|
on South East Asia |
| By: | Paul Mizen; Serafeim Tsoukas |
| Abstract: | Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate bonds, especially for the emerging Asian market. In this paper, we hypothesize that balance sheet indicators of creditworthiness could affect the external finance premium for bonds as they do for premia in other markets. Using bond-specific and firm-specific data for China, Hong Kong, Indonesia, Korea, Philippines, Singapore and Thailand during 1995-2009 we find that firms with better financial health face lower external finance premia in all countries. When we introduce firm-level heterogeneity, we show that financial variables appear to be both statistically and quantitatively more important for financially constrained firms. Finally, when we examine the effects of the 1997-98 Asian crisis and the 2007-09 global financial crisis, we find that the sensitivity of the premium is greater for constrained firms during the Asian crisis compared to other times. |
| Keywords: | Financial constraints, External finance premium, Asian markets, Financial crises |
| JEL: | E22 F32 G32 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:gla:glaewp:2012_08&r=sea |
| By: | Hansen, Jim |
| Abstract: | Over the past 20 years increasing global growth and increased per capita income have led to significant changes in food production, consumption and trade for many countries. As incomes and urbanization increase, food consumption patterns exhibit increased demand for a more diversified diet increasing meat and dairy consumption, which leads to improved meat production systems and modern animal science-based feed rations. Greater demand for feed grains and oilseeds is provided by domestic production and through imports. This study analyzes the effects of Southeast Asia's changing food consumption patterns on agriculture production, consumption, and trade out to the year 2021. The impact of increasing consumption of poultry and pork and increased meat production and feed demand on domestic agricultural markets of Southeast Asia and international markets is assessed. Countries analyzed include Philippines, Indonesia, Vietnam, Thailand, and Malaysia. Results provide insights to potential higher global feed prices in the near future and constraints to expanding production. Global markets respond to higher feed prices through increased production and decreased demand. |
| Keywords: | Southeast Asia, food consumption, feed demand, poultry and pork livestock industry, trade, emerging markets, dynamic partial equilibrium simulation model, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, International Relations/Trade, Livestock Production/Industries, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea12:124683&r=sea |
| By: | Peter A. Petri (Peterson Institute for International Economics); Michael Plummer (Johns Hopkins University and East-West Center) |
| Abstract: | The Trans-Pacific Partnership (TPP) agreement, now in negotiation among nine Asia-Pacific countries, could yield annual global income gains of $295 billion (including $78 billion for the United States) and offers a pathway to free trade in the Asia-Pacific with potential gains of $1.9 trillion. The TPP is a crucial step on what is becoming a "Trans-Pacific track" of trade agreements, and its expected template promises to be unusually productive because it offers opportunities for the leading sectors of emerging-market and advanced economies. A parallel pathway that the authors call the "Asian track" includes agreements centered on the Association of Southeast Asian Nations (ASEAN), negotiations among China, Japan, and Korea, and proposals for pan-Asian free trade areas. Both the TPP and Asian tracks are large, positive-sum projects that would yield substantial net gains. Asian templates prepare the ground for cooperation by addressing primarily goods liberalization, but the TPP is likely to go further by liberalizing sectors important in both emerging-market and advanced economies (such as services and technology), thus expanding opportunities for trade between them. Together, the TPP and Asian tracks are a dynamic process—an example of competitive liberalization—that could consolidate the "noodle bowl" of existing trade agreements and lead to a Free Trade Area of the Asia Pacific (FTAAP). A comprehensive agreement among all major Asia-Pacific economies does not appear to be feasible in the current macroeconomic and political context but hopefully will become more acceptable in the future. An ambitious TPP template would generate greater benefits from integration than less demanding alternatives, but it will be harder to sell to China and other key regional partners as the TPP evolves toward wider agreements. The importance of Asia-Pacific integration argues for an early conclusion of the TPP negotiations, without jeopardizing the prospects for region-wide or even global agreements based on it in the future. |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb12-16&r=sea |
| By: | Warr, Peter G. |
| Abstract: | Growth of total factor productivity has contributed 41 per cent of output growth in Indonesian agriculture since 1975. This study examines the extent to which publicly funded agricultural research within Indonesia has contributed to this productivity growth, while allowing for other possible determinants, including spillovers from international agricultural research, extension, weather changes, and government trade and subsidy policy. The econometric results imply a real annual rate of return to a marginal increase in Indonesian agricultural research expenditure of 27 per cent. Government-financed agricultural research explains 56 per cent of the observed increase in total factor productivity since 1975. |
| Keywords: | Production Economics, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124475&r=sea |
| By: | Susan Olivia; John Gibson |
| Abstract: | To measure real income growth over time a price index is needed to adjust for changes in the cost of living. The Consumer Price Index (CPI) is often used for this task but studies from several countries show the CPI is a biased measure of changes in the cost of living, leading to potentially wrong estimates of the rate of growth of real income in this paper CPI bias for Indonesia is calculated by estimating food Engel curves for households with the same level of CPI-deflated incomes at four different points in time between 1993 and 2008. The results suggest CPI bias was initially negative during the Asian Crisis but has been positive since 2000. Over the entire period, CPI bias has averaged four precent annually, equivalent to almost one third of the measured inflation rate. |
| Keywords: | CPI bias, Engel curved, Inflation Measurement error |
| JEL: | C43 E31 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2012-13&r=sea |
| By: | Anderson, Kym; Strutt, Anna |
| Abstract: | Rapid trade-led economic growth in emerging Asia has been shifting the global economic and industrial centres of gravity away from the north Atlantic, raising the importance of Asia in world trade but also altering the commodity composition of trade by Asia and other regions. What began with Japan in the 1950s and Korea and Taiwan from the late 1960s has spread to the much more populous ASEAN region, China and India. This paper examines how that growth and associated structural changes are altering agricultural markets in particular and thereby food security. It does so retrospectively and by projecting a model of the world economy which compares alternative growth strategies, trade policy scenarios and savings behaviors to 2030. Projected impacts on sectoral shares of GDP, ‘openness’ to trade and the composition and direction of trade are drawn out, followed by effects of the boom in non-farm sectors on agricultural self-sufficiency and real food consumption per capita in Asia and elsewhere. The paper concludes by drawing implications for policies that can address more efficiently Asia’s concerns about food security and rural-urban income disparity than the trade policy measures used by earlier-industrializing Northeast Asia. |
| Keywords: | Global economy-wide model projections, Asian economic growth and structural change, South-South trade, booming sector economics, food security, International Relations/Trade, Marketing, D58, F13, F15, F17, Q17, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124192&r=sea |
| By: | Boys, Kathryn A.; Willis, David B.; Rum, Irlan A. |
| Abstract: | Indonesia is a Developing Country (DC) where more than 13 percent of her population live below the poverty line and approximately half of all households are near the national poverty line. While at the national level, Indonesia has sufficient food production to be self supporting, not all regions have the same endowment of agricultural productive capacity which can result in regional shortages. This study examines the extent to which a reduction in Indonesia‟s trade and transport margins can reduce interregional agri-food prices and thus help improve food security. As few studies explore the impact of intra-national trade barriers; this paper makes a unique contribution to this small, but important literature. Findings suggest that reducing trade margin or “soft infrastructure” margins is the more effective approach to improving economic outcomes across Indonesia‟s regions. Further, while reducing trade margins improved the poverty incidence for residence in all regions, the primary beneficiaries of this investment were those that live in urban areas. Results will be of interest to those interested in supporting the welfare of individuals in developing countries, and particularly living in island nations. |
| Keywords: | Food Security and Poverty, International Development, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea12:124797&r=sea |
| By: | Iskandar, Deden Dinar; Wuenscher, Tobias |
| Abstract: | The degradation of environmental quality has been one of the main concerns in Indonesia. The government has mentioned the environmental tax as the instrument of environmental management; however, the primary potential problem will be the issue of compliance. Inspired by the situation in Indonesia, this study is expected to contribute on environmental regulation and tax compliance literatures by examining and comparing the impact of bribery, financial reward, and religious attitude on compliance in a developing country where the bribery prevails. The study employs laboratory experiment approach. The results indicate that bribery has the strongest impact; the presence of bribery significantly worsens the compliance. Financial reward enhances the compliance only if the bribery is curbed, while religious attitude has no significant impact. |
| Keywords: | Environmental tax, compliance, laboratory experiment, Environmental Economics and Policy, Public Economics, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124316&r=sea |
| By: | Salih, Thamir M. |
| Abstract: | For the period between 1957 and 1997, Malaysia’s development is analysed to determine the roles of inputs, planning, trade and government intervention in economic activity. Foreign investment is also analysed. During this period, by international standards, growth that Malaysia experienced was impressive. This growth was achieved through a policy framework that used government planning and investment in conjunction with incentives for the private sector. A unique feature of Malaysia’s planning was its call for social justice to advance the economic interest of its less economically privileged population. By adopting amalgam of development strategies and policies, policymakers were successful in improving the socio-economic status of the majority of the Malaysian population. |
| Keywords: | Economic Development, Export, Growth, Investment, Planning, Sustainability, Country Studies: Malaysia., Agricultural and Food Policy, International Relations/Trade, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124437&r=sea |
| By: | Priyanti, Atien; Hanifah, Vyta W.; Mahendri, I.G.A.P.; Cahyadi, F.; Cramb, Rob A. |
| Abstract: | Despite its small area and intensively cropped landscape, East Java accounts for 30% of Indonesia’s beef cattle population. About two million households draw on family labour to raise cattle in backyard sheds and small enclosures, largely for cash income. The paper reports on a study in two contrasting sites – irrigated lowlands and rainfed uplands – to explore the constraints facing cattle producers in these environments and possible means to enhance their production systems and incomes. In particular, the paper focuses on the issue of feed supply and the local market that has emerged for agricultural by-products (rice straw, maize stover, and legume residues) and planted forage grasses. The research shows that intensive cattle production can provide a viable pathway out of poverty, even for resource-poor households. |
| Keywords: | smallholders, beef cattle, crop by-products, integrated farming systems, rural livelihoods, Community/Rural/Urban Development, Livestock Production/Industries, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124411&r=sea |
| By: | Toiba, Hery; Wahida; Umberger, Wendy J.; Minot, Nicholas; Stringer, Randy |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Marketing, Productivity Analysis, Public Economics, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea12:124802&r=sea |
| By: | Boniface, Bonaventure; Umberger, Wendy J. |
| Abstract: | Increasing demand for dairy products in Malaysia is driving government initiatives and structural change in the domestic dairy industry in order to increase competitiveness and self-sufficiency. This study endeavours to investigate the drivers of increasing dairy demand by examining the factors influencing Malaysian consumers‟ consumption and perceptions of various types of dairy products. A survey of 435 respondents was conducted and the data were analysed using logit models. The results indicate that demographic variables such as age and ethnicity as well as other attitudinal variables significantly influence consumers‟ increasing consumption of dairy products. Managerial recommendations for the domestic dairy industry are suggested and policy implications are discussed. |
| Keywords: | Dairy products, consumers, milk consumption, Malaysia, Food Consumption/Nutrition/Food Safety, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124243&r=sea |
| By: | Elisabetta Magnani (School of Economics and ARC Centre for Population Ageing Research, Australian School of Business, University of New South Wales); Garima Verma (The Allen Consulting Group, Sydney, and School of Economics, The Australian School of Business, University of New South Wales); Anu Rammohan (Department of Economics, The Business School, University of Western Australia) |
| Abstract: | We model the allocation of time resources by adult children between competing caring activities - those towards coresiding elderly and those towards coresiding children. We test the implications of our model for children's school performance by focusing on Indonesia, a country characterized by heterogeneity in social norms, population ageing and reliance on the family for elderly support. Specifically, we exploit the unique richness of the Indonesian Family Life Survey (IFLS) (Wave 2 to Wave 4) to find robust evidence of a negative impact on children's school achievement of social norms regulating elderly bequests to coresiding adult carers. |
| Keywords: | Intra-household care-giving, children’s education, social norms, co-residence with elderly |
| JEL: | D1 I2 J2 O1 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:asb:wpaper:201206&r=sea |
| By: | Cramb, Rob A.; Sujang, Patrick S. |
| Abstract: | The dominant view among policy-makers in Sarawak, a resource frontier state in Malaysian Borneo, is that the only viable way to involve smallholders in the oil palm boom that has transformed the agricultural economy of that island is to consolidate them into larger production entities with externally provided management and finance. However, despite lack of government support, the area of smallholder oil palm has increased dramatically in the past decade in those regions with access to roads and palm oil mills. We argue that, once processing infrastructure is in place, oil palm smallholders can readily take advantage of this infrastructure to pursue a profitable livelihood option, with lower cost and greater flexibility than large-scale operations. In this paper we explore the characteristics of oil palm smallholders in Sarawak and the complex and varied processes by which they have inserted themselves into the rapidly expanding landscape of large-scale plantation development. We develop a typology of oil palm smallholders and present a case study based on a questionnaire survey of 72 farm-households in five longhouse-communities in northern Sarawak. The analysis shows the economic viability of independent oil palm smallholders and identifies appropriate means of support that could raise incomes and spread benefits more widely. |
| Keywords: | smallholders, estates, livelihood strategy, land policy., Crop Production/Industries, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124277&r=sea |
| By: | Houba, Harold; Pham Do, Kim Hang; Zhu, Xueqin |
| Abstract: | The Mekong River is shared by six Asian countries. Over the years there has been both conict and cooperation on managing the water resources to meet population growth, climate change and the desire for economic development. This paper exploits an axiomatic bargaining approach to examine how China and the Mekong River Commission (MRC) might negotiate e¤ective joint management. We show that there are signi cant welfare gains from cooperation in this region; an exogenous budget provides stronger incentives for cooperation; and the MRC should be extended to include all a¤ected nations for sustainable management and future development. The economic costs of the current weak governance and its e¤ects on the negotiated joint management are discussed.. |
| Keywords: | Joint River-Basin Management, Transboundary River, Nash Bargaining Solution, Optimization, Mekong River., International Development, Resource /Energy Economics and Policy, C71, C72, D62, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:125063&r=sea |
| By: | Manivong, Vongpaphane; Cramb, Rob A.; Newby, Jonathon C. |
| Abstract: | Despite being a low‐income, agriculture‐based country with a subsistence‐orientation, Laos is in the early stages of a major economic transformation whereby rural households have been experiencing rapid change in their farming and livelihood systems. Some households have engaged in what the World Bank classifies as market‐oriented farming while other households have adopted labour‐oriented or migration‐oriented livelihood strategies. This paper explores how rural households in six villages in the lowlands of Champasak Province in southern Laos make a living. These villages vary in their access to irrigation and to markets. Nevertheless, in all villages, long‐term migration of younger household members to neighbouring Thailand has come to play a large role in household livelihood strategies. In some cases this is necessary to meet the household’s consumption requirements; in others, it is part of a diversified strategy in which rice farming still plays a significant role, whether for subsistence or the market. The paper examines some of the issues involved in pursuing intensive, market‐oriented rice farming in a context of an emerging on‐farm labour shortage combined with an increasing flow of remittances from migrant family members. |
| Keywords: | migration, remittances, rice intensification, livelihood strategy, rural poverty, Laos, Labor and Human Capital, |
| Date: | 2012–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124337&r=sea |
| By: | Mohd Safian, Edie Ezwan; Nawawi, Abdul Hadi |
| Abstract: | Geographic Information System (GIS) provides good spatial data. Using map as a main feature helps to capture, analyse, manage, as well as present geographic location data. Many location analysis techniques, including GIS, have developed, mainly on a specific field. In order to evaluate the quality of locational characteristics on a commercial building such as purpose-built office (PBO), GIS application is needed. Combining Analytical Hierarchy Process (AHP) and GIS provide an effective evaluation whereby the needs of property market participants on purpose built offices can be fulfilled. AHP is a method that specialises in identifying the importance of any locational characteristics on commercial building from the tenants or occupiers perception. Thus, integration from AHP and GIS will capture the subjective as well as the objective locational quality of PBO in terms of their commercial aspects. The evaluation index system which is Locational Quality Index (LQI) has been set up through locational characteristics of purpose built office, namely the location of the commercial features, availability of transport options, transportation/ parking distance, vehicle flow, efficiency of property market. Supported by GIS improves AHP in evaluating the quality of locational characteristics of PBO which matches the need of commercial property market participants. |
| Keywords: | Analytical Hierarchy Process; Geographical Information System; Location; Purpose- Built Office |
| JEL: | C8 |
| Date: | 2012–04–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39546&r=sea |
| By: | Pangaribowo, Evita Hanie |
| Abstract: | This study investigates the impact of the 'Rice for the Poor' program - an almost universal program of Indonesian Social Safety Net (SSN) Programs launched in 1998. The general aim of the program was to mitigate the decrease of household nutrition well-being. The program has provided highly subsidized rice for poor households. Using the Indonesian Family Life Survey, this study implements propensity score matching combined with difference in difference method. It is revealed that the program has increased households' consumption on nutrient-rich, animal source food though aid-fungibilty was also present. |
| Keywords: | Impact evaluation, ‘Rice for the Poor’, nutrient-rich food, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare12:124358&r=sea |
| By: | Ilene Grabel |
| Abstract: | <p> The current crisis is proving to be productive of institutional experimentation in the realm of financial architecture(s) in the developing world. The drive toward experimentation arose out of the East Asian financial crisis of 1997‐98, which provoked some developing countries to take steps to insulate themselves from future turbulence, IMF sanctions, and intrusions into policy space. I argue that there are diverse, unambiguous indications that the global financial architecture is now evolving in ways that contribute to a new institutional heterogeneity. In some policy and institutional innovations we see the emergence of financial architecture that is far less US- and IMF‐centric than has been the norm over the past several decades. Moreover, the growing economic might, self‐ confidence and assertiveness on the part of policymakers in some developing countries (and, at the same time, the attendant uncertainties surrounding the economies of the USA and Europe) is disrupting the traditional modes of financial governance and dispersing power across the global financial system. </p><p>In making these arguments it is important not to overstate the case. It is far too early to be certain that lasting, radical changes in the global financial architecture are afoot, or that the developments now underway are secure. Nor am I arguing that all regions of the developing world either enjoy the opportunity and/or have the means to participate in the process of reshaping the global financial architecture. Rather, my goal is more modest. I show here that today there are numerous opportunities for policy and institutional experimentation, and there are clear signs that these opportunities are being exploited in a variety of distinct ways. As compared to any other moment over the last several decades, we see clear signs of fissures, realignments and institutional changes in the structures of financial governance across the global South. I have elsewhere characterized this current state of affairs as one of “productive incoherence.” I use this term to capture the proliferation of institutional innovations and policy responses that have been given impetus by the crisis, and the ways in which the current crisis has started to erode the stifling neo‐liberal consensus that has secured and deepened neo‐liberalism across the developing world over the past several decades. </p><p>The productive incoherence of the current crisis is apparent in the emergence of a denser, multi-layered and more heterogeneous Southern financial architecture. The current crisis has induced a broadening of the mission and reach of some existing regional, sub‐regional, bilateral, and national financial institutions and arrangements, and has stimulated discussions of entirely new arrangements. In some limited cases these institutions and arrangements substitute for the Bretton Woods institutions. This substitution is most pronounced in cases when the Bretton Woods institutions have failed or have been slow to respond to calls for support, or when they have responded to such requests with conditionality that has been overly constraining of national policy space. But in most cases, the institutions and arrangements that I discuss here complement the global financial architecture. I will argue in what follows that recent changes in the Southern financial landscape increase its potential to promote financial stability and resilience, support the development of long-run productive capacities, advance aims consistent with human development, and expand national policy space. Moreover, the emergence of a vibrant Southern financial architecture is not simply additive. Rather it may prove transformative, insofar as the Bretton Woods institutions are pushed to respond to long‐standing concerns regarding their legitimacy, governance, and conditionalities.</p> |
| JEL: | E65 F53 O23 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:uma:periwp:wp281_revised&r=sea |
| By: | Nader Ale Ebrahim (UM - University of Malaya - Department of Engineering Design and Manufacture, Faculty of Engineering, University of Malaya); Shamsuddin Ahmed (UM - University of Malaya - Department of Engineering Design and Manufacture, Faculty of Engineering, University of Malaya); Salwa Hanim Abdul Rashid (UM - University of Malaya - Department of Engineering Design and Manufacture, Faculty of Engineering, University of Malaya); Zahari Taha (UMP - Faculty of Manufacturing Engineering and Management Technology, University Malaysia Pahang - Education) |
| Abstract: | At present, the existing literature shows that the factors which influence the effectiveness of virtual teams for new product development are still ambiguous. To address this problem, a research design was developed, which includes detailed literature review, preliminary model and field survey. From literature review, the factors which influence the effectiveness of virtual teams are identified and these factors are modified using a field survey. The relationship between knowledge workers (people), process and technology in virtual teams is explored in this study. The results of the study suggest that technology and process are tightly correlated and need to be considered early in virtual teams. The use of software as a service, web solution, report generator and tracking system should be incorporated for effectiveness virtual teams. |
| Keywords: | Virtual teams, collaboration, questionnaires, communication, information, integration, performance, success, cross-functional teams, product development. |
| Date: | 2012–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00709109&r=sea |
| By: | Toiba, Hery; Umberger, Wendy J.; Minot, Nicholas; Stringer, Randy; Wahida |
| Keywords: | Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, International Relations/Trade, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea12:124741&r=sea |
| By: | Zhidong Bai (KLASMOE and School of Mathematics and Statistics Northeast Normal University, Department of Statistics and Applied Probability and Risk Management Institute National University of Singapore); Hua Li (Department of Statistics and Applied Probability National University of Singapore); Michael McAleer (Erasmus University Rotterdam,Tinbergen Institute,Kyoto University,Complutense University of Madrid); Wing-Keung Wong (Department of Economics Hong Kong Baptist University) |
| Abstract: | We derive the limiting process of the stochastic dominance statistics for risk averters as well as for risk seekers when the underlying processes might be dependent or independent. We take account of the dependency of the partitions and propose a bootstrap method to decide the critical point. In addition, we illustrate the applicability of the stochastic dominance statistics for both risk averters and risk seekers to analyze the dominance relationship between the Chinese and US stock markets in the entire period as well as the sub-periods before and after the ￣nancial crises, including the internet bubble and the recent sub-prime crisis. The ￣ndings could be used to draw inferences on the preferences of risk averters and risk seekers in investing in the Chinese and US stock markets. The results also enable us to examine whether there is any arbitrage opportunity in these markets and whether these markets are e±cient and investors are rational. |
| Keywords: | Stochastic dominance, risk aversion, risk seeking, test statistic, hypothesis testing. |
| JEL: | C12 G1 G12 G15 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:820&r=sea |