Search results for " SHARE"
showing 10 items of 161 documents
Banking Competition, Housing Prices and Macroeconomic Stability
2012
We develop a dynamic general equilibrium model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Banks set optimal lending rates taking into account the effects of their price policies on their market share and on the volume of funds demanded by each customer. Lending margins have a significant effect on aggregate variables. Over the long run, fostering banking competition increases total consumption and output by triggering a reallocation of available collateral towards investors. However, as regards the short-run dynamics, we find that most macroeconomic variables are more responsive …
Il conferimento (immobili, aziende e partecipazioni), profili civilistici
2022
Il presente contributo si propone di indagare i profili di rilevanza civilistica del conferimento in società di persone di partecipazioni societarie e di azienda nonché di immobili, oltreché i profili attinenti ai conferimenti in società in nome collettivo, in società in accomandita semplice e in società di capitali. This contribution aims to investigate the profiles of civil law relevance of the transfer of shareholdings in companies and companies as well as of real estate to partnerships, as well as the profiles relating to transfers to general partnerships, limited partnerships and joint-stock companies .
Joint Audit, Audit Market Structure, and Consumer Surplus
2017
We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For example, small audit firms gain market share in a joint audit regime but only if an equal sharing of the workload between the two joint auditors is not required. Our counterfactual analysis reveals that th…
Responsabilità degli organi di amministrazione e controllo di società a partecipazione pubblica (anche in house) e riparto di giurisdizione
2019
Le disposizioni in tema di responsabilità degli organi di amministrazione e controllo di società a partecipazione pubblica e di giurisdizione applicabile, contenute nell’art. 12, d.lgs. 19 agosto 2016, n. 175, T.U. in materia di società a partecipazione pubblica, e l’espressa previsione all’art. 14 del citato T.U. della fallibilità di tali società hanno dato luogo al moltiplicarsi di azioni civili di responsabilità proposte dalla curatela del fallimento di società a partecipazione pubblica. Nel seno di simili azioni, esperite anche ex art. 2497 c.c. nei confronti dell’ente pubblico socio, la Cassazione si è da ultimo orientata, con le ordinanze a sez. un. del 13 settembre 2018, n. 22406, e …
Memory Resource Management for Real-Time Systems
2007
Dynamic memory storage has been widely used for years in computer science. However, its use in real-time systems has not been considered as an important issue, and memory management has not receive much consideration, whereas today's real-time applications are often characterized by highly fluctuating memory requirements. In this paper we present an approach to dynamic memory management for real-time systems. In response to application behavior and requests, the underlying memory management system adjusts resources to meet changing demands and user needs. The architectural framework that realizes this approach allows adaptive allocation of memory resources to applications involving both per…
The differences between distributed shared memory caching and proxy caching
2000
The authors discuss the similarities in caching between the extensively studied distributed shared memory systems and the emerging proxy systems. They believe that several of the techniques used in distributed shared memory systems can be adapted and applied to proxy systems.
The value relevance of losses revisited: the importance of earnings aggregation
2011
Accepted version of an article published in the journal: Global Business and Economics Review. Also available from the publisher at: http://dx.doi.org/10.1504/GBER.2011.040728 Prior research has suggested that earnings explain a larger portion of the variation in stock returns when disaggregated into components. This study shows that the increase in explanatory power stems primarily from disaggregation of negative earnings. When accounting earnings are sufficiently disaggregated into items, there is no longer a statistical difference in the value relevance of positive and negative earnings. Thus, negative earnings are also useful to stock investors. The findings are attributed to earnings p…
Empirical evidence of the effect of European accounting differences on the stock market valuation of earnings and book value
2002
Recently, a new dimension has been added to research in accounting harmonization by studying the effects of accounting practices and regulations on share price and return movements. Although there is an agreement of mutual recognition in the European stock markets of financial statements adapted to the directives, the differences between the European countries are still great. The objective of this study is to investigate the value relevance of alternative accounting measures (earnings and book value) constructed under different accounting systems in Europe. We investigate the differences in accounting practices through the relationship between earnings and book value, and the stock market …
The value relevance of accounting information during the global financial crisis: evidence from Norway
2013
This study investigates how the recent financial crisis influenced the value relevance of accounting information. The empirical analyses show that the book values of equity explained most of the cross-sectional variation in stock prices during the crisis. Still, the earnings response coefficient increased significantly during the period of the crisis. The analysis suggests a separation between the information content of book values and earnings in a crisis situation. The findings are consistent with book values being highly relevant as a proxy variable for liquidation values in a crisis, whereas earnings, in contrast to the balance sheet, capture information about the future earning capabil…
Rail freight transport and demand requirements : an analysis of attribute cut-offs through a stated preference experiment
2014
This paper analyses the choice between road and rail in Spain where rail market share for freight is still residual. Discrete choice models are estimated with data obtained through a two-phase fieldwork, thus allowing us to carry out a stated preference efficient design for each interviewee. We analyse the existence of attribute cut-offs and the presence of a segment of the population with a zero value of frequency. Our results show that ignoring the existence of cut-offs and segments of the population with polarised valuations can lead to erroneous conclusions in terms of the possibilities of rail for absorbing significant quota.