International Journal of Multivariate Data Analysis
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International Journal of Multivariate Data Analysis (2 papers in press)
Application of Zero-Inflated Negative Binomial Regression Model to U.S. Saltwater Recreational Fishing Trips with Excess Zeros by Yeong Nain Chi Abstract: This study employed the zero-inflated negative binomial regression model to analyze U.S. saltwater recreational fishing trips with excess zeros, using a cross-sectional data extracted from the 2011 National Survey of Fishing, Hunting, and Wildlife Associated Recreation. Count data, such as recreational fishing trips taken by anglers, is increasingly common in recreational fishing demand analysis. The zero-inflated negative binomial regression model was fitted because of the suspicion of excess zeros in this count data as well as over-dispersion. The parameter estimates for the zero-inflated negative binomial regression model is made up of two parts, the negative binomial regression model for the not certain zero group and the zero inflation portion for the certain zeros. Empirical results of this study provide insight into the determinants of saltwater recreational fishing trips, which can be used in analyzing the social and economic values of saltwater recreational fisheries management. Keywords: Saltwater; Recreational Fishing; Trips; Count Data; Over-Dispersion; Excess Zeros; Zero-Inflated Negative Binomial Regression Model.
FINANCIAL MANAGEMENT IN PRACTICE: QUANTITATIVE ANALYSIS OF BRAZILIAN SURVEY DATA by CRISTIANE BENETTI, PAULO RENATO SOARES TERRA, ROBERTO FROTA DECOURT Abstract: We report the results of the Brazilian administration of the well-known Graham and Harvey (2001) survey. We rigorously translated and validated the questionnaire before administering it over the Internet. We delivered the questionnaire to 1,699 Brazilian private and public firms and received 160 responses for a return rate of 9.4%. We analyze the responses conditional on firm characteristics. The results of the financial policy survey in Brazil indicate that firms employ NPV and IRR as preferred investment techniques and the CAPM and its variations as the method for computing the cost of equity capital. They are also concerned with the cost of debt, transaction costs of market instruments and they use internal funds as their main investment funding source. Also, the conditional analysis indicates that large, listed, growth, and regulated firms behave significantly differently regarding financial decisions than their counterparts. Therefore, the most important takeaway from this study is that the institutional environment (i.e. markets, institutions, instruments, and the economy) is an important determinant of the practice of corporate finance. Keywords: Survey Research; Corporate Finance; Quantitative Data Analysis; Correlation Analysis; Unpaired Difference in Means Tests; Emerging Markets; Brazil.