Search results for "Finance"
showing 10 items of 4676 documents
Money, "finance" and interest
1993
The purpose of this paper is to show that there is no such thing as a pure money interest in the usual meaning of the phrase, that is, interest bearing on pure bank money. Basically, money cannot bear interest because it is not a net asset. This does not however imply that banks cannot charge interest on liquidities they have created. The concept of "finance" brings to light the process through which a liquid capital owned by the banks is formed in the economy. It then becomes clearer that what is commonly called "money interest" paid to banks is in fact a macroeconomic cost of production and therefore a net asset for the whole of the economy, including the banks.
Liquidation of the Bankruptcy Estate in Poland
2020
The purpose of this study is to present the general principles and general issues of liquidation of the bankruptcy estate under Polish law. It should be stressed that liquidation of the bankruptcy estate is intended to satisfy the creditors of the insolvent debtor. Therefore, the manner of liquidation of the bankruptcy estate has an obvious impact on the final bankruptcy dividend for the creditors. The rules governing the liquidation of the bankrupt’s assets are of the key-importance for the theory of law and the practice. The article defines the directional principles of liquidation of the bankruptcy estate, procedure of liquidation of the bankruptcy estate. The subject of this paper there…
L’effectivité du discours du banquier central sur la conjoncture
2015
International audience; Ce chapitre s’interroge sur les raisons de la montée en puissance de la politique de communication des banques centrales, notamment celle de la BCE. Nous commençons par présenter les arguments mis en avant par la théorie économique standard, qui justifie à la fois l’indépendance des Banques Centrales (à l’égard du pouvoir politique) et le « gouvernement des anticipations » des agents économiques. Les thèmes de la transparence, de la crédibilité et de l’indépendance ont été associés au cours des années 1980, aboutissant à la nécessité de mettre en place des banquiers centraux « conservateurs », c’est-à-dire hostiles à l’inflation. Cette littérature a influencé les pra…
Profils institutionnels : une base de données sur les caractéristiques institutionnelles de pays en développement, en transition et développés
2004
National audience
CORPORATE GOVERNANCE AND BEHAVIORAL FINANCE: FROM MANAGERIAL BIASES TO IRRATIONAL INVESTORS
2014
Corporate governance is concerned about the ways in which investors assure themselves of getting a return on their investment, on one hand, and is focus on motivating managers to increase the company profit, on the other hand (the agency theory). Corporate governance emerges from the interaction between managers and investors. Managers are often more likely to invest the extra cash-flow or profit than to return it to shareholders. But, both managers and investors are lees then fully rational. Sometimes their behavior is based on cognitive psychology. In this context, we are dealing with two problems: managerial biases and irrational investors. Managerial biases focus on the illusion of opti…
Behavioral aspects of the European carbon market
2016
TEMA: El tema de esta tesis doctoral está basado en el campo de las finanzas del comportamiento en donde se proponen teorías basados en la psicología para explicar las anomalías del mercado de valores. Dentro de las finanzas del comportamiento, se supone que la estructura de la información y las características de los participantes del mercado influyen sistemáticamente en las decisiones de inversión de los individuos, así como en los resultados del mercado. Así pues, durante todo el estudio se analizaran ciertos comportamientos psicológicos que podrían afectar al comportamiento del mercado del carbono europeo y que de demostrarse su presencia alteraría la racionalidad de dicho mercado finan…
Sijoittajien sentimentti ja osakemarkkinat
2005
Understanding the Role of Sensorimotor Beta Oscillations
2021
Beta oscillations have been predominantly observed in sensorimotor cortices and basal\ud ganglia structures and they are thought to be involved in somatosensory processing\ud and motor control. Although beta activity is a distinct feature of healthy and pathological\ud sensorimotor processing, the role of this rhythm is still under debate. Here we review\ud recent findings about the role of beta oscillations during experimental manipulations (i.e.,\ud drugs and brain stimulation) and their alteration in aging and pathology. We show how\ud beta changes when learning new motor skills and its potential to integrate sensory input\ud with prior contextual knowledge. We conclude by discussing a n…
The Speed of Exchange Rate Pass-Through
2019
Abstract On January 15, 2015, the Swiss National Bank discontinued its minimum exchange rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp, unanticipated, and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the pass-through of this unusually clean exchange rate shock into import unit values at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euros, the pass-through is immediate and complete. Second, for goods invoiced in Swiss francs, the pass-through is partial and exceptionally fast: beginning on the second working day after the exchange rate …