Search results for "EQUITY"

Investment behavior analysis in equity crowdfunding : A consumer value approach

2018

Equity crowdfunding is a recent investment mode, opening acces to venture capital to unsophisticated investors. ECF allows platform-based online investment within a virtual community.This research aims to improve understanding of indivual investors financial products consumption, in the ECF context, the so-called crowdinvestors.Building on consumption value theory, this research helps defining ECF-investment value sources for crowdinvestors. It focuses especially on the ‘participation in community’ dimension of ECF as a determinant of various investment behaviors.A litterature review in entrepreneurial finance is presented to define profiles, motivations, investment behaviors and quality si…

Investissement en equity crowdfunding : comment « jauger » un projet (et pourquoi WiSEED n’affiche pas le montant collecté) ?

2019

Odwrócony kredyt hipoteczny jako źródło uposażenia emerytalnego (Reverse mortgage as a source of pension equipment)

2016

The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market

2006

This paper analyses the relevance of accounting fundamentals to inform about equity risk as measured by the cost of equity capital. Assuming the latter is a summary measure of how investors make decisions regarding the allocation of resources, the strength of the association between the cost of capital and the accounting-based measures of risk indicates how important these measures are for market participants when making economic decisions. To infer the cost of equity capital, we use the O'Hanlon and Steele's method, which is based on the residual income valuation model. Moreover, we use the insights from this model to provide a theoretical underpinning for the choice of the accounting vari…

Equity Issues in the Spanish Stock Market: Windows of Opportunity, Earnings Management or Market Timing?

2005

We investigate whether the market sentiment and/or the specific operating performance of firms that conducted an equity issue on the Spanish stock market during the period 1993-2000 are related to the long-run stock-return underperformance in the year following the issue of small and medium firms. Our results reveal that equity issues were conducted by large firms just when the market showed optimistic expectations towards large firms in general. This overoptimism towards large issue firms was related to the 1990s technology boom in the case of initial public offerings (IPO), but we detect earnings management by large firms that conducted a seasoned equity offering (SEO). In this context, s…

Volatility-Managing International Equity Risk Factors

2018

Recent research (see Moreira and Muir, 2017) suggests that volatility-managed portfolios take less risk when volatility is high produce large alphas, increase Sharpe ratios, and produce large utility gains for mean-variance investors. We extend this literature by investigating the profitability of volatility-managing the Fama and French (2017) local risk factors in international equity markets. Our general findings indicate that volatility-managing adds value for local risk factors in Europe and Asia, whereas in Japan we find no such evidence. Confirming earlier studies, we find that a risk-based story is unlikely to explain our results.

Equità canonica e diritto inglese

2010

Il lavoro si propone di analizzare il rapporto tra l'equità canonica e il diritto inglese nel medioevo in Inghilterra. Da uno studio storico-comparatistico, emerge, infatti, la stretta connessione tra il diritto canonico ed alcuni istituti tipici del diritto inglese quali l'equity ed il Trust. Tali istituti, considerati come un prodotto giuridico "tipico" del diritto inglese, trovano, invece, la loro origine nel diritto canonico. Lo studio si propone di evidenziare tali origini ed i legami storici tra i due diritti.

The International Court of Justice and International Environmental Law

2013

The jurisprudence of the ICJ on environmental issues has increased significantly in recent years. Although some environmental cases were frustrated, either by the discontinuance of the proceedings by the Parties or because the Court found that it lacked jurisdiction on the merits, an Advisory opinion and several Judgments have already been delivered by the Court. Overall, the contribution of the Court to international environmental law is still modest, in spite of its pronouncements affirming the obligation of States to protect the environment, to prevent transboundary harm to other States or areas beyond national jurisdiction, and to carry out an environmental impact assessment before pote…

Time-Varying Fundamentals of the Euro–Dollar Exchange Rate

2006

Abstract This study examines changes in the impact of the economic fundamentals on the euro–dollar exchange rate. First, the monetary model is augmented with the equity markets and the model is estimated in its structural form. Second, the time-varying impacts of the long-run fundamentals representing equilibrium in different markets on the euro–dollar exchange rate are examined using Kalman filtering. The time-varying structural model indicated that the relative importance of the different fundamentals was not equal and the impact of the fundamentals was time-dependent.

CEO Compensation and Risk-Taking: Evidence from Listed European Hotel Firms

2020

This paper examines the relationship between CEO compensation policies and financial performance in the European hotel sector. We analyze CEO cash-, equity- and total-compensation relationships with two accounting-based and two market-based financial performance proxies, including a bi-dimensional proxy formed by stock market return and risk. This bi-dimensional market-based financial performance proxy enables us to take a deep dive into the relationship between CEO compensation policies and firm risk-taking. We then analyze the nature of this relationship by decomposing market-based risk into systematic and idiosyncratic risk, using five alternative asset-pricing factorial models. Our resu…