Search results for "equity"

The Sustainability Factor: How Much Do Pension Expenditures Improve in Spain?

2020

The reform of 2013 represented a qualitative leap in the reform of the Spanish pension system. Unlike its predecessors, it introduced two automatic resetting mechanisms similar to those of other European countries. The first is the sustainability factor, scheduled to come into effect in 2019 but delayed until 2023, and its ultimate reversal cannot be ruled out. The objective of this study was to quantify the savings, or the lowest expenditure, that can be achieved in the Spanish public contributory pension system by applying it. These savings are measured in terms of cash&mdash

Effects of Carbon Emissions, Environmental Disclosures and CSR Assurance on Cost of Equity in Emerging Markets

2021

The objective of the paper is to empirically test the relation between carbon emissions, environmental disclosures, assurance of sustainability reports and firms&rsquo

Efeitos das práticas verdes na lealdade: proposta de um modelo para o segmento hoteleiro colombiano

2021

Resumen El propósito de este estudio fue analizar la incidencia de las prácticas verdes como impulsoras para generar confianza, satisfacción y lealtad en los huéspedes. Para ello, a partir de una muestra de 302 huéspedes de hoteles en Bogotá, Colombia, se estimó un modelo de ecuaciones estructurales a través de la regresión de mínimos cuadrados parciales. Los resultados obtenidos evidencian que las prácticas sostenibles contribuyen al aumento de la confianza y la satisfacción de los huéspedes, y que estas, a su vez, influyen positivamente en su lealtad hacia el hotel. Además, dichos resultados ponen de manifiesto que una comprensión más profunda del perfil de los turistas medioambientalment…

Does hospital competition harm equity? Evidence from the English National Health Service

2011

Increasing evidence shows that hospital competition under fixed prices can improve quality and reduce cost. Concerns remain, however, that competition may undermine socio-economic equity in the utilisation of care. We test this hypothesis in the context of the pro-competition reforms of the English National Health Service progressively introduced from 2004 to 2006. We use a panel of 32,482 English small areas followed from 2003 to 2008 and a difference in differences approach. The effect of competition on equity is identified by the interaction between market structure, small area income deprivation and year. We find a negative association between market competition and elective admissions …

Does the interaction between the accounting method choice and disclosure affect financial analysts’ information environment? The case of joint ventur…

2017

IAS 31 allowed firms to choose between proportionate consolidation and the equity method to record joint ventures in the consolidated accounts of the venturer. Moreover, this election implied a decision about including information in the primary financial statements or in the notes. This paper investigates if financial analysts perceive accounting information differently depending on the method chosen conditioned to the disclosure of the required information in the notes. We analysed a sample of Spanish firms during 2005–2010. We not only considered earnings forecasts, but also examined target prices and stock recommendations. Furthemore, we look at how this accounting choice affects analys…

The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms

2017

We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22 African countries 2000‒2016, support the notion that five major block owner categories (corporate, private equity, non-executive, business group, state) exerts very different influence on African firms’ degree of adoption of Anglo-American corporate governance measures. We find that the influence from the various block owner groups is significantly moderated by institutional quality and tribalism, but to d…

Determinants of Individual Investment Decisions in Investment-Based Crowdfunding

2017

We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding, using a novel investment-, investor- and campaign-level database. We find that this market is a man's world, with nearly 93% of investments made by men. Consistent with behavioral and finance theories, we find that women invest less in the riskiest investments but more in safer ones. Further analyses show that these findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, but only if the investor is a woman. Overall, the findin…

Survey data and Bayesian analysis: a cost-efficient way to estimate customer equity

2014

We present a Bayesian framework for estimating the customer lifetime value (CLV) and the customer equity (CE) based on the purchasing behavior deducible from the market surveys on customer purchasing behavior. The proposed framework systematically addresses the challenges faced when the future value of customers is estimated based on survey data. The scarcity of the survey data and the sampling variance are countered by utilizing the prior information and quantifying the uncertainty of the CE and CLV estimates by posterior distributions. Furthermore, information on the purchase behavior of the customers of competitors available in the survey data is integrated to the framework. The introduc…

Le paradoxe du seuil de pauvreté endogène dans les indices de pauvreté

2007

Justice et inégalités: un amendement à la théorie de John Rawls

1992

National audience; On se demande si les principes de justice de Rawls ne sont pas exagérément inégalitaires, malgré leur côté "juste". On examine donc ce qu'il advient de l'optimum de Rawls, le maximin, quand de l'aversion pour l'inégalité" apparaît. Le maximin consiste à se placer sur un certain point de la courbe d'efficience, en admettant une certaine dose d'inégalité, pourvu que l'on donne le maximum possible aux plus défavorisés. On tient compte d'externalités en reprenant la notion d'envie sous la forme d'une aversion pour l'inégalité, essentiellement de la part des plus défavorisés. On ne peut plus raisonner sur la courbe frontière des rémunérations possibles et on démontre la validi…