Journal of Advances in Economics and Finance

8

Authors: Marcus T. Allen

Accuracy in the value assessment process in ad valorem property tax systems is of paramount importance to equitable treatment of taxpayers, yet several previous studies suggest that assessors’ opinions of value may be systematically biased. This study uses a large sample of properties that were assessed within one year after an arm’s length transaction with observed prices to test whether task complexity affects the accuracy of assessors’ opinions of value. The results provide evidence that property characteristics and location factors impact the magnitude of assessment error.

13

Authors: Mohammed Ershad Hussain, Mahfuzul Haque

This study seeks to assess the impact of relationship between Money Supply and Per Capita GDP Growth Rate in Bangladesh over the period 1972-2014 with a VECM model. The model is specified with three variables, namely, the percentage of Broad Money to GDP (BMGDP), the Real Interest Rate (RIR) and the Annual Per Capital GDP Growth Rate (GRGDP). Findings suggest that steady BMGDP is associated with GRGDP and money supply has important impact on the rowth rate of output in the long run. The government should maintain consistency and follow “the Taylor rule” to allow money supply to increase at a steady rate keeping pace with the economic growth. Respect to such a rule will help the central bank to avoid the inefficiencies that result from execution of discretionary policy. It also helps to resist the political pressure very much prevalent in Bangladesh and often behind such discretionary policies.

20

Authors: Jan Gunnarsson, Nikola Cikusa, Anca D. Hansen

We examine how corporate governance changes over the industrial life cycle when places commit firms to certain governance structures. Focus is on industries where a significant part of the economic value is created by technological knowledge changing the conditions for corporate financing. The article extends this view to include knowledge needed to accumulate governance capabilities. The board is a crucial governance institution emphasized in the study. We find that changes in this institution depend on shareholders’ concern regarding innovation management. We also find that boards are changed over time to improve the conversational exchange, which is attained by extending the boards with directors holding degrees in engineering. The main finding is that the most successful firms recruit board members from the geographic setting in which they were founded at all stages of the industrial life cycle. The Danish wind turbine industry serves as empirical evidence.