Search results for "Transaction"
showing 10 items of 229 documents
Voluntary agreements in protecting privately owned forests in Finland — To buy or to lease?
2008
Abstract A voluntary conservation approach may reveal environmentally minded landowners who are willing to protect their lands with a compensation that is lower than the market price based compensation. Consequently, voluntary conservation programs may induce lower costs than traditional obligatory programs, such as a land taking. We compared the costs accrued from land purchasing with those from temporal land leasing. The costs included both direct costs, such as fees of land acquisition and compensation payments in land leasing, and transaction costs. We used a data set from a Finnish pilot program called Trading in Natural Values (TNV). In this new practice landowners and the authority t…
Homeward Bound FDI: Are Migrants a Bridge over Trouble Finance?
2016
Migrants can lower cross-border investment barriers, help investors by providing information about their homeland and reduce transaction costs by sharing expertise on regulations, customs and procedures. In addition to generating these well-known networking effects, migrants can also provide valuable information about local finance, thereby easing the credit constraints foreign investors faced during the 2007 financial crisis. This paper sheds new light on the underlying mechanisms through which migration may affect foreign investment in the migrant's homeland by distinguishing between the effects on FDI's intensive and extensive margins. Gravity estimates for 140 countries for the period 2…
On the hidden side of liquidity
2012
This paper deals with the informativeness of iceberg orders, also known as hidden limit orders (HLOs). Namely, we analyze how the market reacts when the presence of hidden volume in the limit order book is revealed by the trading process. We use high frequency book and transaction data from the Spanish Stock Exchange, including a large sample of executed HLOs. We show that just when hidden volume is detected, traders on the opposite side of the market become more aggressive, exploiting the opportunity to consume more than expected at the best quotes. However, neither illiquidity nor volatility increases in the short-term. Furthermore, the detection of hidden volume has no relevant price imp…
Incentive System Design Based on Accrual Accounting: A Summary and Analysis
2009
ABSTRACT: This paper provides a formal analysis on how to design accrual-based incentive systems so that a manager's and owner's interests are properly aligned. We introduce a general framework to summarize the literature, provide various extensions to it, and point to some of its limitations. We characterize the entire class of goal-congruent and preference-similar incentive systems when the owner has perfect as well as imperfect information about the manager's preferences. This allows us to show how compensation functions and performance measures are interrelated and to demonstrate what information should be incorporated into compensation functions and performance measures. We illustrate …
Une analyse des risques de renégociation des contrats de franchise
2016
A travers son adhésion à une franchise, un franchisé cherche à entrer dans un réseau d’entrepreneurs légalement et financièrement Indépendants. Il fait ce choix, tout comme celui de l’enseigne, parce qu’il le considère le plus avantageux pour lui. Pour cela, il investit dans le site dont il est le plus souvent propriétaire. Après l’adhésion, les franchisés sont tenus à la mise en œuvre d’un concept commercial selon les règles établies dans un contrat leur imposant une série d’obligations. Les franchiseurs quant à eux disposent de nombreux mécanismes pour assurer le respect de ces obligations, utiles à garantir l’homogénéité de l’image de la marque/enseigne et le succès du réseau. Mais ils n…
The role of Private Equity-firms in the formation of strategic alliances
2014
This research analyses the role of Private Equity firms in the formation of strategic alliances within the field of the French Private Equity market. We start to provide evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon. The study addresses the questions of how and why Private Equity firms act as relational intermediaries to help their portfolio companies form alliances. Both questions are investigated in the light of the Private Equity firms’ contribution to the value creation process that comes with alliance formation. Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (t…
The role of Private Equity-firms in the formation of strategic alliances
2014
This research analyses the role of Private Equity firms in the formation of strategic alliances within the field of the French Private Equity market. We start to provide evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon. The study addresses the questions of how and why Private Equity firms act as relational intermediaries to help their portfolio companies form alliances. Both questions are investigated in the light of the Private Equity firms’ contribution to the value creation process that comes with alliance formation. Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (t…
Joan Roís de Corella, la seua vida i el seu entorn: noves dades per a la història de la cultura en la València del segle xv
2014
This article offers a full updating of the biographical records of the writer Joan Roís de Corella (1435-1497) and his family: his great-grandparents, grandparents, parents, siblings and children. All data are presented in a systematic way, generation by generation, and a new vision of the writer himself is offered. In its documentary section, 432 documents are transcribed or summarised, dating from 1373 to 1516. A broad range of new archival data is presented; other previously known data are corrected or improved. Some examples: Joan Roís de Corella had four children: Magdalena (born 1459), Maria, Joan and Estefania, the latter two by Isabel Martínez de Vera. Joan Roís de Corella was widel…
How Long-Term Contracts can Mitigate Inefficient Renegotiation Arising Due to Loss Aversion
2021
A loss-averse buyer and seller face an uncertain environment. Should they write a long-term contract or wait until the state of the world is realized? I show that simple long-term contracts perform better than insinuated in Herweg and Schmidt (2015), even though loss aversion makes renegotiation sometimes inefficient. During renegotiation, the outcome induced by the long-term contract constitutes the reference point to which the parties compare gains and losses induced by the renegotiated transaction. Whereas Herweg and Schmidt consider that the long-term contract is always performed, it should not in "bad" states. This alters the threat point in renegotiation, making it easier to renegotia…
National Reports, Italy
2022
This text analyses the impact that a proposal for European harmonized rules on transaction avoidance law can have on Italian law.