Search results for " Capital"

The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market

2006

This paper analyses the relevance of accounting fundamentals to inform about equity risk as measured by the cost of equity capital. Assuming the latter is a summary measure of how investors make decisions regarding the allocation of resources, the strength of the association between the cost of capital and the accounting-based measures of risk indicates how important these measures are for market participants when making economic decisions. To infer the cost of equity capital, we use the O'Hanlon and Steele's method, which is based on the residual income valuation model. Moreover, we use the insights from this model to provide a theoretical underpinning for the choice of the accounting vari…

Equity Issues in the Spanish Stock Market: Windows of Opportunity, Earnings Management or Market Timing?

2005

We investigate whether the market sentiment and/or the specific operating performance of firms that conducted an equity issue on the Spanish stock market during the period 1993-2000 are related to the long-run stock-return underperformance in the year following the issue of small and medium firms. Our results reveal that equity issues were conducted by large firms just when the market showed optimistic expectations towards large firms in general. This overoptimism towards large issue firms was related to the 1990s technology boom in the case of initial public offerings (IPO), but we detect earnings management by large firms that conducted a seasoned equity offering (SEO). In this context, s…

School violence: Evidence from the economics literature and related disciplines

2009

Schweizerische Zeitschrift für Bildungswissenschaften 31 (2009) 1, S. 135-150

A cross-country study of skills and unemployment flows

2021

AbstractUsing an international survey that directly assesses the cognitive skills of the adult population, I study the relation between skills and unemployment flows across 37 countries. Depending on the specifically assessed domain, I document that skills have an unconditional correlation with the log-risk-ratio of exiting to entering unemployment of 0.65–0.68 across the advanced and skill-abundant countries in the sample. The relation is remarkably robust and it is unlikely to be due to reverse causality. I do not find evidence that this positive relation extends to the seven relatively less advanced and less skill-abundant countries in the sample: Peru, Ecuador, Indonesia, Mexico, Chile,…

Contestación y utopía

2003

Human Capital Inequality and Economic Growth: Some New Evidence

2002

This paper provides new measures of human capital inequality for a broad panel of countries. Taking attainment levels from Barro and Lee (2001), we compute Gini coefficients and the distribution of education by quintiles for 108 countries over five-year intervals from 1960 to 2000. Using this new cross-country data on human capital inequality two main conclusions are obtained. First, most countries in the world have tended to reduce the inequality in human capital distribution. Second, human capital inequality measures provide more robust results than income inequality measures in the estimation of standard growth and investment equations.

Foreign capital, credit constraints and continuity of firms’ R&D

2015

ABSTRACTIn this article, we investigate the role of foreign capital participation as a means for firms to overcome the obstacle posed by credit constraints to sustain R&D investments. Using data for Spanish manufacturing firms in the period 1990–2006, we show that firms with foreign capital are significantly less likely to stop already initiated R&D projects and also more likely to sustain R&D investment when facing credit constraints. Our results are robust to positive selection into foreign capital participation, which we control through a set of variables chosen from a propensity score estimation, and to firms’ fixed-effects.

Can Migration Decisions Be Affected by Income Policy Interventions? Evidence from Finland

2007

Haapanen M. and Ritsila J. (2007) Can migration decisions be affected by income policy interventions? Evidence from Finland, Regional Studies 41, 339–348. Using Finnish micro-level data, this paper maps out whether migration decisions can be affected by income policy interventions. The analysis focuses on individuals living in peripheral regions and distinguishes peripheral migration from growth-centre migration. In support of the human capital hypothesis, the estimation results imply that migration decisions can be affected by income policy interventions. For example, an intervention that would increase an individual's expected disposable income by 10%, given that he/she does not move to a…

Denuncia e mutamento culturale

2015

Il contributo affronta il tema della scelta assunta da alcuni imprenditori che hanno deciso di ribellarsi al pagamento del "pizzo" e si sofferma sulle risposte sociali che trovano luogo a seguito della diffusione delle informazioni circa la presa di posizione degli operatori economici, ponendo in evidenza il ruolo attivo del tessuto associativo in grado di arginare la condizione di isolamento paventata da quanti operano sul territorio.

Determinantes de la estructura financiera de las empresas españolas

2015

El objetivo de este trabajo es identificar los factores determinantes de la composición de la estructura de capital de las empresas, utilizando datos de una muestra de empresas españolas de la base de datos SABI. A tal fin se ha utilizado un modelo en el que se considera que el nivel de endeudamiento se determina por las características y la estructura financiera de las empresas. Los resultados obtenidos permiten concluir que las decisiones de las empresas, respecto de su estructura de capital, no se explican por una única teoría. Por su parte, el endeudamiento aumenta con el tamaño de las empresas hasta alcanzar un nivel máximo, y a partir del cual la relación decrece. Las empresas más end…