IDEAS home Printed from https://ideas.repec.org/a/eee/ejores/v272y2019i2p766-779.html
   My bibliography  Save this article

A partial adjustment valuation approach with stochastic and dynamic speeds of partial adjustment to measuring and evaluating the business value of information technology

Author

Listed:
  • Lin, Winston T.
  • Chen, Yueh H.
  • Hung, TingShu

Abstract

This paper extends previous studies to develop a partial adjustment valuation (PAV) approach in which the speeds of partial adjustment are assumed to be stochastic and dynamic over time in measuring and evaluating the values of information technology and others (e.g., e-commerce or EC, brand name, etc.). A practical application is presented to demonstrate the application of the proposed PAV approach and it is compared to the other two existing PAV approaches.

Suggested Citation

  • Lin, Winston T. & Chen, Yueh H. & Hung, TingShu, 2019. "A partial adjustment valuation approach with stochastic and dynamic speeds of partial adjustment to measuring and evaluating the business value of information technology," European Journal of Operational Research, Elsevier, vol. 272(2), pages 766-779.
    • Handle: RePEc:eee:ejores:v:272:y:2019:i:2:p:766-779
    DOI: 10.1016/j.ejor.2018.07.016
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0377221718306210
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ejor.2018.07.016?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Wu, De-Min, 1973. "Alternative Tests of Independence Between Stochastic Regressors and Disturbances," Econometrica, Econometric Society, vol. 41(4), pages 733-750, July.
    2. Gilwhan Kim & Winston T. Lin & N.C. Simpson, 2015. "Evaluating the performance of US manufacturing and service operations in the presence of IT: a Bayesian stochastic production frontier approach," International Journal of Production Research, Taylor & Francis Journals, vol. 53(18), pages 5500-5523, September.
    3. Jorda, Oscar, 1999. "Random-Time Aggregation in Partial Adjustment Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(3), pages 382-395, July.
    4. Winston Lin & Yueh Chen, 1998. "Forecasting foreign exchange rates with an intrinsically nonlinear dynamic speed of adjustment model," Applied Economics, Taylor & Francis Journals, vol. 30(3), pages 295-312.
    5. Ricardo J. Caballero & Eduardo M. R. A. Engel, 1993. "Microeconomic Adjustment Hazards and Aggregate Dynamics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(2), pages 359-383.
    6. Shwartz, Michael & Burgess, James F. & Zhu, Joe, 2016. "A DEA based composite measure of quality and its associated data uncertainty interval for health care provider profiling and pay-for-performance," European Journal of Operational Research, Elsevier, vol. 253(2), pages 489-502.
    7. Anderson, Robert M. & Eom, Kyong Shik & Hahn, Sang Buhm & Park, Jong-Ho, 2013. "Autocorrelation and partial price adjustment," Journal of Empirical Finance, Elsevier, vol. 24(C), pages 78-93.
    8. Emrah Arioglu & Koray Tuan, 2014. "Speed of adjustment: Evidence from Borsa Istanbul," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 14(2), pages 126-131, June.
    9. Guo, Chuanyin & Abbasi Shureshjani, Roohollah & Foroughi, Ali Asghar & Zhu, Joe, 2017. "Decomposition weights and overall efficiency in two-stage additive network DEA," European Journal of Operational Research, Elsevier, vol. 257(3), pages 896-906.
    10. Galagedera, Don U.A. & Roshdi, Israfil & Fukuyama, Hirofumi & Zhu, Joe, 2018. "A new network DEA model for mutual fund performance appraisal: An application to U.S. equity mutual funds," Omega, Elsevier, vol. 77(C), pages 168-179.
    11. Swamy, P A V B & Tavlas, George S, 1995. "Random Coefficient Models: Theory and Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 165-196, June.
    12. Thornton, Daniel L, 1982. "Maximum Likelihood Estimates of a Partial Adjustment-Adaptive Expectations Model of the Demand for Money," The Review of Economics and Statistics, MIT Press, vol. 64(2), pages 325-329, May.
    13. Lin, Winston T. & Chen, Yueh H. & Chatov, Robert, 1987. "The demand for natural gas, electricity and heating oil in the United States," Resources and Energy, Elsevier, vol. 9(3), pages 233-258, October.
    14. Robert G. King & Julia K. Thomas, 2006. "Partial Adjustment Without Apology," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 779-809, August.
    15. Chow, Gregory C., 1984. "Random and changing coefficient models," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 21, pages 1213-1245, Elsevier.
    16. Öztekin, Özde & Flannery, Mark J., 2012. "Institutional determinants of capital structure adjustment speeds," Journal of Financial Economics, Elsevier, vol. 103(1), pages 88-112.
    17. Dang, Viet Anh & Garrett, Ian, 2015. "On corporate capital structure adjustments," Finance Research Letters, Elsevier, vol. 14(C), pages 56-63.
    18. Flannery, Mark J. & Rangan, Kasturi P., 2006. "Partial adjustment toward target capital structures," Journal of Financial Economics, Elsevier, vol. 79(3), pages 469-506, March.
    19. Lai, Hung-pin & Kumbhakar, Subal C., 2018. "Panel data stochastic frontier model with determinants of persistent and transient inefficiency," European Journal of Operational Research, Elsevier, vol. 271(2), pages 746-755.
    20. Lin, Winston T. & Kao, Ta-Wei (Daniel), 2014. "The partial adjustment valuation approach with dynamic and variable speeds of adjustment to evaluating and measuring the business value of information technology," European Journal of Operational Research, Elsevier, vol. 238(1), pages 208-220.
    21. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    22. Hsiao, Cheng, 1975. "Some Estimation Methods for a Random Coefficient Model," Econometrica, Econometric Society, vol. 43(2), pages 305-325, March.
    23. Fabozzi, Frank J. & Francis, Jack Clark, 1978. "Beta as a Random Coefficient," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(1), pages 101-116, March.
    24. Cook, Douglas O. & Tang, Tian, 2010. "Macroeconomic conditions and capital structure adjustment speed," Journal of Corporate Finance, Elsevier, vol. 16(1), pages 73-87, February.
    25. Lin, Winston T. & Chuang, Chia-Hung & Choi, Jeong Hoon, 2010. "A partial adjustment approach to evaluating and measuring the business value of information technology," International Journal of Production Economics, Elsevier, vol. 127(1), pages 158-172, September.
    26. Winston T. Lin & Hong-Jen Lin & Yueh H. Chen, 2002. "The Dynamics and Stochastics of Currency Betas Based on the Unbiasedness Hypothesis in Foreign Exchange Markets," Multinational Finance Journal, Multinational Finance Journal, vol. 6(3-4), pages 167-195, September.
    27. Liu, Laura Xiaolei, 2009. "Historical market-to-book in a partial adjustment model of leverage," Journal of Corporate Finance, Elsevier, vol. 15(5), pages 602-612, December.
    28. Winston T. Lin, 2005. "Currency forecasting based on an error components-seemingly unrelated nonlinear regression model," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 24(8), pages 593-605.
    29. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    30. Fier, Stephen G. & McCullough, Kathleen A. & Carson, James M., 2013. "Internal capital markets and the partial adjustment of leverage," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 1029-1039.
    31. Casu, Barbara & Girardone, Claudia, 2010. "Integration and efficiency convergence in EU banking markets," Omega, Elsevier, vol. 38(5), pages 260-267, October.
    32. Zhou, Zhongbao & Xiao, Helu & Jin, Qianying & Liu, Wenbin, 2018. "DEA frontier improvement and portfolio rebalancing: An application of China mutual funds on considering sustainability information disclosure," European Journal of Operational Research, Elsevier, vol. 269(1), pages 111-131.
    33. Lin, Winston T. & Chen, Yueh H. & Shao, Benjamin B.M., 2015. "Assessing the business values of information technology and e-commerce independently and jointly," European Journal of Operational Research, Elsevier, vol. 245(3), pages 815-827.
    34. Singh, Balvir, et al, 1976. "On the Estimation of Structural Change: A Generalization of the Random Coefficients Regression Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 340-361, June.
    35. Andres, Christian & Betzer, André & Goergen, Marc & Renneboog, Luc, 2009. "Dividend policy of German firms: A panel data analysis of partial adjustment models," Journal of Empirical Finance, Elsevier, vol. 16(2), pages 175-187, March.
    36. Yao-Min Chiang & Yiming Qian & Ann E. Sherman, 2010. "Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed?," Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 1200-1230, March.
    37. Nathan P. Hendricks & Aaron Smith & Daniel A. Sumner, 2014. "Crop Supply Dynamics and the Illusion of Partial Adjustment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 96(5), pages 1469-1491.
    38. Kennan, John, 1979. "The Estimation of Partial Adjustment Models with Rational Expectations," Econometrica, Econometric Society, vol. 47(6), pages 1441-1455, November.
    39. Lin, Winston T. & Chiang, Chung-Yean, 2011. "The impacts of country characteristics upon the value of information technology as measured by productive efficiency," International Journal of Production Economics, Elsevier, vol. 132(1), pages 13-33, July.
    40. Ferrara, Giancarlo & Vidoli, Francesco, 2017. "Semiparametric stochastic frontier models: A generalized additive model approach," European Journal of Operational Research, Elsevier, vol. 258(2), pages 761-777.
    41. Elsas, Ralf & Florysiak, David, 2015. "Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 50(5), pages 1105-1133, October.
    42. Anaya, Karim L. & Pollitt, Michael G., 2017. "Using stochastic frontier analysis to measure the impact of weather on the efficiency of electricity distribution businesses in developing economies," European Journal of Operational Research, Elsevier, vol. 263(3), pages 1078-1094.
    43. Wolfgang Drobetz & Gabrielle Wanzenried, 2006. "What determines the speed of adjustment to the target capital structure?," Applied Financial Economics, Taylor & Francis Journals, vol. 16(13), pages 941-958.
    44. Miron, John R, 1973. "On the Estimation of a Partial Adjustment Model with Autocorrelated Errors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 653-656, October.
    45. Venkiteshwaran, Vinod, 2011. "Partial adjustment toward optimal cash holding levels," Review of Financial Economics, Elsevier, vol. 20(3), pages 113-121, August.
    46. Howard E. Doran, 1988. "Specification Tests for the Partial Adjustment and Adaptive Expectations Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 713-723.
    47. David A. Belsley & Edwin Kuh, 1973. "Time-Varying Parameter Structures: An Overview," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 2, number 4, pages 375-379, National Bureau of Economic Research, Inc.
    48. Fama, Eugene F. & French, Kenneth R., 1989. "Business conditions and expected returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 25(1), pages 23-49, November.
    49. Guo, Chuanyin & Zhu, Joe, 2017. "Non-cooperative two-stage network DEA model: Linear vs. parametric linear," European Journal of Operational Research, Elsevier, vol. 258(1), pages 398-400.
    50. Timo Kuosmanen & Andrew L. Johnson, 2010. "Data Envelopment Analysis as Nonparametric Least-Squares Regression," Operations Research, INFORMS, vol. 58(1), pages 149-160, February.
    51. Phelps, Charlotte D, 1969. "Real and Monetary Determinants of State and Local Highway Investment, 1951-66," American Economic Review, American Economic Association, vol. 59(4), pages 507-521, Part I Se.
    52. Vigeant, Stéphane, 2016. "From partial derivatives of DEA frontiers to marginal products, marginal rates of substitution, and returns to scaleAuthor-Name: Ouellette, Pierre," European Journal of Operational Research, Elsevier, vol. 253(3), pages 880-887.
    53. Winston T. Lin, 1999. "Dynamic and Stochastic Instability and the Unbiased Forward Rate Hypothesis: A Variable Mean Response Approach," Multinational Finance Journal, Multinational Finance Journal, vol. 3(3), pages 173-221, September.
    54. Lin, Winston T., 1988. "The dynamic behavior of production in the extractive industry," Resources and Energy, Elsevier, vol. 10(3), pages 225-246, September.
    55. Minardi, Andrea Maria Accioly Fonseca & Moita, Rodrigo Menon & Castanho, Rafael Plantier, 2015. "Investigating the partial adjustment effect of Brazilian IPOs," Journal of Business Research, Elsevier, vol. 68(2), pages 189-198.
    56. Schillo, Sonja & Lux, Gerald & Wasem, Juergen & Buchner, Florian, 2016. "High cost pool or high cost groups—How to handle high(est) cost cases in a risk adjustment mechanism?," Health Policy, Elsevier, vol. 120(2), pages 141-147.
    57. Victor V. Podinovski & Robert G. Chambers & Kazim Baris Atici & Iryna D. Deineko, 2016. "Marginal Values and Returns to Scale for Nonparametric Production Frontiers," Operations Research, INFORMS, vol. 64(1), pages 236-250, February.
    58. Polemis, Michael L. & Tsionas, Mike G., 2016. "An alternative semiparametric approach to the modelling of asymmetric gasoline price adjustment," Energy Economics, Elsevier, vol. 56(C), pages 384-388.
    59. Chen, Yueh H. & Lin, Winston T., 2009. "Analyzing the relationships between information technology, inputs substitution and national characteristics based on CES stochastic frontier production models," International Journal of Production Economics, Elsevier, vol. 120(2), pages 552-569, August.
    60. Lin, Winston T, 1986. "Analysis of Lumber and Pulpwood Production in a Partial Adjustment Model with Dynamic and Variable Speeds of Adjustment," Journal of Business & Economic Statistics, American Statistical Association, vol. 4(3), pages 305-316, July.
    61. R. D. Banker & A. Charnes & W. W. Cooper, 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis," Management Science, INFORMS, vol. 30(9), pages 1078-1092, September.
    62. Lai, Hung-pin & Kumbhakar, Subal C., 2018. "Endogeneity in panel data stochastic frontier model with determinants of persistent and transient inefficiency," Economics Letters, Elsevier, vol. 162(C), pages 5-9.
    63. Maccini, Louis J & Rossana, Robert J, 1981. "Investment in Finished Goods Inventories: An Analysis of Adjustment Speeds," American Economic Review, American Economic Association, vol. 71(2), pages 17-22, May.
    64. Pierre Ouellette & Stephane Vigeant, 2016. "From partial derivatives of DEA frontiers to marginal products, marginal rates of substitution, and returns to scale," Post-Print hal-01533531, HAL.
    65. Caballero, Ricardo J & Engel, Eduardo M R A, 1992. "Beyond the Partial-Adjustment Model," American Economic Review, American Economic Association, vol. 82(2), pages 360-364, May.
    66. Lin, Winston T. & Chuang, Chia-Hung, 2013. "Investigating and comparing the dynamic patterns of the business value of information technology over time," European Journal of Operational Research, Elsevier, vol. 228(1), pages 249-261.
    67. Zhang, Yue-Jun & Chen, Ming-Ying, 2018. "Evaluating the dynamic performance of energy portfolios: Empirical evidence from the DEA directional distance function," European Journal of Operational Research, Elsevier, vol. 269(1), pages 64-78.
    68. Lin, Hong-Jen & Lin, Winston T, 2000. "A Dynamic and Stochastic Beta and Its Implications in Global Capital Markets," International Finance, Wiley Blackwell, vol. 3(1), pages 123-160, April.
    69. Chang, Tsung-Sheng & Tone, Kaoru & Wu, Chen-Hui, 2016. "DEA models incorporating uncertain future performance," European Journal of Operational Research, Elsevier, vol. 254(2), pages 532-549.
    70. Lei Fang, 2016. "Centralized resource allocation DEA models based on revenue efficiency under limited information," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 67(7), pages 945-952, July.
    71. Lim, Dong-Joon, 2016. "Inverse DEA with frontier changes for new product target setting," European Journal of Operational Research, Elsevier, vol. 254(2), pages 510-516.
    72. Lin, Winston T. & Chen, Yueh H., 1990. "Investment horizon and beta coefficients," Journal of Business Research, Elsevier, vol. 21(1), pages 19-37, August.
    73. Jan Jindra & Dima Leshchinskii, 2015. "Venture Capital Valuation, Partial Adjustment, and Underpricing: Behavioral Bias or Information Production?," The Financial Review, Eastern Finance Association, vol. 50(2), pages 173-219, May.
    74. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
    75. Mohamed, Hisham Hanifa & Masih, Mansur & Bacha, Obiyathulla I., 2015. "Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 233-252.
    76. Huang, Yu-Li & Shen, Chung-Hua, 2015. "Cross-country variations in capital structure adjustment—The role of credit ratings," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 277-294.
    77. Hall, Alastair & Rossana, Robert J, 1991. "Estimating the Speed of Adjustment in Partial Adjustment Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 9(4), pages 441-453, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cave, Joshua & Chaudhuri, Kausik & Kumbhakar, Subal C., 2023. "Dynamic firm performance and estimator choice: A comparison of dynamic panel data estimators," European Journal of Operational Research, Elsevier, vol. 307(1), pages 447-467.
    2. Taufik Hidayat & Rahutomo Mahardiko & Ali Miftakhu Rosyad, 2023. "The Analysis of Data Preparation to Validate Model Values of Information Technology," Virtual Economics, The London Academy of Science and Business, vol. 6(2), pages 23-34, June.
    3. Lin, Winston T. & Chen, Yueh H. & Chou, Chia-Ching, 2021. "Assessing the business values of e-commerce and information technology separately and jointly and their impacts upon US firms' performance as measured by productive efficiency," International Journal of Production Economics, Elsevier, vol. 241(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lin, Winston T. & Kao, Ta-Wei (Daniel), 2014. "The partial adjustment valuation approach with dynamic and variable speeds of adjustment to evaluating and measuring the business value of information technology," European Journal of Operational Research, Elsevier, vol. 238(1), pages 208-220.
    2. Zhiguang ZHANG & Haiqing HU & Winston T. LIN, 2019. "Analyzing the Impacts of Unobserved National Characteristics on Economic Performance of Information Technology based on a Partial Adjustment Approach With Dynamic and Variable Speed of Adjustment," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 128-142, March.
    3. Lin, Winston T. & Chen, Yueh H. & Chou, Chia-Ching, 2021. "Assessing the business values of e-commerce and information technology separately and jointly and their impacts upon US firms' performance as measured by productive efficiency," International Journal of Production Economics, Elsevier, vol. 241(C).
    4. Cave, Joshua & Chaudhuri, Kausik & Kumbhakar, Subal C., 2023. "Dynamic firm performance and estimator choice: A comparison of dynamic panel data estimators," European Journal of Operational Research, Elsevier, vol. 307(1), pages 447-467.
    5. Lin, Winston T. & Chen, Yueh H. & Shao, Benjamin B.M., 2015. "Assessing the business values of information technology and e-commerce independently and jointly," European Journal of Operational Research, Elsevier, vol. 245(3), pages 815-827.
    6. Winston T. Lin & Hong-Jen Lin & Yueh H. Chen, 2002. "The Dynamics and Stochastics of Currency Betas Based on the Unbiasedness Hypothesis in Foreign Exchange Markets," Multinational Finance Journal, Multinational Finance Journal, vol. 6(3-4), pages 167-195, September.
    7. Lin, Winston T. & Chuang, Chia-Hung & Choi, Jeong Hoon, 2010. "A partial adjustment approach to evaluating and measuring the business value of information technology," International Journal of Production Economics, Elsevier, vol. 127(1), pages 158-172, September.
    8. Chen, Yueh H. & Lin, Winston T., 2009. "Analyzing the relationships between information technology, inputs substitution and national characteristics based on CES stochastic frontier production models," International Journal of Production Economics, Elsevier, vol. 120(2), pages 552-569, August.
    9. Giorgio Canarella & Stephen M. Miller, 2019. "Determinants of Optimal Capital Structure and Speed of Adjustment: Evidence from the U.S. ICT Sector," Working papers 2019-06, University of Connecticut, Department of Economics.
    10. Dang, Tung Lam & Dang, Viet Anh & Moshirian, Fariborz & Nguyen, Lily & Zhang, Bohui, 2019. "News media coverage and corporate leverage adjustments," Journal of Banking & Finance, Elsevier, vol. 109(C).
    11. Huaccha, Gissell, 2023. "Regional persistence of the energy efficiency gap: Evidence from England and Wales," Energy Economics, Elsevier, vol. 127(PA).
    12. Natalia Nehrebecka & Aneta Dzik-Walczak, 2018. "The dynamic model of partial adjustment of the capital structure: Meta-analysis and a case of Polish enterprises," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 36(1), pages 55-81.
    13. Xiao, He, 2022. "Environmental regulation and firm capital structure dynamics," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 770-787.
    14. Aflatooni, Abbas & Ghaderi, Kaveh & Mansouri, Kefsan, 2022. "Sanctions against Iran, political connections and speed of adjustment," Emerging Markets Review, Elsevier, vol. 51(PB).
    15. Bontempi, Maria Elena & Bottazzi, Laura & Golinelli, Roberto, 2020. "A multilevel index of heterogeneous short-term and long-term debt dynamics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    16. Noah J Miller & Jason S Bergtold & Allen M Featherstone, 2019. "Economic elasticities of input substitution using data envelopment analysis," PLOS ONE, Public Library of Science, vol. 14(8), pages 1-15, August.
    17. Wei He & NyoNyo A Kyaw, 2023. "Macroeconomic risks and capital structure adjustment speed: The Chinese evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 2885-2899, July.
    18. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
    19. Winston T. Lin, 2005. "Currency forecasting based on an error components-seemingly unrelated nonlinear regression model," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 24(8), pages 593-605.
    20. Winston T. Lin, 1999. "Dynamic and Stochastic Instability and the Unbiased Forward Rate Hypothesis: A Variable Mean Response Approach," Multinational Finance Journal, Multinational Finance Journal, vol. 3(3), pages 173-221, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ejores:v:272:y:2019:i:2:p:766-779. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eor .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.