Search results for "Transaction"
showing 10 items of 229 documents
Information and Investor Behavior Surrounding Earnings Announcements
2014
Preliminary version The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information which is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.
A Top-Down Approach Based on Business Patterns for Web Information Systems Design
2009
International audience; In this paper we develop an approach that is based on a top-down strategy to realization of transactional web services. Our approach highlights non-functional properties (e.g., traceability, security) which are essential to preserving an application's quality. It is implemented in three steps. The first step is a breakdown of the application in accordance with a related business involved. The goal of this step is to have sets of actors and activity patterns defined as an activity workflow that support the architecture of the application. The next step allows developing a mapping of the activity pattern on this architecture. The aim of this step is to identify the ris…
Organizational models in the Sicilian ornamental plant industry: An empirical analysis based on transaction cost theory
2015
The process of market globalization has led to a redefinition of business models in order to compete in domestic and international markets. In the current competitive scenario, the survival of companies is linked to their ability to reduce or contain the sum of both production and transaction costs. The aim of this paper is to identify the existence of similar organizational models of a sample of Sicilian firms active in the Ornamental Plants sector based on those transaction costs that they support in relation to the sales channel and the other human and firm characteristics. Using a clustering procedure, we identified four well-distinct organizational models whose formation is influenced …
Effective leadership in teams: a simple model
2013
This article explores the determinants of effective leadership in a team of production. We obtain that for leadership to be effective, the leader must be at least as productive as the follower. In the case of a charismatic leader, we obtain that efficiency can be restored with a homogeneous team.
¿SE PUEDE MEDIR LA NEGOCIACIÓN INFORMADA?: UNA REVISIÓN DE LA METODOLOGÍA BASADA EN LAS COVARIANZAS DE LAS SERIES DE PRECIOS
2009
RESUMENEl desarrollo en los modelos teóricos de microestructura ha motivado la aparición de un grupo de trabajos encaminado al estudio empírico de los costes de transacción y sus componentes dada la importancia que han tenido los mismos en el estudio del funcionamiento de los mercados y la comparación entre éstos así como sus numerosas aplicaciones en campos afines (finanzas corporativas, eficiencia de los mercados, etc.). Por otra parte, la contrastación empírica de los distintos modelos establecidos muestra resultados claramente dispares. Por ello, el objetivo de nuestro trabajo es analizar con detalle y en conjunto dichos modelos centrándonos en un grupo con características muy similares…
Explaining the process of change taking place in legal rules and social norms: The cases of institutional economics and new institutional economics
1995
This paper deals with the phenomenon of institutional change and has been conceived as an attempt to answer the following question: Can we retain theimage of institutional change contained in a theory when we replace a methodological foundation on which the theory was built by a different and alternative one? For an answer to be developed, special attention is paid to the contributions made by institutional economists (IE) and those made by transaction cost—new institutional economists (NIE). The question clearly shows that it is a paper on applied methodology rather than a survey on institutional change contributions. Because of that, its main purpose is not to increase our knowledge about…
The Trade Creation Effect of Immigrants: Evidence from the Remarkable Case of Spain
2010
There is abundant evidence that immigrant networks are associated with larger exports from the country where they settle to their countries of origin. The direction of causality of this association is less clearly established. Also, we do not know to what extent these increased exports are due to an increase in the number of exporting firms (i.e. the extensive margin of trade) or due to larger values exported by existing firm (i.e. the intensive margin). Using micro data on individual trade transactions from Spanish provinces between 1995 and 2008 and data on the stock of immigrants in those provinces by country of origin we can make progress on both fronts. The richness of our data allows …
An Example: Money
1995
The institution of money, like that of language, or that of the State, has often been seen to be based on some kind of contractual agreement. Aristotle describes the nature of money as follows: Money has become by convention a sort of representative of demand; and that is why it has the name ‘money’ (nomisma) because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless. (Ethica Nicomachea, V.5.II33a) The word nomos is ambiguous: in another translation of Ethica it has been translated as “custom”. This ambiguity reflects a theoretical problem in the classical social theory: money has been seen either as a result of an act of will of the legislato…
Credit reporting e intermediazione creditizia: scelte di “make or buy” tra relationship e transaction banking.
2016
Il presente lavoro prende in esame, con una prospettiva di analisi economico-aziendale, il ruolo del mercato del credit reporting nell’esercizio della funzione creditizia delle banche, nonche il vario articolarsi delle scelte di make-or-buy informativo nella catena del valore dell’intermediazione creditizia, tra approcci di relazione di clientela di tipo relationship banking e transaction banking. In particolare, il lavoro e volto a sistematizzare le teorie ed a comprendere le determinanti del ricorso delle banche al mercato dell’informazione creditizia. Il paper e strutturato nel modo seguente. La sezione 2 introduce il tema dell’economia dell’informazione nel mercato creditizio. La sezion…
Transmitting the entrepreneurial spirit to the work team in SMEs: the importance of leadership
2007
PurposeTo establish the extent of the influence of variables which, under a particular style of leadership, form the necessary basis for encouraging and developing group, entrepreneurial activities carried out within the context of small to medium‐sized enterprises (SMEs) thus explaining the transmission of the entrepreneurial spirit to the work team and, consequently, the existence of collective entrepreneurship in the firm.Design/methodology/approachFrom the results of a questionnaire carried out via personal interviews with over 100 firms, a confirmatory factorial analysis was carried out that provided us with the variables to be studied. The cause/effect relationships and their implicat…