Search results for "Cash"
showing 10 items of 112 documents
Optimal Index Tracking Under Transaction Costs and Impulse Control
1998
We apply impulse control techniques to a cash management problem within a mean-variance framework. We consider the strategy of an investor who is trying to minimise both fixed and proportional transaction costs, whilst minimising the tracking error with respect to an index portfolio. The cash weight is constantly fluctuating due to the stochastic inflow and outflow of dividends and liabilities. We show the existence of an optimal strategy and compute it numerically.
A note on fair value accounting in a crisis: The influence of the hedge accounting regulations
2010
Published version of an article published in the journal: Business and Economics Journal. Also available from the publisher at: http://astonjournals.com/manuscripts/Vol2010/BEJ-13_Vol2010.pdf The role of fair value accounting in the financial crisis is contorversial and heavily debated. Some claim that fair value accounting of financial instruments contributed to the recent crisis. This note acknowledges that, in many industries, a significant proportion of the financial instruments are entered into for hedging purposes. I examine if a crisis through the hedge accounting regulations, can affect the overall use og fair value accounting in an economy. I present analytical evidence that the bo…
Corporate social responsibility and managerial compensation: further evidence from spanish listed companies
2021
Ongoing regulatory efforts aim to link managerial compensation with a firm’s performance. However, little is known about whether and how Corporate Social Responsibility (CSR) goals are considered in the design of the managerial compensation scheme. This paper addresses this research question by analyzing a sample of Spanish listed firms for the period spanning 2013–2018. The outcomes of the regressions suggest that there is a positive relationship between CSR and the managerial compensation, but this relationship is significant only with lower levels of CSR. The study also reveals that CSR is positively associated with the proportion of equity-based compensation and, therefore, negatively a…
Ethnographic context and spatial coherence of climate indicators for farming communities : a multi-regional comparative assessment
2015
Accurate seasonal predictions of rainfall may reduce climatic risks that farmers are usually faced with across the tropical and subtropical zones. However, although regional-scale seasonal amounts have regularly been forecasted since 1997/98, the practical use of these seasonal predictions is still limited by myriad factors. This paper synthesizes the main resultsof a multi-disciplinary ethnographic and climatic project (PICREVAT). Its main objective was to seek the climatic information ? beyond the seasonal amounts ? critical for crops, both as an actual constraint to crop yields and as identified by the current and past practices and perceptions of farmers. A second goal was to confront t…
On the Marketization of the Academic Review Process
2014
Pressure to change the academic reviewing system is growing. We discuss two groups of proposals for introducing market mechanisms. First, Prufer and Zetland (2009), based on Havrilesky (1975), create an auction system: manuscripts are submitted and auctioned to editors in "academic dollars", while citations earn credits for authors. Second, Fox and Petchey (2010), after Riyanto and Yetkiner (2002), create a "PubCred" currency, in which referees are paid and can then pay for their own submissions, while Aarssen (2008) and White and Ernest (2010) introduce hard cash remuneration for reviewers. These systems would adversely affect editors, referees, and authors alike, and would soon prove econ…
Agronomic performance and energetic potential of two Brassica oilseed species in Sicily, Italy
2018
Industrial crops for energy purposes are object of increasing interest worldwide and play an important role as a source of renewable energy. The aims of this study were to evaluate: i) the agronomic performance of Brassica napus L. var. oleifera D.C. and Brassica carinata A. Braun in a semi-arid environment; ii) to evaluate the economic viability of a pilot combined heat and power (CHP) plant operating on pure vegetable oil (PVO). The research was carried out in Sicily (Italy). The main biometric and yield parameters of the two species were determined. Chemical-physical characterizations were carried out on PVO for each species using specific protocols. The cogeneration of renewable energy …
Integrated reporting: The mediating role of the board of directors and investor protection on managerial discretion in munificent environments
2018
Is there a relationship between managerial discretion in munificent environments and the propensity to disclose an integrated reporting? Is this relationship contingent on the board of directors and investor protection? For an international sample for 2006–2014, this paper supports the assertion that managers are more able to extract superior perquisites when the level of accumulated cash holding is higher; that is, in munificent contexts. Because of the greater managerial discretion in these contexts, managers show a lower incentive to disclose voluntary information through an integrated report, which decreases the firm's transparency. Nonetheless, the board of directors and the level of i…
Why Real Leisure Really Matters: Incentive Effects on Real Effort in the Laboratory
2013
On-the-job leisure is a pervasive feature of the modern workplace. We studied its impact on work performance in a laboratory experiment by either allowing or restricting Internet access. We used a 2×2 experimental design in which subjects completing real-effort work tasks could earn cash according to either individual- or team-production incentive schemes. Under team pay, production levels were significantly lower when Internet browsing was available than when it was not. Under individual pay, however, no differences in production levels were observed between the treatment in which Internet was available and the treatment in which it was not. In line with standard incentive theory, individu…
The predictive ability and value relevance of accounting measures
2011
Accepted version of an article published in the journal: International Journal of Economics and Accounting. Also available from the publisher at: http://dx.doi.org/10.1504/IJEA.2011.041894 Empirical accounting research sometimes assumes that the value relevance of accounting variables can be indirectly assessed by studying the ability of the variables to forecast future cash flow and earnings. This study investigates the relationships between short-term cash flow and earnings prediction tests and value relevance analyses. I find that earnings prediction tests might be good substitutes for value relevance analyses, whereas cash flow prediction tests merely provide indications with respect to…
Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain
2019
Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just befor…