Search results for "Finance"
showing 10 items of 4676 documents
Was Frank Knight an institutionalist?
2005
This paper critically examines Geoffrey Hodgson's recent provocative claim about Frank Knight as being a member of American institutionalism in the interwar years. In the first section of the paper the authors attempt to provide a definition of institutionalism and to emphasize its meaning from a historiographic point of view. The second and third sections analyze the two main methodological struggles between Knight and the institutionalists, namely, the debate during the early 1020s over the use of instinct theory as an explanation of economic behavior, and the subsequent campaign led by Knight in the late 1920s and early 1930s against the behaviorist wing of American institutionalism à la…
Jóvenes transitando a la educación posobligatoria: el reflejo de la injusticia hermenéutica en sus discursos
2020
Los factores que influyen en las elecciones de los jóvenes a la hora de transitar de la etapa educativa obligatoria a la posobligatoria han sido ampliamente estudiados. La confluencia de factores estructurales y de agencia en las transiciones escolares ha sido probada. Sin embargo, estos resultados no necesariamente reflejan la conciencia que los jóvenes tienen de dichos condicionantes, así como la medida en que consideran que estos les afectan. Sostiene Miranda Fricker (2017) que cuando una grieta en los recursos de interpretación colectivos hace que una o varias personas se encuentren en posición de desventaja con respecto a la comprensión de sus propias experiencias sociales, está tenien…
Parallel Behaviour – Primary Evidence of an Agreement
2013
Abstract The distinction between legitimate oligopoly and cartels is tackled by each competition authority. A parallel behaviour in an oligopolistic market might be seen as an anchor for competition's effectiveness, given that companies are required to respond to the decisions of other competitors, trying to keep a realistic and competitive position to ensure welfare. Cartels offer an opposite perspective of what competition really means. Apart from the observation of the econometrical model presented in the article, the final assessment should consider the particularities of the legal and economic environment, to conclude on the existence of a cartel based on reasonable grounds.
An operatorial approach to stock markets
2009
We propose and discuss some toy models of stock markets using the same operatorial approach adopted in quantum mechanics. Our models are suggested by the discrete nature of the number of shares and of the cash which are exchanged in a real market, and by the existence of conserved quantities, like the total number of shares or some linear combination of cash and shares. The same framework as the one used in the description of a gas of interacting bosons is adopted.
Determinants of Immigration in Europe. The Relevance of Life Expectancy and Environmental Sustainability
2017
This research analyzes the main variables that determine immigration in Europe and includes aspects related to the economy, population, healthcare, and environmental sustainability. The empirical analysis consists of two sets of data: one made up of all EU member states (EU-28) and the other containing countries that form a part of the Eurozone (EU-19), using the Generalized Method of Moments. The sample covers the period between 2000 and 2014, and the data are analyzed separately and comparatively in the most relevant stages during that time (economic prosperity, crisis, and recovery). The most notable results indicate that the variables related to GDP and public debt largely serve to just…
Contingent Convertible Bonds for Sovereign Debt Risk Management
2018
Abstract We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign’s credit worthiness breaching a distress threshold. This financial innovation limits ex ante the likelihood of debt crises and imposes ex post risk sharing between creditors and the debtor. Drawing from literature on contingent contracts, neglected risks, and bank CoCo, we extend prevailing arguments in favor of sovereign CoCo (S-CoCo). We discuss issues relating to their design: which market trigger, market discipline and sovereign incentives, and errors of false alarms or missed crises, and provide supporting evidence with eurozone data and a simple simul…
Awareness and partitional information structures
1994
This is the first of two papers where we present a formal model of unawareness. We contrast unawareness with certainty and uncertainty. A subject is certain of something when he knows that thing; he is uncertain when he does not know it, but he knows he does not: he is consciously uncertain. On the other hand, he is unaware of something when he does not know it, and he does not know he does not know, and so on ad infinitum: he does not perceive, does not have in mind, the object of knowledge. The opposite of unawareness is awareness, which includes certainty and uncertainty. This paper has three main purposes. First, we formalize the concept of awareness, and introduce a symmetry axiom whic…
Non-financial reporting in the public sector: alternatives, trends and opportunities
2019
In recent years, different non-financial information models have arisen, both in the private and public sectors, trying to complete the traditional financial reports prepared by companies and public administrations. The fundamental objective of these models has been to satisfy the interest of the stakeholders, which goes beyond the numbers included in the balance sheet and the income statement. In the case of the public sector, this is coupled with the discontent and distrust of citizens towards politicians and administrators of institutions, which makes it necessary to emphasize tools and strategies that can improve the transparency and accountability of administrations and restore citiz…
Scientific communication or a qualification for an academic career? What use is publishing papers in psychology journals?
2018
[ES]: Este trabajo analiza todas las revistas de psicología que se hallan incluidas en las diversas categorías de las bases de datos JCR (SCI y SSCI) y SJR durante el periodo 2014-2016 para tratar de identificar las revistas que se encuentran mejor posicionadas en esta disciplina, sus especialidades y los países con mayor número de publicaciones indexados en dichas bases de datos. [Método]: Se analizó la distribución de revistas por países, cuartil y categoría para determinar la posición de las revistas en cada país e identificar los que tuviesen mayor cantidad de revistas de excelencia en psicología en la escena internacional. [Resultados]: Estados Unidos y Reino Unido tienen el mayor núme…
Perceptions of Immigrants Towards Refugees and Finns
2021
For a full picture and for more developed insights into the intergroup relations between Finns, immigrants, refugees, and other migrants, it was important for us to look beyond the experiences of refugees and ethnic Finns and to examine the position of other immigrants living or residing in Finland. Thus, this chapter explores the perception immigrants have towards Finns and refugees. Building off intergroup threat theory (ITT), this chapter describes the extent to which immigrants perceive immigrants and refugees as a threat to Finnish society. Through an analysis of in-depth interviews, this chapter brings to light these perceived threats to understand the immigration and prejudice situat…