Search results for "Payment"

Differential Effect on the Determinants of the Late Payments According to the Economic Cycle

2018

From 2004 to 2007, the Spanish financial system grew at a very rapid rate. However, from 2008 to 2012 impairment losses amounted equivalent to 25% of Spanish GDP.The objective of this paper is investigate how have affected the main problems that have suffered the Spanish economy on the late payments on Spanish credit institutions. And to check whether the effect of these problems is different on stages of growth with respect to the stages of crisis.The main results, according the test Chow, confirmed that there is a structural break in the model in 2007. Also the increase in unemployment increases the late payments   and this increase is greater in the stages of growth compared to the stage…

Fiscal visibility in the U.S. and the European Union

2001

European Union Protection System

2014

Traditionally, the EU law (characterised as acquis communautaire) is divided into the primary law and the secondary law. This distinction of the EU law is not based on a hierarchy of norms but, as it is justly admitted in the legal literature, on sources: if the EU primary law originates from the EU Member States as ‘Masters of the Treaty’, the EU secondary law—directly from EU institutions. In the case of IGOs (as well as other IP objects such as trade marks, designs, patents, and plant variety rights), their regulation is ensured both by the EU primary law and the EU secondary law which will be reviewed separately in Part II of the book.

THE ECONOMIC VALUE OF THE EXTERNALITIES ASSOCIATED WITH CULTURAL GOODS

2001

This study examined the economic value of the externalities associated with cultural goods. The purpose of this study is to clarify the willingness to pay to maintain the Central Finland museum of the ones which had filled a 18 year of Jyväskylä inhabitants and of factors which affect a payment willingness. From dichotomous choice valuation (DC-method) data we have estimated the cumulative probability density function (cdf). From estimated cdf we can calculate welfare measures such as median of the estimated distribution of CV. The study found firstly that the surplus of the consumer is thus 1.17 MFIM measured on the basis of the median value. In the respondents' opinion the value of the C…

Financial incentive to prepay in fixed-rate mortgages

2004

The borrower's financial incentive to prepay is a crucial determinant in estimating prepayment in mortgage pools and, consequently, in valuing mortgage-backed securities. In mortgage prepayment literature, this incentive to prepay has been proxied by both the ratio of the loan rate to the refinancing rate and by the arithmetic spread between the two rates; however, the former is considered to be a better proxy of the refinancing incentive than the latter by a section of the literature. In this paper, the authors check the accuracy of that statement and subsequently estimate two prepayment functions using, alternatively, the two proxies. The results indicate that the use of the ratio does no…

An example of creative accounting in public sector: The private financing of infrastructures in Spain

2008

Abstract This paper analyses some proposals for private financing of public works having emerged in Spain in recent years. We show that all the new financing methods assessed are incorrectly named as “private”, for the payments are finally made by the Government by means of its budgetary resources. A deferral of accounting and budgetary recognition of these transactions, together with a false disclosure in financial statements of the debt connected with the projects, are the main reporting consequences of the new funding methods. In short, it is a clear example of “creative accounting” with the aim of meeting the convergence criteria imposed by the European Union.

Value Creation When Acquiring Public vs Private Firms. Spanish Evidence

2013

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be…

Disrupting Industries With Blockchain: The Industry, Venture Capital Funding, and Regional Distribution of Blockchain Ventures

2016

The blockchain (i.e., a decentralized and encrypted digital ledger) has the potential to disrupt many traditional business models. This study investigates the emerging blockchain business-application landscape by analyzing its industry, venture capital funding, and regional distribution. We do so by matching four venture databases on blockchain-based startups. First, our results show that blockchain startups are most prominently represented in the Finance & Insurance and Information & Communication industries. A fine-grained analysis of financial services yields increasing novel applications in existing service offerings – especially in payment networks and processing. Second, consistent wi…

Analysis of the Aggregate Financial Behaviour of Customers Using the Transtheoretical Model of Change

2014

Abstract The authors addressed the problem of aggregate financial behaviour of customers by using the transtheoretical model of change. Aggregate financial behaviour of customers was studied by analyzing payment cards, private pension savings and mortgage loans. The transheoretical model of change was chosen as a theoretical framework for the analysis. Conclusions are based on results of regression analysis of empirical evidence of customers’ financial behaviour relation to the given products during the time period 2001-2013 in Latvia and further logical inferences by authors, which are consistent with the chosen theoretical framework of the transtheoretical model of change

Absorption of European Funds by Romania

2014

Abstract The European Union provides financial support to all Member States through structural instruments (Structural Funds) and the Fund for Agriculture. Nationally, each Member State has to set up operational programs (SOP) in accordance with European requirements to access the available money. In the current multiannual financial exercise there are 7 SOP, plus the agriculture program. The absorption level of European funds for the current financial period - 2007-2013 - is low for several reasons: lack of strategic vision for programming development, poor quality of projects, excessive bureaucracy, lack of optimization of financial flows etc. For the upcoming 2014-2020 financial programm…