Search results for "Price"
showing 10 items of 428 documents
The Other J.M.: John Maurice Clark and the Keynesian Revolution
2009
This paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preoccupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similar to Harrod. In addition, Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraul…
Director Compensation Incentives and Acquisition Outcomes
2018
The principal objective of this chapter is to investigate the relation between director compensation structure and shareholder interests in the context of acquisitions. Our evidence suggests that acquirer firms that compensate their directors with a higher proportion of incentive-based compensation have significantly higher stock returns around the announcement. An increase in director equity-based pay results in a lower probability of value-destroying acquisitions and a lower acquisition premium for targets. We further find that acquirers with higher equity-based pay exhibit greater improvements in stock price and operating performance following acquisitions.
Autonomous Operation of Stationary Battery Energy Storage Systems—Optimal Storage Design and Economic Potential
2021
Global warming requires a changeover from fossil fuel based to renewable energy sources on the electrical supply side and electrification of the demand side. Due to the transient nature of renewables and fluctuating demand, buffer capacities are necessary to compensate for supply/demand imbalances. Battery energy storage systems are promising. However, the initial costs are high. Repurposing electric vehicle batteries can reduce initial costs. Further, storage design optimization could significantly improve costs. Therefore, a battery control algorithm was developed, and a simulation study was performed to identify the optimal storage design and its economic potential. The algorithm used is…
On the Irrelevance of Expected Stock Returns in the Pricing of Options in the Binomial Model: A Pedagogical Note
2005
The option pricing theory is now either a standard or a main part of many financial courses on both intermediate and advanced levels. All the textbooks that include the option pricing theory present a detailed treatment of the binomial model. However, the binomial model, although quite simple and intuitive in appearance, is rather tricky when it comes to its practical implementations and applications. In fact, it is amazing that the students often get totally confused when it finally comes to the issue of the choice of the parameters of the binomial model. The reason for all this confusion lies in the fact that all the textbooks emphasize the irrelevance of the binomial option price from th…
Determining IPO prices for innovative firms: the case of young French bio-medtech firms
2020
International audience; The large number of French biotech firms that have recently gone public prompts us to analyse the role and characteristics of their initial backers and their influence in determining the offer price at the time of the IPO. We assume the offer price is setso as to underprice companies in conjunction with the exit motives of their main shareholders and the nature and characteristics of the venture capital firms backing them. The paper characterizes listed bio-medtech firms, although the resultssometimes fail to reveal underpricing for the 39 bio-medtech firms that went public on Euronext Paris between 2010 and 2016.
Cost-benefit analysis: A comparison between conventional and organic olive growing in the Mediterranean Area
2015
The conversion from conventional to organic management of olive growing has many benefits, such as increase of biodiversity, reduction of soil erosion and lower environmental impact. Since olive represents a main crop in the Mediterranean area, from a social, economic as well as environmental point of view, the aim of this paper has been to determine if the conversion from conventional to organic olive growing can increase the profitability of the farmer in Sicilian farms. Economic analysis has been carried out by means of cost-benefit analysis and financial indicators (NPV, B0/C0, IRR) show that organic growing would allow a better profitability for organic olive farms respect to conventio…
La resale price maintenance nel commercio librario. Limitare la concorrenza per promuovere la cultura?
2013
Traendo spunto dalle vicende della legge n. 128/2011, che limita lo sconto massimo praticabile al pubblico sul prezzo di copertina dei libri, pprovata con largo consenso e presto abrogata nell’indifferenza generale, l’articolo propone una approfondita analisi del modello nel quale tale legge si inscrive e delle soluzioni alternative che si riscontrano nel contesto europeo. L’indagine intende, quindi, riflettere sulla fondatezza degli assunti tradizionalmente posti alla base della difesa della Rpm libraria. Taking the cue from the events of the Law n. 128/2011, limiting the discounts on books cover price, which was passed by broad consensus and soon implicitly repealed amid the general indif…
A branch-and-price framework for decomposing graphs into relaxed cliques
2021
We study the family of problems of partitioning and covering a graph into/with a minimum number of relaxed cliques. Relaxed cliques are subsets of vertices of a graph for which a clique-defining property—for example, the degree of the vertices, the distance between the vertices, the density of the edges, or the connectivity between the vertices—is relaxed. These graph partitioning and covering problems have important applications in many areas such as social network analysis, biology, and disease-spread prevention. We propose a unified framework based on branch-and-price techniques to compute optimal decompositions. For this purpose, new, effective pricing algorithms are developed, and new…
The behaviour of non consumer of organic food: suggestions on marketing strategies to attract new market segments
2013
Oggi le produzioni agricole biologiche sono in netta crescita sia a livello internazionale che nazionale. Tra le regioni italiane la Sicilia rappresenta la principale area di produzione e si colloca all’ultimo posto relativamente ai consumi. Attraverso un’indagine pilota nella citta di Palermo, si e voluto indagare, sui motivi del mancato acquisto di prodotti biologici per comprendere quali sono le leve del marketing mix su cui e possibile intervenire per attrarre nuovi segmenti di mercato. L’indagine e stata realizzata intervistando un campione di non-consumatori di alimenti biologi presso alcuni supermercati della citta. I campioni, degli intervistati e dei supermercati, sono stati selezi…
Stochastic sensitivity of bull and bear states
2021
We study the price dynamics generated by a stochastic version of a Day–Huang type asset market model with heterogenous, interacting market participants. To facilitate the analysis, we introduce a methodology that allows us to assess the consequences of changes in uncertainty on the dynamics of an asset price process close to stable equilibria. In particular, we focus on noise-induced transitions between bull and bear states of the market under additive as well as parametric noise. Our results are obtained by combining the stochastic sensitivity function (SSF) approach, a mixture of analytical and numerical techniques, due to Mil’shtein and Ryashko (1995) with concepts and techniques from th…