Search results for "Econometrics"
showing 10 items of 3730 documents
Strategic Accounting Choice Around Firm-Level Labor Negotiations
2014
Prior literature argues that managers make opportunistic income-decreasing accounting choices to limit the concessions made to trade unions. However, empirical research to date presents mixed evidence, potentially due to a common theoretical approach that views labor bargaining as a one-shot game in nature. Using a sample of U.S. firms that engage in firm-level labor collective agreement negotiations, we study whether managers act strategically to reduce the transfer of wealth to employees, and its consequences over investment efficiency. We expect that the repeated nature of this negotiation leads to cooperation among the parties and limits the incentives for earnings manipulation, partic…
Are people willing to pay for eco-labeled wild seafood? An overview
2017
In the last two decades, eco-labeled seafood has been becoming an instrument of sustainability directed towards consumers, addressing a market-based incentive for better management of fisheries. In this context, several studies across the countries have been conducted about how much consumers are willing to pay for fish caught by certifiably sustainable fishing activities. In this direction, the aim of this study was to systematize the available information about the willingness-topay (WTP) more for eco-labeled wild seafood. Therefore, only papers published on ISI journals were searched on “Web of Knowledge” and “SciVerse Scopus” platforms, using the combinations of the following key words:…
La movilización ciudadana para la conservación de la naturaleza: democracia, autonomía y áreas protegidas
2023
El presente artículo profundiza en el papel que tuvieron los movimientos sociales en la configuración de la política conservacionista de las décadas de los 70, 80 y 90 en los territorios de Catalunya, Comunitat Valenciana y Andalucía. A través de una investigación cualitativa basada en entrevistas en profundidad y en el análisis documental, abordamos desde una perspectiva comparada cómo la movilización ciudadana y el asociacionismo científico y académico influyeron en la declaración de los primeros parques naturales a través del apoyo o el rechazo a las iniciativas de conservación.
Long-term ecology of investors in a financial market
2018
AbstractThe cornerstone of modern finance is the efficient market hypothesis. Under this hypothesis all information available about a financial asset is immediately incorporated into its price dynamics by fully rational investors. In contrast to this hypothesis many studies have pointed out behavioral biases in investors. Recently it has become possible to access databases that track the trading decisions of investors. Studies of such databases have shown that investors acting in a financial market are highly heterogeneous among them, and that heterogeneity is a common characteristic of many financial markets. The article describes an empirical study of the daily trading decisions of all Fi…
The fall and the fragmentation of national clusters: Cluster evolution in the paper and pulp industry
2012
Abstract A common expectation in evolutionary cluster studies is that national clusters engage in competitive interactions that lead to a continuous stream of changes in global dominance. Our fuzzy-set analysis on the evolution of the paper and pulp industry demonstrates that globalization has dramatically changed this situation. National clusters have largely faded away; the value chain dominance is now held by technology suppliers who are global hubs in majority of identifiable business activities in the focal industry. Our results imply that when industrial decline is accentuated by industrial concentration in some part of the value chain the national clusters may lose their importance.
Consumers' perceptions of sustainably produced food: a focus group study
2009
The purpose of this study is to provide information on consumers' perceptions of sustainably produced food products and the main product attributes that influence consumers' buying behaviour in the case of organic, Fair Trade and locally produced food. The paper draws on data from four focus groups. The results provide empirical insight into the motivating as well as the restricting factors that influence consumers' purchasing behaviour in the case of sustainably produced food and introduce the emerging key themes associated with the attributes of sustainably produced food products.
New Evidence of the Real Interest Rate Parity for OECD Countries Using Panel Unit Root Tests with Breaks
2006
This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfillment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.
Importance of balance sheet composition in stress test estimates
2019
The stress tests are based on macroeconomic variables for the estimations of the results. However, there are other factors that may influence them. This paper studies the influence of the balance sheet structure in the NPL and the loss caused by the NPL using econometric models. The objective is to research how they affect the aggregates in the balance sheet to the delay in payment and the the provision for impairment, distinguishing these effects according to the economic cycle, so that can be applied to the stress test. The results show that the Balance sheet structure is important in delinquency and losses caused by it, especially in respect of stockholders’ funds, ECB resources and …
Gestión eficiente de carteras: Modelo de Markowitz y el Ibex-35
2019
El objetivo de este trabajo es construir con el máximo detalle posible una frontera eficiente de acuerdo al modelo de Harry Markowitz, conocer con profundidad el modelo y comparar sus resultados con diversos índices bursátiles para analizar el efecto que tiene una diversificación eficiente sobre el rendimiento y el riesgo de una cartera. Para ello nos basaremos en datos históricos del IBEX-35 a los que aplicaremos el modelo con ayuda de distintos programas informáticos de optimización. Veremos cómo realmente sí que es posible crear carteras con menor volatilidad que los títulos que forman el mercado, como es posible que títulos con rendimientos esperados negativos formen parte de carteras e…
Factor Momentum, Investor Sentiment, and Option-Implied Volatility-Scaling
2020
Factor momentum produces robust average returns that exhibit a similar economic magnitude as documented for stock price momentum. To the extent that the PEAD factor captures mispricing, winner factors profit from being long on underpriced stocks and short on overpriced stocks. Oppositely, loser factors’ negative exposure to the PEAD factor suggests that loser factors capture mispricing by being long on overpriced stocks and short on underpriced stocks. Option-implied volatility scaling increases both the economic magnitude and statistical significance of factor momentum. Factor momentum is not exposed to the same crashes as stock price momentum and could therefore serve as a hedge for stock…