Search results for "Economics."
showing 10 items of 14210 documents
Great Britain and Differentiated Integration in Europe
2018
The United Kingdom has always been a special case in the European integration project. The British exceptionalism manifested in various forms and ways over the history. June 23rd 2016 delivered another culmination point in the story of the stubborn European’s relations with its continental partners. The so-called Brexit referendum, which brought about victory for the supporters of the UK leaving the European Union, marks an important milestone in these relations. It has never been an easy marriage and many times threatened by the divorce. Instead of becoming ever closer, the European Union becomes ever loser and the UK is ever closer to leaving. Brexit is not only vital for the British, it …
The Impact of Lbos on Investment Policies and Operations of Acquired French Firms
2002
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
La construction de la théorie financière moderne : de la finance néoclassique à la finance néoinstitutionnelle et comportementale. Une introduction a…
2017
2e édition; National audience
A Theoretical Framework for the Analysis of the Relationship Between Family Firms and Competitiveness
2020
This chapter develops an additive model of the microeconomic sources of family firm (FF) competitiveness. Its main contribution is the proposal of a new explanatory framework with a perspective incorporating both ex post competitiveness and its determinants in a chain of multi-level causality. Based on fully-specified theory, the framework is designed to explain the complementarity of the effects of the firm's country, industry, district, strategy, and distinctive competences, focusing where appropriate on the case of the FF. The theoretical model also sheds light on the forces that influence the accumulation of sustainable competitive advantages. To that end, this chapter incorporates a pa…
La solvencia de las entidades de crédito españolas. Un análisis con datos de panel
2016
Resumen Este trabajo estudia los determinantes que han influido en la solvencia de las entidades de credito espanolas. Se contrastan 8 hipotesis con datos obtenidos de las cuentas anuales de las entidades de credito que cubren desde el ano 2004 al 2011. Se utilizan 2 metodologias para el contraste de las hipotesis. Para las 6 primeras se utilizan modelos econometricos de datos de panel no balanceados. Entre los resultados se constata que la dependencia de los mercados mayoristas, la situacion socioeconomica que ha llevado al incremento de la morosidad y de los deterioros, contribuyen de forma negativa en la solvencia. La cartera de activos, las inversiones inmobiliarias, el apalancamiento, …
Vers une gouvernance d'entreprise effectuale ?
2017
L’effectuation, une forme de rationalite des acteurs mise en avant par Saras Sarasvathy et Herbert Simon, trouve de plus en plus d’applications, notamment dans le domaine de l’entrepreneuriat. Cette rationalite s’applique particulierement lors de la creation d’opportunites d’investissement. L’objectif de cet article est de s’interroger sur les mecanismes favorisant les prises de decision suivant une rationalite effectuale permettant ainsi d’elaborer les fondements d’une gouvernance d’entreprise « effectuale ». Les limites des theories de la gouvernance d’entreprise actuelles sont d’abord mises en avant de facon a montrer ensuite comment integrer l’effectuation. Les specificites d’une gouver…
Credit Risk Research: Review and Agenda
2018
This article provides a comprehensive review of scholarly research on credit risk measurement during the last 57 years applying bibliometric citation analysis and elaborates an agenda for future research. The bibliography is compiled using the Institute for Scientific Information (ISI) Web of Science (WOS) database and includes all articles with citations over the period 1960–2016. Specifically, the review is carried out using 1695 articles across 72 countries published in 442 journals by 2928 authors. The findings suggest that credit risk research is multifaceted and can be classified into six streams: (1) defaultable security pricing, (2) default intensity modeling, (3) comparative analys…
Evaluating the Interrelationship between Actions of Latvian Commercial Banks and Latvian Economic Growth
2017
Abstract This paper aims to evaluate the existence of the interrelationship between Latvian commercial banks’ operations on the economy, based on economic theory and the analysis of banks’ retained earnings, credit growth and economic growth trends. The existence of this interrelationship was tested using Granger causality and Johansen co integration tests. The analysis was based on quarterly data from 2001 to 2015. The study reviewed several indicators for banking developments to establish their relevance for GDP growth: credit to non-banks, non-bank deposits and bank retained earnings. This paper finds that the empirical link between bank retained earnings and GDP growth is more robust th…
Automated Valuation Methods in Atypical Real Estate Markets Using the Mono-parametric Approach
2017
The appraisal objectivity depends on the possibility to quickly and easily access to reliable real estate data in order to apply appropriate appraisal approaches. In order to ensure the objectivity of the real estate appraisals, in recent years Automated Valuation Methods (AVM) have been developed, integrating computerized real estate databases and programming languages. The Automated Valuation Methods proposed at international level usually recur to regression models, aimed to return appraisal equations based on reliable real estate databases. This approach is not applicable in some markets where lack of data does not allow the implementation of regression models. This paper proposes to im…
Modeling Conditional Skewness in Stock Returns
2007
Abstract In this paper, we propose a new GARCH-in-Mean (GARCH-M) model allowing for conditional skewness. The model is based on the so-called z distribution capable of modeling skewness and kurtosis of the size typically encountered in stock return series. The need to allow for skewness can also be readily tested. The model is consistent with the volatility feedback effect in that conditional skewness is dependent on conditional variance. Compared to previously presented GARCH models allowing for conditional skewness, the model is analytically tractable, parsimonious and facilitates straightforward interpretation.Our empirical results indicate the presence of conditional skewness in the mon…