Wealth shocks, credit-supply shocks, and asset allocation:evidence from household and firm portfolios

We use a unique dataset with bank clients’ security holdings for all German banks to examine how macroeconomic shocks affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms which can influence portfolio choice: wealth shocks, which are represented by the sovereign debt crisis in the Euro area, and credit-supply shocks which arise from reductions in borrowing abilities during bank distress. While households with large holdings of securities from stressed Euro area countries (Greece, Ireland, Italy, Portugal, and Spain) de-crease the degree of concentration in their security portfolio as a result of the Euro area crisis, non-financial firms with similar levels of holdings from stressed Euro area countries do not. Credit-supply shocks at the bank level result in lower concentration, for both households and non-financial corporations. Only shocks to corporate credit bear ramifications on bank clients’ portfolio concentration. Our results are robust to falsification tests, and instrumental variables estimation.

Household pre-purchase practices and online grocery shopping

This paper explores household pre-purchase practices and their mediation by information and communications technologies (ICTs), specifically online grocery shopping. Drawing on practice theory, the impacts of ICTs on household grocery shopping behavior are conceptualized, and the concept of "front-loading" is introduced. Emerging themes generated from 31 semi-structured interviews conducted via Skype with Turkish consumers focusing on their experiences of online grocery practices are presented. To this end, the contribution of this paper is twofold. First, an understanding of the domestication of online grocery shopping and its affect on the dynamics of household decision making, information sharing, and responsibilities of tasks before the actual act of online shopping is developed. Second, how such pre-purchase practices undertaken by consumers act as a catalyst of change at the industry level is appraised.

Wealth shocks, credit-supply shocks, and asset allocation:evidence from household and firm portfolios

We use a unique dataset with bank clients’ security holdings for all German banks to examine how macroeconomic shocks affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms which can influence portfolio choice: wealth shocks, which are represented by the sovereign debt crisis in the Eurozone, and credit-supply shocks which arise from reductions in borrowing abilities during bank distress. We document het- erogeneous responses to these two types of shocks. While households with large holdings of secu- rities from stressed Eurozone countries (Greece, Ireland, Italy, Portugal, and Spain) decrease the degree of concentration in their security portfolio as a result of the Eurozone crisis, non-financial firms with similar levels of holdings from stressed Eurozone countries do not. Credit-supply shocks at the bank level (caused by bank distress) result in lower concentration, for both households and non-financial corporations. We also show that only shocks to corporate credit bear ramifications on bank clients’ portfolio concentration, while shocks in retail credit are inconsequential. Our results are robust to falsification tests, propensity score matching techniques, and instrumental variables estimation.

Predictors of household hardship in a resource constrained environment:the case of sub-Saharan Africa

Using data from the 2004 wave of the Afrobarometer survey, this study examines correlates of household hardship in three countries of sub-Saharan Africa: Tanzania, Zambia, and Zimbabwe. Findings provide partial support for the hypothesized relationship. Specifically, poverty reduction initiatives and informal assistance are associated with reduced hardship while civic engagement is related to an increase in household hardship. We also note that certain demographic characteristics are linked to hardship. Policy and practice implications are suggested. © The Author(s) 2011.

Statistical Analysis of the Performance Data of Central and Eastern European Water Utilities - International Benchmarking Network for Water and Sanitation Utilities (IBNET)

A Világbank az 1990-es évek végén egy nagyszabású, nemzetközi teljesítmény-értékelési programot indított a víz- és szennyvíz-szolgáltató vállalatok körében. Az International Benchmarking Network for Water and Sanitation Utilities (IBNET) elnevezésű kezdeményezés keretében a szolgáltatók egy szabványosított kérdőíven információt adnak meg működésükről. Az egyedi, cégszintű adatokból egy adatbázis készül, mely lehetővé teszi a vállalatok működésének összehasonlító elemzését, amit teljesítmény-értékelésnek (benchmarking) is szokás nevezni. A programról és eddigi eredményeiről angol nyelvű információ a www.ib-net.org honlapon található. A felmérést eddig több, mint 70 országban végezték el, köztük Magyarországon is. Itthon a REKK kapott megbízást a feladat végrehajtására. Az adatgyűjtésen túl az adatbázisra alapozva Közép és Kelet-Európa országainak víziközmű cégeiről statisztikai elemzést végeztünk az alap adottságok és a költségek összefüggésének feltárására.

Impact of Water Supply and Sanitation on Diarrheal Morbidity among Young Children in the Socioeconomic and Cultural Context of Rwanda (Africa)

This project studied the frequency and of water contamination at the source, during transportation, and at home to determine the causes of contamination and its impact on the health of children aged 0 to 5 years. The methods used were construction of the infrastructure for three sources of potable water, administration of a questionnaire about socioeconomic status and sanitation behavior, anthropometric measurement of children, and analysis of water and feces. The contamination, first thought to be only a function of rainfall, turned out to be a very complex phenomenon. Water in homes was contaminated (43.4%) with more than 1100 total coliforms/100 ml due to the use of unclean utensils to transport and store water. This socio-economic and cultural problem should be ad- dressed with health education about sanitation, The latrines (found in 43.8% of families) presented a double-edged problem. The extremely high population density reduced the surface area of land per family, which resulted in a severe nutritional deficit (15% of the children) affecting mainly young children, rendering them more susceptible to diarrhea (three episodes/child/year).

Women and development in Senegal: Microcredit and household well being

The challenging living conditions of many Senegalese families, and the absence of a providing spouse, have led women to covet new economic opportunities, such as microcredit loans. These loans offer Senegalese women the possibility to financially support their households and become active participants in their economies by starting or sustaining their micro businesses. The study takes place in Grand-Yoff, an overpopulated peri-urban area of the Senegalese capital city Dakar, where most people face daily survival issues. This research examines the impact of microcredit activities in the household of Senegalese female loan recipients in Grand-Yoff by examining socioeconomic indicators, in particular outcomes of health, education and nutrition.^ The research total sample is constituted of 166 female participants who engage in microcredit activities. The research combines both qualitative and quantitative methods. Data for the study were gathered through interviews, surveys, participant observation, focus-groups with the study participants and some of their household members, and document analysis.^ While some women in the study make steady profits from their business activities, others struggle to make ends meet from their businesses’ meager or unreliable profits. Some study participants who are impoverished have no choice but to invest their loans directly into their households’ dire needs, hence missing their business prerogative. Many women in the study end up in a vicious cycle of debt by defaulting on their loans or making late payments because they do not have the required household and socioeconomic conditions to take advantage of these loans. Therefore, microcredit does not make a significant impact in the households of the poorest female participants. The study finds that microcredit improves the household well-being - especially nutrition, health and education - of the participants who have acquired significant social capital such as a providing spouse, formal education, training, business experience, and belonging to business or social networks.^ The study finds that microcredit’s household impact is intimately tied to the female borrowers’ household conditions and social capital. It is recommended that microcredit services and programs offer their female clients assistance and additional basic services, financial guidance, lower interest rates, and flexible repayment schedules. ^

Consumers’ Reactions to Sanitation in Casual Dining, Quick-Service, and Fine Dining Restaurants

Consumers’ concern about food safety, sanitation, and health has increased since food-borne illnesses still frequently occur in the US. This article explored consumers’ perceptions, emotions, and behavioral intention about the sanitation of the physical environment in three different restaurant settings, casual dining, quick-service, and fine dining restaurants. Disgust was the most strongly felt negative emotion, but no significant differences were found for negative emotional reactions to dirty conditions among the three types of restaurants. Positive emotional reactions were significantly different among the restaurant types. Behavioral intention was also significantly different among the three restaurant types as a reaction to dirty food. The findings help restaurant owners and managers understand how consumers feel and react to “dirty” food, service staff, or dining room tables in casual, quick-service and fine dining restaurant.

Natural disaster and household recovery in the aftermath of hurricane Andrew : a case study of four Hispanic households in South Miami Heights

This thesis explores the aid received by four Hispanic households towards recovery after Hurricane Andrew. The four households resided in South Miami Heights, a suburb of Miami. Through the use of questionnaires, information was gathered on various storm related topics. Because the Cuban community in Miami is influential, the role of the Cuban enclave is studied in relation to the recovery of these households. The influence of an urban environment on the extended family ties of these households is also addressed since the literature argues that these ties are powerful among Hispanics. Results show, that aid primarily came from two sources. Furthermore, the Cuban enclave appears to have had no discernible role in the recovery of these households. Finally, an urban setting did not appear to diminish extended family ties.

Household Preferences for Financing Hurricane Risk Mitigation: A Survey Based Empirical Analysis

After a series of major storms over the last 20 years, the state of financing for U.S. natural disaster insurance has undergone substantial disruptions causing many federal and state backed programs against residential property damage to become severally underfunded. In order to regain actuarial soundness, policy makers have proposed a shift to a system that reflects risk-based pricing for property insurance. We examine survey responses from 1394 single-family homeowners in the state of Florida for support of several natural disaster mitigation policy reforms. Utilizing a partial proportional odds model we test for effects of location, risk perception, socio-economic and housing characteristics on support for policy reforms. Our findings suggest residents across the state, not just risk-prone homeowners, support the current subsidized model. We also examine several other policy questions from the survey to verify our initial results. Finally, the implications of our findings are discussed to provide inputs to policymakers.

Linking labour force participation, education, labour wages and household consumption in developing countries:push and pull effects in self-employment - evidence from Nigeria

The contribution of this thesis is in understanding the origins in developing countries of differences in labour wage and household consumption vis-à-vis educational abilities (and by extension employment statuses). This thesis adds to the labour market literature in developing countries by investigating the nature of employment and its consequences for labour wage and household consumption in a developing country. It utilizes multinomial probit, blinder-oaxaca, Heckman and quantile regressions to examine one human capital indicator: educational attainment; and two welfare proxies: labour wage and household consumption, in a developing country, Nigeria. It finds that, empirically, the self-employed are a heterogeneous group of individuals made up of a few highly educated individuals, and a significant majority of ‘not so educated’ individuals who mostly earn less than paid workers. It also finds that a significant number of employers enjoy labour wage premiums; and having a higher proportion of employers in the household has a positive relationship with household consumption. The thesis furthermore discovers an upper educational threshold for women employers not found for men. Interestingly, the thesis also finds that there is indeed an ordering of labour wages into low-income self-employment (which seems to be found mainly in “own account” self-employment), medium-income paid employment, and high-income self-employment (which seems to be found mainly among employers), and that this corresponds to a similar ordering of low human capital, medium human capital and high human capital among labour market participants, as expressed through educational attainments. These show that as a whole, employers can largely be classed as experiencing pulled self-employment, as they appear to be advantaged in all three criteria (educational attainments, labour wage and household consumption). A minority of self-employed “own account” workers (specifically those at the upper end of the income distribution who are well educated), can also be classed as experiencing pulled self-employment. The rest of the significant majority of self-employed “own account” workers in this study can be classed as experiencing pushed self-employment in terms of the indicators used.