Search results for " market"
showing 10 items of 2859 documents
How credit ratings affect sovereign credit risk: cross-border evidence in Latin American emerging markets
2017
This article builds upon previous literature by providing a better understanding of how contagion changes in bordering sovereign CDS emerging markets resulting from credit rating events. To that end, we follow the novel GVAR methodology using data from six Latin American emerging countries during an extensive sample period from 2004 to 2014. Our findings show evidence for the existence of significant and asymmetric cross-border effects. In particular, a competition effect is observed before the event occurs, indicating that non-event countries suffer (benefit) from upgrades (downgrades) in Brazil, Mexico and Chile (in Argentina and Brazil). In contrast, an imitation effect is observed after…
Do sovereign ratings cause instability in cross-border emerging CDS markets?
2020
We analyse the cross-border transmission effect of credit ratings on sovereign CDSs covering a broad sample of emerging countries during the period 2004 to 2015. This study differentiates between the spillover and competition effects between and within geographical areas of emerging countries. We find substantial evidence of cross-border effects with asymmetric responses to upgrades and downgrades. The market reaction differs across regions, reflecting how the international and local impact of rating events are due to different types of effects. At the international portfolio level, the competitive effect is dominant over the spillover effect. Negative events in Asia benefit Africa (which i…
Volatility spillovers in the European bank CDS market
2015
From the 2007 subprime crisis to the recent Eurozone debt crisis,the banking industry has experienced terrible financial instabilitywith increasing volatility levels of bank default probability. UsingEuropean CDS spreads data from January 2006 to March 2013, thispaper sheds light on the impact of three recent significant events ofcredit risk volatility transmission between, firstly, Eurozone andnon-Eurozone banks, and then between distressed peripheral andcore countries inside the Eurozone. We employ an asymmetricmultivariate BEKK model to measure cross-market volatility spil-lovers. We find that both recent crises are distinct episodes. Theglobal financial crisis that originated outside Eu…
La comunicazione: un valido strumento per la competitività delle aziende vitivinicole
2010
In the last few years, wine market was characterized by fast changes because of significant changes in consumers’ eating habits and lifestyles that, consequently, impacted wine consumption and demand. In this scenario, wine producers that want to win competitors must definitely be market-oriented. For wine producers, to be competitive means to focus on strategic business decisions, to keep the brand in the market, to increase new consumer segments and to move towards a diversified production that points to research and innovation, looking constantly for quality. Communication is nowadays one of the main strengths of competitiveness and especially strategically-market-oriented wine producers…
Stochastic sensitivity of bull and bear states
2021
We study the price dynamics generated by a stochastic version of a Day–Huang type asset market model with heterogenous, interacting market participants. To facilitate the analysis, we introduce a methodology that allows us to assess the consequences of changes in uncertainty on the dynamics of an asset price process close to stable equilibria. In particular, we focus on noise-induced transitions between bull and bear states of the market under additive as well as parametric noise. Our results are obtained by combining the stochastic sensitivity function (SSF) approach, a mixture of analytical and numerical techniques, due to Mil’shtein and Ryashko (1995) with concepts and techniques from th…
Predictable Dynamics in the Small Stock Premium
2014
We start this paper by providing a detailed study of how the mean monthly return on the Small-Minus-Big (SMB) Fama-French factor is affected by the January effect and the stock market return during the preceding month and preceding calendar year. We then proceed to building a predictive model for the monthly SMB factor return that incorporates the January effect and the dependence on both the market return during the preceding month and preceding calendar year. Our findings suggest that a positive small stock premium appears mainly during the years following the years with a negative return on the market as the result of a delayed and stronger reaction of small stocks to good news and a str…
Calendar Anomalies in Stock Index Futures
2011
There exist a large and increasing number of papers that describe different calendar anomalies in stock markets. Although empirical evidence suggests that seasonal effects disappeared after the early 1990s, new studies and approaches assert the continuation of some anomalies in stock indexes. In this paper, we present a comprehensive study of 188 possible cyclical anomalies in S&P 500, DAX and Nikkei stock index futures contracts from 1991 to 2008. Frictions in futures markets, unlike spot markets frictions, make it feasible to produce economically significant profits from trading rules based on calendar effects. By applying a percentile-t-bootstrap and Monte Carlo methods, our analysis rev…
Campsite choice and the camping tourism experience: Investigating decisive campsite attributes using relevance-determinance analysis
2017
Abstract Camping tourism represents a growing part of the overall tourism industry. Despite this fact, this form of tourism has so far been rather neglected by tourism and hospitality research. Using a case study of a major campsite operator in the coastal part of Croatia, this study thus aims to contribute to the understanding of this specific tourist segment. In particular, a relevance-determinance analysis is conducted to reveal most decisive attributes for campsite choice, on the one hand, and for the actual campsite experience, on the other hand. Overall, the results provide valuable insight to practitioners, especially for the purposes of campsite marketing and experience management.
Palermo, stima del canone di affitto di un magazzino con procedimenti market oriented
2009
Stima del canone di mercato secondo gli standard valutativi internazionali
Eiropas investīciju fondu sniegums
2016
Bakalaura darba temats ir " Eiropas investīciju fondu sniegums". Darba izpēta uzņēmumus finansēšanas problēmas ES ietvaros, pēc 2008.g. finanšu krīzes sekām. Tika radīta jauna stratēģija ES līmenī, ar mērķi pāriet uz kapitāla tirgus balstītam finansējumam, nodrošinajot alternatīvu bankām ka vienīgam finansējuma avotam priekš uzņēmumiem. Lai novērtēt ES CMU iniciatīvas perspektīvu, šīs darbs izpēta kopfondu efektivitātes rādītājus, un potenciālu efektivitātes rādītāju starpību, starp fondiem kas ir saistīti ar bankām un neatkarīgiem fondiem, lielākajos akciju tirgos Eirozonā. Darbs sastāv no tris daļām: 1. Pirmā daļa pēta ES banku sistēmas attīstību, to grūtības nodrošinot atbilstošu finansē…