Search results for "Return"
showing 10 items of 354 documents
The effectiveness of bank capital adequacy regulation: A theoretical and empirical approach
2003
The aim of this paper is to analyse how banking firms set their capital ratios, that is, the rate of equity capital over assets. In order to study this isue, two theoretical models are developed. Both models deal with the existence of an optimal capital ratio; the first one for firms not affected by capital adequacy regulation, the second one for firms which are. The models have been tested by estimating a disequilibrium model using data of Spanish savings banks.
Determinants of required returns in venture capital investments: a five country study
2002
Abstract Using two complementary theoretical perspectives, we develop hypotheses regarding the determinants of the return required by venture capitalists and test them on a sample of over 200 venture capital companies (VCCs) located in five countries. Consistent with resource-based theory, we find that early-stage specialists require a significantly higher return than other VCCs when investing in later-stage ventures. Consistent with financial theory, we find that acquisition/buyout specialists require a significantly lower return than other VCCs when investing in expansion companies. Furthermore, in comparison to specialists, highly stage-diversified VCCs require a significantly higher ret…
The Role of Net Interest Margin in Improving Banks’ Asset Structure and Assessing the Stability and Efficiency of their Operations
2014
Abstract Against the background of the growing diversity of financial instruments, technological progress and increasing interconnectedness of financial institutions, ensuring the stability of the banking sector has become an important task for economic policy in every country. This paper shows that net interest margin is the most appropriate criterion for evaluating the effectiveness and stability of banks’ operations. It is superior to the return on assets in illustrating how successfully a bank manages its interest bearing assets. The author analyzes banking sectors in the Baltic countries, the Euro Area as well as the United States and their management strategies, as well as indicators …
Robustness of the risk–return relationship in the U.S. stock market
2008
Abstract Using GARCH-in-Mean models, we study the robustness of the risk–return relationship in monthly U.S. stock market returns (1928:1–2004:12) with respect to the specification of the conditional mean equation. The issue is important because in this commonly used framework, unnecessarily including an intercept is known to distort conclusions. The existence of the relationship is relatively robust, but its strength depends on the prior belief concerning the intercept. The latter applies in particular to the first half of the sample, where also the coefficient of the relative risk aversion is smaller and the equity premium greater than in the latter half.
Illiquidity Risk and the Long-Run Underperformance of Seasoned Equity Issues in the Spanish Market
2008
This paper presents new evidence on potential risk-based explanations for the low SEO returns in the year after the issue. Specifically, we analyse whether the issue leads to a long-term higher stock liquidity that implies that SEO stocks have lower expected return due to lower exposure to liquidity risk factor. Therefore, we investigate if Spanish SEO firms experience significant changes in long-term liquidity after the issue. Results suggest that SEO-firm liquidity increases significantly in the year after the issue. Finally, we explore the post-performance of SEO firms explicitly accounting for liquidity risk. In particular, we employ the three factor model by Fama and French (1993) exte…
Interest rate changes and stock returns in Spain: A wavelet analysis
2015
This paper investigates the relationship between changes in interest rates and the Spanish stock market at the industry level over the period from January 1993 to December 2012 using a wavelet-based approach. The empirical results indicate that Spanish industries exhibit, in general, a significant interest rate sensitivity, although the degree of interest rate exposure differs considerably across industries and depending on the time horizon under consideration. In particular, regulated industries such as Utilities, highly indebted industries such as Real Estate, Utilities or Technology and Telecommunications, and the Banking industry emerge as the most vulnerable to interest rates. Further,…
CASE STUDY REGARDING THE FINANCIAL PERFORMANCE BASED ON RATES OF RETURN, FOR COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE, ACTING IN MINING AND QUARR…
2013
Analysing the relationships between elements of an enterprise's financial statements, especially between elements from the balance sheet and those from the profit and loss account, the rates of return adds greater utility to the consumers of financial information, offering the possibility to make comparisons over time and space as well as to make reference to internal and external rates. Considering the companies listed on Bucharest Stock Exchange among the best performing, due to the high requirements imposed by a stock market, in this paper has been analyzed the way the financial crisis affected the financial performance in Mining and Quarrying Domain.
Primo Convegno Nazionale della Società dei territorialisti e delle territorialiste: tra approccio multidisciplinare, ritorno alla terra, valore umano…
2014
Prendendo spunto dal Primo Convegno Nazionale della Società dei Territorialisti e delle Territorialiste, che ha avuto luogo a Milano nei giorni del 17 e 18 maggio 2013, si riflette e si ripercorre la via che ha portato la pianificazione territoriale da un approccio al territorio per parti separate a quello di una lettura e progettazione di tipo sistemico ed organico che mira al superamento della precedente settorialità: l’approccio territorialista. La visione e il metodo territorialista implementa la multidisciplinarietà propria della pianificazione territoriale coinvolgendo l’identità dei luoghi, la partecipazione degli abitanti, la produzione sociale e condivisa di paesaggi, la proposta d…
On the first return integrals
2007
Some pathological properties of the first-return integrals are explored. In particular it is proved that there exist Riemann improper integrable functions which are first-return recoverable almost everywhere, but not first-return integrable, with respect to each trajectory. It is also proved that the usual convergence theorems fail to be true for the first-return integrals.
Experiences of Female Breast Cancer Survivors Concerning Their Return to Work in Spain
2021
The objective of this study was to analyze the experiences of returning to work of women who had overcome breast cancer, identifying its physical and psychological consequences, the process they underwent, their motivations, and difficulties. A total of 19 female breast cancer survivors, with an age range of 30 to 57 years, participated in two focus groups. A semi-structured script was prepared about their experiences of returning to work. The results indicated that survivors’ self-perception was weakened by the physical and psychological consequences of the treatment of the disease