Search results for "CCO"
showing 10 items of 4678 documents
Hacia una ordenación de las pequeñas empresas atendiendo a su posible situación de fracaso
2021
En la literatura contable son muchos los trabajos que han intentado explicar el posible fracaso empresarial a partir de la información contable y poner de manifiesto la relación entre dicha información y la situación de fracaso. Sin embargo, los resultados obtenidos hasta ahora no son definitivos, en cuanto no existe un mínimo común en todos ellos que permita modelizar el comportamiento de dicho fracaso. Este trabajo pretende constatar, mediante la definición de un indicador en el que intervengan una gran batería de ratios contables, que efectivamente la información contable ofrece pistas sobre el posible fracaso de la empresa. Al canalizar toda la información de los ratios contables a trav…
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
2018
We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…
Visibility estimates of budgetary burden and benefit in European countries
2000
Intermediate territorial levels of government in Austria, Germany, Switzerland, and Spain are different regarding their basic institutions, devolved powers, revenue and public expenditure systems, public revenue equalization mechanisms, accountability, public performance management, and financial control bodies. In spite of the complexity derived from these different characteristics, this paper presents some indicators which permit the creation of time and space fiscal visibility measurements and comparisons. It also advances systematic estimates on visibility for intermediate subsystems of public revenue and expenditure now in force in these European countries. Policy implications seem str…
Budget burden and benefit visibility of European central level governments
2001
Central levels of government in European Union member countries are different regarding their basic institutions, powers, fiscal systems, accountability, public performance management, financial control bodies, and the like. In spite of this, the economic operation of such levels of government should be analyzed, evaluated, and compared from an efficiency viewpoint. This paper presents general indicators to systematically assess the burden and benefit visibility of public budgets of the International Monetary Fund member countries and specific estimates for the central subsystems of public revenue and expenditure now in force in such European countries. An important policy implication of th…
Partisan Politics Theory and stock market performance: Evidence for Spain
2012
ABSTRACTThis paper examines the influence of Spanish major political events on stock market performance by testing the empirical implications of the existing theories focused on the connection between politics and stock exchanges. On the one hand, our findings give support to the partisan politics theory, since stock returns behave differently depending on the political orientation of the government, not only on the day of the national election but also during their tenure of office. On the other hand, the analytical results demonstrate that there are no abnormal positive returns during the second half of the government's term, which contradicts the opportunistic political business cycle th…
Is the European Commission a ‘Hothouse’ for Supranationalism? Exploring Actor-Level Supranationalism
2007
The article explores actor-level supranationalism among seconded national experts (SNEs) in the European Commission. The transformative clout of the European Commission is assessed by the extent to which SNEs adopt a supranational role perception. The survey and interview data presented demonstrates that SNEs evoke multiple roles, notably departmental, epistemic and supranational roles. OLS regression analyses reveal that actor-level supranationalism among SNEs reflect (i) processes of re-socialization inside the Commission, (ii) the organizational composition of the Commission and (iii) organizational incompatibilities between the Commission and domestic government institutions.
Survival causal patterns of social and commercial entrepreneurial initiatives in Spain
2021
This research aims at analysing the influence of a holistic configuration of factors related to industry and the characteristics of the entrepreneur and the business, on the survival of social and commercial entrepreneurial initiatives in both, new and consolidated companies. The sample ranges from 2,851 to 2,109 firms, according to the period considered, and has been obtained from the reports of the projects submitted to the Assistance Programme to Young Entrepreneurs, promoted by the Valencian Institute of Youth. Other sources of information have been the Institute’s own reports and the Chambers of Commerce. A configurational analysis is performed using the Fuzzy-Set Qualitative Comparati…
DETERMINANTS OF PROFITABILITY IN SPANISH FINANCIAL INSTITUTIONS. COMPARING AIDED AND NON-AIDED ENTITIES
2015
The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue component…
A critical view on temperature modelling for application in weather derivatives markets
2012
In this paper we present a stochastic model for daily average temperature. The model contains seasonality, a low-order autoregressive component and a variance describing the heteroskedastic residuals. The model is estimated on daily average temperature records from Stockholm (Sweden). By comparing the proposed model with the popular model of Campbell and Diebold (2005), we point out some important issues to be addressed when modelling the temperature for application in weather derivatives market.
Do universities matter for the location of foreign R&D?
2021
This article explores the extent to which the regional higher education system (HES) influences the location of foreign research and development (R&D). To do so, we use a dataset with information on the location choices of new foreign R&D establishments within Spain from 2005 to 2013. Similarly, we use a multiple measure of the three university missions, distinguishing between research capacity training, scientific research, and technology transfer. We find that the probability of a foreign R&D establishment being located in a region is positively affected by the strength of the region’s HES missions, and more specifically by the quality of its scientific research, while its re…