Search results for "Credit"
showing 10 items of 503 documents
Political, Institutional, and Economic Factors Underlying Deficit Volatility
2013
It is well known that fiscal policy can counter-cyclically smooth out the effect of unexpected shocks and public deficit volatility may reflect the (optimal) policy response to them. However, the welfare losses associated to fiscal instability are also an important challenge for many countries, as it typically implies an inefficient allocation of resources, higher sovereign risk premium and an inadequate provision of public services. In this paper, we empirically analyze the political, institutional, and economic sources of public deficit volatility. Using the system-generalized method-of-moments (GMM) estimator for linear dynamic panel data models and a sample of 125 countries analyzed fro…
Vacuum-Assisted Wound Closure with Mesh-Mediated Fascial Traction Achieves Better Outcomes than Vacuum-Assisted Wound Closure Alone: A Comparative St…
2017
Background Open abdomen (OA) permits the application of damage control surgery principles when abdominal trauma, sepsis, severe acute peritonitis and abdominal compartmental syndrome (ACS) occur. Methods Non-traumatic patients treated with OA between January 2010 and December 2015 were identified in a prospective database, and the data collected were retrospectively reviewed. Patients’ records were collected from charts and the surgical and intensive care unit (ICU) registries. The Acosta ‘‘modified’’ technique was used to achieve fascial closure in vacuum-assisted wound closure and mesh-mediated fascial traction (VAWCM) patients. Sex, age, simplified acute physiology score II (SAPS II), ab…
Demande en restitution. Domaine d'application et marche à suivre
2006
International audience; (Cass. com., 5 juill. 2005, Tiberghien c/ Banque populaire du Nord, pourvoi n° 04-11.320, arrêt n° 1042 FS-P+B, D. 2005.2165, note E. Le Corre-Broly)
PASSAGE OBLIGATOIRE AUX NORMES COMPTABLES IAS/IFRS, CONTRAINTES EN LIQUIDITE ET RATIONNEMENT DU CREDIT : UNE ETUDE EMPIRIQUE DANS L'INDUSTRIE BANCAIR…
2012
Financial theory indicates that banks dependent on external resources and/or financially fragile have more difficulties in refinancing their operations of credit supply, due to the informational problems they face and/or they cause. In this context, this study tests the hypothesis that the mandatory adoption by banks of the IAS/IFRS accounting standards, known to be of higher quality, leads to an increase in the quantity of loans granted by banks constrained in liquidity, all else equal. Based on a sample of European banks, between 2003 and 2008, we obtain results in favour of this hypothesis.
Another Look at Industry Momentum and the Cross Section of Expected Returns
2015
This paper investigates whether industry affiliation matters to implementing industry momentum strategies. After discriminating between relevant and redundant industries it shows that only a subset corresponding to less than 50% of the overall market capitalization generates significant momentum payoffs. Industry momentum is only priced in the cross section of expected returns when relevant industries are used as test assets. An out-of-sample experiment utilizing a new double-sorting approach is proposed. It incorporates a learning period to condition momentum strategies on relevant industries and offers evidence that the conditional momentum strategy generates up to 30% higher payoffs than…
Trade credit and determinants of profitability in Europe. The case of the agri-food industry
2018
Abstract The objective of this paper is to analyse the effect that trade credit has on the determinants of profitability during the crisis period in Europe. We use panel data for a total of 24,177 European agri-food companies from 2010 to 2014. Among our main contributions, we highlight that we isolate the sector effect and study the country effect by separating the different policies and customs with respect to the granting of trade credit. The results confirm, in general, that trade credit affects profitability depending on the country and the characteristics of size, specificity, market power or reputation.
Is the cardholder an efficient alarm system to detect credit card incidents?
2015
There is a growing tendency in credit card industry to increase the contribution of the smallest players, the cardholders, in the detection of card incidents. This article examines whether cardholders are efficient at detecting/communicating incidents of theft, loss or fraudulent use of their cards. The analysis focuses on whether they demonstrate enough speed of response to support a risk control subsystem by the issuer. The research follows a completely new approach showing how the issue can be handled by applying the concept of elasticity, a notion just recently exported from economics to the field of statistics by linking it with the reverse hazard rate. The issue is focused on the anal…
An Analysis of the Drivers of Microfinance Rating Assessments
2012
Rating assessments of microfinance institutions (MFIs) are claimed to measure a combination of creditworthiness, trustworthiness, and excellence in microfinance. Using a global data set covering reports from 304 microfinance institutions, this study suggests that these ratings are mainly driven by size, profitability, and risk. The overall results suggest that microfinance ratings convey information similar to that communicated by traditional credit ratings. All results are remarkably consistent across rating agencies. The determinants of the rating grades are found to be the same in all subsamples.
La Bibliometría en la evaluación de la actividad científica
2018
El análisis y la evaluación de la información y el conocimiento resultante de la actividad científica es un elemento imprescindible para todos los programas de investigación pública, tecnología y desarrollo que se implementan en una sociedad; y es allí donde la Ciencia de la Información brinda una ayuda inestimable, al desarrollar técnicas e instrumentos para medir la producción de conocimiento y su transformación en bienes.La cuantificación de las publicaciones es el elemento básico de la mayor parte de los estudios bibliométricos, mientras que la de las citas puede usarse directamente como medida de la repercusión o importancia de una publicación, o de las publicaciones de una persona, in…
Microcredit, Regional Programs and Credit Guarantees in Italy
2019
This work proposes an analysis of microcredit initiatives analyzed at the territorial level. The differences are analyzed on the basis of distinctive features to identify different ways to develop microcredit in Italy. An empirical analysis is also carried out to verify the existence of a statistically significant correlation between the characteristics of entrepreneurial microcredit programs and their default risk. The presence of credit guarantee systems and the role of bank intermediaries as promoters significantly mitigate the risk of default on these initiatives. Regional microcredit programs do not show significant territorial differences in terms of credit guarantees.