Search results for "equity"
showing 10 items of 399 documents
The interplay of reciprocity propensity and inequality aversion in two-person games
2020
Economic normative models assume that economic actors are fully rational and selfish while recent studies acknowledge the emotional influence of an economic decision and call for further investigation of biases in decision making. Most decisions involve multiple actors who make decisions following a sequential path as reflected by decision trees; this contingency makes a call for the game theory contribution in the economic decision field. Two-person games are widely used to represent a typical framework of economic decisions. This study aims at further investigating psychological biases affecting decisions in a two-person sequential game. So far similar studies have focused on the principa…
A Fair Share of Work: Is Fairness of Task Distribution a Mediator Between Transformational Leadership and Follower Emotional Exhaustion?
2019
Drawing on social resource theory and the norm of equity, this research proposes fairness of task distribution as a mediating mechanism of the well-established relationship between transformational leadership and followers’ well-being, conceptualizing the latter as low emotional exhaustion. Using data from 479 German employees in a three-wave longitudinal study, we found transformational leadership to be related to fair task distribution over time. The perceived fairness of task distribution mediated the relationship between transformational leadership and follower emotional exhaustion (structural equation modeling) when excluding stabilities. Our results also show a reverse causation effec…
What is your couple type? Gender ideology, housework sharing and babies
2014
BACKGROUND It is increasingly acknowledged that not only gender equality, but also gender ideology plays a role in explaining fertility in advanced societies. In a micro perspective, the potential mismatch between gender equality (i.e. the actual sharing taking place in a couple) and gender ideology (i.e. gender equality in attitudes, as proxy for gender equity), may drive childbearing decisions. OBJECTIVE This paper assesses the impact of consistency between gender equality in attitudes and equality in the division of household labour on the likelihood of having another child, for different parities. METHODS Relying on two-wave panel data of the Bulgarian, French, Czech, Hungarian and Lith…
Emergence of Statistically Validated Financial Intraday Lead-Lag Relationships
2014
According to the leading models in modern finance, the presence of intraday lead-lag relationships between financial assets is negligible in efficient markets. With the advance of technology, however, markets have become more sophisticated. To determine whether this has resulted in an improved market efficiency, we investigate whether statistically significant lagged correlation relationships exist in financial markets. We introduce a numerical method to statistically validate links in correlation-based networks, and employ our method to study lagged correlation networks of equity returns in financial markets. Crucially, our statistical validation of lead-lag relationships accounts for mult…
Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding
2020
International audience; Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can make nonbinding commitments in equity crowdfunding prior to an actual campaign to ascertain interest in the project. We consider whether these nonbinding equity investment commitments are informative about actual investments during the campaign and, thus, ultimate startup funding success. The data indicate that only 18% of nonbinding commitments are, in fact, invested. The evidence is consistent with hypothetical bias. Hypothetical bias is significantly less pronounced among women and among investors living in higher income areas or in areas with higher levels of education.…
It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding
2019
Equity crowdfunding allows entrepreneurs to directly access financing from a large number of investors via Internet platforms. Recent research has started to examine additional, non-financial benefits of crowdfunding campaigns. This article connects to this emerging research stream by investigating these additional benefits while discussing their potential to contribute to the success of equity crowdfunding projects. Building on interviews with entrepreneurs and investors from Norway and Israel, we find that the benefits offered by investors to entrepreneurs can be divided into two categories: inward benefits and outward benefits. The latter are aimed at increasing public exposure and adva…
The Impact of Financial Arrangements and Institutional Form on Housing Prices
2009
Published version of an article from the journal: The Journal of Real Estate Finance and Economics. Also available on SpringerLink: http://dx.doi.org/10.1007/s11146-009-9213-z Dwellings in housing cooperatives constitute 15% of the Norwegian housing property market. The price paid for such dwellings consists of two elements: An equity price and a share of the mutual debt held by the cooperative. The interest rate paid on the housing cooperative’s mutual debt is in Norway lower than the interest rate paid on private loans. This gives rise to an interest discount effect . We find convincing empirical support for the interest discount effect, which contributes to a higher equity price for dwel…
Investor protection and business creation
2003
We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs’ possibilities to expropriate financiers. In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups. The effect of investor prote…
Alternative Investment Fund Managers Directive and its Impact on Malta’s Financial Service Industry
2016
The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU. The research is based on the case of Malta, which is a quickly growing financial centre. The main findings are based on an analysis of questionnaire respon…
Commercial and financial policies in family firms: The small business growth management flight simulator
2000
An interactive learning environment (ILE) was built to reproduce the budgeting process of a small family-owned entrepreneurial firm and to capture how current decisions affect business growth in a longer time horizon. The ILE matches the accounting-related perspective through which spreadsheet-based budgets are drawn up, with the system dynamics (SD) view. Such a goal has been pursued through a connection of traditional Excel spreadsheets with POWERSIM SD models. Playing the SMALL BUSINESS GROWTH MANAGEMENT FLIGHT SIMULATOR allows one to learn how (a) to draw up a budget based on an SD perspective, (b) long-term goals may be affected by current decisions, (c) business/family survival and gr…