Search results for "Finanz"
showing 10 items of 462 documents
Game Theoretic Decentralized Feedback Controls in Markov Jump Processes
2017
This paper studies a decentralized routing problem over a network, using the paradigm of mean-field games with large number of players. Building on a state-space extension technique, we turn the problem into an optimal control one for each single player. The main contribution is an explicit expression of the optimal decentralized control which guarantees the convergence both to local and to global equilibrium points. Furthermore, we study the stability of the system also in the presence of a delay which we model using an hysteresis operator. As a result of the hysteresis, we prove existence of multiple equilibrium points and analyze convergence conditions. The stability of the system is ill…
Trade, financial openness and dual banking economies: Evidence from GCC Region
2021
Abstract The recent wave of liberalization in Gulf Cooperation Council (GCC) countries has opened up a debate on the role of Islamic finance in the financial development of an economy. Using a comprehensive dataset of 43 Islamic and 49 conventional banks for the period 2007–2015, in this paper, we investigate the impact of trade and financial openness on financial development in the GCC region. We find that trade and financial openness have a positive effect on the profitability of both banking systems, while the interaction term of openness is negative for the profitability of Islamic banks. Moreover, trade and financial openness affect Islamic banks differently than conventional banks. No…
¿Una feria de cambios a la valenciana? Debate financiero y energía emprendedora en el siglo XVII
2020
In 1619 Philip IV sent to print a Real Pragmatic [Royal Pragmatic legislation] that would regulate changes between Valencia and Medina del Campo being introduced by Valencian merchant families to enable them to receive interest on their loans without being accused of usury. Only three years later, in 1622, the Republic of Genoa inaugurated the exchange fairs of Novi Ligure, with which the Genoese consolidated their international position in the international credit market. These apparently independent circumstances constitute an important episode for international financial knowledge and the transformation of the Mediterranean credit market during the seventeenth century. Studying financial…
Do Large European Banks Differ in their Derivative Disclosure Practices? A Cross-country Empirical Study.
2019
Risk disclosure has strategic importance for the efficiency of financial markets and overall financial stability. It plays a pivotal role in strengthening market discipline and building trust to improve relationships with stakeholders in banking. Risk reporting has taken a growing importance in banking over the last years. The topic of this paper is derivative reporting in banking. The authors employ content analysis to conduct an empirical study on a sample of large European banks. The authors propose a hybrid scoring model for the assessment of derivative disclosure in banking institutions. The methodology employed in this research is able to capture a considerable amount of information b…
An analysis of recent research on venture capital networks
2019
Purpose – this paper examines recent trends in venture capital network research. Network analysis is a useful approach for analyzing inter-organizational networks, especially for venture capitalists, which are characterized by plenty of connections. Although important steps ahead have been made, several research questions are still unanswered. Research methodology – this brief review analyses deeply three papers which are representative of the novel scientific literature in this field. Scrutinizing these works, I identify their points of strength and weaknesses, in order to understand how to pave the way for further research. Findings – this paper shows that the study of network weak ties a…
Unveiling the Role of Multiple blockholders: Evidence from Closely Held Firms.
2019
Research Question/Issue. This paper disentangles how the modes of ownership distribution among multiple blockholders and their heterogeneity shape principal–principal conflicts and, in turn, affect firm performance. The paper offers empirical evidence from a panel of Italian closely held firms over the period 2009–2014. Research Findings/Insights. We explore the principal–principal conflicts among blockholders across two distinct control structures. When a single blockholder controls the firm, principal–principal conflicts are shaped by the trade‐off between the alignment effect and the monitoring effect. In this scenario, we find that the relationship between the two largest blockholders' …
Factores determinantes de la salida a bolsa de una compañía. El caso español
2016
El objetivo de la Tesis Doctoral es estudiar los factores determinantes de la salida a bolsa en el mercado continuo español. Para ello considera una muestra de 44 empresas no financieras que salieron a bolsa en España en el periodo comprendido entre 1997 y 2010 y utiliza una muestra de control de empresas que eran susceptibles de salir a bolsa en el mismo periodo, pero que optaron por no hacerlo. Para el logro del objetivo señalado, la Tesis se estructura en una Introducción general, cuatro capítulos, una sección en la que se recogen la discusión y las conclusiones de la Tesis, las referencias bibliográficas y siete anexos. El capítulo primero aborda tres cuestiones relacionadas con la sali…
Los determinantes del endeudamiento y del spread de crédito y liquidez de los bonos de gobiernos subsoberanos europeos
2014
La descentralización política y administrativa en Europa desde el fin de la segunda guerra mundial ha sido muy intensa, lo que ha propiciado la asunción de competencias por parte de las regiones, vinculadas en general con el estado de bienestar, y que los marcos de relación con las administraciones centrales tienen unos rasgos muy comunes cuya fortaleza depende del país de que se trate. Países de naturaleza federal como Alemania, Austria o Bélgica que junto a España que también tiene un nivel elevado de competencias descentralizadas en contraposición a Francia e Italia. En casi todos los marcos institucionales analizados, contienen reglas fiscales internas que permiten controlar el gasto pú…
La experiencia del Mercado Alternativo Bursátil para Empresas en Expansión (MaB-EE) en España
2015
EXPERIENCIA DEL MERCADO ALTERNATIVO BURSÁTIL PARA EMPRESAS EN EXPANSIÓN (MaB-EE) EN ESPAÑA Mª Ángeles Soler Movilla Universitat de València El marco general de la Tesis lo constituye el segmento del mercado bursátil español especialmente diseñado para la negociación de acciones de empresas de reducida capitalización: el Mercado Alternativo Bursátil para Empresas en Expansión (MaB-EE), perteneciente a Bolsas y Mercados Españoles Sistemas de Negociación SA (BME). Este mercado nace en el año 2009 como un nuevo intento de ofrecer a las pequeñas y medianas empresas españolas la posibilidad de financiarse mediante recursos propios en un mercado bursátil organizado. La creación de este mercado se …
Supervisión bancaria: supervisión pública versus disciplina del mercado
2003
El poder coercitivo del Estado en la supervisión y disciplina de las empresas alcanza uno de sus máximos exponentes en el caso de los bancos, sujetos a una regulación prudencial específica, de dimensión desconocida en otros sectores. La especial naturaleza de estas empresas bien podría considerarse una explicación de este resultado si bien, este elevado control de los bancos también puede ser realizado por el mercado, entendiendo como tal al conjunto de agentes privados que ejercen una supervisión y disciplina de la entidad, incluido el propio sector que puede autoregularse. La posible coincidencia mercado-regulador en sus objetivos de supervisión, así como en los instrumentos de actuación …