Search results for "Transaction"

The Effect of EMU on Tourism

2007

Abstract This paper estimates the effect of the euro on intra-EMU tourist flows by using a panel dataset of 20 OECD countries over the period 1995–2002. The results reveal that the euro has increased tourism, with an effect of around 6.5%. This is a noticeable impact given the early stage of the EMU analyzed. The robustness checks show that the evidence of a positive impact is quite widespread across EMU destinationcountries. 1. Introduction The aim of this paper is to analyze the impact of the euro on tourism among the 12members of the Economic and Monetary Union (EMU) in Europe. One of theexpected effects of the creation of the single European currency was the increase in trade of goods an…

American Option Pricing and Exercising with Transaction Costs

2005

In this paper we examine the problem of finding the reservation option prices and corresponding exercise policies of American options in a market with proportional transaction costs using the utility based approach proposed by Davis and Zariphopoulou (1995). We present a model where the option holder has a constant absolute risk aversion. We discuss the numerical algorithm and propose a new characterization of the option holder's value function. We suggest original discretization schemes for computing reservation prices and exercise policies of American options. The discretization schemes are implemented for the cases of American put and call options. We present the study of the optimal tra…

Valūtas un valūtas kursa svārstību ierobežošana ilgtermiņa līgumos

2017

Bakalaura darbs „Valūta un valūtas kursa svārstību ierobežošana ilgtermiņa līgumos” sniedz ieskatu jautājumos par maksājuma izdarīšanas valūtu un valūtas kursa svārstību ierobežošanu līgumā. Darba mērķis ir izpētīt, kādā valūtā maksājums izdarāms, ja puses līgumā par to tieši nav vienojušās, kā arī noskaidrot efektīvākos valūtas kursa svārstību ierobežošanas veidus. Pētījuma rezultātā autore konstatē kritērijus, atbilstoši kuriem tiek noteikta maksājuma izdarīšanas valūta un identificē efektīvākos mehānismus valūtas kursa svārstību ierobežošanai līguma ietveros. Atslēgvārdi: valūta, valūtas kurss, valūtas kursa svārstības, darījuma risks, valūtas de-valvācija, valūtas revalvācija.

Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms: Evidence from Spain

2011

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller …

Internal vs. external R&D teams: Evidences from the Italian wine industry

2021

R&D teams' internationalization attracts interests from different research-streams. However, the decision on what type of R&D structure is more convenient to invest in may differ, based on several factors, such as risk-taking propensity and internal resource availability. With an aim to enrich the extant literature and to provide practical insights for managers working in the wine industry, this case study explores the determinants of an Italian family-owned winery that attempts to keep a balance between its internal and external R&D teams' decision, using an integrated theoretical framework based on the transaction costs and the resource-based view theory. The optimal R&D s…

Inter-firm relationship design for achieving supply network responsiveness

2008

The Hold-Up Problem in Agricultural Contracts. A Study of Contractual Correlations Between Polish Groups of Agricultural Producers and First Recipien…

2018

Problem pułapki przed- i post-kontraktowej ma miejsce, gdy partnerzy cechują się oportunizmem, kontrakt jest niekompletny i występuje konieczność dokonania inwestycji zarówno o charakterze specyficznym, jak i ogólnego użytku. Na problem pułapki kontraktowej mogą być narażeni producenci rolni choćby ze względu na słabszą pozycję rynkową czy też niski poziom zintegrowania horyzontalnego. W artykule wyznaczono dwa cele. Pierwszy stanowi identyfikację umów rolnych, z których realizacją wiązało się dokonanie inwestycji w aktywa trwałe (problem pułapki post-kontraktowej). Drugim zaś jest rozpoznanie grup producentów rolnych, które według własnej opinii były w toku swej działalności narażone na wy…

Multimodal intervention in children with attention‐deficit hyperactivity disorder

1994

ABSTRACT Children (N = 3) with attention‐deficit hyperactivity disorders were trained by using a multimodal programme, which comprised three types of intervention: children's individual and group‐based cognitive training, parent training and classroom intervention. The study was done using the experimental single‐case design. Baseline and progress were evaluated by classroom observations, questionnaires and rating scales. Results concerning the two children who were able to finish the programme were promising. Progress was seen in both classroom observations and parent and teacher ratings. Results are discussed and considered from the transactional point of view and some ideas about develop…

Ancillary Services in the Energy Blockchain for Microgrids

2019

The energy blockchain is a distributed Internet protocol for energy transactions between nodes of a power system. Recent applications of the energy blockchain in microgrids only consider the energy transactions between peers without considering the technical issues that can arise, especially when the system is islanded. One contribution of the paper is, thus, to depict a comprehensive framework of the technical and economic management of microgrids in the blockchain era, considering, for the first time, the provision of ancillary services and, in particular, of the voltage regulation service. When more PV nodes are operating in the grid, large reactive power flows may appear in the branches…

Strategic Variables that Influence Entry Mode Choice in Service Firms

2007

This work investigates how a firm's international strategy affects choice of entry mode in the service sector. The inherent complexity associated with studying a heterogeneous sector such as services requires researchers to investigate variables that go beyond those drawn from traditional empirical work on the manufacturing sector. The adoption of a broader theoretical perspective and the introduction of these new variables may well provide further evidence of the determinants of service firms’ entry mode choices. On the basis of 174 entry decisions of service firms, this study's results support the necessity of including additional strategic variables that specifically address this complex…