A new method is introduced and applied to analyze changes in productivity of Þrms harvesting a natural capital stock. The index-number technique decomposes the contributions of output prices, variable input prices, Þxed inputs and productivity to Þrm proÞts, adjusted for changes in the natural capital stock. An application of the method is given using micro-level data from a common-pool resourc...

This study examines the productivity growth of the nationwide banks of China over the ten years to 2006. Using a bootstrap method for the Malmquist index estimates of productivity growth are constructed with appropriate confidence intervals. The paper adjusts for the quality of the output by accounting for the non-performing loans on the balance sheets and test for the robustness of the results...

This paper has provided "out of sample" evidence of stock returns predictability in Tehran Stock Exchange. 68 qualified companies over the period from 2002 to 2015 were selected and for five different "forms of returns", five superior predictive models have been designed by applying "General to specific" approach of modeling technique. Then "out of sample" analysis, based on rolling regressions...

This paper constructs China’s capital stock, which is used in conjunction with a labor variable to estimate a Cobb-Douglas production function for the Chinese economy. Two panels of data are used – one for capital formation and one for sources of investment finance. Both national and provincial data are used for these two panels, thus giving a total of four capital-stock series. The Cobb-Dougla...

This paper analyzes productivity with a directional distance function model by investigating convexity and non-convexity in the Chinese banking sector. Two primary findings are summarized. First, there is a distinct change in productivity between large versus small banks and public versus nationwide joint-stock banks; the economies of scale and public orientation of the Chinese economy affect t...

This paper re-examines the relationship between stock market development and economic growth. It provides a theoretical basis for establishing the channel through which stock markets affect economic growth in the long run. It examines the hypothesis of endogenous growth models that financial development causes higher growth through its influence on the level of investment and its productivity. ...

This paper explores the productivity impact of information technology (IT) in the healthcare industry using a regression spline (RS)-based approach. Application of the RS-based approach offered additional valuable insights that contribute to our understanding of the complex relationship between investments in IT and organizational productivity. For example, the results of this study suggest tha...