Search results for "ECs"
showing 10 items of 2721 documents
PET/CT and contrast enhanced CT in single vs. two separate sessions: a cost analysis study
2012
AIM: Aim of the study was to quantify the economic impact of PET/CT and contrast enhanced (c.e.) CT performed in a single session examination vs. stand-alone modalities in oncological patients. METHODS: One-hundred-forty-five cancer patients referred to both PET/CT and c.e. CT, to either stage (N.=46) or re-stage (N.=99) the disease, were included. Seventy-two/145 performed both studies in a single session (innovative method) and 73/145 in two different sessions (traditional method). The cost-minimization analysis was performed by evaluating: 1) institutional costs, data obtained by hospital accountability (staff, medical materials, equipment maintenance and depreciation, departments utilit…
A Note on Economic Impact of EFF on Sicilian Firms Performance
2018
Measure 2.3 of the European Fisheries Fund, in Sicily, claimed investments of fish firms in production capacity expansion and modernization of fish processing. Have these investments been effective in supporting the competitiveness of these firms and have they influenced the economic sustainability of the regional seafood chain? Proposed counterfactual analysis contributes to this assessment through a comparison of the business performance of funded and non-funded firms.
Labor Productivity Growth: Disentangling Technology and Capital Accumulation
2014
We adopt a counterfactual approach to decompose labor productivity growth into growth of Technological Productivity (TEP), growth of the capital-labor ratio and growth of Total Factor Productivity (TFP). We bring the decomposition to the data using international countrysectoral information spanning from the 1960s to the 2000s and a nonparametric generalized kernel method, which enables us to estimate the production function allowing for heterogeneity across all relevant dimensions: countries, sectors and time. As well as documenting substantial heterogeneity across countries and sectors, we nd average TEP to account for about 44% of labor productivity growth and TEP gaps with respect to the…
Place-based policy in southern Italy: evidence from a dose-response approach
2021
This paper evaluates the effectiveness at a territorial level of a place-based policy for southern Italy, that is, territorial integrated projects (TIPs). We combine classical counterfactual designs and the construction of a dose–response function to assess the impact of the infrastructural interventions on the municipalities involved in a target region (Sicily). The results are robust enough to show policy effectiveness on both the number of workers and the number of plants. In the latter case, we also identify a significant and increasing dose–response function highlighting the positive relationship between funding intensity and the growth of plants.
Breakup and default risks in the great lockdown
2023
Abstract In this paper, we exploit CDS quotes for contracts denominated in different currencies and with different default clauses to estimate the risk of a breakup of the Eurozone and the propagation of breakup and default risks after the COVID-19 shock. Our main result is that the risk of a Eurozone breakup is significant although, quantitatively, it is not larger than in the period before the COVID-19 shock. In addition, we find that an increase in the redenomination risk in one country is associated with an increase in default premia and bond spreads in other Eurozone countries. Finally, we find that a sizeable fraction of the changes in the cost of insuring against redenomination and d…
Flexible modelling of serial correlation in GLMM
2008
Spatial seismic point pattern analysis with Integrated Nested Laplace Approximation
2020
This paper proposes the use of Integrated Nested Laplace Approximation (Rue et al., 2009) to describe the spatial displacement of earthquake data. Specifying a hiechical structure of the data and parameters, an inhomogeneuos Log-Gaussian Cox Processes model is applied for describing seismic events occurred in Greece, an area of seismic hazard. In this way, the dependence of the spatial point process on external covariates can be taken into account, as well as the interaction among points, through the estimation of the parameters of the covariance of the Gaussian Random Field, with a computationally efficient approach.
Portfolio diversification in the sovereign credit swap markets
2018
We develop models for portfolio diversification in the sovereign credit default swaps (CDS) markets and show that, despite literature findings that sovereign CDS spreads are affected by global factors, there is sufficient idiosyncratic risk to be diversified. However, we identify regime switching in the times series of CDS spreads and spread returns, and the optimal diversified strategies can be regime dependent. The developed models trade off the CVaR risk measure against expected return, consistently with the statistical properties of spreads. We consider three investment strategies suited for different CDS market participants: for investors with long positions, speculators that hold unco…
Pricing sovereign contingent convertible debt
2018
We develop a pricing model for Sovereign Contingent Convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's Credit Default Swap (CDS) spread. We model CDS spread regime switching, which is prevalent during crises, as a hidden Markov process, coupled with a mean-reverting stochastic process of spread levels under fixed regimes, in order to obtain S-CoCo prices through simulation. The paper uses the pricing model in a Longstaff-Schwartz American option pricing framework to compute future state contingent S-CoCo prices for risk management. Dual trigger pricing is also discussed using the idiosyncratic CDS spread for the sovereign debt together with a broad market index. …