Search results for "ash"
showing 10 items of 1718 documents
The cost of equity and exchange listing evidence from the French stock market
1997
We reconsider the behaviour of prices around the period close to the listing on the Marché à Règlement Mensuel (RM). First, an event study based on a sample of 60 firms has been set up to test the existence of the exchange listing effect on the French market. Then we discuss and test the financial reasons which can justify abnormal returns around the announcement day and the day of the listing. We explore four reasons to explain the impact of the stock exchange listings: one is the informative content of the operation which induces an upward revision of the future earnings. Three other hypotheses rely on a decrease in the discount rate originated by less risky cash flows, an increase in tra…
Regional Inequality in Latin America: Does It Mirror the European Pattern?
2020
The aim of this chapter is to analyse the comparative evolution of regional inequality over the course of the historical economic development processes in four countries of South West Europe—France, Italy, Portugal and Spain—and nine countries of Latin America: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Uruguay and Venezuela. Our analysis, which goes back to the nineteenth century, shows that regional income inequality has followed over time what appears now to be an N-shaped evolution in both regions. However, both experiences differ markedly and we identify the main stylized facts of these trajectories. First, Latin America begun the period with higher levels of regional i…
The determinants of increasing equity market comovement: economic or financial integration?
2010
This paper investigates to what extent the substantial increase in exposures of local European equity market returns to global shocks is mainly due to a convergence in cash flows (“economic integration”), to a convergence in discount rates (“financial integration”), or to both. We find that this increased exposure is nearly entirely due to increasing discount-rate betas. This finding is robust to alternative ways of calculating discount-rate and cash-flow shocks.
Asymmetric decentralisation, economic cycle, regional and local government’s borrowing in Spain
2014
This paper investigates the evolution of sub-central government borrowing in Spain over the period 1996–2011. The arguments and figures provided show that the intense process of political and fiscal decentralisation that took place over the 1990s and 2000s did not lead to higher debt ratios in terms of GDP at these tiers of government until 2007. Although a kind of overspending bias was in effect until the late 2000s, the paper shows that the evolution of GDP and tax revenues provided regional and local governments with enough resources to vigorously pursue their devolved public policy responsibilities and still keep their debt ratios under control. However, since 2008, when the world finan…
La compra silenciosa. Arrendamientos, estabilidad y mejoras en la agricultura valenciana de regadío (1850–1930)
2007
Resumen Este articulo analiza como fue posible, en el regadio valenciano, un desarrollo agrario basado en el arrendamiento de pequenas explotaciones. Del estudio de los contratos firmados en la huerta de Gandia se deduce, en primer lugar, que los arrendatarios ocupaban la parcela durante un periodo bastante prolongado de tiempo, que tendio a crecer durante la segunda mitad del siglo XIX; y, en segundo, que a menudo los cultivadores eran indemnizados al finalizar su contrato por las mejoras que habian introducido. A largo plazo, todo ello consolido su posicion, porque el cultivador se convirtio en “semipropietario” de hecho de la tierra mejorada. Por su parte, los terratenientes rentistas ob…
Money in the "Body Politick" : The Analysis of Trade and Circulation in the Writings of Seventeenth-Century Political Arithmeticians.
2005
International audience; This article discusses the analysis of trade and circulation in the writings of seventeenth-century political arithmeticians. Political arithmetic was in its way an anatomy of the social body. William Petty titled his 1672 book The Political Anatomy of Ireland. In his preface he explicitly claimed to be following Francis Bacon, highlighting the experimental method and the idea that analytical methods can be transposed from one discipline to another. He thus drew a parallel between the natural body and the body politic. It was a widely held idea that money guaranteed the nation's health; conversely its poor state of health could lead to the wasting away of the body po…
Quasi-markets Targets and the Evaluation of Nursing-home Funding in the Valencian Region
2016
EnglishSpanish long term care is in danger, therefore we propose a change in the nursing home funding system. We use as an example the extremely complex nursing home financing system of Valencian Region. In this region, there are many funding mechanisms: two types of public subsidies, two different accessibility plans, a voucher scheme and a cash benefit approach related to residential service. We evaluate these methods through the quasi-market theory. We find that these approaches have negative impact on equity, efficiency and freedom of choice and we propose a new, homogeneous financing method for all nursing homes through voucher. EnglishLong term care, nursing homes, quasi-markets, vouc…
Multiproduct trading with a common agent under complete information: Existence and characterization of Nash equilibrium
2014
This paper focuses on oligopolistic markets in which indivisible goods are sold by multiproduct firms to a continuum of homogeneous buyers, with measure normalized to one, who have preferences over bundles of products. Our analysis contributes to the literature on private, delegated agency games with complete information, extending the insights by Chiesa and Denicolò (2009) to multiproduct markets with indivisibilities and where the agent's preferences need not be monotone. By analyzing a kind of extended contract schedules -mixed bundling prices- that discriminate on exclusivity, the paper shows that efficient equilibria always exist in such settings. There may also exist inefficient equil…
- STRATEGIC PIGOUVIAN TAXATION, STOCK EXTERNALITIES AND POLLUTING NON-RENEWABLE RESOURCES
2001
This paper extends Wirl and Dockner¿s (1995) model designed to analyze the long-term bilateral interdependence between a resource exporting cartel and a coalition of resource importing country governments. Firstly, depletion effects are introduced into the analysis of the intertemporal properties of a pigouvian tax. Secondly, the feedback Stackelberg equilibria are computed. The results show that the dynamics of the tax depends critically on the level of the marginal environmental damage. Moreover, they also show that the tax defined by the Markov-perfect Nash equilibrium is a neutral pigouvian tax in the sense that it only corrects the market inefficiency caused by the stock externality. H…
Šūšanas apguve mājturībā un tehnoloģijās 8. klasē
2015
Diplomdarba mērķis ir izveidot mācību saturu tēmai „Šūšana” un aprobēt to mājturībā un tehnoloģijā 8.klasē. Darba uzdevumu izpildei un mērķa sasniegšanai izmantotās pedagoģiskās pētniecības metodes: literatūras izpēte un analīze, pedagoģiskais novērojums, pārrunas, anketēšana, pedagoģiskā izmēģinājuma darbība, skolēnu darbu rezultātu analīze. Darba pirmajā daļā ir izpētīta informācija par mūsdienīga mācību satura izveides pedagoģiskajiem un psiholoģiskajiem nosacījumiem mājturībā un tehnoloģijās. Darba otrajā daļā izveidots mācību saturs tēmai „Šūšana”. Izstrādāts mācību tēmas „Šūšana” satura plānojums. Izveidota mācību kritēriju un vērtēšanas sistēma skolēnu sasniegumu novērtēšanā. Aprakst…