Search results for "Return"
showing 10 items of 354 documents
The evolution of returns to education in Spain 1980-1991
1998
STT Working Paper, n°01-99 (Université d'Orléans), janvier 1999; Based on data from the 1980 and 1990 Household Surveys, we analyze educational expansion in Spain and estimate earnings equations for male family heads ; then rates of return to education in both years are compared. Furthermore we decompose the over-all average earnings differential over time to verify to what extent the magnitude of changes is due to variations in the characteristics of the working population during the 1980-1991 period, and how much of that differential is explained by differences in the pay structure.
The effects of recent Spanish pension reforms on sustainability and pension adequacy
2017
ABSTRACTThe Spanish pension system has been recently reformed as a response to the demographic challenge and with the objective of ensuring the sustainability of the pension system in the long-term. The overall reforms include changes in the majority of the system parameters, a new indexation rule and a sustainability factor that links life expectancy and the first pension amount. The aim of this work is to analyse how these reforms affect two important features of a pension system: fiscal sustainability and adequacy. For this purpose, the real internal rate of return (IRR) of the lifetime contributions and benefits and the prospective gross theoretical replacement rate (TRR), both before a…
A wavelet analysis of the ripple effect in UK regional housing markets
2021
Abstract The paper aims at gaining insights on the spatio-temporal mechanism of house price spillovers, also known as ripple effect, among 12 UK regional housing markets, over the period 1973–2018. From a policy perspective, it is essential to discriminate if the effects of a shock decay more slowly along the geographical dimension as compared to the decay along the time dimension. We enter the debate in a novel manner by using some wavelet analysis tools (wavelet coherence and phase differences amongst others) which reveal the spectral characteristics of a series and show how different periodic components of housing returns evolve over time. Results are interesting. Spillovers from London …
More skilled, better paid : labour-market returns to postsecondary vocational education
2017
Outside the USA, relatively little is known about the labour-market returns to postsecondary vocational (or polytechnic) education. Yet, polytechnics in Europe are distinct from US community colleges. This paper focuses on the labour-market returns to polytechnic attendance in Finland, where polytechnics are representative of many European countries. Using matching methods and longitudinal administrative data, we find that, compared to individuals with no postsecondary education, students who attend polytechnics have higher annual earnings of €3,300 to €3,700 and employment gains of 2.5 to 6.6 percentage points 10 years after the entry decision. However, the returns vary by personal charact…
Nonlinear dynamics of interest rate and inflation
2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent with the theoretical models. In this paper we introduce a nonlinear bivariate mixture autoregressive model that seems to fit quarterly US data (1952 Q1 – 2000 Q2) reasonably well. It is found that the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their persistence. The real interest rate is devoid of this component, indicating one-for-one m…
The Influence of the Endogenous and Exogenous Factors on Credit Institutions’ Return on Equity
2015
Abstract The research’s purpose is to study the credit institutions’ performance, from the shareholders’ point of view, through return on equity (ROE). It aims to identify a dependency relationship between return on equity (ROE) and endogenous factors (the growth rate of credit portfolio, the growth rate provisions, the solvency ratio), on the one hand and, on the other hand between ROE and the exogenous ones (GDP and inflation rate). The research was done over an horizon of 10 years (2004-2013) on the evolution of the return on equity indicator of two credit institutions listed on Bucharest Stock Exchange (Carpathian Commercial Bank SA and Banca Transilvania SA), highlights their vulnerabi…
Stock Returns and Exchange Rate Volatility Spillovers in the MENA Region
2010
In this article, we examine the presence of volatility spillovers between nominal exchange rates and stock returns in three MENA countries: Egypt, Morocco and Turkey. The multivariate GARCH model we use does not produce evidence of cross-market effects for the general stock indices returns. Nevertheless, bidirectional shock and volatility spillovers between exchange rates and stock returns exist at the industry sector level. These findings are more pronounced in Egypt and Turkey. The different results are due to the different exchange rate regimes/policies adopted by the three countries. While exchange rates in Egypt and Turkey were allowed to float, Morocco followed a more tightly managed…
Energy and environmental benefits in public buildings as a result of retrofit actions
2011
Abstract The paper presents the results of an energy and environmental assessment of a set of retrofit actions implemented in the framework of the EU Project “BRITA in PuBs” (Bringing Retrofit Innovation to Application in Public Buildings – no: TREN/04/FP6EN/S07.31038/503135). Outcomes arise from a life cycle approach focused on the following issues: (i) construction materials and components used during retrofits; (ii) main components of conventional and renewable energy systems; (iii) impacts related to the building construction, for the different elements and the whole building. The results are presented according to the data format of the Environmental Product Declaration. Synthetic indi…
Benefits of Refurbishment
2013
Energy and environmental performances of buildings strictly depend on many factors related to the choice of construction materials, HVAC plants and equipment, design, installation and use. By definition, a building interacts closely with its environment. The interactions between building and climate, plants and users have to be taken into account. This aspect is evident in new buildings design process, but it is even more important in the design phase of an existing building renovation, during which actions of energy saving are developed. This chapter summarises the results of the energy and environmental assessment of a set of retrofit actions implemented in the framework of the EU Project…
Multicriteria evaluation of sustainable energy solutions for Colosseum
2017
Abstract Colosseum is a large office building in the capital region of Finland. The building owner operates on the highly competitive office rental market. With increasing emphasis on environmental responsibility, energy efficiency and sustainable energy solutions can provide competitive edge on the rental market. This study evaluates in terms of multiple criteria different alternatives to enhance the energy solutions of the building. The alternatives included different configurations of solar power, ground source heat, and roof constructions, along with district heating. Decision criteria included internal rate of return, energy efficiency, CO2 emissions, and attractiveness. Attractiveness…