Introduction
19.2 Methods and Data
19.3 Results and Discussion
19.4 Conclusion
References
20 Are We Spending Our Scarce R&D Resources Adequately? Analyzing the Efficiency of EU’s Regional Innovation Systems
20.1 Introduction
20.2 Measuring Efficiency: The Basic Concepts
20.3 Dataset and Methodology
20.3.1 Variables and Dataset
20.3.2 Synthesizing the Elements of the Regional Innovation Systems in the European Union: Factor Analysis
20.3.3 Data Envelopment Analysis
20.4 Results
20.4.1 The Main Results in Terms of Efficiency Scores
20.4.2 Changes Are the Efficiency Score Over Time; Convergence and Divergence
20.4.3 Scale Versus Technical Inefficiencies
20.5 Conclusions
References
21 Volatility Modelling and Trading Volume of the CARS Equity Indices
21.1 Introduction
21.2 Literature Review
21.3 Methodology
21.3.1 Data Specification
21.3.2 Volatility Modelling
21.4 Empirical Results
21.4.1 Preliminary Data Analysis
21.4.2 Volatility Modelling
21.4.3 GARCH Parameters
21.4.4 Forecasting Performance
21.5 Conclusion
References
22 Relationship Between Competitive Strategies of Small and Medium-Sized Polish International New Ventures and Their Market Performance: Cluster Analysis Approach
22.1 Introduction
22.2 Research Method
22.3 Research Hypotheses
22.4 Interpretation of the Results
22.5 Conclusions and Recommendations
References
23 Exploring Consumers’ Orientation Toward Fast Food Consumption in Greece
23.1 Introduction
23.2 The Fast Food Industry in Greece
23.3 Literature Review
23.4 Methodology of the Study
23.5 Results
23.5.1 Sample Profile
23.5.2 Fast Food Consumption
23.5.3 Factor Analysis
23.5.4 Segmentation Analysis
23.6 Discussion–Conclusions
References
24 Prediction Ability of Selected Bankruptcy Models in the Period of Structural Changes
24.1 Introduction
24.2 Literature Review
24.3 Data and Methodology
24.4 Results and Discussion
24.5 Conclusion
References
25 The Stability of Money Demand in the Long Run: An Empirical Study from Italy
25.1 Introduction
25.2 Money Demand in Italy in a Historical Perspective
25.3 Literature Review
25.3.1 Empirical Studies in Italy
25.4 The Economic Theory
25.5 Methodology
25.5.1 Unit Root Tests
25.5.2 ARDL Model Specification
25.5.3 Stability and Diagnostic Test
25.6 Empirical Results
25.6.1 Data
25.6.2 Unit Root Tests
25.6.3 Bounds Tests for Co-integration
25.6.4 Estimated Long-Run and Short-Run Coefficients Using the ARDL Approach
25.6.5 Stability Test
25.7 Conclusions and Policy Implications
Appendix
References
26 Can Time-Driven Activity-Based Costing Applied in Show Caves
26.1 Introduction
26.2 Literature Review
26.3 Theory Implication for ABC and TD-ABC
26.4 Research Method and Findings
26.5 Conclusion
References
27 Managerial Decisions in Relation to the Management of Corporate Profitability Performance in the Manufacturing Industry in the Czech Republic
27.1 Introduction
27.2 Literature Review
27.3 Data and Methodology
27.4 Results and Discussion
27.5 Conclusion
References
28 Corruption in the Greek Public Sector: An Empirical Research
28.1 Introduction
28.2 Forms and Causes of Corruption
28.3 Consequences of the Corruption Phenomenon
28.4 Corruption in Greece
28.5 Empirical Investigation
28.5.1 The Research Methodology
28.5.2 The Findings of the Survey
28.6 Summary—Conclusions
References
29 Household Income as a Predictor of Body Mass Index Among Adults in Poland: A Multilevel Analysis
29.1 Introduction
29.2 Methods
29.2.1 Data Source
29.2.2 Outcome Variable
29.2.3 Individual-Level Variables
29.2.4 Household-Level Variables
29.2.5 Subregion-Level Variables
29.2.6 Statistical Analysis
29.3 Results
29.4 Discussion
29.5 Conclusion
References
30 Inflation as Reflecting Macroeconomic Gaps: An Analysis for Emerging Economies
30.1 Introduction
30.2 Dataset and Methodological Strategy
30.3 Causality Findings and Some Correlation Measures
30.4 Concluding Remarks
References
31 Digital Currencies: Its Features and Macroeconomic Implications
31.1 Introduction
31.2 Literature Review and Theoretical Framework
31.3 Methodology
31.4 Results and Recommendations
References
32 Technology Progress, Trade Openness, and Income Inequality: A Cross-Country Empirical Study
32.1 Introduction
32.2 Literature Review
32.2.1 Openness to Trade
32.2.2 Technological Progress
32.2.3 Technology and Trade
32.3 Empirical Methodology
32.3.1 The Panel Threshold Regression Model
32.3.2 Data and Variables
32.4 Empirical Results
32.5 Conclusions
References
33 Implementation of Local Volatility in Piterbarg's Framework
33.1 Introduction
33.2 Piterbarg Implied Volatility
33.3 Simple Interpolation of Implied Volatility
33.4 Piterbarg Local Volatility
33.5 Numerical Results
33.5.1 Data
33.5.2 Calculating Implied Volatility and Interpolation
33.5.3 Calculating Local Volatility
33.5.4 Pricing in Action
33.6 Conclusion
References
34 Trends in the Italian Movie Sector: Evidence from Box Office Performances
34.1 Introduction
34.2 Where Is the Focus of the Box Office?
34.3 Domestic Box Office Versus Total Box Office: Which Relationship?
34.4 Looking for Italian Features
34.5 Conclusion
References
35 Feedback of Macroeconomic Indicators to Shocks in Second-Tier Stock Market Development and Innovation Within Kaleckian Framework: Hong Kong Case Study
35.1 Introduction
35.2 Literature Review
35.3 Extended Kaleckian Macroeconomic Model
35.4 Data and Variables Characteristics
35.5 Preliminary Analysis
35.5.1 Stationarity
35.5.2 Lag Length Selection
35.5.3 Cointegration
35.5.4 Block Exogeneity Wald Test
35.6 VEC Residuals and Stability Condition
35.7 Structural VEC Identification and Estimation
35.8 Structural VEC Impulse Response Analysis
35.9 Conclusion
References
36 Market Tightness on the CEE Emerging Stock Exchanges in the Context of the Non-trading Problem
36.1 Introduction
36.2 Market Tightness as One of Market Liquidity Dimensions
36.3 Data Description and Problems with Asset Illiquidity
36.4 Comparative Study of Daily Market Tightness on the CEE Stock Exchanges
36.5 Conclusion
References
37 Impact of Corporate Governance on CSR in Slovak Insurance Companies
37.1 Introduction
37.2 Literature Review
37.2.1 Approaches to Basic Models of Corporate Governance and Management
37.2.2 Corporate Social Responsibility
37.2.3 Characteristics of Insurance Market in Slovakia
37.3 Methodology
37.3.1 Researched Variables
37.3.2 Regression Model Construction
37.4 Empirical Results and Discussion
37.4.1 Descriptive and Correlation Analysis
37.4.2 Regression Analysis
37.5 Conclusion
References
38 Heston Nandi Option Pricing Model Applied to the CIVETS Indices
38.1 Introduction
38.2 Literature Review
38.3 Methodology
38.4 Empirical Results
38.4.1 Data Analysis
38.4.2 Heston Nandi GARCH Analysis
38.5 Conclusion
References
39 The Impact of TV Advertising on Brand Credibility
39.1 Introduction
39.2 Myths About TV Advertising
39.3 TV Advertising and Effectiveness Measures
39.3.1 Television Advertising Effectiveness
39.3.2 Trust and Impact of TV Advertising
39.4 Case Study of No Name Brand in Three Months
References
40 Large Shareholders and Profitability of Telecommunication Firms in Eastern Europe and the Black Sea Region
40.1 Introduction
40.2 The Telecommunications Sector
40.3 Literature Review
40.4 Data and Methodology
40.5 Empirical Results
40.6 Conclusions
References
41 Use of Differential Equations in Firms Behavior in an Oligopoly Market
41.1 Introduction
41.2 Linear Demand Function
41.3 Isoelastic Demand Function I
41.4 Isoelastic Demand Function II
41.5 Conclusions
References
42 Competitiveness Index of EU Food and Beverage Manufacturing Industries
42.1 Introduction
42.2 Literature Review
42.2.1 Competitiveness’ Index Composition
42.3 Methodology-Competitive Index Measurement, Results, and Discussion
42.3.1 Data
42.3.2 Results
42.4 Conclusions
References
43 Mathematical Modeling of the Brewery Sector in Greece with the Use of Differential Equations
43.1 Introduction—The Brewery Sector in Greece
43.2 Mathematical Modeling
43.3 Modeling the Brewery Sector
43.4 Conclusions
References
44 New Approach to the Elaboration of Algerian Risks-Industrial Index (IR)
44.1 Introduction
44.2 A Review of the Literature on the RI Index and Its Applications
44.2.1 Evaluation of the Algerian Method for RI Calculation
44.3 A New Methodology for the Elaboration of the IR Index
44.3.1 Description of the Method
44.3.2 The Development Method
44.3.3 Application of the IR Index to a Portfolio of Contracts
44.4 Conclusion
References
45 The Impact of Tourism Demand on Tax Revenues and Bank Loans in Turkey
45.1 Introduction
45.2 Literature
45.3 Data Set and Method
45.4 Findings
45.5 Conclusion
References
46 VaR and ES Calculation with a Bayesian Dynamic tCopula-GARCH Model
46.1 Introduction
46.2 Value-at-Risk and Expected Shortfall
46.3 The Bayesian Model and Prediction
46.4 Empirical Study
46.5 Conclusions
References
47 Competitive Differentiation in the Digital Environment and Social Networks
47.1 Introduction
47.2 Theoretical Framework of Competitive Differentiation
47.3 Value Chain as the Basis of Differentiation
47.4 Social Media and Social Networks
47.5 Comparison of Selected Social Networks Differentiation Based on Value Chain
47.6 Discussion and Conclusion
References
48 The Effects of Crude Oil Price Volatility, Stock Price, Exchange Rate and Interest Rate on Malaysia’s Economic Growth
48.1 Introduction
48.2 Literature Review
48.2.1 Oil Price Volatility and Economic Growth
48.2.2 Stock Price and Economic Growth
48.2.3 Real Exchange Rate and Economic Growth
48.2.4 Real Interest Rate and Economic Growth
48.3 Materials and Methods
48.3.1 Model Specification
48.3.2 Testing Methodology
48.3.3 Data Sources
48.4 Results and Discussion
48.4.1 Descriptive Statistics
48.4.2 OLS Estimation of the Model
48.4.3 Unit Root Test
48.4.4 Autoregressive Distributed Lag (ARDL) Model
48.4.5 Bounds F-Testing
48.4.6 Johansen-Julius Co-integration Test
48.4.7 Granger Causality Test
48.5 Conclusion
References
Author Index