Search results for "competition."
showing 10 items of 1367 documents
Financial and fiscal shocks in the great recession and recovery of the Spanish economy
2020
In this paper we develop and estimate a new Bayesian DSGE model for the Spanish economy that has been designed to evaluate different structural reforms. The small open economy model incorporates a banking sector, consumers and entrepreneurs who accumulate debt, and a rich fiscal structure and monopolistic competition in products and labor markets, for a country in a currency union, with no independent monetary policy. The model can be used to evaluate ex-ante and ex-post policies and structural reforms and to decompose the evolution of macroeconomic aggregates according to different shocks. In particular, we estimate the contribution of financial and fiscal shocks to both the crisis of the …
Institutional Contexts, the Management of Patent Portfolios, and the Role of Public Policies Supporting New EntrepreneurialVentures
2009
This chapter aims to increase our understanding of the relationships between firm strategies, the design of institutional contexts on behalf of public agents, and the stimulation of diffused entrepreneurship within the economic system. In particular, it analyzes the way in which firm patent portfolio management strategies may systematically hinder the emergence of entrepreneurial endeavors within the economic system and, on this basis, critically discusses how the acknowledgement of these interactions should influence the design of public policies at the economic system level. We argue that in economic contexts where intellectual property rights (IPR) are influential, large firms may intent…
Financing public higher education in developing countries : the potential role of loan schemes
1986
The financing of education has emerged as a major topic of discussion among policy makers in recent years. There is evidence that in many developing countries, governments can no longer continue to increase spending on education at the high rates characteristic in the 1960s and 1970s. The macroeconomic environment has worsened, and there is keen intersectoral competition for public funds. Thus unless educational development moves away from its present heavy dependence on public funds, the expansion of education would be frustrated. One policy option is to increase the private financing of education. In this paper, we evaluate the potential effectiveness of loans schemes as a cost recovery i…
Value Creation When Acquiring Public vs Private Firms. Spanish Evidence
2013
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 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be…
Financial doping and financial fair play in European Club football competitions
2018
This contribution provides an explanation of ‘financial doping’ as a management concept in the context of European club football as well as on UEFA’s Financial Fair Play (FFP) regime, which can well be framed as the governing body of European football’s attempt to address this issue. The chapter is structured as follows: First, the historic development of financial regulation in European football is briefly outlined. The notion of financial doping as well as in what way it undermines the integrity of the sporting competition is addressed next. Afterwards, the FFP policy is explained, followed by a critical review of its discussion in scholarly literature as well as the presentation of an ou…
Sustainable and Conventional Banking in Europe
2020
At the end of the 20th century a new banking model, the so-called ethical banking, emerged becoming the maximum exponent of a socially responsible investment. The financial crisis in 2008 led to a distrust of the conventional financial system and consequently investors began to look with interest this new banking, which only invests in ethical activities and products, with social and environmental criteria, total transparency and a democratic management. The aim of this article is to analyze the economic structure of ethical banking, compared to that of conventional banking, by paying attention to its liquidity, coverage and solvency. Specifically, We compare the financial statements of Tri…
Female leaders and financial inclusion: Evidence from microfinance institutions
2023
This research advances the hypothesis that female leaders – chief executive officers (CEOs), chairs, and directors – of a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters’ reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman’s two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financi…
Cartels Uncovered
2018
How many cartels are there? The answer is important in assessing the efficiency of competition policy. We present a Hidden Markov Model that answers the question, taking into account that often we do not know whether a cartel exists in an industry or not. Our model identifies key policy parameters from data generated under different competition policy regimes and may be used with time-series or panel data. We take the model to data from a period of legal cartels - Finnish manufacturing industries 1951 - 1990. Our estimates suggest that by the end of the period, almost all industries were cartelized.
Much can change in a year: The massawan mantis shrimp, erugosquilla massavensis (Kossmann, 1880) in sicily, Italy
2019
A flourishing population of the Massawan mantis shrimp, Erugosquilla massavensis, an Erythraean species, is recorded off Sicily, Italy, one year after the very first specimen was collected off the eastern coast of the island. The species is already established as a minor, albeit valuable, fishery resource. Once its population increases, however, it may compete with the native Mediterranean spot-tail mantis shrimp, Squilla mantis. This article presents the results of a joint effort between members of the Museo Civico di Storia Naturale of Comiso and local fishermen to monitor non-indigenous species in Sicilian waters.
Context-Aware Visual Exploration of Molecular Datab
2006
Facilitating the visual exploration of scientific data has received increasing attention in the past decade or so. Especially in life science related application areas the amount of available data has grown at a breath taking pace. In this paper we describe an approach that allows for visual inspection of large collections of molecular compounds. In contrast to classical visualizations of such spaces we incorporate a specific focus of analysis, for example the outcome of a biological experiment such as high throughout screening results. The presented method uses this experimental data to select molecular fragments of the underlying molecules that have interesting properties and uses the res…