Search results for "Finance"
showing 10 items of 4676 documents
Young people' s willingness to pay for environmental protection
2021
Abstract The cost of the ongoing degradation of natural capital will inevitably be borne by the younger generations. And, as the wave of school strikes for action against climate change have proved, they do not want their voice to be ignored. Discrete Choice Experiments are increasingly used for the valuation of environmental goods, but they have never been conducted with minors. We designed and administered such an experiment to elicit the willingness of children and teenagers, aged 8–19, to pay for environmental projects. The results suggest that their marginal willingness to pay is higher for projects in their own country (Italy) and that the utility of environmental protection is greate…
The Physical Economy of France (1830–2015). The History of a Parasite?
2019
Abstract This article explores long-term trends and patterns of material use in France for a 185-year period. It is the first long-term study of material flows for France with national and yearly data for most of the period. Based on a material flow analysis (MFA) that is fully consistent with current standards of economy-wide MFAs and covers domestic extraction, imports, and exports of materials, we investigated the evolution of the French metabolism from industrialization to financialized capitalism. Over the whole period, there is a 9-fold increase in domestic material consumption, an expansion of material use per capita, and a spectacular addition of abiotic resources (fossil fuels and …
Belief elicitation with multiple point predictions
2021
Abstract We propose a simple, incentive compatible procedure based on binarized linear scoring rules to elicit beliefs about real-valued outcomes - multiple point predictions. Simultaneously eliciting multiple point predictions with linear incentives reveals the subjective probability distribution without pre-defined intervals or probabilistic statements. We show that the approach is theoretically as robust as existing methods, while adapting flexibly to different beliefs. In a laboratory experiment, we compare our procedure to the standard approach of eliciting discrete probabilities on pre-defined intervals. We find that elicitation with multiple point predictions is faster, perceived as …
Ethical Banking in Spain: Does an Organisational Identity Exist That Distinguishes It from Conventional Banking?
2020
Ethical banking has developed considerably in recent years. However, neither a universally accepted definition, nor a consensus by academicians about its typical characteristics yet exists to diffe...
Venture Capitalists' Decision to Syndicate.
2006
International audience; Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of t…
Do Multinationals Deteriorate Developing Countries' Export Prices? The Impact of FDI on Net Barter Terms of Trade
2015
This paper explores the economic relationship between foreign direct investment (FDI) to developing countries and the export prices of the latter, measured by terms of trade. It is rst shown that economic theory suggests such a relationship for various reasons but is inconclusive about the direction of the eect. To address this open issue empirically, I analyze data on more than 50 developing countries throughout the period 1980 - 2008 using robust dynamic panel data methods. The results show that FDI had an economically relevant and statistically signicant positive impact on developing countries’ net barter terms of trade. A higher level of education in the developing country fosters this …
Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold
2018
Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate U.S. equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. For energy sector equities, the dynamics of hedge ratios does not support using either crude oil or gold futures for cross-hedging during stock market crises.
The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation
2020
This paper analyses the contribution of fundamental comparative advantage (a country‐specific component) and granular comparative advantage (a firm‐specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.
Foreign sourcing and exporting
2020
The aim in this paper is analysing the role of sourcing intermediate inputs internationally on export decisions, distinguishing whether intermediate are sourced from firms belonging to the same business group or from independent suppliers. To analyse firm’s export decision, we use a specification that also accounts for sunk costs and the accumulated experience in export markets (i.e., foreign markets learning). We consider that importing intermediates might have direct and indirect effects (operating through productivity) on the export participation decision. The direct effects on exporting are isolated once we control for productivity and the effects of belonging to an international group.…
Bilateral De-Jure Exchange Rate Regimes and Foreign Direct Investment: A Gravity Analysis
2021
Abstract This paper introduces a novel dataset on bilateral de-jure exchange rate regimes. The new dataset accounts for the fact that officially pegging to one currency is uninformative about the exchange rate regime prevailing vis-a-vis other currencies, and it allows characterizing bilateral exchange rate regimes based on countries’ ex-ante announcements rather than ex-post observations. We use this data to estimate the effect of expected exchange rate volatility on foreign direct investment (FDI). Starting from a simple model that suggests that announced exchange rate stability enhances bilateral FDI flows, we provide empirical evidence that lends support to this claim: countries that ar…