Search results for " Econometric"
showing 10 items of 3136 documents
Que disent les locutions : de, devant, et, en tant que, entre... ?
2011
Comme tous les termes d’une langue, les concepts philosophiques n’ont de sens que par leur relation à l’ensemble de la conceptualité à laquelle ils appartiennent. Mais cela signifie que la relation entre les concepts n’est pas moins essentielle que ces derniers. Et c’est cette relation que disent les éléments du langage que l’on appelle communément des particules de liaison comme de, et, après…, en dehors desquelles la parole serait pure nomination. Seulement, poser l’égale importance de ces ...
La cosmicité de l’existence : entre Patocka et Minkowski
2019
La convergence de deux dimensions des pensées de Patočka et de Minkowski en direction d’une phénoménologie non-égologique de la vie permet d’envisager la possibilité non tant d’une « comparaison » qui conduit bien souvent à juxtaposer des pensées de façon assez stérile, mais de lire Patočka à partir de Minkowski et inversement. S’ils se sont tous deux recommandés d’une phénoménologie dont le sens est assez différent, ils ont tous deux invité à reconnaître, plus, à interroger le caractère mouv...
Systemic Risk in a Structural Model of Bank Default Linkages
2018
Abstract We study a structural model of individual bank defaults across the banking sector; banks are interconnected through their exposure to a common risk factor. The paper introduces a systemic risk measure based on the default frequency in the banking sector; this measure depends non-linearly on the factor's loadings, in contrast to previous systemic risk measures that depend linearly on loadings. We estimate loadings in the U.S. banking system over the course of the last 36 years; we find that they have considerably increased over time and identify four major regimes. Our measure shows that systemic risk became critical in the last of our four regimes, covering the most recent time per…
Cross-autocorrelations in European stock returns
2016
This paper examines lead-lag relationships between monthly index returns from 18 European industries. Several interesting and clear relationships are found that call into question the efficiency of European stock markets. While the Automobiles & Parts sector lags more than half of the other sectors, the Financial Services, Technology, and Telecommunications sectors lead many others. In particular, the leadership of the Technology sector has strengthened in recent years.
Activisme et proxy fight. Quand les actionnaires déclarent la guerre au management
2009
Les attentes des actionnaires minoritaires sont relativement heterogenes : les salaries ou les fournisseurs qui detiennent des actions ne sont pas uniquement preoccupes par les dividendes ou les plus-values, contrairement aux actionnaires patrimoniaux. Ces derniers, qui peuvent etre insatisfaits par certaines decisions strategiques ou operationnelles prises par les dirigeants, ont la possibilite d’agir pour proteger leurs interets, en s’engageant notamment dans une bataille de procuration. Dans cet article, les auteurs insistent sur les principales difficultes rencontrees par les actionnaires contestataires lors de ces batailles, sur les facteurs cles de succes, ainsi que sur les consequenc…
Housing market shocks in italy: A GVAR approach
2020
Abstract In this paper, we use a Global Vector Autoregression (GVAR) model to assess the spatio-temporal mechanism of house price spillovers, also known as “ripple effect”, among 93 Italian provincial housing markets, over the period 2004 − 2016 . In order to better capture the local housing market dynamics, we use data not only on house prices but also on transaction volumes. In particular, we focus on estimating, to what extent, exogenous shocks, interpreted as negative housing demand shocks, arising from 10 Italian regional capitals, impact on their house prices and sales and how these shocks spill over to neighbours housing markets. The negative housing market demand shock hitting the G…
Trade, financial openness and dual banking economies: Evidence from GCC Region
2021
Abstract The recent wave of liberalization in Gulf Cooperation Council (GCC) countries has opened up a debate on the role of Islamic finance in the financial development of an economy. Using a comprehensive dataset of 43 Islamic and 49 conventional banks for the period 2007–2015, in this paper, we investigate the impact of trade and financial openness on financial development in the GCC region. We find that trade and financial openness have a positive effect on the profitability of both banking systems, while the interaction term of openness is negative for the profitability of Islamic banks. Moreover, trade and financial openness affect Islamic banks differently than conventional banks. No…
Do fee-shifting rules affect plaintiffs’ win rates? A theoretical and empirical analysis
2021
Abstract This article studies whether fee-shifting rules can affect plaintiffs’ win rates. Beyond theoretical modeling, this study goes a step further and provides empirical evidence on this issue, thanks to the study of a real change in Spanish legislation. Spain applied the so-called English rule in 2011 in the administrative jurisdiction. This study explores whether plaintiffs were more or less successful when litigating against public administrations since then. After controlling for several other factors, it is shown that the new rule considerably increased plaintiffs’ win rate (while also reducing litigation). The paper also presents a theoretical model explaining that the English rul…
Several Contemporary Economy Features, Consequences of Internet Expansion and I.C.T. Innovations in the World
2019
Abstract The Internet has reach half of the population of the planet and in the latest three years more than 700 millions users came on line from the emerging world. Most of them are coming now from the poorer population. This it may be a turning point for their economic development. This paper attempts to outline some possible future developments of the contemporary economy within the new digital transformation and development of internet firms in emerging markets, some of the pluses and minuses, some of the opportunities and threats brought by the expansion of the Internet and information and communication technologies at different levels. We will present some significant aspects about th…
A competing risks tale on successful and unsuccessful fiscal consolidations
2019
Abstract This paper analyses the transitions out of fiscal consolidations using annual data for 17 industrial countries over the period 1975-2013 and applying a discrete-time competing risks duration model. Our approach allows us to distinguish the factors behind a successful or an unsuccessful end of fiscal consolidation episodes. The results show that economic and political factors, the size and typology of fiscal adjustments and the occurrence of crises explain the differences in the length and the success/failure of fiscal consolidations. Moreover, while fiscal adjustment programmes that end successfully display positive duration dependence, those that end in an unsuccessful manner are …