Search results for "Econometric"

Vocational bachelor graduates in France: labour market integration and social mobility

2014

Purpose – In France, the vocationalization of higher education has resulted in an increase in the number of graduates and created new opportunities. The access of these vocational bachelor graduates to the labour market raises the issue of their professional prospects amid changing economic and social circumstances. The paper aims to discuss these issues. Design/methodology/approach – To provide insights into these issues, the employment situation of bachelor graduates during the first years of active working life will be compared with other tertiary graduates entering the labour market in the same years, using econometric models that estimate the effects of vocational courses “all other t…

Trading activity and price impact in parallel markets: SETS vs. off-book market at the London Stock Exchange

2011

We empirically study the trading activity in the electronic on-book segment and in the dealership off-book segment of the London Stock Exchange, investigating separately the trading of active market members and of other market participants which are non-members. We find that (i) the volume distribution of off-book transactions has a significantly fatter tail than the one of on-book transactions, (ii) groups of members and non-members can be classified in categories according to their trading profile (iii) there is a strong anticorrelation between the daily inventory variation of a market member due to the on-book market transactions and inventory variation due to the off-book market transac…

Implicit Public Debt Thresholds: An Empirical Exercise for the Case of Spain

2017

We extend previous work that combines the Value at Risk approach with estimation of the correlation pattern of the macroeconomic determinants of public debt dynamics by means of Vector Auto Regressions (VARs). These estimated models are used to compute the probability that the public debt ratio exceeds a given threshold, by means of Monte Carlo simulations. We apply this methodology to Spanish data and compute time-series probabilities to analyse the possible correlation with market risk assessment, measured by the spread over the German bond. Taking into account the high correlation between the probability of crossing a pre-specified debt threshold and the spread, we go a step further and …

Market valuation and acquiring firm performance in the short and long term: Out-of-sample evidence from Spain

2019

We investigate bidder’s short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in high valuation periods, meanwhile the underreaction of listed target bidders at the moment of the announcement in low valuation markets is the result of return continuations. In addition, we find that the market reaction do not depend on recent merger history. Therefore, we provide evidence that bidder reaction to acquisitions is not consistent with the predictions of market sentiment (optimism) after c…

High-Frequency Data

2010

We introduce some of the most common types of high-frequency financial data: tick-by-tick data, trade and quote data, order book data, and market member data. We describe the types of variables that are usually available in the most popular high-frequency financial databases. We discuss the issues related to the handling of these data, including cleaning protocols, timing issues, and issues related to data size. We then briefly consider the issues related to the stylized facts detected in the empirical analysis of high-frequency data. Specifically, we consider (i) the irregular temporal spacing of the events at high frequency and its relevance for the econometric modeling of financial varia…

Erratum to: “Development of capabilities from the Innovation of the perspective of poverty and disability” <[Journal of Innovation and Knowledge 2…

2017

A bootstrap approach to analyse productivity growth in European banking

2010

This paper analyses productivity growth for European banks over the 1995–2001 period. In contrast to previous literature, our study covers the majority of current European Union (EU) countries—all except Greece and those joining the EU in 2004. We also use resampling methods so as to gain statistical precision, which turns out to be especially important due to the limitations of the database. In order to be consistent, we use additional nonparametric methods to disentangle why productivity differentials might exist. Results show that productivity growth has occurred in most countries, mainly due to improvements in production possibilities. The bootstrap analysis yields further evidence give…

Cherish your loved ones – the role of the feeling of care and security in advertising

2014

Advertising practice makes use of emotional cues and addresses consumers' rising desire for social connection. Research has investigated emotions within advertising, but mainly focused on negative or positive emotions. Traditional academic approaches to the analysis of persuasion according to the elaboration likelihood model (ELM) tend to emphasize central processing and thus rational advertising cues. Moreover, the role of motivation within the ELM is underspecified. We introduce the Zurich Model of Social Motivation to the regulation of social distance and investigate the specific feeling of care and security. This feeling may serve as motivational component and emerge as persuasion instr…

ANÁLISIS DEL COMPORTAMIENTO DE QUEJA DEL CONSUMIDOR: UNA INVESTIGACIÓN EXPLORATORIA EN EL CONTEXTO DE LOS RESTAURANTES /

2008

RESUMENEl objetivo de este trabajo es analizar la contribución que tiene una serie de determinantes en el comportamiento de queja con el fin de identificar la combinación que mejor explica las respuestas de queja, a terceras partes y privadas. Utilizando el contexto de los restaurantes y la metodología basada en modelos de regresión múltiple (método secuencial de estimación paso a paso), los resultados más relevantes indican que la probabilidad de éxito de la queja es la variable que mayor influencia tiene sobre las respuestas de queja, mientras que es el nivel de insatisfacción en el caso de las respuestas privadas.ABSTRACTThe aim of this paper is to analyze the contribution that a set of …

Environmental value chain management of laundry detergents in the use phase

2008

Environmental value chain management is concerned with the environmental aspects of products and services along the whole value chain, from raw material and energy acquisition to waste management. The use phase in the value chain remains an understudied subject, despite considerable consumption-related environmental impacts. The purpose of this paper is to analyse the use phase of laundry detergents in households. Our empirical data consist of interviews in the laundry rooms of 299 Finnish households. Consumers’ environmental awareness, use of dosage measuring devices and actual doses of laundry detergents are studied in the empirical part of the study. The results show that consumers do no…