Search results for "General Economics"
showing 10 items of 499 documents
Stock Volatility Predictability in Bull and Bear Markets
2020
Recent literature on stock return predictability suggests that it varies substantially across economic states being strongest during bad economic times. In line with this evidence, we document that stock volatility predictability is also state dependent. In particular, using a large data set of high-frequency data on individual stocks and a few popular time-series volatility models, in this paper we comprehensively examine how volatility forecastability varies across bull and bear states of the stock market. We find that the volatility forecast horizon is substantially longer when the market is in a bear state than when it is in a bull state. In addition, the volatility forecast accuracy is…
Loan loss provisions. A study by economic cycles
2017
Este trabajo estudia los determinantes de las dotaciones para provisiones del deterioro de los créditos en las entidades de crédito españolas desde 1983 al segundo trimestre de 2013. Resultan significativos, además de la morosidad, las provisiones genéricas, el margen de interés, la estacionalidad centrada en el cuarto trimestre y los periodos de crisis. Al ser un periodo extenso se estudian cómo actúan los determinantes en cada uno de los 4 ciclos económicos que se han dado. Se encuentran similitudes importantes en los periodos de crisis y en los periodos de crecimiento, junto a las singularidades de los propios ciclos. Las aportaciones de esta investigación son: i) el diferente comportami…
L'efficacité des privatisations françaises : une vision dynamique à travers la théorie de la gouvernance
2004
International audience; A reading of the process of privatization through the corporate governance theory leads to propose a model taking into account, on the one hand, the time dimension of the process of privatization, on the other hand, the contextual, organizational, governance and strategic variables which influence this process. After replicating some traditional tests, we test this model on a sample of French privatized firms and on a seven years horizon. The positive effect traditionally attributed to privatizations is not confirmed. The importance of the effect is subordinated to some of the suggested variables.; Une lecture du processus de privatisation à travers la théorie de la …
Revolving doors: are they valued in the Spanish stock market?
2016
Purpose The purpose of this paper is to examine the effect of political connections in the value of companies listed on the Spanish stock market. Design/methodology/approach The authors study two issues on this topic: the impact on the company value of the appointment as director of an ex-politician through an event study; and the long run stock market performance of companies with political connections. The authors employ a sample of listed firms in the Spanish stock market for which the authors collected data about their political connections. The authors perform the study during a wide period (1996-2011), comprising four legislatures. Findings The results show that from the market persp…
Informal, formal institutions and credit: complements or substitutes?
2019
AbstractThis paper analyses the relationship between informal institutions measured by social trust and the provision of private credit. Research on the trust–finance relationship abounds, although most of it is confined to the micro-level, with far fewer contributions from a wide, cross-country perspective. Considering a sample of 119 economies in the period 1993–2015, results suggest that social trust is an important determinant of private credit, and that its effects are transmitted indirectly via some particular aspects of the quality of economic-judicial institutions. In addition, and contrary to previous findings in related areas, substitutive effects for informal and formal instituti…
Environmental problems and Geographic education. A case study: Learning about the climate and landscape in Ontinyent (Spain)
2021
AbstractCultural perceptions of the environment bring us back to elements and factors guided by “natural” cause-effect principles. It seems that academic education has had little effect on the manner and results of learning about changes in the local landscape, especially as regards rational explanations. There is considerable difficulty relating academic concepts about the climate to transformations in the environmental landscape. Teaching tasks are mediatized due to the use of rigorous and precise concepts which facilitate functional and satisfactory learning. This is the objective of the research this article aims to undertake, for which we have chosen the case of Ontinyent (Spain). This…
Anti-Semitism and Progressive Era Social Science. The case of John R. Commons
2016
This paper explores Common’s views toward Jews in order to assess whether his published writings contain assertion that today would be stigmatized as anti-Semitic. The evidence we provide shows that Commons’ racial characterization of Jews was framed within a broad and indiscriminate xenophobic framework. With other leading Progressive Era social scientists, in fact, Commons shared the idea that the new immigration from Eastern and southern Europe would increase competition in the labor market, drive down wages, and lead Anglo-Saxon men and women to have fewer children, since they would not want them to compete with those who survive on less. Within this general xenophobic context, Commons …
Éducation primaire et croissance économique en Afrique subsaharienne : les conditions d'une relation efficace
1995
This article is looking at the causes of the low effectiveness of educational investment in Subsaharan Africa, both at the micro level (effect on labour productivity), and at the macro level (effect on the rate of economic growth). Several recent empirical studies have shown that education impact is systematically weaker in this region than in the rest of the world, and even sometimes negative, as in the case of agricultural productivity. Two series of causes may explain this lack of impact : first, inappropriate economic policies at the macro level which hamper the role of education, either through negative incentives structures, or because of the absence of provision of associated factors…
Gender gap in Swiss vocational education and training teachers’ economics content knowledge and the role of teaching experience
2019
In the commercial sector, which is of crucial importance to the Swiss economy among other countries, a large number of apprentices are trained on a vocational education and training programme every year. Besides other subjects, the subject Economics and Society forms an integral part of the vocational education and training curriculum and serves to prepare apprentices for professional, economic and civic participation. Although content knowledge is widely considered necessary to both teaching quality and student achievement, little is known about the subject-specific content knowledge of Swiss Economics and Society teachers. As previous research has shown a gender gap in the content knowled…
The many faces of human sociality: uncovering the distribution and stability of social preferences
2018
There is vast heterogeneity in the human willingness to weigh others' interests in decision making. This heterogeneity concerns the motivational intricacies as well as the strength of other-regarding behaviors, and raises the question how one can parsimoniously model and characterize heterogeneity across several dimensions of social preferences while still being able to predict behavior over time and across situations. We tackle this task with an experiment and a structural model of preferences that allows us to simultaneously estimate outcome-based and reciprocity-based social preferences. We find that non-selfish preferences are the rule rather than the exception. Neither at the level of …