The performance of football club managers: skill or luck?

This paper evaluates the extent to which the performance of English Premier League football club managers can be attributed to skill or luck when measured separately from the characteristics of the team. We first use a specification that models managerial skill as a fixed effect and we examine the relationship between the number of points earned in league matches and the club’s wage bill, transfer spending, and the extent to which they were hit by absent players through injuries, suspensions or unavailability. We next implement a bootstrapping approach to generate a simulated distribution of average points that could have taken place after the impact of the manager has been removed. The findings suggest that there are a considerable number of highly skilled managers but also several who perform below expectations. The paper proceeds to illustrate how the approach adopted could be used to determine the optimal time for a club to part company with its manager. We are able to identify in advance several managers who the analysis suggests could have been fired earlier and others whose sackings were hard to justify based on their performances.

Are power calculations useful? A multicentre neuroimaging study

There are now many reports of imaging experiments with small cohorts of typical participants that precede large-scale, often multicentre studies of psychiatric and neurological disorders. Data from these calibration experiments are sufficient to make estimates of statistical power and predictions of sample size and minimum observable effect sizes. In this technical note, we suggest how previously reported voxel-based power calculations can support decision making in the design, execution and analysis of cross-sectional multicentre imaging studies. The choice of MRI acquisition sequence, distribution of recruitment across acquisition centres, and changes to the registration method applied during data analysis are considered as examples. The consequences of modification are explored in quantitative terms by assessing the impact on sample size for a fixed effect size and detectable effect size for a fixed sample size. The calibration experiment dataset used for illustration was a precursor to the now complete Medical Research Council Autism Imaging Multicentre Study (MRC-AIMS). Validation of the voxel-based power calculations is made by comparing the predicted values from the calibration experiment with those observed in MRC-AIMS. The effect of non-linear mappings during image registration to a standard stereotactic space on the prediction is explored with reference to the amount of local deformation. In summary, power calculations offer a validated, quantitative means of making informed choices on important factors that influence the outcome of studies that consume significant resources.

Low-frequency volatility of real estate securities in relation to macroeconomic risk

Real estate securities have a number of distinct characteristics that differentiate them from stocks generally. Key amongst them is that under-pinning the firms are both real as well as investment assets. The connections between the underlying macro-economy and listed real estate firms is therefore clearly demonstrated and of heightened importance. To consider the linkages with the underlying macro-economic fundamentals we extract the ‘low-frequency’ volatility component from aggregate volatility shocks in 11 international markets over the 1990-2014 period. This is achieved using Engle and Rangel’s (2008) Spline-Generalized Autoregressive Conditional Heteroskedasticity (Spline-GARCH) model. The estimated low-frequency volatility is then examined together with low-frequency macro data in a fixed-effect pooled regression framework. The analysis reveals that the low-frequency volatility of real estate securities has strong and positive association with most of the macroeconomic risk proxies examined. These include interest rates, inflation, GDP and foreign exchange rates.

Business life cycle and capital structure: evidence from Chinese manufacturing firms

This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.

What factors affect the destination choice of Jordanian tourists?A panel data analysis

This paper investigates what factors affect the destination choice for Jordanian to 8 countries (Oman, Saudi Arabia, Syria, Tunisia, Yemen, Egypt, Lebanon and Bahrain) using panel data analysis. Number of outbound tourists is represented as dependent variable, which is regressed over five explanatory variables using fixed effect model. The finding of this paper is that tourists from Jordan have weak demand for outbound tourism; Jordanian decision of traveling abroad is determined by the cost of traveling to different places and choosing the cheapest alternative.

Self-reported symptoms and motor tests via telemetry in a 36-month levodopa-carbidopa intestinal gel infusion trial

Objective To investigate if a home environment test battery can be used to measure effects of Parkinson’s disease (PD) treatment intervention and disease progression. Background Seventy-seven patients diagnosed with advanced PD were recruited in an open longitudinal 36-month study at 10 clinics in Sweden and Norway; 40 of them were treated with levodopa-carbidopa intestinal gel (LCIG) and 37 patients were candidates for switching from oral PD treatment to LCIG. They utilized a mobile device test battery, consisting of self-assessments of symptoms and objective measures of motor function through a set of fine motor tests (tapping and spiral drawings), in their homes. Both the LCIG-naïve and LCIG-non-naïve patients used the test battery four times per day during week-long test periods. Methods Assessments The LCIG-naïve patients used the test battery at baseline (before LCIG), month 0 (first visit; at least 3 months after intraduodenal LCIG), and thereafter quarterly for the first year and biannually for the second and third years. The LCIG-non-naïve patients used the test battery from the first visit, i.e. month 0. Out of the 77 patients, only 65 utilized the test battery; 35 were LCIG-non-naïve and 30 LCIG-naïve. In 20 of the LCIG-naïve patients, assessments with the test battery were available during oral treatment and at least one test period after having started infusion treatment. Three LCIG-naïve patients did not use the test battery at baseline but had at least one test period of assessments thereafter. Hence, n=23 in the LCIG-naïve group. In total, symptom assessments in the full sample (including both patient groups) were collected during 379 test periods and 10079 test occasions. For 369 of these test periods, clinical assessments including UPDRS and PDQ-39 were performed in afternoons at the start of the test periods. The repeated measurements of the test battery were processed and summarized into scores representing patients’ symptom severities over a test period, using statistical methods. Six conceptual dimensions were defined; four subjectively-reported: ‘walking’, ‘satisfied’, ‘dyskinesia’, and ‘off’ and two objectively-measured: ‘tapping’ and ‘spiral’. In addition, an ‘overall test score’ (OTS) was defined to represent the global health condition of the patient during a test period. Statistical methods Change in the test battery scores over time, that is at baseline and follow-up test periods, was assessed with linear mixed-effects models with patient ID as a random effect and test period as a fixed effect of interest. The within-patient variability of OTS was assessed using intra-class correlation coefficient (ICC), for the two patient groups. Correlations between clinical rating scores and test battery scores were assessed using Spearman’s rank correlations (rho). Results In LCIG-naïve patients, mean OTS compared to baseline was significantly improved from the first test period on LCIG treatment until month 24. However, there were no significant changes in mean OTS scores of LCIG-non-naïve patients, except for worse mean OTS at month 36 (p<0.01, n=16). The mean scores of all subjectively-reported dimensions improved significantly throughout the course of the study, except ‘walking’ at month 36 (p=0.41, n=4). However, there were no significant differences in mean scores of objectively-measured dimensions between baseline and other test periods, except improved ‘tapping’ at month 6 and month 36, and ‘spiral’ at month 3 (p<0.05). The LCIG-naïve patients had a higher within-subject variability in their OTS scores (ICC=0.67) compared to LCIG-non-naïve patients (ICC=0.71). The OTS correlated adequately with total UPDRS (rho=0.59) and total PDQ-39 (rho=0.59). Conclusions In this 3-year follow-up study of advanced PD patients treated with LCIG we found that it is possible to monitor PD progression over time using a home environment test battery. The significant improvements in the mean OTS scores indicate that the test battery is able to measure functional improvement with LCIG sustained over at least 24 months.

Segmentation in the brazilian labor market

This paper measures the degree of segmentation in the brazilian labor market. Controlling for observable and unobservable characteristics, workers earn more in the formal sector, which supports the segmentation hypothesis. We break down the degree of segmentation by socio-economic attributes to identify the groups where this phenomenon is more prevalent. We investigate the robustness of our findings to the inclusion of self-employed individuals, and apply a two-stage panel probit model using the self-selection correction strategy to investigate a potential weakness of the fixed-effects estimator

Decentralization and education performance: a first view to the Brazilian process

This paper analyses the impact of the decentralization in educational system that is taking place in Brazil in the last decade, as a result of several laws that encourage municipalities to invest in fundamental education. The proficiency tests undertaken by the government allows to follow some public schools in two points in time. Therefore we were able to create an experimental group with the schools that were under state system in the SAEB exam and have migrated to the municipality system by the time of Prova Brasil and a control group with the schools that were under the state system between the two exams and compare the difference in their results using a fixed effect panel data analysis. The difference in difference estimator indicates that there is no significant change in the performance of the students.

The Olympic impact on hosting candidate countries

In this paper, we analyze the impact of hosting the Summer Olympics on macroeconomic aggregates such as GDP, consumption, government consumption and investments per capita. The data is in panel structure and includes the period of ten years before and ten years after the event containing the Olympic Summer Games between 1960 and 1996. The sample countries comprise only candidates to host the games. This sampling strategy allows us to estimate the average treatment effect consistently, because it is assumed that these countries are comparable to each other, including those that ultimately hosted the games. The impact of hosting the Olympic games is measured by Fixed Effect and First Difference regressions. Moreover, we do a structural break test developed by Andrews (1993) to identify if hosting the Olympic Games creates anticipation effects for demand changes that stimulate current GDP, consumption, government consumption and investments. The results indicate a positive effect of the Summer Olympics in all variables of interest. However, the distribution in time and anticipation of these effects is unclear in the tests, changing significantly depending on the model and the significance level used.

Um estudo sobre a distribuição das transferências condicionais no setor de saúde no Brasil

Este trabalho estuda empiricamente alguns fatores determinantes das transferências intergovernamentais na área da saúde no Brasil. Em especial, discute e investiga a existência de uma relação positiva entre arrecadação municipal e o recebimento de recursos federais através do Sistema Único de Saúde (SUS) pelos municípios brasileiros. Como a legislação do SUS atrela gastos dos municípios obrigatórios em saúde a uma parcela de sua arrecadação, o fenômeno também pôde ser investigado à luz da teoria do flypaper effect. A análise empírica foi realizada através da estimação de modelos em painel com efeitos fixos. Para tanto, utilizou-se dados dos municípios brasileiros no período de 2002 a 2010, obtidos, em sua maioria, através do Departamento de Informações do SUS (DATASUS) e do Sistema de Informações sobre Orçamentos Públicos em Saúde (SIOPS), ambos do Ministério da Saúde. Os resultados apontam que a arrecadação municipal exerce, de fato, um impacto positivo e significante sobre o recebimento de transferências. Considerando o aspecto redistributivo, essa relação pode não ser desejável. Argumentamos sobre a possibilidade de que os recursos repassados pelo SUS não sejam suficientes, de modo que uma contrapartida financeira dos governos locais seria necessária para cobrir os custos dos programas e serviços em sua totalidade. Foram identificados também indícios de que pode haver fatores políticos influenciando o recebimento de recursos do SUS.

Essays on economic growth

A fundamental question in development economics is why some economies are rich and others poor. To illustrate the income per capita gap across economies consider that the average gross domestic product (GDP) per capita of the richest 10 percent of economies in the year 2010 was a factor of 40-fold that of the poorest 10 percent of economies. In other words, the average person in a rich economy produces in just over 9 days what the average person in a poor economy produces in an entire year. What are the factors that can explain this difference in standard of living across the world today? With this in view, this dissertation is a conjunction of three essays on the economic growth field which we seek a possible responses to this question. The first essay investigates the existence of resource misallocation in the Brazilian manufacturing sector and measures possible distortions in it. Using a similar method of measurement to the one developed by Hsieh and Klenow (2009) and firm-level data for 1996-2011 we find evidence of misallocation in the manufacturing sector during the observed period. Moreover, our results show that misallocation has been growing since 2005, and it presents a non-smooth dynamic. Significantly, we find that the Brazilian manufacturing sector operates at about 50% of its efficient product. With this, if capital and labor were optimally reallocated between firms and sectors we would obtain an aggregate output growth of approximately 110-180% depending on the mode in which the capital share is measured. We also find that the economic crisis did not have a substantial effect on the total productivity factor or on the sector's misallocation. However, small firms in particular seem to be strongly affected in a global crisis. Furthermore, the effects described would be attenuated if we consider linkages and complementarity effects among sectors. Despite Brazil's well-known high tax burden, there is not evidence that this is the main source of resource misallocation. Moreover, there is a distinct pattern of structural change between the manufacturing sectors in industrialized countries and those in developing countries. Therefore, the second essay demonstrate that this pattern differs because there are some factors that distort the relative prices and also affect the output productivity. For this, we present a multi-sector model of economic growth, where distortions affect the relative prices and the allocation of inputs. This phenomenon imply that change of the production structure or perpetuation of the harmful structures to the growth rate of aggregate output. We also demonstrate that in an environment with majority decision, this distortion can be enhanced and depends on the initial distribution of firms. Furthermore, distortions in relative prices would lead to increases in the degree of misallocation of resources, and that imply that there are distinct patterns of structural changes between economies. Finally, the calibrated results of the framework developed here converge with the structural change observed in the firm-level data of the Brazilian manufacturing sector. Thereafter, using a cross-industry cross-country approach, the third essay investigates the existence of an optimal level of competition to enhance economic growth. With that in mind, we try to show that this optimal level is different from industrialized and under development economies due to the technology frontier distance, the terms of trade, and each economy's idiosyncratic characteristics. Therefore, the difference in competition industry-country level is a channel to explain the output for worker gap between countries. The theoretical and empirical results imply the existence of an inverted-U relationship between competition and growth: starting for an initially low level of competition, higher competition stimulates innovation and output growth; starting from a high initial level of competition, higher competition has a negative effect on innovation and output growth. Given on average industries in industrialized economies present higher competition level. With that if we control for the terms of trade and the industry-country fixed effect, if the industries of the developing economy operated under the same competition levels as of the industrialized ones, there is a potential increase of output of 0.2-1.0% per year. This effect on the output growth rate depends on the competition measurement used.

Efeitos de variáveis macroeconômicas no nível de liquidez de empresas brasileiras

Com a evolução dos mercados e a possibilidade de acesso a informações em tempo real, as empresas se encontram bastante expostas a variações em sua liquidez. Surge então uma necessidade de se estudar o que afeta sua operação e de que forma são afetadas por choques na economia. Este trabalho tem como objetivo investigar como variações de indicadores macroeconômicos, como por exemplo, mudanças na taxa de câmbio, no PIB, na inflação e na taxa de juros impactam no nível de liquidez corrente das empresas. Foram selecionados dados de empresas brasileiras ativas para o período de 2003 até 2011 (dados trimestrais), com ações negociadas na BM&FBovespa e não pertencentes ao setor financeiro e de seguros. Os resultados sugerem que o nível de liquidez das empresas é afetado por algumas variações de indicadores macroeconômicos. Verificou-se que variáveis como PIB, IBOVESPA e taxa de juros se relacionam positivamente com o índice de liquidez corrente. Já as variáveis câmbio e inflação se relacionam negativamente.

Do brazilian states engage in the fiscal war of ports? An empiric study of tax competition and an analysis of a natural experiment: the brazilian senate resolution 13/2012

O fim do ano de 2014 marcou o segundo aniversário da Resolução 13/2012 (R13) do Senado brasileiro. Grosso modo, R13 constituiu-se de um normativo do Senado cujo objetivo era o de por um fim na Guerra Fiscal dos Portos (FWP), uma competição fiscal entre os estados que se dá através da concessão de benefícios fiscais sobre operações interestaduais com mercadorias importadas de modo a atrair empresas importadoras para o território do estado concedente. R13 diminuiu o nível da tributação sobre tais operações, esperando com isso diminuir os lucros auferidos e a propensão das firmas de aceitarem tais regimes especiais de incentivação fiscal. Nada obstante, R13 gerou uma grande discussão sobre se os benefícios da atração de investimentos para um estado em particular superariam ou não os custos que esse estado incorreria em renunciar receitas tributárias em razão concessão desses benefícios fiscais. O objetivo do presente trabalho é o de dar uma contribuição a essa discussão, testando se um comportamento de interação estratégica entre estados, tal como aquele que supostamente ocorre no contexto da FWP, de fato emerge dos dados de importação coletados de janeiro de 2010 a maio de 2015, e, também, testando se a R13 de fato afetou tal comportamento de interação estratégica. Utiliza-se aqui um modelo de econometria espacial, no qual se especifica uma matriz de pesos que agrega o nível de importação das jurisdições concorrentes, organizando os dados em um painel de efeitos fixos. Os resultados sugerem que existe um comportamento de interação estratégica entre os estados e que a R13 de fato impactou tal comportamento.

Estimates of genetic parameters for visual scores and their correlation with production and reproductive traits in Brahman cattle

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Genetic associations between weight at maturity and maturation rate with ages and weights at first and second calving in Canchim beef cattle

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)