Article
Economics
Diego Romero-Avila, Tolga Omay
Summary: This paper investigates the stochastic and deterministic convergence in per capita energy consumption among countries of different income levels. The study utilizes six state-of-the-art nonlinear panel unit root tests and finds evidence of stochastic convergence among high-income and upper-middle-income countries. However, there is limited support for deterministic convergence, with only high-income countries exhibiting this tendency. Lack of convergence has significant policy implications for achieving SDG7 of the global 2030 Agenda for Sustainable Development.
Article
Economics
Manuel David Cruz
Summary: This study investigates the relationship between labor productivity (LP), real wage (RW), and employment (EMP). The main goal is to test different theories of growth and income distribution. The findings indicate a positive two-way association between LP and RW, supporting the induced technical change and efficiency wages theories. Additionally, it is found that EMP is weakly exogenous, suggesting labor constraints in OECD countries.
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS
(2023)
Article
Engineering, Industrial
Rayan Assaad, Islam H. El-adaway
Summary: This study examines the impact of dynamic workforce and workplace variables on construction productivity, finding that all considered variables, except job openings, statistically cause fluctuations in construction productivity. It highlights the importance of gross construction productivity and the need to study the health of the construction industry based on industry-wide productivity rather than just labor productivity.
JOURNAL OF MANAGEMENT IN ENGINEERING
(2021)
Article
Economics
Pradipta Kumar Sahoo, Badri Narayan Rath, Viet Le
Summary: This article assesses the nexus between export, productivity, and competitiveness in the Indian manufacturing sector. The learning by exporting hypothesis is supported, while the self-selection hypothesis is not. The impact of export on competitiveness is found to be positive. These findings remain consistent across different industries, labor and capital intensity, and firm ownership.
JOURNAL OF ASIAN ECONOMICS
(2022)
Article
Social Sciences, Mathematical Methods
Pengyu Chen, Yiannis Karavias, Elias Tzavalis
Summary: This article introduces a new community-contributed command called xtbunitroot, which implements the panel-data unit-root tests developed by Karavias and Tzavalis (2014). These tests allow for one or two structural breaks in the deterministic components of the series and can be applied to panels with small or large time-series dimensions.
Article
Economics
Andrew Mountford, Jonathan Wadsworth
Summary: This paper presents a theoretical model and empirical analysis on the relationship between skilled immigration and the training of native-born workers in the UK. The findings show that while there is a small positive association between skilled immigration and native training rates at the aggregate level, the relationship varies depending on the skill level of the immigrant, the skill level of trainees, and the sector into which immigration occurs. The study emphasizes the importance of considering heterogeneous effects from immigration when formulating policy or modeling immigration's effects across the wider economy.
Article
Economics
Jaqueline Oliveira, Bruno Palialol, Paula Pereda
Summary: The study found that in Brazil, high temperature days have significant adverse effects on real wages of formal workers in non-agriculture sectors. Assuming a uniform climate change scenario, a 2-degree C shift in daily temperature distribution leads to income losses equivalent to 0.12% of 2015 GDP for formal workers in non-agriculture markets.
ENVIRONMENT AND DEVELOPMENT ECONOMICS
(2021)
Article
Operations Research & Management Science
Anna Nagurney
Summary: This paper constructs a supply chain network model to explore the strategy of increasing wages to enhance labor productivity and alleviate labor shortages. Numerical examples show that willingness to pay higher wages can lead to profit growth and benefit workers and consumers.
JOURNAL OF GLOBAL OPTIMIZATION
(2022)
Article
Development Studies
Karmen Naidoo, Leonce Ndikumana
Summary: Several studies have shown that manufacturing wages in African countries are relatively higher, which affects the continent's manufacturing competitiveness. This paper examines unit labor costs (ULCs)-the ratio of average wages to productivity-in various manufacturing sectors across 79 developed and developing countries, including 13 African countries, from 1990 to 2015. The study finds that relative ULCs have a weaker association with exports in Africa compared to other developing regions, and that labor productivity has a stronger impact on manufacturing performance than real wages. These findings have important implications for industrial policy in African countries.
REVIEW OF DEVELOPMENT ECONOMICS
(2023)
Article
Economics
Rupika Khanna, Chandan Sharma
Summary: This study examines the effects of public infrastructure on the total factor productivity of Indian manufacturing industries, finding a positive and significant impact of infrastructure on manufacturing productivity. There are wide disparities in the productivity effects of different types of infrastructure, with a 1 percent increase in aggregate infrastructure stock resulting in a 0.16 percent productivity growth. Policy recommendations are made based on these findings.
QUARTERLY REVIEW OF ECONOMICS AND FINANCE
(2021)
Article
Economics
Chhavi Tiwari, Sankalpa Bhattacharjee, Pradeepta Sethi, Debkumar Chakrabarti
Summary: This study re-examines convergence among Indian states by estimating their total factor productivity (TFP). It finds that while technological growth has led to an increase in productivity at an aggregate level, there is no convergence in efficiency growth. Additionally, there are significant spatial spillovers in both technology and efficiency, but convergence is only observed in technology growth.
JOURNAL OF THE ASIA PACIFIC ECONOMY
(2022)
Article
Economics
Kacou Yves Thierry Kacou, Yacouba Kassouri, Talnan Hongwopena Evrard, Mehmet Altuntas
Summary: This paper investigates the relationship between trade openness and labor productivity by considering the level of openness and the structure of exports in developing countries. The results show that only countries with higher levels of openness experience significant productivity gains, supporting both the export-led productivity and productivity-driven export hypotheses.
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS
(2022)
Article
Mathematics
Miaojie Xia, Yuqi Zhang, Ruiqin Tian
Summary: This paper studies the variable selection problem of high-dimensional spatial autoregressive panel models with fixed effects. It proposes a matrix transformation method to eliminate the fixed effects and develops a penalized quasi-maximum likelihood approach for variable selection and parameter estimation in the transformed panel model. The consistency and oracle properties of the proposed estimator are established under certain regular conditions. Monte-Carlo experiments and a real data analysis demonstrate the satisfactory performance of the proposed variable selection method.
JOURNAL OF MATHEMATICS
(2023)
Article
Economics
Rachel Scarfe, Carl Singleton, Adesola Sunmoni, Paul Telemo
Summary: There is an inverted U-shaped relationship between age and wages in most labor markets, but the effects of age on productivity are often unclear. Using panel data of professional footballers (soccer players) in North America, who are high earners, we find stark differences in age-productivity and age-wage profiles. Wages increase for several years after productivity has peaked, before dropping sharply at the end of a career. Tentative evidence suggests that talent discovery theory may explain why middle-aged workers are seemingly overpaid.
Article
Economics
Subhadip Mukherjee, Rupa Chanda
Summary: This study confirms the two-sided effect of tariff liberalization on Indian manufacturing firms, with a stronger impact on the input channel and larger firms benefiting more from reduced input tariffs. The relaxation of size limits in 2006 also resulted in higher markups for importing MSMEs. Firm size, liberalization channel, and policy framework are all important factors influencing firm-level markups.
ECONOMIC MODELLING
(2021)
Article
Economics
Hande Karabiyik, Joakim Westerlund, Paresh Narayan
Summary: This paper examines disaggregated price data for multiple markets and a large number of assets, using econometric analysis of panel analogs to improve the precision of price discovery.
ECONOMETRIC REVIEWS
(2022)
Article
Business, Finance
Bernard Njindan Iyke, Dinh Hoang Bach Phan, Paresh Kumar Narayan
Summary: Geopolitical risk predicts exchange rate returns and improves forecast accuracy, demonstrating economic usefulness. Testing on 17 countries, 59% of exchange rate returns are predicted in-sample and 88% out-of-sample. Our model generates buy/sell signals that outperform the historical average model, resulting in excess profits in 65% of currencies.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2022)
Article
Business, Finance
Paresh Kumar Narayan, Seema Narayan, Dinh Hoang Bach Phan
Summary: We developed a terrorism risk factor and demonstrated its statistical and economic relevance to stock returns. Through analysis of time-series data from 40 stock markets worldwide, we found strong contemporaneous effects of our terrorism factor on stock returns in various countries, and it was able to predict returns for approximately 53% of the countries in our sample. The predictability appears to be influenced by both the discount rate and cash flow channels, as revealed by our study. Our findings were robust across multiple tests, including those using different proxies for the terrorism factor.
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY
(2022)
Article
Business, Finance
Neluka Devpura, Paresh Kumar Narayan, Susan Sunila Sharma
Summary: This study tests for bond excess return predictability in 25 countries using a variety of predictor variables, finding that commodity and macroeconomic variables are successful predictors of bond excess returns.
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY
(2021)
Article
Economics
Yiannis Karavias, Paresh Kumar Narayan, Joakim Westerlund
Summary: Dealing with structural breaks is crucial in economic research. This article introduces a new toolbox for detecting structural breaks, which is applicable to various panel data and robust to heterogeneity. Applying this toolbox to panel data of 61 countries, a structural break dated to the first week of April is detected, indicating the impact of COVID-19 on stock returns. The reaction of the markets was negative before the break but zero thereafter, possibly influenced by quantitative easing programs announced by central banks.
JOURNAL OF BUSINESS & ECONOMIC STATISTICS
(2023)
Article
Economics
Deepa Bannigidadmath, Paresh Kumar Narayan
Summary: This paper uses a non-parametric model to examine time-varying correlations for energy and other commodities and finds that profits from a trading strategy that accounts for the patterns in correlations are higher than those that do not. Additionally, profits are asymmetric to higher and lower levels of correlation, and are largely explained by the basis and momentum factors, except for grains and softs portfolios at higher correlation levels.
Article
Economics
Solikin M. Juhro, Paresh Kumar Narayan, Bernard Njindan Iyke
Summary: This study examines the interaction between monetary and fiscal policies in Indonesia and finds that the reactions of policy rules have become more consistent over time, possibly due to recent policy coordination initiatives.
Article
Economics
Solikin M. Juhro, Paresh Kumar Narayan, Bernard Njindan Iyke, Budi Trisnanto
Summary: This study proposes and tests the hypothesis that social capital plays a crucial role in total factor productivity growth. By analyzing a new historical dataset on 33 provinces in Indonesia from 2010 to 2018, the study shows that social capital enhances growth through research and development expenditure. The results, based on a modified endogenous growth model, reveal that a unit standard deviation improvement in aggregate, tangible and intangible social capital, and religiosity increases TFP growth by at least 9.80% of the mean TFP growth. These findings are robust.
Article
Business, Finance
Deepa Bannigidadmath, Paresh Kumar Narayan, Dinh Hoang Bach Phan, Qiang Gong
Summary: This paper analyses how COVID-19 related government policies influence stock markets. The study found that for most countries, the stimulus package and lockdown policies had a negative impact on stock returns, while the travel ban had the least effect on stock returns.
FINANCE RESEARCH LETTERS
(2022)
Article
Business, Finance
Paresh Kumar Narayan
Summary: The study finds that total exchange rate shock spillovers explain around 37.7% of the forecast error variance in the exchange rate market, compared to only 26.1% in the pre-COVID-19 period. Exchange rate own shocks explain between 56% to 75% of own exchange rate movements, indicating that exchange rates can predict most of their own changes.
FINANCE RESEARCH LETTERS
(2022)
Article
Business, Finance
Paresh Kumar Narayan
Summary: Based on hourly data, it was found that the phenomenon of price clustering in the oil market is more significant during the COVID-19 period, with up to 30% of the behavior attributed to the pandemic. Additionally, a simple technical trading strategy showed no evidence of profitability in the oil market during the COVID-19 period.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2022)
Article
Business, Finance
May Hu, Paresh Narayan, Jason Park, Peter Verhoeven
Summary: This research investigates the role of liquidity in the price discovery process and focuses on how informed traders use CDS and option markets for trading, depending on the relative liquidity in these markets. The empirical results suggest that liquidity is a crucial factor in determining the location of informed trading and the leadership of the price discovery process between the two markets.
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
(2022)
Article
Business, Finance
Paresh Kumar Narayan, Syed Aun R. Rizvi, Ali Sakti
Summary: This study examines the volatility and co-movement of different sovereign debt instruments in Indonesia during the pandemic. The results indicate increased asset co-movement and weak profitability during this period. Interestingly, sukuk and green sukuk show a 14% correlation with stocks, suggesting potential diversification prospects in times of extreme shocks.
FINANCIAL INNOVATION
(2022)
Article
Business, Finance
Chandranath Amarasekara, Bernard Njindan Iyke, Paresh Kumar Narayan
Summary: Assessing the role of investment in research and development (R&D) and economic policy uncertainty (EPU) in Sri Lanka's economic growth experience, this paper finds that R&D is critical to the country's total factor productivity (TFP) expansion based on historical time series data from 1980 to 2018. Additionally, it is revealed that economic policy uncertainty has a detrimental impact on TFP growth through R&D, although the effect is short-lived. These findings have robust implications for R&D investment and moderating EPU.
FINANCIAL INNOVATION
(2022)
Article
Economics
Paresh Kumar Narayan, Qiang Gong, Huson Joher Aliahmed
Summary: The investigation reveals that the COVID-19 pandemic has had a heterogeneous effect on the Australian stock market, with sectors such as health, information technology, and consumer staples benefiting.
APPLIED ECONOMICS LETTERS
(2022)
Article
Engineering, Industrial
Hiroshi Matsuhisa, Nobuo Matsubayashi
Summary: This study investigates the formation of an alliance between competing manufacturers and a monopolistic platform retailer, and analyzes the impact of the degree of differentiation among manufacturers on the formation of the alliance and the profitability of the retailer.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Lingxuan Kong, Ge Zheng, Alexandra Brintrup
Summary: Supply Chain Financing is used to optimize cash flows in supply networks, but recent scandals have shown inefficiencies in risk evaluation. This paper proposes a Federated Learning framework to address order-level risk evaluation.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Jing Gu, Xinyu Shi, Junyao Wang, Xun Xu
Summary: The asymmetric market power between a firm and its partners negatively affects the firm's financial performance. Building relationships with suppliers or customers that have matched market power is the best approach. The strength of the buyer-supplier relationship amplifies the negative impact of asymmetric market power, while the level of relationship embeddedness reduces its negative effect. Moreover, firm-specific institutional, industry, and regional economic heterogeneities also influence the financial impact of asymmetric market power.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Yu Du, Jun-qing Li
Summary: This study investigates the group scheduling of a distributed flexible job shop problem using the concrete precast process. The proposed solution utilizes three coordinated double deep Q-networks (DQN) as a learn-to-improve reinforcement learning approach. The algorithm shows superiority in minimizing costs and energy consumption.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Xiaoyu Yan, Weihua Liu, Ou Tang, Jiahe Hou
Summary: This study analyzes the market amplification effect and the impact of entrant's overconfidence on a two-sided platform. The results show that overconfident entrants can lead to price increases and benefit both the existing firms and themselves to a certain extent.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Illya Kaynov, Marijn van Knippenberg, Vlado Menkovski, Albert van Breemen, Willem van Jaarsveld
Summary: The One-Warehouse Multi-Retailer (OWMR) system is a typical distribution and inventory system. Previous research has focused on heuristic reordering and allocation strategies, which are time-consuming and problem-specific. This paper proposes a Deep Reinforcement Learning (DRL) algorithm for OWMR problems, which infers a multi-discrete action distribution and improves performance with a random rationing policy.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Yimeng Sun, Ruozhen Qiu, Minghe Sun
Summary: This study considers a multi-period inventory management problem for a retailer offering limited-time discounts and having a joint service-level requirement under demand uncertainty. It proposes a double-layer iterative approach to solve the problem and maximize total profit while balancing the service level using a posteriori method and an affinely adjustable robust chance-constrained model.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Anas Neumann, Adnene Hajji, Monia Rekik, Robert Pellerin
Summary: This paper presents a new mathematical formulation for planning and scheduling activities of Engineer-To-Order (ETO) projects, along with a new ETO strategy to reduce the impacts of design uncertainty. The study proposes a hybrid Layered Genetic Algorithm combined with an adaptive Lamarckian learning process (LLGA) and compares it with the branch-and-cut procedure of CPLEX. The results show good performance of the proposed mathematical model for small and medium-sized instances.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Thilini Ranasinghe, Chanaka D. Senanayake, Eric H. Grosse
Summary: Production systems are undergoing transformative changes, necessitating adaptability from human workers. This study developed an analytical model to account for stochastic processing times and learning heterogeneity, revealing insights into system performance.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Sunil Tiwari, Pankaj Sharma, Ashish Kumar Jha
Summary: Black Swan events such as the COVID-19 pandemic and the Suez Canal blockage have a significant impact on firms' technology adoption decisions, especially in terms of disruptions and digitalization in the supply chains. This study investigates the influence of institutional forces and environmental contingencies on supply chain digitalization from an institutional and contingency theory perspective. The findings emphasize the importance of organizational readiness and people readiness, including top management involvement and employee training, in facilitating digitalization.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Fabio Neves-Moreira, Pedro Amorim
Summary: Omnichannel retailers are using stores as distribution centers to provide faster online order fulfillment services. However, in-store picking operations can impact the offline customer experience. To address this, we propose a Dynamic In-store Picker Routing Problem (diPRP) that minimizes customer encounters while fulfilling online orders. Our solution approach combines mathematical programming and reinforcement learning to find efficient picking policies that reduce customer encounters.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Article
Engineering, Industrial
Richard Kraude, Ram Narasimhan
Summary: In this study, the relationship between Vertical Integration (VI) and Environmental Performance (EP) is examined, revealing that highly integrated firms produce less waste but engage in fewer environmental initiatives. These findings are crucial for understanding the impact of stakeholder exposure on organizational behavior.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
Review
Engineering, Industrial
Korina Katsaliaki, Sameer Kumar, Vasilis Loulos
Summary: This research conducts a systematic literature review (SLR) and content analysis on Supply Chain Coopetition (SCC) through the PRISMA framework. It examines the theory of coopetition and organizational relationships in intra-firm and inter-firm supply chains, focusing on collaboration between rival manufacturers. The study identifies structures and mechanisms of coopetition, such as buyer-supplier coopetition, supply networks coopetition, and production and distribution/logistics coopetition. It provides a holistic approach to SCC management practices and serves as a guide for future research.
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
(2024)
