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Cross Country Comparison of Efficiency in Investment
Banking

Cross Country Comparison of Efficiency in Investment Banking

This paper contributes to the existing literature for the following reasons: First, with providing a focus on the investment banking, which is surprisingly inadequately explored (Berger and Humphrey 1997 cites no studies on investment banks, and the only paper analyzing this sector was from Beccalli 2004) we contribute to existing literature. Second, we perform cost and profit efficiency comparison of the investment banking industries in G7 countries (US, UK, Japan, Italy, Germany, France and Canada), through introduction of the appropriate environmental variables in the cost and profit frontier estimations. Our goal is to obtain a proper comparison of banking efficiency across countries by using a global best practice econometric frontier whereby the banks in each country can be compared against the same standard. Third, we conduct completely separate frontiers analysis to check for the existence of structural differences between the countries.

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Entrepreneurial Level Factors of Early Internationalization: A Cross Country Comparison

Entrepreneurial Level Factors of Early Internationalization: A Cross Country Comparison

International new ventures proved to contribute positively to national economies they derive from. This article analyses the entrepreneurial level factors of success at the startup stage of international new ventures (INVs) in the context of three Central and Eastern European (CEE) countries in transition: Hungary, Lithuania and Poland. Based on multiple case study approach, the study provides important insights into the international entrepreneurship theory by examining the still underexplored transition in CEE countries’ context. An in-depth qualitative analysis has been performed based on 9 case studies, 3 INVs from each country. Lots of similarities emerge between INVs in three CEE countries, however their cultural and historical backgrounds are different enough to justify scholarly interest in potential idiosyncratic features. Findings suggest that there is significant diversity in the entrepreneurial level factors behind the early success of local INVs in international markets across these countries, especially in terms of direct foreign market experience, entrepreneurial orientation and existing network membership. Nevertheless, the findings reveal that in the sample focused on ITC businesses, solid industry experience of the founders proved to be key in the success of INVs’ internationalisation.

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Nutrition guidelines for undergraduate medical curricula: a six-country comparison

Nutrition guidelines for undergraduate medical curricula: a six-country comparison

mation on the current state of medical nutrition education in each country; 2) identify shared needs in medical nutrition education; 3) showcase examples of transferable models of nutrition education; and 4) identify opportunities for joint strategies in medical nutrition education. As a forerunner to the summit, an investigation of the similarities and differences among existing guidelines for these countries may inform the future development of national or international guidelines in medical nutrition education, along with strategies to sup- port doctors in the provision of nutrition care to patients. Therefore, the aim of this review was to assess, compare,

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How universal is the law of income distribution? Cross country comparison

How universal is the law of income distribution? Cross country comparison

The United Kingdom is the first country to compare with the U.S. All income-related tables were borrowed from [6], which is a part of the UK Government portal. The age-dependent income data are obtained from the Survey of Personal Incomes (SPI), an annual sample survey carried out by HM Revenue & Customs. The income tables include only information on individuals liable to UK income tax, i.e. sources of income are restricted to tax purposes only. Therefore, the UK income tables are better to be compared to those reported by the U.S. IRS. In paragraph 2.1, we found that the level real GDP per capita in the UK lags by about 20 years behind that measured in the USA. Under our framework, the shape of the age- dependent mean income curves depends only on real GDP per capita. Then the U.S. curve to compare to the 2012 UK mean income is that for 1992. Since the data on the years before 1993 are not available from the IRS we have to use the CPS income tables. Such a replacement may introduce some distortions in matching process. However, as shown in Section 1, the IRS and CPS estimates of peak mean income age are very close.

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The Political Determinants of the Impact of Natural Disasters:  A Cross-Country Comparison

The Political Determinants of the Impact of Natural Disasters: A Cross-Country Comparison

I present the case for such a connection between political regime characteristics and the impact of natural disasters in the three chapters that follow. In the literature review section I provide a multidisciplinary review of relevant natural disaster research. While a dearth of “nuts-and-bolts” literature exists along with numerous studies of disasters from sociological and development viewpoints, very little of the available political science literature addresses the questions that surround natural disasters and the impact they have on countries and citizens. However, in noting that natural disaster relief can be considered a public service provided by states similar to programs on public health and education, I review the available literature on the relationship between public service provision and political institutions and then relate these findings to disaster response. Finally, I review a recent United Nations policy document on disaster response. Utilizing the framework of analysis presented by the United Nations International Strategy for the Reduction of Natural Disasters along with the findings of previous research, I present the theoretical argument for associating the impact of natural disasters with the political regime characteristics of countries. I conclude this chapter by presenting three hypotheses regarding an expected causal relationship linking the impact of a natural disaster with the level of democracy, political stability, and regime durability in the country where the disaster occurs.

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Ease of Getting Construction Permits in India: Cross Country Comparison with World’s Best

Ease of Getting Construction Permits in India: Cross Country Comparison with World’s Best

Very few studies have focused specifically on construction permits and its implication in case of India. Study by Gupta, Kapoor & Asudani (2015), has analyzed all the aspects of Ease of doing business index and provides bottlenecks in each category of starting a business, enforcing contracts, paying taxes etc. The study analyses the major bottlenecks in Indian set up and provides with certain solutions for the same. Similar study by World Bank (2013), provides regulatory framework necessary for an economy to have better performance in construction industry. This study provides best practices from all over the World for construction Industry and its various aspects. Most of the studies in the construction permit context have been conducted by private players and very few have focused on issue of construction permits in academia. One of the major reports by Ministry of Urban Development, 2010, tried to focus on issues in construction permit Industry and tried to absorb many best country practices in their draft, which further made recommendations for change. In current scenario, many of these changes recommended have been considered, to further make a change in construction permit Industry.

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Digital Marketing Communication from the Perspective of Individual Consumers: A Cross-Country Comparison

Digital Marketing Communication from the Perspective of Individual Consumers: A Cross-Country Comparison

More differences among the respondents can be recognized in the scope of marketing communication. Americans are less involved in social marketing communication activities than Poles, the Chinese and Turks. Using the cross-cultural data, and comparing the ob- tained Spearman’s correlation coefficients to the coefficients of cultural dimensions dis- tinguished in the research done by Hofstede`s team (Hofstede, Hofstede, & Minkov, 2010), it is worth noting that a higher degree of collectivism (and lower degree of individualism) is related to more frequent use of social marketing communication activities. The greatest number of interdependencies was obtained in the Chinese and Turkish groups, which are also characterised by the highest degree of collectivism (China - IDV=20, Turkey - IDV=37). Collectivistic cultures are characterised by acting in a group and emphasizing the achieve- ments of a group over individual ones. Looking for information about products from other users and sharing experience and knowledge with them is related to collectivistic values. Moreover, when characterising collectivistic cultures, Hofstede et al. (2010, p. 117) state that their ‘consumption patterns show dependence on others’ and that a ‘social network is the primary source of information’. These behaviours were also verified in the research presented in this article. However, it needs to be emphasized that the Polish group proved to be an exception. In the studies done by Hofstede, Poland was found to be a country with a moderate level of individualism (IDV=60), but the results of the primary research showed quite high involvement of Poles in social marketing communication activities. There is a discussion about the utility of Hofstede`s results regarding an individual`s be- haviours, because they are based on national level constructs (Brewer & Venaik, 2012; De Mooij, 2013). However, because of the multi-national profile of respondents described in this article and existing differences among them, the purpose here was to show any con- nections with existing cultural dimensions (Zhang & Hao, 2018).

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Unemployment Insurance Schemes, Liquidity Constraints and Re employment: a three Country Comparison

Unemployment Insurance Schemes, Liquidity Constraints and Re employment: a three Country Comparison

11 The results on the role of financial condition are less clean cut. In the case of Italy mortgages, wealth and economic problems have the expected effect on unemployment duration so that individuals with less financial pressure stay unemployed longer. However, in the case of Finland this set of variables does not appear to be significant. The possible explanation of this pattern is that unemployed workers in Finland do not appear to face serious liquidity constraints so that their actual degree of wealth is not particularly relevant in the determination of unemployment duration. This interpretation is also supported from the data we described in previous section which showed that unemployed workers are equally spread in households of all wealth classes and do not appear to face particular economic problems. Finally, the results on Poland are mixed: mortgages have a positive effect on re-employment, suggesting that financial pressure have a role on duration. However, household wealth is not relevant and having major problems in making ends meet actually has a negative effect on re-employment. These latter results suggest that in a country that is facing serious economic problems and where the welfare system is not so developed, the actual pressure is not mitigated by household wealth. Two things should also be considered from this point of view. First, household wealth is relevant only in Italy, a country that is known for strict family ties so that family can act as a safety net for unemployed workers. Second, looking more in details the Polish data 8 it turns out that individuals that declares to make ends meet with "some problems" have a strictly higher hazard rate than those that declared to have major problems or no problems (whose hazard rate is particularly low): this might suggests that having some problems does induce a reduction of the reservation wage and an increase in search effort, whereas having too serious problems might induce some discouragement effect.

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Foreign Direct Investment and Growth: An Empiricial Investigation Based on Cross Country Comparison

Foreign Direct Investment and Growth: An Empiricial Investigation Based on Cross Country Comparison

At present, the consensus view seems to be that there is a positive association between FDI inflows and growth provided receiving countries have reached a minimum level of educational, technological and/or infrastructure development. However, there is no universal agreement about the positive association between FDI inflows and economic growth. Research that focuses on data from only less developed countries (LDC’s) has tended to find a clear positive relationship, while studies that have focused on data from only developed countries (DC’s), have found no growth benefit for the recipient country.

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Reassessing Export Diversification Strategies: A Cross Country Comparison

Reassessing Export Diversification Strategies: A Cross Country Comparison

Diversification of risk in the portfolio context emerged out of the field of finance in the 1950s, particularly at- tributed to the work of Markowitz ([63] [64]). Markowitz provided statistical foundation and a method for effec- tively reducing investment risk given the fluctuations, the evolution of the gains on risky assets and the pairwise strength of relationships of these assets’ returns. The diversification theory asserts that by systematically select- ing a group of investment assets an investor could effectively lower the risk in the portfolio compared with the risk borne by any individual asset. Sharpe [65] and Lintner [66] provided the necessary economic structure and equilibrium arguments to subsume Markowitz’s mean-variance criterion to develop a simple mathematical equ- ation for asset-pricing, which was labelled the Capital Asset Pricing Model (CAPM) 6 . These elements became known as the Modern Portfolio Theory. The pricing model gives us the risk-return tradeoff so as to evaluate whether a risky asset would provide a rate of return commensurate with risk borne. This risk-return tradeoff of a risky asset is typically measured against that of the market as a whole, where the market is proxied by a broad- based index of risky assets. Traditionally risk has been measured in one of two ways. In the Markowitz scheme, it is the total risk, measured by the standard deviation. In the Sharpe-Lintner scheme, it is the market-based risk, measured by the beta, which is the average sensitivity of a risky asset to the fluctuations in the market as a whole. This average sensitivity is most often called the systematic risk and the difference between it and the to- tal risk is called the unsystematic risk or unique risk. This unsystematic risk is sought to be reduced by the prop- er construction of a portfolio. It is not possible to reduce the market-based (i.e., systematic) risk, unless one uses other risk-management instruments and method. In the context of global trade, a country tried to achieve the same objective through export diversification. Whereas the CAPM, as an expectations model, has an important role in many contexts, the investments-related applications have made a heavier use of the empirical counterpart of the CAPM, called the single index model (SIM) 7 .

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A three-country comparison of psychotropic medication prevalence in youth

A three-country comparison of psychotropic medication prevalence in youth

Data in Table 2 show the rank order of annual prevalence use of any psychotropic by country as 6.7% (US), 2.9% (Netherlands), and 2.0% (Germany). The prevalence dif- ferences are reflected in the prevalence ratio analyses which show that US usage was 2.27 (CI = 2.22, 2.32) and 3.33 (CI = 3.27, 3.40) times more likely than Dutch and German usage, respectively. Dutch usage was significantly greater than German usage [prevalence ratio of 1.47 (CI = 1.44, 1.51)]. The one year prevalence of receiving one or more of any psychotropic during 2000 was highest in all countries at ages 10–14 years for males and ages 15–19 for females. German youth led the 0–4 year-old rank order of prevalence of any psychotropic (1.63%), while Nether- lands and US rates were equivalent (0.9%).

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Separation, divorce, and housing tenure : a cross country comparison

Separation, divorce, and housing tenure : a cross country comparison

To conduct a cross-national comparative study, one could fit a hazard regression on a pooled individual-level dataset (e.g., Hoem et al. 2010). However, it is often not possible to share individual-level data across research groups due to data confidentiality requirements. To overcome this issue, we use the count-data approach. For each country, an occurrence-exposure dataset is prepared where the analytical units are defined by a cross-classification over a set of time intervals and covariate categories (Preston 2005). The data for each cell include the total number of events (e.g., residential moves), the total time (e.g., person-months) at risk, and values of covariates for each time period and variable category. We then merge the data from four countries and fit a series of Poisson regression models for count data where the dependent variable is the number of events among individuals with a given set of covariate values and the exposure is the number of person-months. For more information on this approach, we refer to Kulu et al. (2017).

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Perceptions of perioperative nursing competence: a cross-country comparison

Perceptions of perioperative nursing competence: a cross-country comparison

In this secondary analysis of cross-national data, we examined the influence of specialist education and years of experience across a four-country sample in reported nurses perceived perioperative competence (PPC). Across the combined sample, 54% of survey respondents had over a decade of perioperative experience. Con- comitantly, respondents reporting greater levels of PPC had more years of perioperative experience; thus the effect of years of experience follows the expected trend [13, 15, 22–24], with the exception of Sweden and to a lesser extent, Australia. In this study, 29% and 23% of Australian and Swedish nurses respectively reported having specialist qualifications. Our findings also suggest a decline in PPC for nurses from Sweden and Australia who had 6–10 years of perioperative experience and for nurses with 10 years or more perioperative experi- ence; nurses from Sweden reporting lower PPC when compared to the other country samples. We suggest that these differences in self-reported competence may also be attributed to cultural interpretation. It may be that humil- ity, self-control and frugality are more highly valued traits in Swedish culture. The Swedish word “lagom” meaning less is more, just enough, describes the basis of Swedish na- tional psyche which is characterised by consensus, equity, and using a balanced and moderate approach [25]. Thus, we recommend caution in interpretation of these results as the lower levels of PPC among the Swedish sample are not necessarily indicative of diminished clinical mastery, performance or achievement.

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International Comparison of Transport Appraisal Practice - Annex 2 Germany Country Report

International Comparison of Transport Appraisal Practice - Annex 2 Germany Country Report

Vehicle operating and standby costs include the material costs, fuel costs as well as mode specific personnel costs. The latter include the time costs of occupants of passenger vehicles during commercial journeys. A specific benefit element is applied for changes in operating costs due to modal shifts in order to take into account impacts on other modes than the appraised project. The benefit element transport infrastructure preservation covers changes in maintenance and infrastructure renewal costs for existing infrastructure. Changes in accident costs due to increased traffic safety include property damages as well as costs of personal injury and loss of life. The approach was updated for the BVWP 2003 based on the more recent values used in the EWS-97. Accident costs are calculated for two types of accidents, those with material damages and those involving personal injury or death. The monetary values for injury or death as shown in Table 1 include direct and indirect reproduction costs (costs of treatment, policing etc.), lost production, humanitarian costs based on court awards and value added losses for unpaid labour. They have been determined using a model of the Federal Highways Agency (BAST, 2000). Together with road type specific the accident rates, accident costs of e.g. 36,000 in built-up areas and 128,000 on country roads result for the BVWP 2003. Similarly, passenger and freight transport specific accident rates and costs are provided for rail transport.

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What fairness?:Gendered division of housework and family life satisfaction across 30 countries

What fairness?:Gendered division of housework and family life satisfaction across 30 countries

We drew on two sources of data. The individual-level data were obtained from the 2012 release of the International Social Survey Programme (ISSP), entitled ‘Family and Changing Gender Roles’ (IV). The ISSP is an annual survey programme that collects cross-sectional cross-national data covering a diverse array of important topics of social science research. Although sampling procedures differ slightly between countries, the ISSP is generally based on a simple or multi-stage stratified random sample of households, with one respondent aged 16 or above selected randomly from each household. The resulting sample is representative of the adult population in a given participating country. The 2012 ISSP provides the most up-to-date and comparable measures of people’s gender ideologies, housework division and family life satisfaction across a wide range of countries. The country-level indicators were obtained from the United Nations Development Programme (UNDP, 2012).

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Transformational Leadership of Expatriates and Home Country National Managers: A comparison in the context of Bhutan

Transformational Leadership of Expatriates and Home Country National Managers: A comparison in the context of Bhutan

Globalization (Budhwar, Woldu & Ogbonna, 2008; Deller, 2006) has led market boundaries across the world to continually dissolve, and has created a highly competitive international environment which requires employees to work outside their country of origin and most importantly, to work with employees of other countries. This has made it a necessity for most organizations to employ expatriates in a variety of international assignments (Chen & Tzeng, 2004). It is now a common sight to see that a firm‟s workforce consists of multiple employees from different countries and culture. How managers from other cultures are perceived by the home country nationals has become more important. This is because more employees are working for foreign companies and foreign bosses than ever before (Chen & Tzeng, 2004) and the perception of the home country nationals especially their peers and subordinates are important predictors of leadership success (Hofstede, 1994). In fact, how the subordinates perceive the effectiveness of the expatriate manages in the local context leads to the subordinate ratings of expatriate managerial effectiveness and satisfaction with supervision (Shay & Baack, 2006).

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Chapter 6: The interwar immigrants, 1916-1945

Chapter 6: The interwar immigrants, 1916-1945

It could be expected that the nomination system would tend to reinforce established patterns of regional origins, since one would expect people already in New Zealand would be very important nominators.. Unfortunately, few details relating to the details of those nominated appear to have survived. One set of returns includes some information relating to those nominated during two periods, January-March and October-December 1923. 37 The returns include 482 people who were the ‘prime’ nominees; 212 spouses of these nominees, for whom age is given for just over a third; and children for whom details of age were frequently not given. The following analysis thus deals largely with the ‘prime’ nominees: whether they were representative of all nominees is not known, nor whether they finally arrived in New Zealand. With respect to what is presumed to be last country of permanent residence, if not birth, 60.3 per cent of the ‘prime’ nominees lived in England, 3.2 per cent in Wales, 34.5 per cent in Scotland, and just 2.1 per cent in Ireland. Of all British assisted arrivals in 1924, 65.2 per cent gave England and Wales as their last country of permanent residence, 28.9 per cent gave Scotland, and 5.8 per cent gave Ireland. In other words, the two distributions were not greatly dissimilar.

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Poverty and Deprivation in Ireland in Comparative Perspective

Poverty and Deprivation in Ireland in Comparative Perspective

The NESC (2005) report on the Developmental Welfare State drew attention to the need for policymakers to recognise the varying needs and expectations of individuals concerning income and other forms of provision at different stages of the ‘life cycle’. Reference to the ‘life cycle’ has also become increasingly prevalent in discussions relating to the National Action Plan for Social Inclusion (NAPinclusion) 2007-2016. The life cycle perspective recognises that risks are linked across problem areas while difficulties experienced at any specific life cycle phase may be either a consequence of earlier difficulties or a precursor of later problems. Whelan and Maître (2008) undertook a detailed application of the life cycle perspective to the Irish case. Here we develop the argument they set out in that publication that conclusions regarding the impact of the life cycle are not independent of the particular indicator of poverty on which one focuses. We also demonstrate that the observed pattern of life cycle effects varies substantially across countries. Social policy does not just respond to life cycle patterns, it actively shapes them. However, our analysis reveals that variation in the distribution of individuals across the life cycle does little to account for country effects. Controlling for the latter we find that children are significantly disadvantaged in comparison to other age groups with an overall odds ratio of 1.6 being observed.

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Grand Multiparity: Obstetric Outcome in Comparison with Multiparous Women in a Developing Country

Grand Multiparity: Obstetric Outcome in Comparison with Multiparous Women in a Developing Country

The incidence of grand multipara has decreased in most western countries since two generations due to better socioeconomic and educational status, better understanding of the limits of earth’s resources and therefore higher utilisation of better more available contraception [2]. Grand multiparity is a common problem in this part of the world and when added to low socioeconomic status; it significantly increases the risk to mother and fetus and limits the resources to feed, clothe and educate the children involved and indeed the resources available to all children in a country [1]. In developed countries, grand multiparity is be- coming rare, with an incidence of 1% - 4% of all births while in developing countries like Nigeria, the incidence of grand-multiparity is between 5.1% and 18.1% [4] [5] [6].

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Country-by-country Reporting

Country-by-country Reporting

One risk that stands out as needing assessment does, of course, relates to tax paid and (as importantly) not paid both within a particular jurisdiction and also within others where one jurisdiction thinks a multinational corporation might be hiding pro fi ts that it has the right to assess to tax. Country-by- country reporting is particularly well suited to this task because, by demanding data for each and every jurisdiction in which a multinational corporation trades, it requires reporting for those jurisdictions where it is quite legal for accounts to not be put on public record at present. Colloquially called tax havens, but for the purpose of this analysis more accurately defined as secrecy jurisdictions, 4 these places provide a double veil of secrecy for multinational

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