Search results for "Exchange"
showing 10 items of 2035 documents
Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange
2019
Abstract The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.
How to measure bank credit risk disclosure? Testing a new methodological approach based on the content analysis framework
2020
AbstractRisk disclosure is a crucial factor in enhancing the efficiency of financial markets and promoting financial stability. This paper proposes a methodological tool to analyze credit risk disclosure in bank financial reports, based on the content analysis framework. The authors also uses this methodology to carry out an empirical study on a small sample of large Italian banks. The paper provides preliminary empirical evidence that banks differ in their credit risk disclosure, even though they are subject to homogeneous regulatory and accounting requirements. Furthermore, by carrying out a correlation-based network analysis, the paper provides preliminary evidence on the existence of a …
Stock market and exchange rate information in the Taylor rule : Evidence from OECD countries
2017
We analyze the effects of stock market and exchange rate information in a forward-looking Taylor rule for monthly data from 14 OECD countries during the years 1999–2016. Especially the stock market information in the form of dividend but also the currency market information in the form of real exchange rate are revealed to be relevant in Taylor rule for many of the countries examined by helping to strengthen the role of inflation and real economic activity deviations in the policy rule. In many cases the rule also seems to be opportunistic, i.e., the inflation target has been time-varying. peerReviewed
Rolling over stock index futures contracts
2009
Derivative contracts have a finite life limited by their maturity. The construction of continuous series, however, is crucial for academic and trading purposes. In this study, we analyze the relevance of the choice of the rollover date, defined as the point in time when we switch from the front contract series to the next one. We have used five different methodologies in order to construct five different return series of stock index futures contracts. The results show that, regardless of the criterion applied, there are not significant differences between the resultant series. Therefore, the least complex method can be used in order to reach the same conclusions. © 2009 Wiley Periodicals, I…
Pre-holiday effect, large trades and small investor behaviour
2004
The purpose of this paper is to investigate the existence of a pre-holiday effect in the most important stocks of the Spanish Stock Exchange which are also traded in both the New York Stock Exchange and the Frankfurt Stock Exchange. Our results show high abnormal returns on the trading day prior to holidays. Several tests prove that the Spanish holiday effect is not due to market calendars in the USA or Germany. Also, we prove that the pre-holiday effect is not a manifestation of other calendar anomalies. The study of different liquidity measures suggests that the pre-holiday effect could be due to the reluctance of small investors to buy on pre-holidays, which produces an increase in the a…
Analyzing Social Entrepreneurship from an Institutional Perspective: Evidence from Spain
2010
In recent years, social entrepreneurship (SE) has been regarded as an important source of social, economic and environmental wealth, and many scholars are focusing their inquiries on this emerging area. Little is known, however, concerning the environmental factors that affect this entrepreneurial phenomenon. In this research, we analyze how these factors affect both the emergence and implementation of SE in the highly entrepreneurial Spanish region of Catalonia, using institutional economics as the main conceptual framework. We also apply an inductive theory, building an empirical approach to conducting a multiple-case study in order to develop theoretical propositions that enhance our und…
La presión fiscal en las cooperativas: una valoración por tamaños, comunidades y sectores para el periodo 2008-2011
2015
Las cooperativas son sociedades con unas características especiales tanto en su regulación como en su tributación, tradicionalmente más ventajosa, a las que se les atribuye importantes funciones sociales. En este trabajo realizamos un cálculo del impuesto sobre sociedades pagado con objeto de medir la presión fiscal de las empresas cooperativas y de esta forma valorar si se producen diferencias estadísticamente significativas entre los diferentes tipos de estas empresas, según tamaños, sectores y comunidades autónomas. Para ello partimos de la información adicional de tipo fiscal que ofrecen los balances anuales a partir del año 2008, como consecuencia de la adaptación de la legislación mer…
Protest beliefs in contingent valuation: Explaining their motivation
2006
Abstract The definition and treatment of protest responses in contingent valuation (CV) can have a significant influence on the estimated values of the good in question if these responses are censored. In order to understand how protest responses are motivated, in a CV about forest biodiversity in Germany we used an item battery to identify respondents' protest beliefs. The items were measured for all respondents, irrespective of their willingness to pay (WTP) in principle. Then, a scale based on these beliefs is taken as a dependent variable of regression analyses. In addition to environmental concern we used norms, the warm glow of giving and dilemma concern as further explanatory variabl…
Networked relationships in the e-MID Interbank market: A trading model with memory
2014
Interbank markets are fundamental for bank liquidity management. In this paper, we introduce a model of interbank trading with memory. Our model reproduces features of preferential trading patterns in the e-MID market recently empirically observed through the method of statistically validated networks. The memory mechanism is used to introduce a proxy of trust in the model. The key idea is that a lender, having lent many times to a borrower in the past, is more likely to lend to that borrower again in the future than to other borrowers, with which the lender has never (or has in- frequently) interacted. The core of the model depends on only one parameter representing the initial attractiven…
Why is equity order flow so persistent?
2015
Abstract Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by bro…