Search results for "Econometric"
showing 10 items of 3780 documents
Excessive vs. insufficient entry in spatial models: When product design and market size matter
2020
Abstract Under spatial product differentiation and product design, we identify conditions for either excessive or insufficient firm entry. We extend previous settings, based on the Salop circular model, to analyze the combined role of positive demand elasticity and endogenous targeted product design. First, we show that, given the number of firms, the equilibrium level of targeted design is either excessive or insufficient, depending on demand elasticity. Second, with free entry, we show that the degree of targeted product design increases with the relative market size and decreases with demand elasticity. Based on these effects, the interplay between demand elasticity and market size yield…
Master curve for price-impact function
2003
The price reaction to a single transaction depends on transaction volume, the identity of the stock, and possibly many other factors. Here we show that, by taking into account the differences in liquidity for stocks of different size classes of market capitalization, we can rescale both the average price shift and the transaction volume to obtain a uniform price-impact curve for all size classes of firm for four different years (1995–98). This single-curve collapse of the price-impact function suggests that fluctuations from the supply-and-demand equilibrium for many financial assets, differing in economic sectors of activity and market capitalization, are governed by the same statistical r…
(In)Efficiencies in Latin American ETFs
2017
Este estudio evalúa empíricamente la eficiencia en la valoración de varios ETFs latinoamericanos, expresada en desviaciones de sus precios de mercado frente a los valores liquidativos subyacentes. Se cuantifican tales ineficiencias y se implementa una estrategia de negociación verificada por regresiones basadas en el CAPM y el Modelo Fama-French. Los resultados discrepan con la Hipótesis de los Mercados Eficientes y son mejor explicados por aspectos de las finanzas comportamentales. Finalmente, se examina cómo las desviaciones influyen sobre la decisión de creación o redención de ETFs, mediante un análisis de regresión logística. Los resultados evidencian que los participantes autorizados r…
A gender study of principal investigator lead public R&D centres and funding
2021
To survive and grow public Research and Development (R&D) centres need to raise competitive funds (Bazeley 1998; Lee and Om 1996; Muñoz 2007; Santamaría, Brage-Gil and Modrego 2010). The factors that can influence the capacity of national R&D teams within R&D centres to apply for and obtain competitive funding does not seem to have been studied in depth. The purpose of study is to firstly, to examine whether a consistent set of priorities defined by R&D centre lead principal investigators secures more competitive funding. Secondly, to examine whether the PI gender moderates the effect of the PI’s priorities on the amount of competitive public funds that the R&D team of the PI obtains. Our s…
Metabolic flux understanding of Pichia pastoris grown on heterogenous culture media
2014
[EN] Within the emergent field of Systems Biology, mathematical models obtained from physical chemical laws (the so-called first principles-based models) of microbial systems are employed to discern the principles that govern cellular behaviour and achieve a predictive understanding of cellular functions. The reliance on this biochemical knowledge has the drawback that some of the assumptions (specific kinetics of the reaction system, unknown dynamics and values of the model parameters) may not be valid for all the metabolic possible states of the network. In this uncertainty context, the combined use of fundamental knowledge and data measured in the fermentation that describe the behaviour…
Incentives, criminal defence lawyers and plea bargaining
2008
Plea bargaining has become a central feature of criminal procedure in Anglo-Saxon jurisdictions. This paper explores an area seldom discussed in the economic literature on plea bargaining: the influence of the defence lawyer's fee contract on the terms of the bargain. In particular, it uses data from one jurisdiction of the impact on case trajectories of changes in publicly funded defence lawyers’ contracts to test the proposition that the nature of the lawyer's contract influences how cases are managed. An event study methodology on a pooled time-series cross-section data set of case trajectories before and after the change in the nature of the contract is used to examine whether the new p…
An Importance-Performance Matrix Analysis of the Factors Influencing US Tourists to Use Airbnb
2019
After 10 years of Airbnb and its significant growth, this research is conducted to identify which factors really matter to Airbnb users today. It provides an integrated approach, since it aggregates factors that other studies have considered separately. With a sample of 101 US respondents, the partial least squares structural equation modelling results evidence that the only factors that influence future intentions to use Airbnb are its unique and varied accommodations and satisfaction. Enjoyment was also found to have a positive effect on Satisfaction. The study further investigates these factors with an Importance Performance map, providing guidance for the prioritization of managerial ac…
The euro–dollar exchange rate and equity flows
2009
Abstract I examine equity flows between the US and the euro area and their impact on the euro–dollar exchange rate. I explain equity flows by examining the behavior of an international investor who maintains a minimum variance portfolio. An excess of euro area equity returns over US equity returns generates a flow of equity from the euro area to the US. The equity flow, the purchase of US equities by the euro-area residents, causes appreciation (depreciation) of the dollar (euro), while the purchase of euro area equities by US residents causes appreciation (depreciation) of the euro (dollar).
Econometric model to estimate the Probability of Default and Loss Given Default in the EBA stress test in 2016
2019
In this research, an econometric with panel data using Ordinary least squares OLS model is constructed following the guidelines recommended by the EBA stress test methodology for 2016. The findings indicate that macroeconomic factors affecting defaults are the expected ones in the Spanish credit institutions. However, loan impairments do not follow the patterns that a priori would be normal. Divergent is outcomes in defaults and impairments: the Non-Performing Loans (NPL) is pro-cyclical and impairment losses are counter-cyclical.
The role of linkages in firm performance: evidence from southern Italy
2000
Abstract This paper estimates the probability of success of post-entry performance of new firms, using survey data from a group of southern-Italian small firms. Several factors involving inter-firm linkages contribute to success, especially production for order and subcontracting. The empirical investigation supports Hirschman’s idea on the industrialization process and positive assessments of the downsizing phenomenon in Italy.