Search results for "Econometric"
showing 10 items of 3780 documents
Interest rates, expectations and the credibility of the Bank of Spain
1995
The purpose of the paper is to pinpoint the date of the change of monetary policy regime which occurred in Spain during the year 1984, when it moved away from controlling monetary aggregates towards interest rate targeting. The most likely date for the change is estimated and, surprisingly, there is evidence that agents learned about the new intermediate target quite rapidly.A week after the change, the term structure of interest rates showed how market agents attributed much more informational content to interest rate changes than they had previously. Two types of transitions are tried: a one-step and a gradual logistic swithing function.
The effect of episodes of large capital inflows on domestic credit
2012
This paper analyses the effect of capital inflow surges on the evolution of domestic credit. Using a panel of developed and emerging economies from 1970 to 2007, it is shown that in the two years following the beginning of a capital inflow surge the credit-to-GDP ratio increases by about 2 percentage points. The effect is reversed in the medium-term with the credit-to-GDP ratio decreased by almost 4 percentage points seven years after the initial surge. The paper also finds that the effect is different depending on the type of flows characterising the episode (debt vs. portfolio equity vs. FDI), with large capital inflows that are debt-driven having the largest effect. The results of the pa…
Remote sensing:A case for moving space data towards the public good
2008
This paper discusses whether current international and national regulation of remote sensing activities achieves a true balance between proprietary interests of producers of remote sensing data and information and the needs of the community in accessing that data and information. By subjecting remote sensing data to general copyright restrictions that are often coupled with exclusive licences, irrespective of type or use of data and/or information, the development of important secondary information markets could be negatively hampered. In the long run, over-regulating access to space data may prove counter-productive in the information age. Using examples of different modes of information d…
Il ruolo delle Tecnologie Informatiche e di Comunicazione e della logistica distributiva sulla competitività del comparto ortofrutticolo siciliano
2012
In recent years, the market globalization process has deeply changed the international competitive background, leading, inevitably, to a revision of the strategies and the organization structures of the companies. It is now widely accepted that Information and Communication Technology (ICT) and supply chain logistics management, have an important role in the increasing of the competitive potential of each company and in the development of entire economic sectors. The importance of these factors in the business strategies of the firms, has generated an increasing attention by the research world to the study of the economic and social impact, both about the spread of modern information and co…
The Taxation of Financial Capital Under Asymmetric Information and the Tax-Competition Paradox
2003
Information sharing between governments is examined in an optimal-taxation framework. We introduce a taxonomy of alternative systems of international capital-income taxation and characterize the choice of tax rates and information exchange. The model reproduces the conclusion found in earlier literature that integration of international caopital markets may lead to the under-provision of publicly provided goods. However, in contrast to previous results in the literature, under-provision occurs due to inefficiently coordinated expectations. We show that there exists a second equilibrium with an efficient level of public-good provision as well as complete and voluntary information exchange be…
The signaling effects of central bank tone
2021
Abstract Does policymakers’ choice of words matter? We assess empirically whether the tone of FOMC statements contains useful information for financial market participants and explore the nature of the information conveyed. We quantify central bank tone using computational linguistics. We find that the tone of FOMC statements explains monetary surprises beyond FOMC information released on policy announcement days such as policymakers’ forecasts and votes. We also find that the FOMC tone matters more around monetary cycle turning points. We show that the tone of policy statements also helps predict future policy decisions. Our findings suggest that the central bank tone may be one of the veh…
Determinantes del comportamiento de queja y su importancia en la segmentación de clientes insatisfechos
2008
ResumenEsta investigación de carácter exploratorio aborda el proceso de formación del comportamiento de queja utilizando el proceso de segmentación de clientes. Consideramos que dicho comportamiento agrupa dos tipos de respuestas a la insatisfacción: las respuestas de queja y las respuestas privadas. Nuestro objetivo es conocer la capacidad que tiene la intensidad de la insatisfacción y otras variables relevantes de la literatura en la discriminación de segmentos de consumidores, con el propósito de estudiar sus comportamientos y características. La metodología de análisis CHAID ha permitido segmentar la muestra en diferentes grupos identificando los principales antecedentes de ambos tipos …
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…
Female Institutional Directors on Boards and Firm Value
2016
The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm.…
Lobbying on Accounting Standards: Evidence from IFRS 2 on Share-Based Payments
2012
Lobbying is an essential part of the International Accounting Standards Board (IASB) standard-setting process. There is still much to learn, however, about key aspects of the roles played and arguments employed by various constituents when lobbying practices do occur. This paper focuses on the regulation of share-based payments. As these transactions were under-regulated before International Financial Reporting Standard (IFRS) 2, we expect that the strong debate that occurred during the 1990s resulted in conflicting opinions when this standard was under discussion. To analyse lobbying behaviour and assess its influence on the IASB's decision-making, we conducted a content analysis of 539 le…