Search results for "IMPACT"
showing 10 items of 1703 documents
How does learning affect market liquidity? A simulation analysis of a double-auction financial market with portfolio traders
2007
We study the relationship between liquidity and prices in an artificial financial market where portfolio traders with limited resources interact through a continuous, electronic open book. We depart from the standard asset pricing framework in two ways. First, we assume that investors have incomplete information about the distribution of returns. Second, we model the portfolio choice problem using prospect-type preferences. We model the utility function in terms of deviations of the portfolio growth rate from a specified target growth rate, and we assume that investors are more sensitive to downside movements. We show that the parameters defining the learning process affect the price dynami…
Finding socially responsible portfolios close to conventional ones
2015
Abstract An increasing number of investors are interested in sustainable, responsible and impact investment (SRI). However, there is a concern about the possible financial sacrifice associated to this kind of investments. The design of Decision Support Systems assisting socially responsible investors in their investment decisions can contribute to stimulate SRI. In this paper the financial content of a portfolio selection model is discussed in order to justify that it can be integrated into a Decision Support System designed for investors interested in socially responsible investment but initially reluctant to pay a financial cost in exchange for increasing the social responsibility of thei…
Environmental impact of Recover cotton in textile industry
2017
A comparative evaluation of the life cycle assessment (LCA) of Recover cotton, obtained from recycled garments, and virgin one, cultivated from traditional and organic crops, has been made based on the quantification of environmental impact categories, such as abiotic depletion, global warming, water use, acidification and eutrophication potential. LCA data reported in the literature for the steps of cultivation, ginning/cutting, and dyeing were compared in order to clearly show the environmental advantages of moving from traditional practices, to organic cultivation and the use of Recover cotton, a novel procedure that involves the production of cotton yarns from coloured and well characte…
CO2 Prices, Energy and Weather
2007
One of the main objectives of the European Union Emission Trading Scheme is the establishment of a market price level for allowances that show to European CO 2 emitting installations the environmental impact of their polluting activities. The aim of this paper is to focus on the daily price changes during 2005 in an attempt to examine the underlying rationality of pricing behaviour. Specifically, we study the effect of those weather and non-weather variables that academic and market agents consider as the major determinants of the of CO 2 price levels. The results show that the energy sources are the principal factors in the determination of CO 2 price levels, and that only extreme temperat…
Image is everything! Professional football players’ visibility and wages: evidence from the Italian Serie A
2021
Sport is one of the most popular forms of entertainment and its worldwide spread has turned athletes into icons who have economic impact and international visibility as global brands. In our paper we would like to show how marketing strategies in the sports industry, amplified by social networks, have put the athlete at the centre of media attention In the world of football, football players have come to play a key role, since their image is the face of their clubs, and this can affect the number of digital fans, that is, fans who are not bound to a club by constant passion but who can change team depending on the athletes that have been lined up. This could explain why the teams playing in…
Two Great Banking Crises and Their Economic Impact Compared: Spain 1976/1977 and 2008
2017
The 1976/1977 crisis was the most severe in Spanish history, but the losses associated with the 2008 crisis are huge. This paper compares these two great banking crises and identifies the main parallels and differences between them. Is the current crisis as severe as that of 1976? What is the impact on the banking and financial sectors? We show that the 1976 crisis is being surpassed by the 2008 crisis in terms of the decline in GDP, industrial production and unemployment, and that these two events have had at least a similar impact in terms of output gap and output loss. Finally, the financial impact measured by different financial indicators confirms the greater severity of the 2008 crisi…
Do microfinance institutions benefit from integrating financial and nonfinancial services?
2017
This article examines the impact of microfinance ‘plus’ (i.e. coordinated combination of financial and nonfinancial services) on the performance of microfinance institutions (MFIs). Using a global data set of MFIs in 77 countries, we find that the provision of nonfinancial services does not harm nor improve MFIs’ financial sustainability and efficiency. The results however suggest that the provision of social services is associated with improved loan quality and greater depth of outreach.
La factibilidad de los derechos sociales en Europa: debate actual y perspectivas
2021
El presente trabajo reflexiona acerca de la relación entre el análisis económico y la efectividad y justiciabilidad de los derechos sociales en Europa. En efecto, si en la era de la globalización se confiere una posición relevante al mercado cuando se redactan las normas nacionales e internacionales sobre derechos sociales (incluso en la fase inicial –previendo el impacto económico de dichas normas, la denominada “factibilidad”), el autor pone de relieve que la estructura jurídica y dogmática de tales derechos sociales es tan idónea como la de los derechos civiles a la hora de garantizar su justiciabilidad. En tal sentido, se subraya el camino hacia un estándar común europeo en materia de d…
The determinants of net interest income in the Mexican banking system: An integrated model
2009
This paper analyzes net interest income in the Mexican banking system over the period 1993-2005. Taking as reference the seminal work by Ho and Saunders (1981) and subsequent extensions by other authors, our study models the net interest margin simultaneously including operating costs and diversification and specialization as determinants of the margin. The results referring to the Mexican case show that its high margins can be explained mainly by average operating costs and by market power. Although non-interest income has increased in recent years, its economic impact is low. El trabajo analiza el margen de intermediación de la banca Mexicana en el periodo 1996-2005. Tomando como referenc…
Directional distance functions and environmental regulation
2005
Abstract In this paper we use directional technology distance functions to evaluate the impact of environmental regulations on firms’ performance. Following Fare et al. [Fare, R., Grosskopf, S., Lovell, C.A.K., Pasurka, C., 1989. Multilateral productivity comparisons when some outputs are undesirable: a nonparametric approach. The Review of Economics and Statistics 71, 90–98.], we construct an index that measures opportunity costs for individual firms arising from regulations that prevent free disposal of wastes. The methodology is applied to a sample of Spanish producers of ceramic pavements. We assume that firms maximise desirable output simultaneously reducing inputs, with no change in t…