on electricity consumption and economic growth in china abstract the invention and application of the electric power technology triggered the second industrial revolution in human history which marked the human society entered the age of electricity electricity provides the sustainable power for economic and social development with the rapid development of economy the electricity consumption is also increasing the increase of electricity consumption has further promoted the progress of the industrial economy in order to achieve the goal of improving the level of economic development while reducing energy consumption it is necessary to reveal the relationship between electricity consumption and economic growth this study is an extensive overview of the literature surrounding this topic in this paper we focus on the relationship between electricity consumption and economic growth in china we first analyze the general situation of china s electricity consumption and economic development then we explore the relationship between china s electricity consumption and economic growth from three dimensions i e the time dimension the regional dimension and the industrial dimension finally we study the key issues in the research of the relationship between electricity consumption and economic growth including variable selection model construction and results discussion this work suggests that the nature of the nexus in china should and can be explored from a wider perspective by developing a suitable integrated methodological framework

a multivariate cointegrated modelling approach in testing temporal causality between energy consumption real income and prices with an application to two asian ldcs unlike previous studies on the casual relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multiple cointegration tests preceded by various unit root or nonstationarity tests we test for cointegration between total energy consumption real income and price level of two asian ldcs thailand and sri lanka nonrejection of cointegration between variables rules out granger noncausality and implies at least one way of granger causality either unidirectional or bidirectional secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample grangerexogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total

women don t run election aversion and candidate entry to study gender differences in candidate emergence we conduct a laboratory experiment in which we control the incentives potential candidates face manipulate features of the electoral environment and measure beliefs and preferences we find that men and women are equally likely to volunteer when the representative is chosen randomly but that women are less likely to become candidates when the representative is chosen by an election this difference does not arise from disparities in abilities risk aversion or beliefs but rather from the specific competitive and strategic context of campaigns and elections thus we find evidence that women are election averse whereas men are not election aversion persists with variations in the electoral environment disappearing only when campaigns are both costless and completely truthful

co2 emissions energy consumption and economic growth in bric countries abstract this paper examines dynamic causal relationships between pollutant emissions energy consumption and output for a panel of bric countries over the period 1971 2005 except for russia 1990 2005 in long run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted u shape pattern associated with the environmental kuznets curve ekc hypothesis with the threshold income of 5 393 in logarithms in the short term changes in emissions are driven mostly by the error correction term and short term energy consumption shocks as opposed to short term output shocks for each country short term deviations from the long term equilibrium take from 0 770 years russia to 5 848 years brazil to correct the panel causality results indicate there are energy consumption emissions bidirectional strong causality and energy consumption output bidirectional long run causality along with unidirectional both strong and short run causalities from emissions and energy consumption respectively to output overall in order to reduce emissions and not to adversely affect economic growth increasing both energy supply investment and energy efficiency and stepping up energy conservation policies to reduce unnecessary wastage of energy can be initiated for energy dependent bric countries

energy consumption real income and temporal causality results from a multi country study based on cointegration and error correction modelling techniques abstract unlike previous studies on the causal relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multivariate cointegration tests preceded by various unit root or non stationarity tests we test for cointegration between total energy consumption and real income of six asian economies india pakistan malaysia singapore indonesia and the philippines non rejection of cointegration between variables rules out granger non causality and imples at least one way of granger causality either unidirectional or bidirectionial secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample granger exogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total impact of an unanticipated shock to each of the variables beyond the sample period into proportions attributable to shocks in the other variables including its own in the bivariate system results based on these tools of methodology indicate that while all pair wise relationships shared common univariate integrational properties only relationships for three countries india pakistan and indonesia were cointegrated for these countries temporal causality results were mixed with unidirectional causality from energy to income for india exactly the reverse for indonesia and mutual causality for pakistan the vdcs were not inconsistent with these results and provided us with an additional insight as to the relatively more dominant direction of causation in pakistan simple bivariate vector autoregressive models for the three non cointegrated systems did not indicate any direction of causality significantly in either direction

do competitive workplaces deter female workers a large scale natural field experiment on job entry decisions an important line of research using laboratory experiments has provided a new potential reason for gender imbalances in labour markets men are more competitively inclined than women whether and to what extent gender differences in attitudes toward competition lead to differences in naturally occurring labour markets remains an open question to examine this we run a natural field experiment on job entry decisions where we randomize almost 9000 job seekers into different compensation regimes by varying the role that individual competition plays in setting the wage and the gender composition we examine whether a competitive compensation regime by itself can cause differential job entry the data highlight the power of the compensation regime in that women disproportionately shy away from competitive work settings yet there are important factors that attenuate the gender differences including whether the job is performed in teams whether the position has overt gender associations and the age of the job seekers we also find that the effect is most pronounced in labour markets with attractive alternative employment options furthermore our results suggest that preferences over uncertainty can be just as important as preferences over competition per se in driving job entry choices

an investigation of co integration and causality between energy consumption and economic activity in taiwan applying hsiao a version of the granger causality method this paper examines the causality between energy and gnp and energy and employment by applying recently developed techniques of co integration and hsiao s version of the granger causality to taiwanese data for the 1955 1993 period the phillips perron tests reveal that the series with the exception of gnp are not stationary and therefore differencing is performed to secure stationarity the study finds causality running from gdp to energy consumption without feedback in taiwan it is also found that causality runs from gdp to energy but not vice versa

energy consumption prices and economic growth in three ssa countries a comparative study in this paper we examine the causal relationship between energy consumption and economic growth in three sub saharan african countries namely south africa kenya and congo drc we incorporate prices as an intermittent variable in a bivariate setting between energy consumption and economic growth thereby creating a simple trivariate framework using the ardl bounds testing procedure we find that the causality between energy consumption and economic growth varies significantly across the countries under study the results show that for south africa and kenya there is a unidirectional causal flow from energy consumption to economic growth however for congo drc it is economic growth that drives energy consumption these findings have important policy implications insofar as energy conservation policies are concerned in the case of congo drc for example the implementation of energy conservation policies may not significantly affect economic growth because the country s economy is not entirely energy dependent however for south africa and kenya there is a need for more energy supply augmentations in order to cope with the long run energy demand in the short run however the two countries should explore more efficient and cost effective sources of energy in order to address the energy dependency problem

empirical evidence regarding electricity consumption and urban economic growth links between electricity consumption and economic growth are fairly well documented for national economies but less so for urban economies the analysis of such relationships at the sub national

renewable and nonrenewable energy production and economic growth in sub saharan africa a hidden cointegration analysis the objective of this article is to investigate the hypothesis of asymmetric effects between economic growth and renewable and nonrenewable energy production to this end both the linear cointegration and the hidden cointegration methodology are employed with the latter allowing a straightforward delimitation of the data in an economically sensible way we test for the presence of hidden cointegration across 12 sub saharan african countries spanning the period 1971 2011 the empirical results confirm the growth hypothesis for a subset of countries suggesting that their growth could be adversely affected by conservation policies while for a second subgroup of countries they confirm the conservation hypothesis indicating that conservation policies could enhance the growth process in these countries the differentiation of the results could be captured entirely by the linear approach indicating that the lack of cointegration between renewable energy production and economic growth found in previous stud

performance in competitive environments gender differences even though the provision of equal opportunities for men and women has been a priority in many countries large gender differences prevail in competitive high ranking positions suggested explanations include discrimination and differences in preferences and human capital in this paper we present experimental evidence in support of an additional factor women may be less effective than men in competitive environments even if they are able to perform similarly in non competitive environments in a laboratory experiment we observe as we increase the competitiveness of the environment a significant increase in performance for men but not for women this results in a significant gender gap in performance in tournaments while there is no gap when participants are paid according to piece rate this effect is stronger when women have to compete against men than in single sex competitive environments this suggests that women may be able to perform in competitive environments per se

an empirical investigation of u s firms in reorganization the purpose of this paper is to understand the institutional features of chapter 11 from an empirical examination of thirty firms that have emerged from reorganization we find the recontracting framework of chapter 11 to be complex lengthy and costly violations of absolute priority in favor of stockholders are frequently encountered these deviations may result from the bargaining process of chapter 11 or from a recontracting process between creditors and stockholders which recognizes the ability of stockholder oriented management to preserve firm value an example of such recontracting addresses myers underinvestment problem an investigation of the effects of chapter 11 on the pricing of risky debt is also provided the purpose of this paper is to understand the institutional features of chapter

electricity consumption employment and real income in australia evidence from multivariate granger causality tests this paper examines the relationship between electricity consumption employment and real income in australia within a cointegration and causality framework we find that electricity consumption employment and real income are cointegrated and that in the long run employment and real income granger cause electricity consumption while in the short run there is weak unidirectional granger causality running from income to electricity consumption and from income to employment

gender and competition at a young age gender gaps may be observed in a variety of economic and social environments one of the possible determining factors is that men are more competitive than women and so when the competitiveness of the environment increases the performance of men increases relative to that of women we test this hypothesis in a field study conducted with 9 year old children running on a track they first run alone and then in pairs over a short distance with different gender composition of the pairs the results support the hypothesis that performance in competition varies according to gender when children ran alone there was no difference in performance in competition boys but not girls improved their performance this finding relates to the discussion regarding single sex schools the outcomes of examinations in a mixed sex school can show a gender gap in favor of boys even when this gap does not reflect actual abilities girls who are as talented as boys will end up performing worse just because they are not as competitive and will not achieve as high scores in examinations as boys

energy consumption and economic growth parametric and non parametric causality testing for the case of greece abstract the objective of this paper is to contribute towards the understanding of the linear and non linear causal linkages between energy consumption and economic activity making use of annual time series data of greece for the period 1960 2008 two are the salient features of our study first the total energy consumption has been adjusted for qualitative differences among its constituent components through the thermodynamics of energy conversion in doing so we rule out the possibility of a misleading inference with respect to causality due to aggregation bias second the investigation of the causal linkage between economic growth and the adjusted for quality total energy consumption is conducted within a non linear context our empirical results reveal significant unidirectional both linear and non linear causal linkages running from total useful energy to economic growth these findings may provide valuable information for the contemplation of more effective energy policies with respect to both the consumption of energy and environmental protection

initial shareholdings and overbidding in takeover contests within the context of takeovers this paper shows that in private value auctions the optimal individually rational strategy for a bidder with partial ownership of the item is to overbid i e to bid more than his valuation this strategy however can lead to i an inefficient outcome and ii the winning bidder making a net loss further the overbidding result implies that the presence of a large shareholder increases the bid premium in single bidder takeovers at the expense of reducing the probability of the takeover actually occurring

inconsistency of economic growth and electricity consumption in china a panel var approach abstract china has the largest electricity system in the world which is undergoing a critical market reform based on the panel data in 2000 to 2016 of china this paper tries to explain theinconsistency between electricity consumption and economic growth for example in 2015 gdp growth rate was close to 6 9 but with only 2 9 growth in electricity consumption however in 2018 a 6 6 growth in gdp required an 8 5 electricity growth the results explain the reasons for inconsistency and identify the key factors we find that the increase in inventory fixed capital and industrial electricity consumption will narrow the gap when economy grows faster than electricity consumption and widen the gap on the contrary heterogeneity exists among regions the model and variables seem most convincing in explaining the situation in the western region which is most similar to the full sample of china feedback effect is also observed between electricity consumption and economic growth in most parts of china by granger test the findings provides suggestions for the policy makers in making power planning in an effort to avoid large power shortage or surplus

optimal financial instruments debt and equity are developed as optimal financial instruments in a model where cash flows and control rights are allocated to investors endogenously when investment decisions must be made by a single party the debtholder s cash flows are fixed in order to provide the equityholder with efficient incentives for investment ownership of control may be transferred to the debtholder to attenuate the impact of asymmetric information concerning the investment opportunity on the efficiency of the decision making since the classic article by modigliani and miller 1958 a great deal of attention has been focused on the problem of determining the optimal capital structure of the firm spanning taxes and or transaction cost agency cost and signalling arguments have been offered as explanations for why a firm s cash flows might be split between debt and equity claimants in a particular way here we address the more basic question of the optimal design of the securities that firms issue the majority of the existing literature takes the form of the allowable financial instruments as given in defense of this approach it may be noted that to a first approximation firms have used two standard financial instruments debt and equity we argue here however that the characterization of the standard instruments used in much of the literature has been incomplete and that the incentives of decision makers within the firm cannot be completely understood until the problem is addressed from a more basic level than is typically done by concentrating on the cash flow characteristics of these instruments the equally important issue of the way the standard instruments distribute the control rights of the firm has been ignored as a consequence the objectives in corporate decision making have been assumed rather than developed endogenously we consider the allocation of cash flows and the distribution of control rights to optimal financial instruments in a security design problem by considering the design of securities in this way we are able to consider the

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

the co2 growth nexus revisited a nonparametric analysis for the g7 economies over nearly two centuries abstract using a long dataset and some recently popularized nonparametric econometric techniques this study revisits the nexus between economic growth and carbon dioxide co 2 emissions for the g7 countries over nearly two centuries the use of nonparametric modelling is warranted by the fact that long historical time series are often subject to structural breaks and other forms of nonlinearity over the course of time we employ nonparametric cointegration and causality tests along with the cross validated local linear regression analysis and validate the existence of the environmental kuznets curve in six of the g7 countries canada france germany italy u k and the u s and the only exception is japan our empirical analysis also finds co 2 emissions and economic growth to be cointegrated and closely interrelated in the granger sense our results are robust and highlight the nonlinear causal relationship between the two variables

are energy conservation policies effective without harming economic growth in the gulf cooperation council countries abstract this study explores the fossil fuels electricity consumption growth of the gross domestic product gdp relationship in the six gulf cooperation council gcc countries for the period 1980 2012 the aim of this study is to examine whether energy conservation policies are appropriate for these countries to reduce their high levels of electricity consumption the autoregressive distributed lag ardl and the toda yamamoto dolado lutkepohl tydl methodologies were employed to investigate this relationship the ardl results revealed that fossil fuels electricity consumption has a long run positive effect on gdp growth in the gcc countries however the tydl granger causality revealed different causality relationships among the countries a bi directional causality was found between fossil fuels electricity consumption and gdp growth in bahrain and the united arab emirates uae while one way causality from fossil fuels electricity consumption to gdp growth was found in oman and qatar on the other hand no causality was concluded between the variables in kuwait and saudi arabia from the results it is clear that energy conservation is not an ideal policy for the bahrain uae oman and qatar because it will have a negative consequence on their output however this policy can be implemented in kuwait and saudi arabia since it will not harm their output

do women shy away from competition do men compete too much we examine whether men and women of the same ability differ in their selection into a competitive environment participants in a laboratory experiment solve a real task first under a noncompetitive piece rate and then a competitive tournament incentive scheme although there are no gender differences in performance men select the tournament twice as much as women when choosing their compensation scheme for the next performance while 73 percent of the men select the tournament only 35 percent of the women make this choice this gender gap in tournament entry is not explained by performance and factors such as risk and feedback aversion only playa negligible role instead the tournament entry gap is driven by men being more overconfident and by gender differences in preferences for performing in a competition the result is that women shy away from competition and men embrace it

causal relationship between energy consumption and gdp revisited the case of korea 1970 1999 abstract causal relationship between energy consumption and economic growth is investigated applying a multivariate model of capital labor energy and gdp usual btu energy aggregate is substituted with a divisia aggregate in an attempt to mitigate aggregation bias to test for granger causality in the presence of cointegration among the variables we employ a vector error correction model rather than a vector autoregressive model empirical results for korea over the period 1970 1999 suggest a long run bidirectional causal relationship between energy and gdp and short run unidirectional causality running from energy to gdp the source of causation in the long run is found to be the error correction terms in both directions

conflicts in bankruptcy and the sequence of debt issues this paper investigates the optimal sequencing of debt issues our theoretical model suggests that once firms issue debt with one level of seniority they may have an incentive to alternate seniorities because of violations of the priced absolute priority rule apr when we introduce explicit costs of class conflict the model yields cases of alternating seniorities and other cases in which firms issue only one class of debt the implications of the model are consistent with the observed regularities in a large database of debt issues we test several other implications of our model as well

applied econometrics and implications for energy economics research abstract developments in applied econometrics particularly with regard to unit root tests and cointegration tests have motivated a rich empirical literature on energy economics over the last decade this study reviews recent developments in time series econometrics applications in the energy economics literature we first consider the literature on the integration properties of energy variables we begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed we then proceed to examine recent developments in the literature on cointegration granger causality and long run estimates between disaggregated energy consumption and economic growth we review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade in addition to energy consumption to the augmented production function as well as studies which have extended the literature through examining disaggregated energy consumption by type in each case we highlight best practice in the literature point to limitations in the literature including econometric modeling challenges and suggest recommendations for future research a key message of our survey is that the profession needs to guard against overload of research in these areas as most applied studies are no longer adding anything more to what is already known

energy and economic growth in the usa a multivariate approach abstract this paper examines the causal relationship between gdp and energy use for the period 1947 90 in the usa the relationship between energy use and economic growth has been examined by both biophysical and neoclassical economists in particular several studies have tested for the presence of a causal relationship in the granger sense between energy use and economic growth however these tests do not allow a direct test of the relative explanatory powers of the neoclassical and biophysical models a multivariate adaptation of the test vector autoregression var does allow such a test a var of gdp energy use capital stock and employment is estimated and granger tests for causal relationships between the variables are carried out although there is no evidence that gross energy use granger causes gdp a measure of final energy use adjusted for changing fuel composition does granger cause gdp

a note on the causal relationship between energy and gdp in taiwan abstract this paper re examines the causality between energy consumption and gdp by using updated taiwan data for the period 1954 1997 as a secondary contribution we investigate the causal relationship between gdp and the aggregate as well as several disaggregate categories of energy consumption including coal oil natural gas and electricity applying granger s technique we find bidirectional causality between total energy consumption and gdp we find further that different directions of cause exist between gdp and various kinds of energy consumption

electricity consumption and economic growth in china abstract this paper applies the error correction model to examine the causal relationship between electricity consumption and real gdp for china during 1971 2000 our estimation results indicate that real gdp and electricity consumption for china are cointegrated and there is unidirectional granger causality running from electricity consumption to real gdp but not vice versa in order to overcome the constraints on electricity consumption the chinese government has to speed up the nation wide interconnection of power networks to upgrade urban and rural distribution grids and to accelerate rural electrification

energy growth conundrum in energy exporting and importing countries evidence from heterogeneous panel methods robust to cross sectional dependence abstract this article uses the panel methods for energy exporting and importing countries that discuss the heterogeneity and cross sectional dependence in investigating the linkages between energy consumption and economic growth the findings of the study suggest that the energy consumption is an important input not only in the energy importing but also in energy exporting countries furthermore the results of the present paper suggest that the policy options should be different for the different countries in the back drop of heterogeneous slope coefficients

the resolution of bankruptcy by auction allocating the residual right of design abstract in this paper we examine the value of the right to choose the method of sale of corporate assets we show that this right is valuable and that its value comes from recognizing conflicting incentives of claimants at the time of sale as with risky projects senior and junior claimants are shown to have distinct preferences on a set of common auction procedures they also differ on the issue of allocation of resources towards attracting bidders for the auction as a consequence the optimal allocation of the design right must depend on circumstances prevailing at the time of the sale while in general selling the firm by auction does not guarantee the use of optimal selling arrangements a suitable allocation of design rights may help mitigate inefficiency problems significantly

energy consumption and economic growth new evidence from meta analysis abstract the causal relationships between energy consumption and economic growth have given rise to much discussion but remain controversial alternative data sets based on different time spans countries energy policies and econometric approaches result in diverse outcomes a meta analysis using a multinomial logit model with 174 samples governing the relationships between gdp and energy consumption is applied here to investigate the major factors that affect these controversial outcomes the empirical results have demonstrated how the time spans subject selections including gdp and energy consumption econometric models and tools for greenhouse gases emission reduction characteristics significantly affect these controversial outcomes

optimal bankruptcy law and firm specific investments in this paper we characterize an optimal bankruptcy law that takes into consideration the incentives of managers to invest in firm specific human capital we show that the optimal bankruptcy law is biased towards the management team and may be implemented by the use of a restricted auction mechanism in which creditors have the right to refuse bankruptcy but are not allowed to bid for the firm the bankruptcy law is needed as a commitment device to implement the optimal outcome

a multivariate cointegration analysis of the role of energy in the us macroeconomy abstract this paper extends my previous analysis of the causal relationship of gdp and energy use in the usa in the post war period a majority of the relevant variables are integrated justifying a cointegration analysis the results show that cointegration does occur and that energy input cannot be excluded from the cointegration space the results are plausible in terms of macroeconomic dynamics the results are similar to my previous granger causality results and contradict claims in the literature based on bivariate models that there is no cointegration between energy and output

linear and nonlinear causality between sectoral electricity consumption and economic growth evidence from taiwan this study investigates the linear and nonlinear causality between the total electricity consumption tec and real gross domestic production rgdp unlike previous literature we solve the undetermined relation between rgdp and electricity consumption by classifying tec into industrial sector consumption isc and residential sector consumption rsc as well as investigating how tec isc and rsc influence taiwan s rgdp by using the granger s linear causality test it is shown that i there is a bidirectional causality among tec isc and rgdp but a neutrality between rsc and rgdp with regard to the linear causality and ii there is still a bidirectional causality between tec and rgdp but a unidirectional causality between rsc and rgdp with regard to the nonlinear causality on the basis of i and ii we suggest that the electricity policy formulators loosen the restriction on isc and limit rsc in order to achieve the goal of economic growth

the design of bankruptcy law a case for management bias in bankruptcy reorganizations in an incomplete contracting environment bankruptcy is considered to be a renegotiation of the firm s financial contracts an optimal bankruptcy law is derived as optimal restric tions on the environment within which the claimants to a distressed firm bargain the law is used as a commitment device to ensure actions that are ex ante optimal but not subgame perfect we show that the bankruptcy court can use two types of mechanisms to implement the optimal bankruptcy outcome direct restrictions on the bargaining game between the claimants and the use of a restricted auction in both cases the restrictions prevent the strategic use of bankruptcy by firms not in financial distress provide for truthful revelation of information so that distress results in an ex post efficient allocation of resources and es tablish a bias toward the manager in reorganizations that provides correct ex ante decision making incentives

energy use for economic growth a trivariate analysis from tunisian agriculture sector abstract following the importance of energy in the agrarian economies the investigation of the causal relationship between energy consumption in agriculture sector and economic growth has a fundamental role in implementing suitable policies this paper examines the causal relationship between energy consumption and agricultural value added controlling for trade openness in tunisia from 1980 to 2007 the relationship is investigated at aggregated as well as disaggregated components of energy consumption including oil and electricity using granger s technique it is shown that various results are obtained regarding the direction of causality between competing variables nevertheless the most common finding suggest that trade openness and both aggregated and disaggregated energy consumption granger causes agricultural value added therefore the energy led growth and trade led growth hypotheses are supported in the tunisian agriculture sector an important policy implication resulting from this study is that energy can be considered as a limiting factor to agriculture value added and therefore shocks to energy supply would have a negative impact onto agriculture performance furthermore trade liberalization seems to be a stimulus factor to the tunisian agriculture development

capital structure under costly enforcement we consider financial structure and repayment behavior in a setting where cash flows are private information to the entrepreneur and the cost of enforcing repayment differs across security holders if enforcement costs are lower for shareholders than for creditors a mixed capital structure with debt and equity can obtain in equilibrium under a mixed capital structure creditors intervene in low cash flow states while shareholders intervene in high cash flow states moreover strategic defaults costly bankruptcy shareholder intervention and violation of absolute priority occur with positive probability on the equilibrium path several of the predictions from our framework are consistent with evidence not readily explainable by existing theories

cointegration and causality between electricity consumption and gdp empirical evidence from malawi abstract the granger causality gc and error correction ecm techniques were applied on 1970 1999 data for malawi to examine cointegration and causality between electricity consumption kwh and respectively overall gdp agricultural gdp agdp and non agricultural gdp ngdp cointegration was established between kwh and respectively gdp and ngdp but not with agdp the gc results detect bi directional causality between kwh and gdp suggesting that kwh and gdp are jointly determined but one way causality running from ngdp to kwh the ecm results detect causality running one way from gdp also from ngdp to kwh suggesting that a permanent rise in gdp may cause a permanent growth in electricity consumption

the causal relationship between electricity consumption and economic growth in the asean countries abstract this paper investigates the causal relationship between electricity consumption and economic growth among the association of south east asian nations asean 4 members namely indonesia malaysia singapore and thailand using modern time series techniques for the period 1971 2002 the results indicate that there is a bi directional causality between electricity consumption and economic growth in malaysia and singapore this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in the two countries however uni directional causality runs from economic growth to electricity consumption in indonesia and thailand without any feedback effect thus electricity conservation policies can be initiated without deteriorating economic side effects in the two countries

electricity consumption and economic growth evidence from korea abstract this paper investigates the short and long run causality issues between electricity consumption and economic growth in korea by using the co integration and error correction models it employs annual data covering the period 1970 2002 the overall results show that there exists bi directional causality between electricity consumption and economic growth this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption

an investigation of renewable and non renewable energy consumption and economic growth nexus using industrial and residential energy consumption abstract our study shows that links between economic growth and energy consumption both expressed in per capita terms differed for renewables and non renewables for income panels over the period 1971 to 2011 renewables are mainly found to support the neutrality hypothesis only renewable totals in low and lower middle income llmi countries are found to drive economic growth the feedback growth and conservative hypotheses strongly feature with non renewables total and industrial our results are derived by linking different definitions of energy consumption with economic growth for 89 countries divided into llmi upper middle income umi and high income hi panels

electricity consumption and metropolitan economic performance in guangzhou 1950 2013 abstract this study analyzes the relationship between electricity consumption and metropolitan economic growth for guangzhou china using 64 years of annual frequency data the capital stock is used as a control variable because of its role in mediating the relationship between energy utilization and economic output empirical results indicate unidirectional granger causality from electricity consumption to metropolitan economic performance in the short run this is consistent with the argument that dependable electricity infrastructure and service can play a vital role in facilitating economic growth implications for conservation efforts and regional development are discussed

world oil and agricultural commodity prices evidence from nonlinear causality abstract the increasing co movements between the world oil and agricultural commodity prices have renewed interest in determining price transmission from oil prices to those of agricultural commodities this study extends the literature on the oil agricultural commodity prices nexus which particularly concentrates on nonlinear causal relationships between the world oil and three key agricultural commodity prices corn soybeans and wheat to this end the linear causality approach of toda yamamoto and the nonparametric causality method of diks panchenko are applied to the weekly data spanning from 1994 to 2010 the linear causality analysis indicates that the oil prices and the agricultural commodity prices do not influence each other which supports evidence on the neutrality hypothesis in contrast the nonlinear causality analysis shows that i there are nonlinear feedbacks between the oil and the agricultural prices and ii there is a persistent unidirectional nonlinear causality running from the oil prices to the corn and to the soybeans prices the findings from the nonlinear causality analysis therefore provide clues for better understanding the recent dynamics of the agricultural commodity prices and some policy implications for policy makers farmers and global investors this study also suggests the directions for future studies

electricity consumption and economic growth in transition countries a revisit using bootstrap panel granger causality analysis abstract the purpose of this paper is to revisit the granger causal relationship between electricity consumption and economic growth for 15 transition economies for the period 1975 2010 using a bootstrap panel causality approach that allows for both cross sectional dependency and for heterogeneity across countries applying this approach we found a unidirectional causality running from electricity consumption to economic growth only in belarus and bulgaria from economic growth to electricity consumption in the czech republic latvia lithuania and the russian federation bidirectional causality only in ukraine while no granger causality in any direction in albania macedonia moldova poland romania serbia slovak republic and slovenia these results show that there is a limited support for the electricity led growth hypothesis nevertheless these different findings provide important implications for energy strategies and policies for transition countries

a dynamic equilibrium of electricity consumption and gdp in hong kong an empirical investigation abstract public debates on electricity policy in hong kong focus on the regulation regime but seldom discuss the macroeconomic impact in this paper we use the novel dataset on electricity consumption and report the following findings 1 there is a long run equilibrium relationship between real gdp and electricity consumption 2 a one way causal effect exists from electricity consumption to real gdp 3 a significant adjustment process occurs when equilibrium is interrupted 4 there exists possible structural change in the relationship between electricity consumption and economic activities in 1990s

bankruptcy costs and the new bankruptcy code bankruptcy costs are the deadweight economic costs of firms going bankrupt they include both ex post bankruptcy costs incurred after a firm s bankruptcy filing such as transactions costs and ex ante bankruptcy costs incurred before the filing such as those resulting from creditors attempts to reduce their losses if bankruptcy occurs and or managers attempts to raise the expected return to equity by increasing the firm s risk 1 this paper has two purposes first it proposes a model of bankruptcy costs which focuses on the costs of inefficient decision making before the firm s actual bankruptcy filing the model implies upper bound expressions for total bankruptcy costs second the new u s bankruptcy code2 went into effect late in 1979 and made important changes in bankruptcy reorganization procedures the paper poses the question of whether the changes made under the new code tend to raise or lower aggregate u s bankruptcy costs we approach this question by calculating the upper bound expressions suggested by the model using parameter values from both before and after the new code took effect from an economic standpoint the most important changes instituted under the new bankruptcy code had the effect of making it more difficult to reorganize firms in bankruptcy previously it was common for failing firms to file for bankruptcy but for prior management to continue to operate the firm in much the same form as before the bankruptcy filing prevented unpaid creditors from suing the firm while a reorganization plan was arranged which cut back most debts from an economic standpoint such a procedure was anomalous since we learn in basic economics that competition in the long run should cause inefficient firms to go out of business as long as failing firms are more likely to be inefficient than firms in general it would seem to be rewarding inefficiency and offsetting

testing for linear and nonlinear granger causality in the stock price volume relation linear and nonlinear granger causality tests are used to examine the dynamic relation between daily dow jones stock returns and percentage changes in new york stock exchange trading volume we find evidence of significant bidirectional nonlinear causality between returns and volume we also examine whether the nonlinear causality from volume to returns can be explained by volume serving as a proxy for information flow in the stochastic process generating stock return variance as suggested by clark s 1973 latent common factor model after controlling for volatility persistence in returns we continue to find evidence of nonlinear causality from volume to returns

energy consumption economic growth and prices a reassessment using panel vecm for developed and developing countries this paper reinvestigates the energy consumption gdp growth nexus in a panel error correction model using data on 20 net energy importers and exporters from 1971 to 2002 among the energy exporters there was bidirectional causality between economic growth and energy consumption in the developed countries in both the short and long run while in the developing countries energy consumption stimulates growth only in the short run the former result is also found for energy importers and the latter result exists only for the developed countries within this category in addition compared to the developing countries the developed countries elasticity response in terms of economic growth from an increase in energy consumption is larger although its income elasticity is lower and less than unitary lastly the implications for energy policy calling for a more holistic approach are discussed c 2006 elsevier ltd all rights reserved

electricity consumption and economic growth nexus in beijing a causal analysis of quarterly sectoral data abstract traditional energy economy nexus analysis is limited to aggregated and annual data because more detailed energy consumption data are usually not available however probing the disaggregated sectoral data usually provides a deep insight of energy economy nexus at sectoral level which is vital for governments to make proper policies in a timely manner this paper developed a deep research to find detailed quarterly and sectoral nexus between electricity consumption and economic growth sectoral data of electricity consumption and economic growth from 2005q1 to 2016q3 in beijing were exploited to model with granger causality analysis the results show that at the aggregated level there is a unidirectional causality running from economic growth to electricity consumption at sectoral level for the primary sector the electricity consumption impacts its added value with two quarter lagged for the secondary sector and the tertiary sector there is a unidirectional causality running from economic growth to electricity consumption at cross sector level the economic growth of the secondary sector has no impact on that of the tertiary sector while the economic growth of the tertiary sector strongly affects that of the secondary sector in terms of energy saving and emission reduction different policies should be employed in the three sectors beijing should encourage the electrification of the primary sector to stimulate its development beijing should make more efforts on tertiary sector to reduce electricity consumption however these policies should be more prudent while for the secondary sector improving energy efficiency and technological innovation should be paid more attention to

why women don t run experimental evidence on gender differences in political competition aversion abstract women s underrepresentation in leadership positions has been well documented but the reasons behind it are not well understood we carry out a field experiment to test a prominent theory about the source of the gender gap in leadership ambition women s higher aversion to competitive environments using politics as a context for our study we employ two distinct subject pools highly politically active individuals and workers from an online labor market we find that priming individuals to consider the competitive nature of politics has a strong negative effect on women s interest in political office but not on men s interest hence significantly increasing the gender gap in leadership ambition

economic growth and energy consumption revisited evidence from linear and nonlinear granger causality the relationship between energy consumption and economic growth is considered as an imperative issue in energy economics previous studies have ignored the nonlinear behavior which could be caused by structural breaks in this study both linear and nonlinear granger causality tests are applied to examine the causal relationship between energy consumption and economic growth for a sample of asian newly industrialized countries as well as the u s this study finds evidence supporting a neutrality hypothesis for the united states thailand and south korea however empirical evidence on philippines and singapore reveals a unidirectional causality running from economic growth to energy consumption while energy consumption may have affected economic growth for taiwan hong kong malaysia and indonesia policy implications are also discussed

ex ante efficiency of bankruptcy procedures abstract this paper suggests a framework to analyze the efficiency properties of bankruptcy procedures distinguishing between ex ante and ex post efficiency ex post efficiency consists in maximizing the ex post value of the insolvent firm whereas ex ante efficiency consists in maximizing the proceeds to creditors from the reorganization of the firm and providing incentives for the creditors to monitor the firm we show that the definition of creditors ownership rights over the company and the protection of the creditors seniority are crucial to asses the ex ante efficiency of a bankruptcy procedure

electricity consumption and economic growth in india abstract this paper tries to examine the granger causality between electricity consumption per capita and gross domestic product gdp per capita for india using annual data covering the period 1950 51 to 1996 97 phillips perron tests reveal that both the series after logarithmic transformation are non stationary and individually integrated of order one this study finds the absence of long run equilibrium relationship among the variables but there exists unidirectional granger causality running from economic growth to electricity consumption without any feedback effect so electricity conservation policies can be initiated without deteriorating economic side effects

structural breaks energy consumption and economic growth revisited evidence from taiwan abstract this paper studies the stability between energy consumption and gdp for taiwan during 1954 2003 we use aggregate as well as various disaggregate data of energy consumption including coal oil gas and electricity to employ the unit root tests and the cointegration tests allowing for structural breaks our main findings are first though gas consumption seems to have structural breaks in the 1960s after considering the structural breaks the series is a stationary variable when taiwan adopted its expansionary export trade policy second we find that different directions of causality exist between gdp and various kinds of energy consumption the empirical result shows unanimously in the long run that energy acts as an engine of economic growth and that energy conservation may harm economic growth third the cointegration between energy consumption and gdp is unstable and some economic events may affect the stability overall we do find the structural breakpoints and they look to match clearly with the corresponding critical economic incidents

gender competitiveness and career choices gender differences in competitiveness have been hypothesized as a potential explanation for gender differences in education and labor market outcomes we examine the predictive power of a standard laboratory experimental measure of competitiveness for the later important choice of academic track of secondary school students in the netherlands although boys and girls display similar levels of academic ability boys choose substantially more prestigious academic tracks where more prestigious tracks are more math and science intensive our experimental measure shows that boys are also substantially more competitive than girls we find that competitiveness is strongly positively correlated with choosing more prestigious academic tracks even conditional on academic ability most important we find that the gender difference in competitiveness accounts for a substantial portion about 20 of the gender difference in track choice

near sighted justice chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court we identify conditions where the court should sometimes err in determining which firms should be liquidated such errors affect actions by both good and bad entrepreneurs we first characterize the optimal error rate without renegotiation when creditors and debtors can renegotiate to circumvent an error riven court for one class of actions a blind court that ignores all information is optimal for another class the court should place the burden of proof on the entrepreneur the robust feature is that the court should sometimes err chapter 11 structures complex negotiations between creditors and debtors that are overseen by a bankruptcy court it is often unclear whether it is socially optimal for a bankrupt firm to be reorganized as a continuing entity or whether it should be liquidated and the proceeds from liquidation distributed if creditors and debtors cannot reach a settlement then the bankruptcy court may impose one this paper asks the following questions is it always optimal for the court to make the right decision if liquidation is efficient should the court always mandate liquidation if the bankrupt firm could be a profitable entity should the court always allow it to restructure under the existing management and continue or is it optimal for the court to sometimes make mistakes how does the possibility of negotiated settlements affect the optimal design of the court at one level the answers to these questions are straightforward in a world where more accurate appraisals of a firm s quality are more costly the optimal allocation by a court of resources to evaluate the bankrupt firms will always reflect trade offs between the marginal costs of better appraisals and the marginal benefit of decision making based on more accurate appraisals in this paper we show that a court should also consider how the probability that it misidentifies the quality of a bankrupt firm affects the ex ante behavior of management and hence the probability that the firm becomes bankrupt

regime dependent causality relationship between energy consumption and gdp growth evidence from oecd countries this study empirically investigates the energy consumption gdp growth nexus for the period from 1971 to 2016 for 26 oecd countries the prevailing studies in the literature use limited econometric

long term electricity demand in china from quantitative to qualitative growth abstract this paper develops scenarios of electricity demand in china until 2010 at a national a sectoral and a regional level it takes into account the recent macroeconomic downturn in the chinese economy and the potential effects of deregulation and price increases in the power sector the medium growth scenario hints at a gross electricity demand of 1500 twh in 2010 should the structural change from agriculture and heavy industry towards light industry and services accelerate electricity demand may be another 10 lower these figures are significantly below the projections fixed in the government s 9th five year plan which forecasts a demand of 2500 twh the aggregate and sectoral scenarios imply that current development plans for generating capacity and coal consumption until 2010 too need to be scaled down the disaggregation at the level of the 13 inter provincial and provincial power grids hints at potential regional discrepancies the large industrial areas in eastern china and the central region are likely to face overcapacity whereas north china and the peripheral regions may face deficits

resolution of financial distress under chapter 11 abstract we develop a contingent claims model for a firm in financial distress with a formal account for renegotiations under the u s bankruptcy procedure known as chapter 11 shareholders and two classes of creditors senior and junior alternatively propose a reorganization plan subject to a vote the bankruptcy judge can intervene in any renegotiation round to impose a plan the multiple stage bargaining process is solved in a non cooperative game theory setting the calibrated model yields the liquidation rate the duration of chapter 11 and the frequency of deviations from the absolute priority rule which are consistent with empirical evidence

study on cross strait energy cooperation under the new circumstance abstract the paper systematically reviews the conditions of energy supply and demand in taiwan and further investigates the energy issues it has been confronted with as well as its objective of energy policy adjustment in view of the trend of supply side reform in mainland china energy sector under the new normal economy and the background of the belt and road initiative the paper points out the significance and development prospects of cross strait energy cooperation main contributions of this paper are by forecasting the future trend of power demand growth in taiwan the power shortage in the future of taiwan is analyzed on this basis the paper analyzes the existing contradictions between taiwan s energy transition policy and its current problem of power shortage and the feasibility as well as the significance of electricity transmission to taiwan for the first time

asymmetries in the dynamic interrelationship between energy consumption and economic growth evidence from turkey abstract in this study we examine possible nonlinearities in dynamic interrelationship between energy consumption and economic growth in turkey for the 1960 2010 period by using a smooth transition vector autoregressive model in order to trace the effects of one variable on another we calculate generalized impulse response functions girfs the computed impulse response functions demonstrate asymmetric effects of positive versus negative and small versus large energy consumption shocks on output growth and vice versa specifically we find that negative energy shocks have a greater effect on output growth than positive energy shocks and that big negative energy shocks affect output much more than small negative energy shocks similarly we find that positive output shock has a greater effect on energy consumption whereas negative shocks have almost no effect on energy consumption the results of this study have clear and important implications for energy economists and policymakers in turkey

the relationship between energy consumption energy prices and economic growth time series evidence from asian developing countries this paper estimates the causal relationships between energy consumption and income for india indonesia the philippines and thailand using cointegration and error correction modelling techniques the results indicate that in the short run unidirectional granger causality runs from energy to income for india and indonesia while bidirectional granger causality runs from energy to income for thailand and the philippines in the case of thailand and the philippines energy income and prices are mutually causal the study results do not support the view that energy and income are neutral with respect to each other with the exception of indonesia and india where neutrality is observed in the short run c 2000 elsevier science b v all rights reserved jel classifications c22 q43 q48

conflicts of interest and market illiquidity in bankruptcy auctions theory and tests i develop and estimate a model of cash auction bankruptcy using data on 205 swedish firms the results challenge arguments that cash auctions as compared to reorganizations are immune to conflicts of interest between claimholders but lead to inefficient liquidations i show that a sale of the assets back to incumbent management is a common bankruptcy outcome sale backs are more likely when they favor the bank at the expense of other creditors on the other hand inefficient liquidations are frequently avoided through sale backs when markets are illiquid that is when industry indebtedness is high and the firm has few nonspecific assets the problem of designing an efficient bankruptcy law has received considerable attention in the last decade much of the debate has centered around the optimality of two different stylized bankruptcy procedures cash auctions such as the u s chapter 7 code and structured bargaining represented by the u s chapter 11 reorganization code recently several european countries including france germany and great britain have changed their bankruptcy regulation by introducing reorganization procedures similar to chapter 11 at the same time the chapter 11 code has been criticized by academics including baird 1986 emphasizing that the bargaining procedure frequently results in long and wasteful negotiations these critics argue that chapter 11 should instead be replaced with a mandatory auction procedure other researchers such as aghion hart and moore 1992 and shleifer and vishny 1992 have pointed out that a cash auction is likely to suffer from considerable inefficiencies arising from transaction costs and market illiquidity the nature and costs of the chapter 11 procedure are

what goes up recent trends in china s energy consumption since 1996 china s energy output has dropped by 17 while primary energy use has fallen by 4 driven almost entirely by shrinking output from coal mines and declining direct use since china is the world s second largest emitter of greenhouse gases it is important to understand the sources of this apparent transformation and whether it portends a permanent change in patterns of energy use this remarkable reversal of the long term expansion of energy use has occurred even as the economy has continued to grow albeit more slowly than in the early 1990s generation of electric power has risen implying a steep fall in end uses particularly in industry available information points to a variety of forces contributing to this phenomenon including rapid improvements in coal quality structural changes in industry shutdowns of factories in both the state owned and non state segments of the economy improvements in end use efficiency and greater use of gas and electricity in households a combination of slowing economic growth industrial restructuring broader economic system reforms and environmental and energy efficiency policies has apparently led to at least a temporary decline in and perhaps a long term reduction in the growth of energy use and therefore greenhouse gas emissions

the electricity consumption and gdp nexus for the fiji islands fiji is a small open island economy dependent on energy for its growth and development hence the relationship between energy consumption and economic growth is crucial for fiji s development in this paper we investigate the nexus between electricity consumption and economic growth for fiji within a multivariate framework through including the labour force variable we use the bounds testing approach to cointegration and find that electricity consumption gdp and labour force are only cointegrated when gdp is the endogenous variable we use the granger causality f test and find that in the long run causality runs from electricity consumption and labour force to gdp implying that fiji is an energy dependent country and thus energy conservation policies will have an adverse effect on fiji s economic growth

energy consumption and economic growth evidence from china at both aggregated and disaggregated levels using a neo classical aggregate production model where capital labor and energy are treated as separate inputs this paper tests for the existence and direction of causality between output growth and energy use in china at both aggregated total energy and disaggregated levels as coal oil and electricity consumption using the johansen cointegration technique the empirical findings indicate that there exists long run cointegration among output labor capital and energy use in china at both aggregated and all three disaggregated levels then using a vec specification the short run dynamics of the interested variables are tested indicating that there exists granger causality running from electricity and oil consumption to gdp but does not exist granger causality running from coal and total energy consumption to gdp on the other hand short run granger causality exists from gdp to total energy coal and oil consumption but does not exist from gdp to electricity consumption we thus propose policy suggestions to solve the energy and sustainable development dilemma in china as enhancing energy supply security and guaranteeing energy supply especially in the short run to provide adequate electric power supply and set up national strategic oil reserve enhancing energy efficiency to save energy diversifying energy sources energetically exploiting renewable energy and drawing out corresponding policies and measures and finally in the long run transforming development pattern and cut reliance on resource and energy dependent industries

energy saving and energy efficiency concepts for policy making departing from the concept of rational use of energy the paper outlines the microeconomics of end use energy saving as a result of frugality or efficiency measures frugality refers to the behaviour that is aimed at energy conservation and with efficiency we refer to the technical ratio between energy input and output services that can be modified with technical improvements e g technology substitution changing behaviour from one side and technology from the other are key issues for public energy policy in this paper we attempt to identify the effects of parameters that determine energy saving behaviour with the use of the microeconomic theory the role of these parameters is crucial and can determine the outcome of energy efficiency policies therefore policymakers should properly address them when designing policies

ex ante costs of violating absolute priority in bankruptcy a basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute priority research done in the past decade has suggested that deviations from absolute priority have beneficial ex ante effects in contrast this paper shows that ex post deviations from absolute priority also have negative effects on ex ante decisions taken by shareholders such deviations aggravate the moral hazard problem with respect to project choice increasing the equityholders incentive to favor risky projects as well as with respect to borrowing and dividend decisions