Search results for "GMM"
showing 9 items of 9 documents
Microfinance Mission Drift?
2010
Claims have been made that microfinance institutions (MFIs) experience mission drift as they increasingly cater to customers who are better off than their original customers. We investigate mission drift using average loan size as a main proxy and the MFI?s lending methodology, main market, and gender bias as further mission drift measures. We employ a large data set of rated, multi-country MFIs spanning 11 years, and perform panel data estimations with instruments. We find that the average loan size has not increased in the industry as a whole, nor is there a tendency towards more individual loans or a higher proportion of lending to urban costumers. Regressions show that an increase in av…
SMEs' Growth Heterogeneity - Evidence from Regional Developments
2014
Previous empirical research on small and medium-sized enterprises (SMEs) frequently struggled with the extreme heterogeneity of these frms. We scrutinise one major source of this heterogeneity: SMEs' growth development. Based on a large dataset of French, Italian, UK and US firms between 2000 and 2008, we find that SMEs fall in two categories in all countries: One large group of firms that display only slow growth and one much smaller group that actively seek strong growth. We show that the growth factors particularly of the slowly-growing firms vary strongly between the countries. European SMEs differ mainly in the growth effects of their ownership structures. US firms set themselves apart…
Franchise fairs: A relevant signal in franchise choice in social activity
2016
Potential franchisees encounter difficulties in gaining knowledge about a franchise before embarking on their first start-up venture. For this reason, it is necessary to research which information signals help potential franchisees choose the franchise chains with which they wish to enter into business. Working within the framework of signaling theory, this study's aim is to analyze the relationship between franchise choice and brand, price and participation in franchise fairs. The dynamic signaling model deployed to achieve the study's aim draws on panel data methodology. This methodology allows us to analyze franchise chains over the period in which their parent franchises were using sign…
Is the sustainability profile of FinTech companies a key driver of their value?
2022
[EN] The digitisation process is affecting all markets and raising consumer awareness about companies' sustainable behaviour. This work studies the effect of the sustainability profile of FinTech companies on the firm (market value and book value) as the factors that add value to investors and motivate their evolution in markets are still unknown. Using the KBW and Nasdaq FinTech Indices, and the NASDAQ Insurance Index (IXIS), we composed a panel of 95 companies over a 10-year period (2010-2019) with economic-financial variables and data about green certificates and sustainability indices. The applied methodology is based on dynamic (GMM-SYS) and static (PCSE) panel data models. Our results…
Un diverso orizzonte
2022
L'esperienza cinematografica dei Giovanotti Mondani Meccanici e il clima culturale della stagione digitale italiana degli anni '80.
Political, Institutional, and Economic Factors Underlying Deficit Volatility
2013
It is well known that fiscal policy can counter-cyclically smooth out the effect of unexpected shocks and public deficit volatility may reflect the (optimal) policy response to them. However, the welfare losses associated to fiscal instability are also an important challenge for many countries, as it typically implies an inefficient allocation of resources, higher sovereign risk premium and an inadequate provision of public services. In this paper, we empirically analyze the political, institutional, and economic sources of public deficit volatility. Using the system-generalized method-of-moments (GMM) estimator for linear dynamic panel data models and a sample of 125 countries analyzed fro…
A2Ba: Adaptive Background Modelling for Visual Aerial Surveillance Conditions
2015
International audience; Background modelling algorithms are widely used to define a part of an image that most time remains stationary in a video. In surveillance tasks, this model helps to recognize those outlier objects in an area under monitoring. Set up a background model on mobile platforms (UAVs, intelligent cars, etc.) is a challenging task due camera motion when images are acquired. In this paper, we propose A2Ba, a robust method to support instabilities caused by aerial images fusing different information about image motion. We used frame difference as first approximation, then age of pixels is estimated. This latter gives us an invariability level of a pixel over time. Gradient di…
Does government spending boost economic growth in Europe?
2016
The article aims to analyse the evolution of budgetary expenditures and their relationship with economic growth, especially in the EU countries and three non-EU countries - Switzerland, Norway and Iceland during 1991 - 2012. To test the link between government spending and economic growth the research used the United Nation Classification of the Functions of Government and three econometrical regression methods – ordinary least square, least squares dummy variable and the generalized method of moments. Statistical results for the 10 categories of expenditure have shown that economic affairs, environmental protection, recreation, culture and religion and social protection have a significant …
Intellectual property rights and economic growth
2015
Striving for greater economic growth, requires a great understanding of the underlying factors. One of the factors may be the intellectual property rights and the level of its protection. Whether it is and how does it behave are the questions answered by this thesis. The theoretical framework comes mainly from the Schumpeterian growth model. The empirical methodology uses GMM in order to obtain reliable results. The level of intellectual property rights protection in the country does seem to have a positive effect on the country’s growth rate. Furthermore it seems that the relation is non-linear: The incremental changes are different between low and high starting levels of the IPR protectio…