Search results for "RANSAC"
showing 10 items of 346 documents
Regional currencies and regional monetary zones in Latin America: what prospects?
2009
Reducing transaction costs and the need for international reserves is a primary objective to the establishment of regional payment agreements. Another objective, especially in the case of Latin America where the Ecuadorian promoters of the Bank of the South (Banco del Sur) and the New Regional Financial Architecture are planning the implementation of a regional clearing system, is to reduce member countries' dependence on the U. S. dollar as an international standard and reserve currency. To help improve the design of such agreements, this paper refers to the plan Keynes designed for the Bretton Woods conference. First, it observes that cases were made against this plan from which useful le…
A critical perspective on Integrated Project Delivery (IPD) applied in a Norwegian public hospital project
2020
Does the IPD concept deliver as required and expected, and if not, how can that be explained? This paper is a critical realist inspired methodology based on a combination of the inductive and deductive approaches used in case study research. IPD is based on relational contracting between multiple parties, in this case between the Owner, Contractor, MEP subcontractors and a group of Consulting engineers who share control of the project. At the core of the concept is shared risk and opportunities among the parties in the IPD contract. Our theoretical perspectives are based mainly on the Principal-Agent theory (PA), Transaction Cost theory (TC), and its related incentives. This paper reports o…
Impact of e-government on transaction cost and FDI inflows: A proposed conceptual framework
2011
Published version of an article in International Journal of Business and Management, 6(11), 285-296. Also available from the publisher at http://dx.doi.org/10.5539/ijbm.v6n11p285 Although vast normative e-government literature supports the assertion that implementation of e-government reduces transaction cost and promotes Foreign Direct Investment; empirical evidence to support this thesis is limited. Even more, there is limited attempt when studying this phenomenon to integrate e-government literature with other literatures in which major constructs of interest are rooted. This article contributes to reducing this gap by establishing a conceptual framework that integrates e-government lite…
Have IFRS Changed How Stock Prices Associate with Earnings and Book Values? Evidence from Norway
2012
Firms listed on European, Australian and an increasing number of other stock exchanges are required to report according to International Financial Reporting Standards (IFRS). We use a Norwegian sample to examine whether the adoption of IFRS in 2005 has changed the value relevance of earnings relative to book values. IFRS are balance sheet-oriented and emphasize measurement at fair value. In contrast, Norwegian GAAP (NGAAP) are earnings-oriented and focus on measurement at transactional (historical) cost. IFRS also differ by recognizing more intangible assets, which further contributes to making IFRS less conservative than NGAAP. We find that more fair value accounting increases the value re…
Stimulating economic growth in the least developed countries: direct cash transfers for the retired via mobile phones
2013
The result of current aid policies is that only a small percentage of foreign aid reaches the poorest of the poor in the least developed countries. Current trends of urbanisation and self-reliance place elderly people in an increasingly difficult situation. This paper aims to stimulate debate by introducing an alternative mechanism for foreign aid. With the help of an economic model, we demonstrate how direct cash transfers to elderly people can spur economic growth. Targeting all elderly people above a certain age minimises selection costs and removes perverse incentives. The use of new mobile phone technologies reduces transaction costs and makes our proposed modality feasible including i…
THE DURATION OF FIRM-DESTINATION EXPORT RELATIONSHIPS: EVIDENCE FROM SPAIN, 1997-2006
2012
I. INTRODUCTION The traditional trade literature that investigates aggregate trade flows emphasizes the sizeable increase in trade relationships since World War II and the remarkable persistence of trade flows. However, recent microlevel studies point out that under the stable aggregate trade flows there is a rich dynamics at firm- and/or product-level with a high turnover. In fact, international-market presence is often a transitory and an uncommon phenomenon. At any period, only a small percentage of home-based firms participate in trade and exporting firms are different from non-exporters (larger, more productive, etc.). Moreover, there is much persistence in exporting status; being an e…
Political risk and export promotion: evidence from Germany
2008
Political risk represents an important hidden transaction cost that reduces international trade. This paper investigates the claim that German public export credit guarantees (Hermes guarantees) mitigate this friction to trade flows and hence promote exports. We employ an empirical trade gravity model, where we explicitly control for political risk in the importing country in order to evaluate the effect of export guarantees. The idea behind export promotion through public export credit agencies (ECAs) is that the private market is unable to provide adequate insurance for all risks associated with exports. As a consequence, firms' export activities are limited in the absence of insurance pr…
Is the long-run underperformance of seasoned equity issues irrational? Evidence from Spain
2007
Abstract We investigate if the long-run underperformance in the year after the issue of a sample of Spanish SEO firms is related to behavioural biases that lead investors to slowly adjust their pre-issue overoptimism. We also examine the existence of arbitrage costs that preclude mispricing from being corrected rapidly by sophisticated investors who act as arbitrageurs. Our findings support the contention that small SEO firms are overpriced at the time of the issue and suggest that their post-underperformance is related to arbitrage costs, where transaction costs play an important role although holding costs do not.
Governance forms drivers in bio-pharmaceutial inter-firm relationships
2012
Networking benefits are acknowledged by many studies in the industrial organization and strategic management fields; transaction cost theory agency and property right theory provide the economic foundations to the market-hierarchy dilemma; while Resource based-view (RBV), relational and evolutionary theories provide the strategic foundation of the inter-firm relationships. All this theoretical strands investigate reasons that push firms to formalize their relationship in different governance structures. The bio-pharmaceutical industry has the characteristics to offer to the potential partners both exploitation or exploration alliances benefits. In particular some elements play a “pivot” rol…
The Effect of EMU on Tourism
2007
Abstract This paper estimates the effect of the euro on intra-EMU tourist flows by using a panel dataset of 20 OECD countries over the period 1995–2002. The results reveal that the euro has increased tourism, with an effect of around 6.5%. This is a noticeable impact given the early stage of the EMU analyzed. The robustness checks show that the evidence of a positive impact is quite widespread across EMU destinationcountries. 1. Introduction The aim of this paper is to analyze the impact of the euro on tourism among the 12members of the Economic and Monetary Union (EMU) in Europe. One of theexpected effects of the creation of the single European currency was the increase in trade of goods an…