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on Central and Western Asia |
| By: | Isha Dewan (Indian Statistical Institute); Rohini Somanathan (Delhi School of Economics) |
| Abstract: | Many popular social programs have limited coverage among households at the very bottom of the income and wealth distribution. If a program reaches the poor, but neglects the destitute, the (pre-program) income distribution of participants and non-participants will cross. We are interested in the statis-tical methods that can be used to test for this particular pattern of program participation. Our numerical simulations suggest that recently developed tests for distribution crossing are powerful even when the two distributions under study are fairly similar and they can be usefully combined with more stan-dard quantile tests to characterize program participation among the very poor. We apply this approach to data on household expenditures and membership of micro-credit groups in India and find that participation among the poorest households in the study area was lower than that of slightly richer households. |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:cde:cdewps:154&r=cwa |
| By: | Barbara Alemanni; José Renato Haas Ornelas |
| Abstract: | This article analyzes empirically the herding behavior on emerging markets, measuring the degree of herding by foreign investors on emerging equity markets, and evaluating the effects of this behavior on the riskiness of the markets. We use an adaptation of the LSV Herding measure and calculate this measure for a sample of 9 emerging markets over the period 2000-2005. Our overall mean, 4.75, although is lower than previous studies with emerging equity markets during the late 1990’s, still indicates the presence of herding behavior. Therefore we have evidence to support the hypothesis of herding decreasing from the period 1995-2000 to 2000-2005. However, the difference of the sample characteristics between our study and the previous ones may be the responsible for these results. The two main differences on our sample is that we use country allocation, instead of stock allocation (as in Bowe and Domuta (2004) and Kim and Wei (2002)), and the all universe of foreign investors, instead of only funds as in Borensztein and Gelos (2003). In this way an alternative hypothesis would be that funds herd in a higher intensity than the other types of investors. Regarding the effects of Herding on the risk measures, our results are mixed. Our regression analysis showed no effects of the Herding on the volatility, which is one of the main risk measures used by investors. However, the fat tails of equity return’s distribution may be caused by this herding behavior of foreigners. Further studies should address this issue in more in depth since the fat tails may be due to herding of other types of investors also. |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:bcb:wpaper:125&r=cwa |
| By: | Isayenko Oleksiy; Maryanchyk Ivan |
| Abstract: | The object under consideration is the Ukrainian cement industry, which has undergone a serious change in many dimensions, including ownership structure and market structure. We analyze the dynamics of the output market structure and test the hypothesis of a possible collusive behavior introduced by a change in the ownership structure, especially by the big international cement players entering the market. Empirical results point towards intensified competition and reject the hypothesis of the collusion. Unconstrained capacities and dynamic property redistribution make tacit collusion very unstable and demand further optimization of production process. Patterns of interregional trade, exporting behavior and mergers' dynamics pose questions about the validity of the profit-maximizing behavior assumption. |
| Keywords: | Ukraine, cement, collusion |
| JEL: | D21 D24 D43 L10 L13 L61 |
| Date: | 2006–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:eer:wpalle:06-06e&r=cwa |