Search results for "Finance"
showing 10 items of 4676 documents
Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe
2017
Our chapter investigates the economic exposure to currency risk of stock markets from nine countries in South-Eastern Europe using bilateral exchange rates of the domestic currencies against their main trading partners’ currencies between 1999 and 2015. The relevance and magnitude of exposures are investigated through changes in exchange rates in linear and non-linear specifications. Our results indicate that these economies show contemporaneous exposure to currency risk, but they are different in size and sign from one country to another and from one currency to another, a result that can be explained by the dissimilar economic structures in the region. There is smaller evidence for asymme…
A simple operation strategy of battery storage systems under dynamic electricity pricing: An Italian case study for a medium-scale public facility
2014
In the electricity market, wholesale energy prices depend on the balance between energy production and load demand. In the last few years, electricity market has become more and more flexible as many utilities have started to replace the fixed retail prices schemes with prices changing during the day. Dynamic pricing, also known as Real-Time Pricing (RTP), reflects the trend of the wholesale market and allows to reduce the volatility of the wholesale prices, also contributing to a reduction of demand peaks. Electricity customers take advantage of dynamic pricing by shifting their consumption according to the real-time prices or by using Battery Energy Storage Systems (BESS) to shift electri…
Reconsidering learning by exporting
2012
Self-selection and learning by exporting are the main explanations for the higher productivity of exporting firms. But, whereas evidence on self-selection is largely undisputed, results on learning by exporting are mixed and far from conclusive. However, recent research by De Loecker (J Int Econ 73(1):69–98, 2007) has shown that the conclusions from previous learning by exporting studies may have been driven by strong assumptions about the evolution of productivity and the role of export status. Relaxing these assumptions turns out to be critical to find evidence of learning by exporting in a representative sample of Spanish manufacturing firms. Our results indicate that the yearly average …
The Stock Market Reaction to the Enron-Andersen Affair in Spain
2006
2Universidad Jaume I de Castellon This paper investigates whether listed Spanish companies audited by Andersen have suffered any negative economic impact due to the scandal surrounding Andersen’s work in Enron Corporation. To that end, we have measured the economic consequences, if any, of Andersen’s loss of reputation by examining the reaction in terms of movements in the stock prices of its client companies using an event study methodology. We have analysed abnormal returns on the stock prices of all firms listed in the Spanish Interconnected Market around two event dates: the date of Andersen’s public admission that it had destroyed significant financial documents related to Enron Corp. …
Potential and competitiveness of EU countries in terms of slaughter livestock production
2019
: Models and methods of spatial econometrics are gaining more and more popularity. Their advantage is the opportunity to examine the interrelationships between individual territorial units. These methods, apart from the own potential of the region, take into account the impact of neighbouring objects and location in space. The aim of the study is to examine the relationship between the potential and the level of competitiveness of individual European Union countries in the field of slaughter cattle production. In addition, the paper attempts to determine the specialisation of individual EU countries in the production of slaughter animals by sector. The analysis covered the years 2010–2016, …
Causalities between CO2, electricity, and other energy variables during phase I and phase II of the EU ETS
2010
The topic of this article is the analysis of the interplay between daily carbon, electricity and gas price data with the European Union Emission Trading System (EU ETS) for CO2 emissions. In a first step we have performed Granger causality tests for Phase I of the EU ETS (January 2005 until December 2007) and the first year of Phase II of the EU ETS (2008). The analysis includes both spot and forward markets—given the close interactions between the two sets of markets. The results show that during Phase I coal and gas prices, through the clean dark and spark spread, impacted CO2 futures prices, which in return Granger caused electricity prices. During the first year of the Phase II, the sho…
Compliance and non-compliance with a superordinate directive document
2012
Published version of an article in the journal: Public Organization Review. Also available from the publisher at: http://dx.doi.org/10.1007/s11115-012-0206-7 We report a study of how a Norwegian regional health care agency directive document was complied with at the subordinate hospital level. We found tight coupling for the activity and budget requirements and loose coupling and decoupling for the other requirements in the document. Furthermore, rather than pursuing their own self- and group interests the hospital actors held an overall effectiveness logic.
Environmental learning in regions: a social capital based approach. The case of Latvia
2016
AbstractHow do people learn about the environment and behave accordingly? What is the cognitive process at the base of this learning mechanism? The present paper is a pilot work investigating the dynamics of individual environmental knowledge on the basis of social capital theory. Using Tsai and Ghoshal’s findings, a well known framework widely accepted in organizational studies which supports the existence of a relationship between structural, relational and cognitive dimensions of social capital, and between social capital and knowledge exchange, these dynamics are then tested in the context of environmental behaviour studies. The quantitative analysis is carried out by means of a structu…
The term structure of volatility predictability
2020
Volatility forecasting is crucial for portfolio management, risk management, and pricing of derivative securities. Still, little is known about the accuracy of volatility forecasts and the horizon of volatility predictability. This paper aims to fill these gaps in the literature. We begin this paper by introducing the notions of the spot and forward predicted volatilities and propose to describe the term structure of volatility predictability by the spot and forward forecast accuracy curves. Then we perform a comprehensive study on the term structure of volatility predictability in the stock and foreign exchange markets. Our results quantify the volatility forecast accuracy across horizons …
Genres of communication in activist eParticipation
2012
In this paper, we examine the genres of communication in an activist case in a Norwegian municipality. As genres evolve over time, and the emergence of new genre properties is a sign of a mature technology, we compare the genres used in traditional paper-based media with the genres used in social media, to examine the maturity of social media as a medium for activist eParticipation. We also discuss the usage patterns of traditional vs. social media, and their relation to the public sphere. Our findings indicate that so far, the genres used for activism in social media are very similar to their offline counterparts, with some new genres and genre characteristics emerging. Social media is mov…