Search results for "Organizations"
showing 10 items of 864 documents
Life-cycle effects in small business finance
2017
This paper studies the life-cycle profiles of small firms’ cost and use of credit using a panel of Finnish firms. The choice of method matters for the conclusions drawn about the relationship between firm age and financing costs; the cross-sectional age profiles of financing costs are hump-shaped and consistent with hold-up theories, whereas methods that control for cohort fixed effects demonstrate that the financing costs decrease monotonically as the firms mature. The life-cycle profiles of the use of credit also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Furthermore, the cohorts born during recessions pay higher financing costs…
The role of «perceived loss» aversion on credit screening: an experiment
2013
A major characteristic of credit markets is information asymmetry.To combat its problems, as credit rationing, principals can use a menu of contracts to screen clients with different risk level. We conduct a laboratory experiment to address an important question for such settings —does the framing of the offered menu of contracts interfere with the self-selection mechanism? The answer is yes. We find subjects' choices shift when the same (positive) outcomes of the same menu of contracts are presented in two different frames. Subjects exhibit loss aversion in their perception of the positive outcomes below the reference point, and self-selection fails to occur. Uno de los mayores problemas a…
Keep the faith in banking : New evidence for the effects of negative interest rates based on the case of Finnish cooperative banks
2021
This paper analyses the profitability of Finnish cooperative banks during the period of negative nominal interest rates. Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative rate era, did not have adverse effects on the profitability of banks at the beginning of negative interest rate period. Based on especially using a risk-adjusted measure for bank profitability, these results contrast with previous findings. In our findings, the increasing wholesale funding (WSF) ratio seems to be an important factor. However, after 2017 the banks have not been able to improve especially their risk-adjusted profitability so stro…
Leadership styles and their specific correlation to gender - theoretical standpoint
2016
The purpose of the research is to review different leadership styles and get insight about specific female and male leadership style characteristics. In this context the development of conception of the changing role of females has been discussed and compared with the Western and Eastern European approach. Different leadership styles and their specific characteristics have been described, compared and evaluated in respect to gender roles. It was found out that female and male incline different leadership styles. Concentration of power and central decision-making which are seen as male leadership characteristics are effective during critical economic situations. Care, empathy and harmonic re…
The informational role of thin options markets: Empirical evidence from the Spanish case
2016
This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is h…
Forecasting Weekly Electricity Prices at Nord Pool
2007
This paper analyses the forecasting power of weekly futures prices at Nord Pool. The forecasting power of futures prices is compared to an ARIMAX model of the spot price. The time series model contains lagged external variables such as: temperature, precipitation, reservoir levels and the basis (futures price less the spot price); and generally reflects the typical seasonal patterns in weekly spot prices. Results show that the time series model forecasts significantly beat futures prices when using the Diebold and Mariano (1995) test. Furthermore, the average forecasting error of futures prices reveals that they are significantly above the settlement spot price at the ‘delivery week’ and th…
Product and Labour Market Regulations, Production Prices, Wages and Productivity
2016
ACLN; International audience; This study is an attempt to evaluate the effects of product and labour market regulations on industry productivity through their various impacts on changes in production prices and wages. In a first stage, the estimation of a regression equation on an industry*country panel, with controls for country*industry and country*year fixed effects, show that multi-factor productivity is negatively and significantly influenced by both indicators of industrial prices from same industry and weighted average of industrial prices from other industries, and by indicators of country wages weighted by industry labour shares for low and high skilled workers. In a second stage, …
Victims of family violence identified in emergency care : comparisons of mental health and somatic diagnoses with other victims of interpersonal viol…
2019
Family violence is a global health problem incurring significant costs to both individuals and health care systems. However, family violence as a cause of trauma and other health issues is often unidentified in patients attending emergency care. Better understanding of the risk factors associated with family violence could improve the identification and treatment of victimized patients in health care settings. Little longitudinal research exists on the mental and somatic health of family violence victims currently identified in EDs and little is known about how victims of family violence differ from other help-seeking victims of interpersonal violence. A total of 345 patients were identifie…
Emerging Market Contagion Under Geopolitical Uncertainty
2019
We find that 10 emerging stock markets have high risk of contagion on the regional level but lower spillover with respect to the global markets, implying a potential for diversification benefits between emerging and global markets. Regional market integration seems to have been caused by trade integration, which has a policy implication for trade agreements’ systemic risk effects. We find that the geopolitical risk has no impact on either the return, or volatility spillovers. However, the general stock market risk (VIX) is connected to individual market volatilities, while the oil market is largely receiving the spillovers from the other markets. peerReviewed
Deviations in pedestrian itineraries in urban areas: a method to assess the role of environmental factors
2010
Walking has long been neglected in urban-mobility research, but it is now making its way into numerous studies using various approaches. Empirical data are often processed in well-known models of flow allocation to study the behaviour of pedestrians and to identify their preferences. However, these models assume that route choices are predetermined at the start of each trip and do not admit any possible intervening decision along these trips. We propose to overcome this limitation through a new method for the analysis of pedestrian behaviour. This method, which we call ‘deviation analysis’ consists of (1) identifying the intersections from which a pedestrian has chosen a route longer than …