Search results for "Database transaction"
showing 10 items of 37 documents
Housing market shocks in italy: A GVAR approach
2020
Abstract In this paper, we use a Global Vector Autoregression (GVAR) model to assess the spatio-temporal mechanism of house price spillovers, also known as “ripple effect”, among 93 Italian provincial housing markets, over the period 2004 − 2016 . In order to better capture the local housing market dynamics, we use data not only on house prices but also on transaction volumes. In particular, we focus on estimating, to what extent, exogenous shocks, interpreted as negative housing demand shocks, arising from 10 Italian regional capitals, impact on their house prices and sales and how these shocks spill over to neighbours housing markets. The negative housing market demand shock hitting the G…
Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms: Evidence from Spain
2011
We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller …
Ancillary Services in the Energy Blockchain for Microgrids
2019
The energy blockchain is a distributed Internet protocol for energy transactions between nodes of a power system. Recent applications of the energy blockchain in microgrids only consider the energy transactions between peers without considering the technical issues that can arise, especially when the system is islanded. One contribution of the paper is, thus, to depict a comprehensive framework of the technical and economic management of microgrids in the blockchain era, considering, for the first time, the provision of ancillary services and, in particular, of the voltage regulation service. When more PV nodes are operating in the grid, large reactive power flows may appear in the branches…
Regulating Internet Trade in CITES Species
2013
International trade in species that are or may be endangered by collection from the wild is regulated under the Convention on International Trade in Endangered Species of wild fauna and flora (CITES) for 176 member States (Parties). Internet commerce is a relatively new route for such trade. In 2007, the CITES Secretariat asked Parties to collect information on internet wildlife trade and report problems and implemented regulations. The reports indicated it was difficult to even approximate the influence of e-commerce on CITES-listed species (CITES Secretariat 2009). We report a case study in which we quantified international transactions over an internet auction site of CITES-listed cacti …
Supporting Dispute Handling in E-Commerce Transactions, a Framework and Related Methodologies
2004
An E-commerce transaction is a means to conduct particular commercial activities using the global digital E-commerce infrastructure. We concentrate here on business to customer (B-to-C) E-commerce transactions. These transactions are based on protocols offered by the global infrastructure, primarily the Internet. Using electronic means to do business can greatly improve the efficiency of the business transactions. It, however, poses some problems that were rarely considered to be important before. One class of problems is caused by the behavior of untrusted participants. For reasons such as dishonesty, disputes may arise. In the general case, when a dispute arises an untrustworthy participa…
The Idiosincrancies of the European M&A Market
2020
This paper provides a comprehensive descriptive analysis of the European market of mergers and acquisitions (MA 2) method of payment; 3) geographical scope; 4) target’s attitude; 5) bidders’ competition; 6) industry relatedness; 7) public status of the firms involved; and 8) acquirers’ ownership of targets before and after the transaction. Additionally, we identify the similarities and differences of this market with those of the dominant market worldwide, namely the US. Both markets show similar trends in their activity and the occurrence of waves concentrated around economic shocks. However, the European market notably exhibits higher levels of friendly and cash deals.
Shaping inter-firm collaboration in new product development in the automobile industry: A trade-off between a transaction and relational-based approa…
2008
Abstract Shaping collaboration in the new product development (NPD) has always been a very difficult task, especially in complex industries like the automobile one. This complexity is particularly true during the engineering phase of the NPD process, where different complex systems are to be designed in a collaborative way. Basically, two-kind of approaches have been observed in the literature and industry: one is more related to market transactions, specifically the west car-company style, the other is more relational based, as in the Japanese car-company style. Now, the increasing globalisation of the industry asks for a merge of the two approaches; indeed, the increasing use of standard …
Explaining the process of change taking place in legal rules and social norms: The cases of institutional economics and new institutional economics
1995
This paper deals with the phenomenon of institutional change and has been conceived as an attempt to answer the following question: Can we retain theimage of institutional change contained in a theory when we replace a methodological foundation on which the theory was built by a different and alternative one? For an answer to be developed, special attention is paid to the contributions made by institutional economists (IE) and those made by transaction cost—new institutional economists (NIE). The question clearly shows that it is a paper on applied methodology rather than a survey on institutional change contributions. Because of that, its main purpose is not to increase our knowledge about…
The Trade Creation Effect of Immigrants: Evidence from the Remarkable Case of Spain
2010
There is abundant evidence that immigrant networks are associated with larger exports from the country where they settle to their countries of origin. The direction of causality of this association is less clearly established. Also, we do not know to what extent these increased exports are due to an increase in the number of exporting firms (i.e. the extensive margin of trade) or due to larger values exported by existing firm (i.e. the intensive margin). Using micro data on individual trade transactions from Spanish provinces between 1995 and 2008 and data on the stock of immigrants in those provinces by country of origin we can make progress on both fronts. The richness of our data allows …
Past price “memory” in the housing market: testing the performance of different spatio-temporal specifications.
2017
ABSTRACTRecent methodological developments provide a way to incorporate the temporal dimension when accounting for spatial effects in hedonic pricing. Weight matrices should decompose the spatial effects into two distinct components: bidirectional contemporaneous spatial connections; and unidirectional spatio-temporal effects from past transactions. Our iterative estimation approach explicitly analyses the role of time in price determination. The results show that both spatio-temporal components should be included in model specification; past transaction information stops contributing to price determination after eight months; and limited temporal friction is exhibited within this period. T…