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Ebook Market Power And Bank Interest Rate Adjustments

Submitted by wulan on Tue, 08/25/2009 - 01:59

The speed and symmetry of price adjustments to changes in market conditions or to macroeconomic shocks affect economic efficiency since there may be missal location costs when prices are not in equilibrium. Price rigidity has been related to market structure [Means (1935), Hall and Hitch (1939)] and, more recently, to costs faced by firms when they change prices. The costs can be direct, for example menu costs [Rotemberg (1982); Rotemberg and Saloner (1986); Benabou and Gertner (1993)], or indirect when firms face quantity adjustment costs [Ginsburgh and Michel (1988); Pindyck (1993), (1994); Borenstein et al. (1997)]. Fixed or variable costs at changing prices, together with a price inelastic demand for the product, cause changes in the profit maximizing prices to lag behind changes in production costs. One important piece of research is to study the effect of market power on the price adjustment speed [Carlton (1986)].

In the case of loan and deposit interest rates, the flexibility in the adjustments to changes in the money market interest rate determines the effectiveness of the monetary policy and the relationship between money supply and aggregate output. Research on interest rate rigidity using bank level data started in the US with papers such as Hannan and Berger (1991), Neumark and Sharpe (1992) and Hannan (1994) on deposit interest rates; and Ausubel (1989) and Calem et al. (1995) on credit card loans. More recent pieces of work focus on European countries, such as Hofman and Mizen (2004) for the UK, Gambacorta (2004) for Italy, Weth (2002) for Germany and De Graeve et al. (2004) for Belgium.

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Ebook Southern Online Journal of Nursing Research

Submitted by puput on Sat, 08/29/2009 - 05:13

Obesity has become a significant yet preventable public health problem of the twenty first century. Over 10% of American children ages 2-5 years old are overweight (Body mass index (BMI) ? 95%). Studies have demonstrated that many children’s diets are high in fat and calories and low in nutrient rich fruits and vegetables. Many children’s dietary intake includes an increasing consumption of fast food. Adult chronic diseases such as type II diabetes and hypertension or their risk factors are now seen in childhood. This trend makes early prevention through lifestyle modification of healthy diet a potentially important public health and primary care prevention strategy. Some researchers have studied overweight in preschool children, parental diet related attitudes and knowledge, fruit and vegetable, and fast food intake of young children. No study was located investigating either fast food dollars spent in families and obesity/overweight or all variables together in children ages 2-5 years.

The purpose of this study was to examine preschool children’s parents’ dietary attitudes and knowledge, and determine the possible correlation of family fast food dollars and/or fruit and vegetable intake with children’s body mass index for age (BMI). These findings may assist nurses and other health care providers in directing strategies to promote healthy life long diets.

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Ebook Market informational efficiency and investors’ rationality: some evidences on Romanian capital market

Submitted by puput on Mon, 12/28/2009 - 01:31

According to Fama [1970] even if financial markets are not able to fulfil all the sufficient conditions which are implied by the informational efficiency hypothesis, still it is possible to state its efficiency due to fair game model. The three forms of informational efficiency defined by Fama (weak, semi-strong and strong) could be considered as different levels of investors’ ability to correctly valuate shares. In consistence with Fama theory [1976], in an efficient market the true expected return on any security is equal with its equilibrium expected value. At this time, Fama’s theory on informational efficiency represents, at least for emergent capital markets, a “corner-stone” for any discussion about shares pricing. Informational efficiency hypothesis does not recommend a model for stocks’ price evaluation, but reveals investors’ ability to evaluate stocks in a proper manner. Fama [1970] presented various empirical tests, which had been previously performed in order to analyze the possibility of obtaining abnormal returns due to historical information about stocks, or due to publicly available or private information affecting them (serial correlation, distributional evidence, events studies). Several years after, Fama [1991] reviewed his 1970 work and classified empirical tests of market efficiency in the following categories: (i) tests for return predictability; (ii) event studies; (iii) tests for private information, which follow the three forms of informational efficiency. Megginson [1997] completed Fama’s classification with tests for rational fundamental valuation.

Most of the studies in Finance referring market informational efficiency hypothesis, express that it could be empirically tested by using some econometric methods based on random walk movements of returns. The significance of such tests is that investors could not forecast future returns of assets, if they follow a random walk. If the future price is not predictable, these tests confirm that each condition implied that no one could obtain abnormal returns is fulfilled. Practically, this statement represents the main stream in Finance literature (Megginson, 1997).

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