Theoretical Economics Letters
ISSN / EISSN : 21622078 / 21622086
Current Publisher: Scientific Research Publishing, Inc, (10.4236)
Total articles ≅ 1,102
Latest articles in this journal
Theoretical Economics Letters, Volume 10, pp 47-68; doi:10.4236/tel.2020.101004
Abstract:In this paper, it is proposed to estimate the memory parameter of a potentially long-range dependent time series by applying goodness-of-fit tests to the cumulative normalized periodogram in the neighborhood of frequency zero. The results of an extensive simulation study show that this new estimator performs well compared to conventional frequency-domain estimators which are based on the Whittle likelihood or are obtained from the popular log periodogram estimator by trimming, smoothing, and utilizing non-Fourier frequencies, respectively. In an empirical investigation of log absolute daily index returns, we find evidence of long-range dependence with values of the memory parameter in the range between 0.2 and 0.3 both in developed and developing stock markets. There are no indications of long-range dependence in the case of the original index returns.
Theoretical Economics Letters, Volume 10, pp 1-16; doi:10.4236/tel.2020.101001
Abstract:The satisfaction of the students at university is in general interpreted as the happiness and contentment that students experience when their needs and expectations are fulfilled. This paper is aimed at understanding the factors that influence the students’ satisfaction using Kano model of customer satisfaction as the basic premise. The survey was conducted amongst 193 students studying at the private universities in Uttarakhand state. The results indicated that the key determinants of satisfaction for the students studying at the private universities included the qualified and knowledgeable faculty resources that private universities attract, and the world class infrastructure with state of the art technology for academic delivery. Only aspect that students have shown slight dissatisfaction towards was the cost of the program which is an important factor to be considered.
Theoretical Economics Letters, Volume 10, pp 40-46; doi:10.4236/tel.2020.101003
Abstract:Batabyal and Beladi  have recently analyzed a model of competition between two cities that use a local public good (LPG) to attract members of the creative class. The creative class consists of artists and engineers and they study the behavior of a representative artist and an engineer. In this note, we explore three implications of the use of this “representative artist and engineer” modeling strategy. First, we show that the use of such a strategy can lead one to study an inefficient equilibrium in the aggregate economy. Second, we point out that in this inefficient equilibrium, the beliefs of the representative artist and the engineer are inconsistent. Finally, we contend that if we depart from the “representative artist and engineer” construct and focus instead on the entire creative class population which we model as a continuum, then the inefficient equilibrium mentioned above can be turned into an efficient equilibrium.
Theoretical Economics Letters, Volume 10, pp 17-39; doi:10.4236/tel.2020.101002
Abstract:“Can companies benefit from corporate social responsibility?” is still unsolved. This study investigates how corporate social responsibility impacts stock returns with Hexun’s CSR rating for first time. The sample is based on Chinese A-share listed companies for the period 2010-2017. We adopt threshold regression and multiple regression and find that: first, there is a U-shaped relationship between CSR and stock returns. This finding suggests that the relationship between CSR and stock return is affected by cut-off point, which is negative before cut-off point, and positive after cut-off point. In addition, this relationship has nothing to do with the nature of enterprise property rights. Second, fulfilling CSR affects corporate reputation and relieves information asymmetry, corporate reputation and institutional investors are the channels through which CSR influences stock returns. Fourth, we demonstrate the moderating effect of external legal environment between CSR and stock return. This paper provides new evidence for understanding the impact of CSR on enterprise value.
Theoretical Economics Letters, Volume 10, pp 69-89; doi:10.4236/tel.2020.101005
Abstract:This paper provides an estimation approach for the multi-equations’ systems in panel data. Multi-equations systems are at the heart of economic modeling. Researchers who want to establish causal links between two outcomes, often need to consider simultaneity between the latter, to overcome endogeneity issues (for instance when considering supply and demand equations). Difficulties arise when considering linear and non-linear outcomes at the same time and this is why Roodman  implemented the Stata module cmp for multidimensional models. In this paper, we further develop this technique to allow researchers to implement a simultaneous equations model in a panel dimension setting. Implemented under Stata, our method, xtcmp, is a Full Information Maximum Likelihood (FIML) estimator. This paper explains the associated theory (derivation of the log-likelihood function, the associated gradient and the Hessian matrices of the log-integrand function) and offers an application of t xtcmp, while making comparisons with cmp.
Theoretical Economics Letters, Volume 9, pp 1804-1816; doi:10.4236/tel.2019.96115
Theoretical Economics Letters, Volume 9, pp 605-632; doi:10.4236/tel.2019.94042
Theoretical Economics Letters, Volume 9, pp 584-604; doi:10.4236/tel.2019.94041
Theoretical Economics Letters, Volume 9, pp 852-871; doi:10.4236/tel.2019.94056
Theoretical Economics Letters, Volume 9, pp 872-894; doi:10.4236/tel.2019.94057