Search results for " assets"
showing 10 items of 79 documents
Green and good? The investment performance of US environmental mutual funds
2011
Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This article examines the performance and risk sensitivities of US green mutual funds vis-a-vis their conventional peers. We also analyze and compare this performance relative to other socially responsible investing (SRI) mutual funds. In order to implement this analysis, we apply a CAPM-based methodology and find that in the 1987–2009 period, environ- mental funds had lower performance than conventional funds with similar characteristics. However, if we focus on a more recent period (2001–2009), green funds achieved adjuste…
The Cyclicality of Bank Credit Losses and Capital Ratios under Expected Loss Model
2023
We model the evolution of stylised bank loan portfolios to assess the impact of IFRS 9 and US GAAP expected loss model (ECL) on the cyclicality of loan loss provisions (LLPs), realised losses and capital ratios of banks, relative to the incurred loss model of IAS 39. We focus on the interaction between the changes in LLPs charges (the flow channel) and stocks (the stock channel) under ECL. Our results show that, when GDP growth doesn’t demonstrate high volatility, ECL model smooths the impact of credit losses on profits and capital resources, reducing the pro-cyclicality of capital and leverage ratios, especially under US GAAP. However, when GDP growth is highly volatile, the large differen…
Il Paradigma della Città Fluida
2013
Nella recente crisi globale i poderosi flussi di capitali finanziari, sociali e relazionali che hanno alimentato la riqualificazione urbana nel corso degli ultimi quindici anni non sono più disponibili ad essere intercettati in maniera indiscriminata così come è stato possibile fino a qualche anno fa. Nell'era della crisi strutturale le città più dinamiche non sono più quelle in grado di attrarre progetti urbani iconici ed investitori spinti dal mercato immobiliare o dalla redditività delle attività ricreative, ma quelle città che, a partire dalle loro profonde e diversificate risorse culturali, saranno capaci di attuare una vera e propria “metamorfosi” per usarle come base per la creazione…
Inovacijos ir bendrovės vertė: Baltijos šalių patirtis
2021
Inovacijos yra konkurencingumo pagrindas. Kartu pagrindinis vadovo uždavinys yra savininkų turto maksimizavimas, todėl svarbu tyrinėti inovacijų ir bendrovės vertės santykį. Šio tyrimo tikslas – ištirti inovacijų poveikį organizacijos vertei. Tiriamos Baltijos šalių bendrovės, veikusios 2005–2011 metų laikotarpiu. Tyrimas parodė, kad inovatyvių bendrovių vertė yra didesnė, didesnės ir jos pačios. Nustatyta, kad didesnė bendrovės vertė pasiekiama, jei nematerialių išteklių dalis viršija 1 %. Taikant koreliaciją ir regresinę analizę, nustatyta, kad inovacijos yra svarbi organizacijos vertės determinantė, organizacijos dydis yra silpnesnis veiksnys, o augimas – pats silpniausias veiksnys. Stra…
Gli inventari post mortem specchio delle ricchezze e delle miserie familiari. Il caso dei Luna (XV secolo)
2013
Il saggio indaga – attraverso l’analisi degli inventari redatti dai conti di Caltabellotta dagli inizi del XV secolo alla metà del XVI e degli atti di permute, vendite e donazioni di beni feudali – la situazione patrimoniale della famiglia Luna che aveva raccolto, assieme al titolo comitale, l’ingente eredità dei Peralta. La disamina della documentazione inedita presa in considerazione ha permesso di rivelare come, nonostante la ricchezza palesata negli oggetti inventariati, numerosi fossero i debiti della famiglia. Through the analysis of the inventories made by the Counts of Caltabellotta during the period from the beginning of the fifteenth to the middle of the sixteenth century and acts…
Learning, knowledge and dynamic capabilities: theoretical implications for competitiveness and innovation in the 21st century
2013
The aim of this paper is to support dynamic capabilities as a strategic tool for company management. We will begin by illustrating the evolution that can be discerned in the process of developing competitive advantage as a result of the organisation s internal analysis. In a first stage, interest was centred on understanding the nature of the firm s assets, and knowing which conditions would make it possible to turn them into lasting and sustainable sources of competitive advantage. During a second phase, interest was shifted towards the dynamic processes of generation, development and accumulation of assets. In this sense, dynamic capabilities are those which allow managers to activate and…
Dimensions of Community Assets for Health. A Systematised Review and Meta-Synthesis
2021
Since Aaron Antonovsky’s salutogenesis theory and Morgan and Ziglio’s health assets model were first proposed, there has been a growing concern to define the resources available to the individual and the community to maintain or improve health and well-being. The aim of the present study was to identify the dimensions that characterise community assets for health. To this end, we conducted a systematised review with a meta-synthesis and content analysis of research or projects involving asset mapping in the community. Articles that met our eligibility criteria were: (1) based on the salutogenic approach and (2) described an assets mapping process and among their results, explained what, how…
Global imbalances and the intertemporal external budget constraint: A multicointegration approach
2013
Abstract This paper analyzes the external solvency of a group of 23 OECD countries for the period 1970–2012. The empirical strategy adopted underlines the increasing importance of the financial channel for the external adjustment as proposed in Gourinchas and Rey (2007) . We unify the traditional approaches to testing for external sustainability considering the stock-flow system created by the variables representing the external relationships of an open economy. External sustainability is tested using several types of cointegration and multicointegration tests. The results obtained point to weak sustainability in the flows analysis, whereas some degree of strong sustainability is found for …
External imbalances from a GVAR perspective
2021
In this paper we study the drivers governing external disequilibria through a Global VAR (GVAR) analysis applied to a group of 24 countries during the period 1972-2017. The GVAR methodology is particularly well suited for our research question. First, it permits to measure the effects of both, domestic and foreign country-specific shocks. Second, it allows to analyze not only the long-run relationships, but also the dynamics through generalized impulse-response functions. Third, it enables to test many hypotheses from a macroeconomic perspective and the existence of spillovers. Our results show evidence of international financial integration in terms of the fulfillment of the real interest …
Health Assets, Vocation and Zest for Healthcare Work. A Salutogenic Approach to Active Coping among Certified Nursing Assistant Students
2020
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