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Uurimusi intressimäärade mõjust majandussubjektide käitumisele
Get PDFDoktoriväitekiri uurib intressimäärade mõju majandussubjektide käitumisele. Majandussubjektide kõikvõimalikest käitumissituatsioonidest hinnatakse käesolevas töös ainult neid käitumissituatsioone, mis on eelnevate uuringute põhjal enim mõjutatavad intressimäärade muutustest ning omavad mõju majandusele rahapoliitika mõjukanalite mõttes. Doktoriväitekiri on jagatud kolmeks uurimusülesandeks.
Esimene uurimisülesanne on analüüsida eraisikute laenamist ja leida laenamist mõjutavad tegurid. Tegurite osas on olulisemad tarbimisega seotud tegurid; laenu intressiga seotud tegurid on pigem väheolulised. Töös on vaadeldud ka laenuturu riskigruppide käitumist ning kirjeldatud riskigruppi identifitseerivaid parameetreid.
Teine uurimisülesanne on leida Eesti ettevõtete investeerimisotsuseid mõjutavad muutujad. Olulisteks käitumisteguriteks Eesti ettevõtete investeerimisotsuste tegemisel on investeerimisprojekti riskidega seonduvad aspektid, samuti ka ettevõtte likviidsuspiirangud ning ettevõtete üldise majandususaldusega seotud probleemistik. Intressimäärad ettevõtete investeerimisotsustuses on pigem ebaolulised.
Kolmas uurimisülesanne on seotud ettevõtete hinnakujundusega ja erinevate muutujatega hinnakujundusel. Ettevõtete hinnakujunduses on keskendutud kulupõhisele hinnakujundusele (ingl. cost-plus pricing) kui enamlevinud hinnakujundusmeetodile nii Eestis kui ka mitmetes teistes riikides. Kulupõhise hinnakujunduse laia rakendatavuse tingib mitmetasemeline hinnakujundus, mis selgitab vastuolu kulupõhise hinnakujundusmeetodi rakendatavuse ja kasumi maksimeerimise printsiibi vahel. Mitmetasemeline hinnakujundus selgitab muuhulgas ka kulupõhise hinnakujunduse erineva rakendatavuse tööstusharuti, valuutakursside erineva mõju eri tööstusharude hinnakujundusele ning intressimäärade vähese mõju kulupõhise hinnakujundusmeetodi rakendusel.
Töö kokkuvõtvas osas vaadeldakse saadud ettevõtete ja eraisikute käitumisaspektide tulemusi monetaarpoliitika mõjukanalite kontekstis. Eraisikute finantskäitumise analüüs viitab otsese rahapoliitika siirdemehhanismi ja vahetuskursikanali olulisusele; samuti on pigem oluline majandususalduse kanal. Ettevõtete finantskäitumine osundab vahetuskursside kanali ja krediidikanali olulisusele; samuti on pigem oluline majandususalduse kanal.The dissertation studies the interest rate influence on the behaviour of economic subjects – companies and private persons – analyzing in detail the motivations behind those different behavioural aspects, and discuss the results of the analysis in the efficiency context of different channels of monetary transmission mechanisms. Whereas different activities of economic subjects have different influences on the overall economic activity, the most influential activities of economic subjects were chosen for detailed study in the current dissertation. The three distinct empirical studies presented in separate chapters of the empirical part represent three research tasks discussed below.
The first research task is to find determinants of borrowing behaviour of private persons in Estonia. The most influential determinants of borrowing activity are related with the consumption motives whereas the interest rates play rather modest role determining borrowing activity. The study includes also the behaviour of risk-group people where the determinants of risk groups are analysed.
The second research task is to find determinants of investment activity of Estonian companies. The most important determinants are related with the uncertainty issues as well as liquidity constraints and business confidence determinants. Cost-of-capital determinants are rather unimportant on deciding investments.
The third research task is to investigate the price setting motives and mechanisms in companies, and analyze the interest rate influence on pricing. On the focus of the study is the cost-plus pricing method as the most popular pricing method within companies. The frequent usage of the cost-plus pricing could be explained through the multilevel price management which could explain the low influence of the cost-plus pricing on final price settings. Multilevel price management would also explain the different usage of cost-plus pricing methods in different industries, the industry-dependency of the exchange rate influence to prices as well as the low influence of interest costs to prices despite the high implementation rate of cost-plus pricing method.
On conclusion part of the dissertation the interest rate influence on the behaviour of economic subjects is discussed beside their possible influence on the monetary transmission mechanisms. On behaviour of households the direct monetary transmission channel and exchange rate channel are significant as well as risk-taking channel is rather significant. On behaviour of companies exchange rate channel and balance sheet channel are significant as well as risk-taking channel is rather significant
Foreign banks increase the social orientation of Estonian financial sector
Get PDFReconstruction of Estonian banking system started twenty years ago. Estonia built up for the market economy a banking oriented financial sector, which is centred on commercial banks. During the two decades less than ten banks remained from more than 50 licensed commercial banks, the rest were not able to continue independently, they merged or have failed. The bad result of such kind of development was also the excessive concentration of banking. Banking sector in Estonia during the transition period was opened to the invasion of foreign banks due to the openness of the economy and excessive risks taken. Two banking crises, selected quickly the very limited number of prosperous banks, and the major commercial banks went into the ownership of Scandinavian banks. The qualitative effects of foreign banks' entry into the Estonian banking market were new features of competition in banking market and transfer of various knowhow from foreign banks. Better liquidity risk management techniques, information systems, credit policy and personnel policy transfer from foreign banks supported banks to have high profitability and low credit losses rates. These directions are noticeable also by quantitative analyses of banking market development. The takeover of main commercial banks by the large Swedish and Finnish banks was one of important factors in the gradual increase of the social orientation of Estonian banks however the ideas of social responsibility of enterprises are especially popular in Scandinavia. In our paper we analyse also Estonian banks' practices of supporting the social development of Estonia
Foreign banks increase the social orientation of Estonian financial sector
Get PDFReconstruction of Estonian banking system started twenty years ago. Estonia built up for the market economy a banking oriented financial sector, which is centred on commercial banks. During the two decades less than ten banks remained from more than 50 licensed commercial banks, the rest were not able to continue independently, they merged or have failed. The bad result of such kind of development was also the excessive concentration of banking. Banking sector in Estonia during the transition period was opened to the invasion of foreign banks due to the openness of the economy and excessive risks taken. Two banking crises, selected quickly the very limited number of prosperous banks, and the major commercial banks went into the ownership of Scandinavian banks. The qualitative effects of foreign banks’ entry into the Estonian banking market were new features of competition in banking market and transfer of various knowhow from foreign banks. Better liquidity risk management techniques, information systems, credit policy and personnel policy transfer from foreign banks supported banks to have high profitability and low credit losses rates. These directions are noticeable also by quantitative analyses of banking market development. The takeover of main commercial banks by the large Swedish and Finnish banks was one of important factors in the gradual increase of the social orientation of Estonian banks however the ideas of social responsibility of enterprises are especially popular in Scandinavia. In our paper we analyse also Estonian banks’ practices of supporting the social development of Estonia. --
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
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