Search results for "IMPACT"

Firms’ investment, indebtedness and financial constraints: Size does matter

2022

Abstract This paper provides evidence of the importance of size in explaining the impact of financing conditions on firms´ investment rate. The study makes two main contributions: a) it allows the relationship between indebtedness and firms´ investment to be non-linear; and b) it contrasts whether the impact of indebtedness and the degree of financial restriction differ depending on the size of the company (SME vs large). Results show that while in SMEs indebtedness has a negative impact on investment, there is a threshold beyond which this effect is even larger (based on a debt/assets ratio of 59%). However, in large companies the impact of indebtedness is positive although there is also a…

On the Tail Risk of Cyberattacks in the Bitcoin Market

2020

In the era of digitalization, cryptocurrencies have become an alternative asset for both retail and institutional investors. While the new emerging digital ecosystem based on blockchain technology has been praised for offering plenty of advantages such as decentralization, discretion or increased efficiency in terms of faster settlements among others, investors need to be aware of new types of risks such as hacking incidents. In the 2011-2018 period, about 1.7 million unit of Bitcoin have been stolen corresponding to losses accumulating more than $655 million highlighting the societal impact of this criminal activity. The novel aspect of our study is that it employs a recently proposed appr…

Operating lease decision and the impact of capitalization in a bank-oriented country

2016

ABSTRACTThis article explores the reasons why firms engage in operating leases and examines the potential impact of a change in the related accounting rules. We focus on the accounting advantage of off-balance financing, which does not affect the typical accounting-based covenants especially important in bank-oriented countries. However, we also consider other economically based arguments. Using manually collected operating lease data for Spanish listed firms, we use the constructive capitalization method to measure as-if liabilities. The results confirm that not only size and industry affect the decision but that firms closer to breaching their covenants are also more inclined to choose op…

Market Impact and Trading Profile of Hidden Orders in Stock Markets

2009

We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less m…

Numerical modelling of low velocity multi-impact test on different stacking sequences

2019

The use of composite materials in the industrial field has been growing significantly for many years. This increase is explained by the fact that the industry, especially aeronautics which was pioneering in this field, is interested in the lightening of structures in order to be able to take up the new environmental challenges. Whether in the aeronautical field or in the land transport sector, structural elements may undergo multi-impactsor impact. Even at low velocitypose a threat to the integrity of the material and the structure itself. The objective of this work is to propose a numerical model to determine the damage within a composite structure subjected to low energy multi-impact. The…

Demographic effects of full vs. partial protection from harvesting: inference from an empirical before-after control-impact study on Atlantic cod

2015

Summary In recent years, marine protected areas (MPAs) excluding all or some fishing activities have become widely applied as a tool to rebuild marine ecosystems and fisheries, but still, our knowledge of the effects of MPAs on the demography of harvested populations remains scarce, especially in cases where partly protected areas are still supporting some fishing activities. Here, we investigated the influence of partial protection – excluding fixed gears such as gillnets and traps but still allowing a hook and line fishery – on the demography of Atlantic cod Gadus morhua along the Norwegian Skagerrak coast. To do so, we applied novel multi-event models to a 9-year data set containing both…

Fast environmental impact assessment through ICP-MS: application to bivalves from a tropical estuary (Pina Bay, Recife, Brazil)

2002

Energy flexibility in Mediterranean buildings: a case-study in Sicily

2020

Since the building sector is responsible for 40% of the world’s electricity demand, it is essential to act on it in order to reduce emissions of climate change gases on a global scale, as expressed also in the latest directive on the energy performance of buildings. A design approach that focuses on the energy flexibility of buildings can contribute to the improvement of its energy-environmental performances. In this context, the objective of the study is the analysis of the energy performance of a residential building in Sicily and the definition of strategies aimed at increasing its energy flexibility. In particular, the case study is a 631 m2single-family house, modeled and simulated in …

Analysis of microsphere oblique impact with planar surfaces based on the independent friction-restitution approach

2020

The independent friction restitution closure (IFR) previously applied to describe planar oblique impact of a homogeneous sphere on an infinitely massive rough plane is applied here to microsphere collisions and is extended to describe horizontal launch experiments. The model provides analytical solutions of the motion equations based on a unique set of values of the coefficients of normal and tangential restitution and friction. Comparison with experimental data in literature for the impact of microspheres of diameter <100 mu m yields a satisfactory agreement between experimentation and theory.

The Nukiyama Curve in Water Spray Cooling: its Derivation from Temperature-Time Histories and its Dependence on the Quantities that Characterize Drop…

2007

Abstract Heat transfer from hot aluminium walls to cold water sprays was investigated. The method used was the transient two-side symmetric cooling of a planar aluminium target, previously heated to temperatures of up to 750 K, by twin sprays issuing from full-cone swirl spray nozzles of various gauge. The target’s mid-plane temperature was recorded during the cooling transient by thin-foil K thermocouples and a high-frequency data acquisition system. In order to determine the wall temperature Tw, the wall heat flux q w ″ and the q w ″ - T w heat transfer (Nukiyama) curve, two different approaches were used: the first was based on the solution of an inverse heat conduction problem, the seco…