Search results for "STRATEGY"
showing 10 items of 2256 documents
Unwanted effects of European Union environmental policy to promote a post-carbon industry. The case of energy in the European ceramic tile sector
2016
Global warming combined with low carbon transition plans is threatening the future of high energy consumption industry sectors in the European Union (EU). The need to respond to environmental challenges is demonstrated by support for international level energy policies and legal requirements, such as the Kyoto Protocol which the EU supports, and increased EU-level environmental legislation and energy policies. The effect of these initiatives is gradually transforming industrial activities in the EU. However, since not all countries have adopted these policies, evaluation of their net effect needs to take account also of side-effects such as delocalization of industry activity and the legal …
ASSESSMENT OF EUROPEAN COMISSION’S REGIONAL POLICY IMPACT ON REAL ESTATE INVESTMENT IN A POST-SOVIET CITY: CASE STUDY OF SELECTED NEIGHBOURHOODS IN R…
2012
Europe 2020 strategy, the replacement of Lisbon strategy for jobs and growth, is an “umbrella strategy” for development of all policy areas in countries of European Union, EU setting concrete target aims to be reached until year 2020 that are ambitious than the previous Lisbon strategy. All other policies of European Commission, EC or Commission, are supporting the Europe 2020 strategy, including the EC’s regional. Nowadays, growth and development at a local level within EU is seen as part of Commission’s regional policy aimed at contributing to the “umbrella strategy”. Its purpose is to help to achieve the overall goals of Europe 2020 strategy. EC’s regional policy in point of fact is an …
Circularity Within the EU: The Return Intentions of Latvian Migrants
2016
Recently, much attention has been paid in the literature to circular migration because of its perceived potential to reduce permanent migration and to promote development. This is probably a result of a perfect combination of interests benefiting not only sending and receiving countries, but also the migrants themselves (Vertovec 2007; Adepoju et al. 2010; Castles and Ozkul 2014). Circularity allows migrants to gain experience and acquire skills, and to apply them on returning to their countries of origin, thereby contributing to development (Cassarino 2004; de Haas 2010, 2012), transforming brain drain into brain gain, and at the same time contributing to their positive effects on labour m…
Unbundling technology adoption and tfp at the firm level. Do intangibles matter?
2012
We use a panel of European firms to investigate the relationship between intangible assets and productivity. We distinguish between total factor productivity (tfp) and technology adoption, whereas standard estimations consider only a notion of productivity that conflates the two effects. Although we are unable to address simultaneity, we allow for the existence of multiple technologies within sectors through a mixture model approach. We find that intangible assets have nonnegligible effects that both push firms toward better technologies (technology adoption effects) and allow for more efficient exploitation of a given technology (tfp effects).
Performance assessment of water companies: A metafrontier approach accounting for quality of service and group heterogeneities
2021
Abstract The assessment of water companies’ efficiency, productivity and quality of service is part of the process to set water tariffs and therefore, is relevant for regulators and customers. However, the water industry involves several heterogeneous water companies. Following a pioneering approach, this study estimates productivity change and its drivers considering the non-homogeneous nature of the water companies and incorporating quality of service variables as undesirable outputs. In doing so, the metafrontier Malmquist Luenberger productivity index was estimated for a sample of English and Welsh water and sewerage companies (WaSCs) and water only companies (WoCs) over the years 2001–…
Exploring the relationship between Information and Communication Technologies (ICT) and academic performance: A multilevel analysis for Spain
2021
Abstract With the world becoming increasingly digitalized, determining the relationship between the use of Information and Communication Technologies (ICT) and educational outcomes takes on special relevance for guiding educational policy decisions in a reasoned way. The objective of this research is to explore the relationship between different types of ICT use at school and at home, students' attitudes towards ICT, and academic performance, as well as to see if these associations differ according to the level of performance of the students. For this purpose, we apply multilevel regression models and quantile regression models with data from the Programme for International Student assessme…
Revisiting the Profitability of Market Timing with Moving Averages
2017
In a recent empirical study by Glabadanidis (“Market Timing with Moving Averages” (2015), International Review of Finance 15(13):387–425), the author reports striking evidence of extraordinarily good performance of the moving average trading strategy. In this paper, we demonstrate that this “too good to be true” reported performance of the moving average strategy is due to simulating trading with look-ahead bias. We perform simulations without look-ahead bias and report the true performance of the moving average strategy. We find that, at best, the performance of the moving average strategy is only marginally better than that of the corresponding buy-and-hold strategy. In statistical terms,…
Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange
2019
Abstract The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.
Credit derivatives disclosure in banks’ risk reporting: Empirical evidence from four large European banks
2019
This paper aims to analyze the derivatives disclosure in banks’ annual risk reports. In this paper, the author uses content analysis to examine the qualitative and quantitative profiles of the derivatives disclosure at a cross-country level, with particular reference to credit derivatives. The empirical research is conducted on a sample of large European banks. The paper also shows that there is room to improve various aspects of derivatives disclosure, and provides some useful insights for further research. The derivatives disclosure in banks’ annual risk reports has deep managerial, financial, regulatory and accounting implications at a firm and industry levels, and the comprehension of t…
Successful turnarounds in bankrupt firms? Assessing retrenchment in the most severe form of crisis
2019
During economic downturns, firms file for bankruptcy in an effort to attempt a “turnaround.” The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of 868 bankrupt Spanish firms during the period 2004–2017. The empirical results show that stakeholder support and deep cost retrenchment increase the likelihood of survival and performance recovery, while aggressive layoffs are detrimental for turning bankrupt firms around. Surprisingly, intense asset retrenchment had no significant effects on firm survival and also pushed performance downward. The fi…