Search results for "Returns"
showing 10 items of 50 documents
Monotone Concave Operators: An application to the existence and uniqueness of solutions to the Bellman equation
2008
We propose a new approach to the issue of existence and uniqueness of solutions to the Bellman equation, exploiting an emerging class of methods, called monotone map methods, pioneered in the work of Krasnosel’skii (1964) and Krasnosel’skii-Zabreiko (1984). The approach is technically simple and intuitive. It is derived from geometric ideas related to the study of fixed points for monotone concave operators defined on partially order spaces.
Estimating regional differences in returns to education when schooling and location are determined endogenously
2010
While the growing supply of university skills is known to have agglomerated towards the large centers in Finland, there is no research knowledge available on the development of regional demands. This paper attempts to fill this gap by analyzing regional variation in the private-sector return to university education in Finland for the period 1970 - 2004. In the analysis, we focus on studying 1) whether there are differences in the return to university between different region types, and 2) to what extent can these differences - if they exist - be explained by differences in regional skill supply and unemployment. For the econometric analysis, we use a large register-based dataset constructed…
Intellectual property strategies and firm growth : evidence from Finnish small business data
2012
The goal of this study is to shed light on the relationship between intellectual property (IP) strategies and firm growth. In brief, IP strategies are means of capturing returns on innovation investments. Employment effects and sales growth effects of innovations have been studied extensively in both theoretical and empirical economic literature but prior research has seldom included IP strategies into the analysis. There is little knowledge, whether there exists growth rate differences among firms that use different IP strategies and do patenting firms effectively demonstrate stronger growth than their non-patenting counterparts. Present study considers IP strategies as potential firm grow…
Do Investors Care About Noise Trader Risk?
2011
International audience; The link between investor sentiment and asset valuation is at the center of a long-running debate in behavioral finance. Using a new composite sentiment indicator, we show that the conventional risk does not explain the abnormal returns of portfolios most sensitive to the sentiment factor. Our result supports the existence of a sentiment risk valued by financial markets. We also find that the firms more impacted by the sentiment risk correspond to difficult-to-arbitrage and hard-to-value stocks, e.g. small stocks, growth stocks, young stocks, unprofitable stocks, lower dividend-paying stocks, intangible stocks and high volatility stocks.
Is Sentiment Risk Priced By Stock Market?
2012
International audience; This study tests if the financial markets price the investors sentiment risk. We construct portfolios based upon the stock returns exposure to sentiment. Our results show that the portfolio returns are positively correlated with the exposure of stocks to sentiment. The strategy that consists of buying stocks with the highest exposure to sentiment and selling stocks with the lowest exposure to sentiment generates a significant raw profit. Exploring the sources of profit, we find that neither the traditional risk factors nor the momentum factor can account for the profit. However, we find that the addition of the sentiment risk premium contributes to explain the profit.
ESTUDIO DEL EFECTO INFORMATIVO DEL ANUNCIO DE BENEFICIOS TRIMESTRALES
2005
In this research we investigate whether quarterly earnings announcements are informative using awide sample of firms listed in the Spanish Stock Market (SIBE). We study the period comprised between thethird quarterly of 2002 and the fourth quarterly of 2003. We analyse whether abnormal returns are related tothe quarter in which the announcement is released, whether the announcement implies good or bad news forthe firm, the source of the information, the size of the firm and whether the firm is followed by analysts.Results show that quarterly earnings announcements are informative. We also obtain evidence of a possibleuse of insider information in the case of the announcements disclosed in t…
Labor-Market Returns to Higher Vocational Schooling
2018
This paper examines the labor-market returns to a new form of postsecondary vocational education, vocational master's degrees. We use individual fixed effects models on the matched sample of students and non-students from Finland to capture any time-invariant differences across individuals. Attendance in vocational master's programs leads to higher earnings of eight percent five years after entry even if selection on unobservables is twice as strong as selection on observables. Earnings gains are similar by gender and age, but they are marginally higher for health than for business or technology and trades. nonPeerReviewed
Returns To Education During And After The Economic Crisis: Evidence From Latvia 2006–2012
2017
We employ EU-SILC micro data for Latvia to study how returns to education changed during the economic crisis of 2008–2009 and afterwards. We found that returns to education increased significantly during the crisis and decreased slightly during the subsequent economic recovery. The counter-cyclical effect was evident in nearly all population groups. After the crisis, education became more associated than before with a longer working week and a higher employment probability. Furthermore, we show that returns to education in Latvia are generally higher in the capital city and its suburbs than outside the capital city region, as well as for citizens of Latvia than for resident non-citizens and…
Effects of economic policy uncertainty on stock and bond market integration
2015
Tässä pro gradu – tutkielmassa tarkastellaan sitä , miten talouspoliitti nen epävarmuu s vaikut taa osake - ja korko markkina tuottojen väliseen yhteyteen . Tutkimuksessa saadut e mpiiriset havainnot viittaavat siihen, että kun reaalit alouden kasvu ylittää inflaati o- vauhdin , talouspoliittisen epävarmuuden kasvu on tekijä, joka vähentää osake - ja ko r- ko markkina tuottojen korrelaatiota . Sen sijaan kun inflaatio vauht i ylittää reaalitalouden kasvun, jota tässä tutkielmassa on mitattu S&P 500 i ndeksin osinkojen jaolla, kasvava talouspoliittinen epävarmuus vahvistaa osake - ja korkomarkkinatuottojen korrelaatiota . Tutkimus on toteutettu Yhdysvaltojen rahoitusmarkk inoiden aineistolle…
Matching across space: evidence from Finland
2005
This paper studies spatial aspects in local labour markets in Finland from the perspective of a matching approach. The monthly data comprise 173 Local Labour Office are as over a 12-year period between January 1991 and August 2002. The basic matching function is extended to account for spatial spill-overs between the local labour markets. The role of population density in the matching process is also examined. According to results, the Finnish local labour markets suffer from a strong congestion effect among job seekers, and spatial spill-overs even strengthen the congestion. An open vacancy is filled much easier than a job seeker is employed. The results show that the matching efficiency i…