Search results for "SAMPLE"
showing 10 items of 2270 documents
Do acquirers’ stock prices fully react to the acquisition announcement of listed versus unlisted target firms? Out-of-sample evidence from Spain
2014
Previous results are ambiguous about whether prices fully reflect value creation or destruction at the time of the acquisition announcement when samples are split into listed and unlisted target firms. We find that the Spanish market fully reacts to the acquisition announcement (showing value creation only for unlisted target firm acquisitions), except for the smallest bidders of public targets since we find significant positive abnormal returns for a 24-month post-acquisition window. This evidence is consistent with investors extrapolating the performance of large acquirers of public firm to smaller ones and, therefore, only identifying value creation in the long term.
Cost of debt capital and audit in Spanish SMEs
2014
Evidence about the effect of voluntary audits on the cost of debt is mixed, and there is no research about the effects of mandatory audits and the non-compliance with the audit requirement. Using a sample of Spanish SMEs, where some companies are exempt from audit and some are mandatorily audited, we examine if audits, either mandatory or voluntary, help to reduce the cost of debt. We do not find a significant association between voluntary audits and cost of debt, whereas companies that breach the audit requirement have a higher cost of debt than the mandatorily audited ones. This suggests that differences in the cost of debt between audited and unaudited companies are associated with a “pu…
Credit Risk Disclosure Practices in the Annual Financial Reporting of Large Italian Banks
2019
Risk disclosure in banking is particularly important for the efficacy of market discipline, the assessment of bank performance, the efficiency of the financial market, and the overall stability of the financial system. The European banking union and the financial crisis have enhanced the strategic role of credit risk disclosure in banking. The topic of this chapter is the evaluation of credit risk disclosure practices in banks’ annual financial reporting. The empirical research is conducted on a sample of ten large Italian banks. The authors employ content analysis and provide a hybrid scoring model for the assessment of credit risk disclosure. The chapter provides empirical findings which …
The Election of the Big 4 Audit Firms In Mexico An Empirical Analysis (2000-2007)
2015
In this article, we present the results of an empirical study on the factors that determine the election of the Big 4 in Mexico during the period from 2000 to 2007. To this purpose, we have estimated a logistic regression model using a sample of companies listed on the Mexico Stock Exchange and its financial statements audited by an independent auditor. The results indicate that corporate features such as; the presence of controlling shareholders, the debt level, the presence of foreign investors, business size and requirement for additional services by audited companies are some of the factors determining the election of the Big 4 in Mexico.
STATUS OF ENVIRONMENTAL PROTECTION AS A SOURCE OF FINANCE FOR REGIONAL ECONOMIC DEVELOPMENT: MEASUREMENT OF ENVIRONMENTAL AND REGIONAL POLICY WITH TH…
2008
The present paper analyses spatial distribution of EU financial support for territories, where environmental protection is of high importance, and tests the measuring method based on the t‐statistic of sign frequency in order to apply the R. Fisher function's arcsin transformation. The measuring of EU fund distribution is based on the analysis of sign frequency in sample groups with sign frequency in all the municipalities of Latvia. There are 530 municipalities in Latvia, and in 100 of them environmental protection is of high importance. The author has concluded that Latvian municipalities with high environmental protection levels have significantly higher possibilities to obtain EU funds …
Financial Determinants of Foreign Direct Investment
2008
We argue that mainstream FDI theory underplays financial motivations for international investment, and suggest several possible channels for a distinct cost-of-capital effect on FDI. Using a sample of European firms' cross-border acquisitions, and controlling for traditional firm-level determinants of FDI, we find strong evidence in favor of a cost-of-equity effect, whereas the effect of debt costs is indeterminate. We further find that financial determinants are more important for firms originating in relatively less financially developed countries and for firms with high knowledge intensity.
Technological Districts and the Financing of Innovation: Opportunities and Challenges for Local Banks
2015
The paper deals with the role that local banks (especially credit cooperative banks) might play in financially supporting the development of technological districts and innovative firms. After introducing the concept and features of technological districts, it focuses on the relations between districts and local banks and between the adoption of innovation and local banking. The central part is an econometric exercise aimed at measuring the weight of high value financial services over the income of a sample of Italian credit cooperative banks. Taking into account the cultural, managerial and organizational requirements of local banks, the work provides insights into how this category of ban…
Finansinis stabilumas ir koncentracija: besivystančios Europos tyrimas
2016
Šiame straipsnyje tiriamas bankų sektoriaus koncentracijos poveikis finansiniam stabilumui naudojant 134 komercinių bankų iš 17 Vidurio ir Rytų Europos šalių 2007-2012 m. laikotarpio duomenis. Empirinio tyrimo rezultatai pabrėžia vadinamąją „koncentracijos trapumo“ hipotezę, parodydami, kad aukštas koncentracijos lygis bankų sektoriuje yra siejamas su didesne bankų, ypač mažesniųjų, įsipareigojimų neįvykdymo tikimybe. Taip pat parodoma, kad neigiamas koncentracijos poveikis gali būti sumažintas taikant griežtą priežiūros sistemą. Pirmiausia - griežtas oficialus bankų sektoriaus priežiūros įgaliojimas. Antra - skirtingi priimančiosios šalies ir buveinės šalies priežiūros įgaliojimai gali žym…
Assessing the dynamic eco-efficiency of Italian municipalities by accounting for the ownership of the entrusted waste utilities
2021
Abstract This study evaluates and compares the dynamic eco-efficiency of municipalities with publicly owned, privately owned, and mixed ownership solid waste utilities by estimating the Meta-frontier Malmquist-Luenberger productivity index for a sample of 68 major Italian towns. On average, the eco-productivity of Italian waste service providers increased by 8% from 2016 to 2019. Although municipalities with private utilities improved their eco-productivity most, the differences among the three clusters reflecting utility ownership are not statistically significant. The results show that publicly owned waste operators drive technology and that the technological levels of private utilities h…
Materialism and the Bright and Dark Sides of the Financial Dream in Spain: The Positive Role of Money Attitudes-The Matthew Effect
2012
Research suggests that materialism leads to the dark side of the financial dream. In this study, we treat love of money as a mediator and test a theoretical model's direct path (Materialism to Financial Satisfaction) and indirect path (Materialism to Love of Money to Financial Satisfaction) simultaneously using the whole sample and across several demographic variables based on 1,011 citizens in Spain. Results for the whole sample showed that the positive indirect effect suppressed the negative direct effect creating an overall small positive effect. Furthermore, we found a significant negative direct path for rural dwellers, the 30–44-year-old age group, and married people, but a positive i…