Search results for "Ex-ante"
showing 10 items of 26 documents
On the Determinants of the Going Public Decision in Spain
2008
Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firm's need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firm's economic and financial structure. Our results are con…
Public Spending and Trade Liberalization: The Compensation Hypothesis Revisited
2013
Despite a widespread fascination with the so called compensation hypothesis – i.e. the proposition that governments have to provide insurance against the risks of open markets to make integration into the international economy politically feasible – there appears to exist a complete lack of research where a rather straightforward implication of this theoretical mechanism is concerned, namely that liberalization of the trade regime should become more likely with a larger public sector and more social spending already in place. In this paper, we test this hypothesis that can be regard as a complement to existing research on the compensation hypothesis. We draw on a theoretical model that link…
Cooperation among competitors: A comparison of cost-sharing mechanisms
2016
Abstract In this paper, we investigate the consequences of using outcome-based versus ex ante-based cost-sharing mechanisms in terms of competing firms' profitability and total welfare. We consider two firms making a joint expenditure, which can positively affect firms' demand and/or unit operating costs, while competing in the final market by setting either price or quantity. We compare two outcome-based cost-sharing mechanisms, i.e., Quantity Proportional (QP) and Total Margin proportional (TM), with the more competitive Fixed Share (FS) mechanism where cost-sharing is set up on an ex ante basis. We show that outcome-based mechanisms, and even a fully collusive behavior induced by the opt…
Does Firm Size Affect Self-selection and Learning-by-Exporting?
2010
The trade literature has long discussed the existence of some benefits attributed to exporting, among others, the improvement of firm productivity. This paper examines whether firm size plays a role in this supposedly favourable relationship between exporting and total factor productivity (TFP). To examine this, we investigate, separately for large and small firms, whether firms starting to export perform better ex ante (self-selection) than non-exporting firms and, conditional on this fact, if they are also more productive ex post (learning-by-exporting). With this purpose, we use both stochastic dominance and matching techniques. The dataset is a representative sample of Spanish manufactu…
Evaluating Socio-economic Impact of Age-Friendly Environments
2018
According to the World Health Organization (WHO) (2007), physical and social environments are key determinants of whether people can remain healthy, independent and autonomous. Health and well-being are not only determined by our personal characteristics but also by the envi-ronment where we were born and where we live throughout our life (WHO 2015). In fact, promoting age-friendly environments (AFE) is the most effective approach for responding to demographic change because they empower elderly people to age in better health, they pro-mote their social inclusion and active participation, and they help them to live autonomously into old age (Parent 2012). AFE foster health, well-being and t…
The paradox of (Inter)net neutrality: An experiment on ex-ante antitrust regulation✰
2022
Abstract Net neutrality has been the most relevant and heavily debated Internet regulation policy of the last decade. Net neutrality aims to prohibit discrimination between data packages in terms of content, origin, destination, or type of equipment used. However, the Big Tech companies, sheltered by the net neutrality policy, have flourished. They now have the power to exclude minor companies, and therefore their contents, from the Internet market in de facto defiance of the net neutrality principle. Academic results regarding this net neutrality paradox are still ambiguous. To represent the current Internet market distortions and analyze a potential tool to adjust and strengthen the net n…
Quantifying Structural Subsidy Values for Systemically Important Financial Institutions
2013
Abstract Claimants to Systemically Important Financial Institutions (SIFIs) would receive transfers when governments are forced into bailouts. Ex ante, this bailout expectation lowers SIFIs’ daily funding costs. The funding cost advantage reflects both the structural level of the government support and the time-varying market valuation for such a support. Based on a large worldwide sample of banks, we estimate the value of the structural subsidy, by exploiting expectations of state support embedded in credit ratings and by applying the long-run average value of the rating bonus. The value of the structural subsidy was already sizable, 60 basis points (bp), as of the end-2007, before the cri…
Monitoring and Market Power in Loan Markets
2000
Whether or not banks are engaged in ex ante monitoring of customers may have important consequences for the whole economy. We approach this question via a model in which banks can invest in either information acquisition or market power (product differentiation). The two alternatives generate different predictions, which are tested using panel data on Finnish local banks. We find evidence that banks’ investments in branch networks and human capital (personnel) contribute to information acquisition but not to market power. We also find that managing customers’ money transactions enhances banks ability to control their lending risks.
Herramientas para la generación y evaluación ex-ante de modelos de negocio
2015
El trabajo de investigación recogido en esta Tesis construye sobre dos líneas de investigación que han recibido un notable impulso en los últimos años. Se trata de dos líneas enmarcadas en el extenso ámbito de la innovación empresarial, con especial aplicación al mundo de la iniciativa emprendedora. Se trata de: • la creación de oportunidades y mercados, como concepto que amplía el tradicional descubrimiento de oportunidades, y lo sustituye como origen de la iniciativa emprendedora (Alvarez and Barney, 2007; Dew et al., 2011), y • la innovación en modelos de negocio, como herramienta competitiva que amplía los espacios tradicionales de aplicación de la innovación al ámbito de la concepción …
EX-ANTE AND EX-POST MEASUREMENT OF EQUALITY OF OPPORTUNITY IN HEALTH: A NORMATIVE DECOMPOSITION
2013
This paper proposes and discusses two different approaches to the definition of inequality in health: the ex-ante and the ex-post approach. It proposes strategies for measuring inequality of opportunity in health based on the path-independent Atkinson equality index. The proposed methodology is illustrated using data from the British Household Panel Survey; the results suggest that in the period 2000–2005, at least one-third of the observed health equalities in the UK were equalities of opportunity. Copyright © 2013 John Wiley & Sons, Ltd.