Search results for "equity"
showing 10 items of 399 documents
Carbon Emissions Announcements and Market Returns
2023
The paper investigates the impact of carbon emissions on stock price returns of European listed firms. This relationship is assessed across all three emissions scopes, as well as using expecta-tions to detect if future emissions impact contemporary returns. Our findings show that firms with higher expected future emissions deliver contemporary lower returns, after controlling for market capitalization, profit, and other known return predictors. This result is statistically sig-nificant in the post Paris Agreement period with a two to three years expectation on scope 2 emissions. However, there is marginal to no significant negative relationship between current emissions and current returns.…
Bank Reliability Assessment Model: Case of Latvia
2020
Reliable and stable banks are an important precondition for the sustainable development of national economy. The objective of the chapter is to design a model allowing assessment of bank reliability in the context of bank financial strength. The model is designed using publicly available financial statement data of Latvian commercial banks, in the period of 2003–2016, macroeconomic data as well as aggregate statistical data of Latvian banking sector. The model allows calculation of ratings reflecting reliability level of banks. The model is designed based on the multiple choice model ordered logit. The chapter identifies the most important factors reflecting reliability level of banks, incl…
Another Look on Choosing Factors: The International Evidence
2019
Extending Fama and French’s (2018) U.S. study on choosing factors to international equity markets, we test nested and non-nested asset pricing models for North America, Europe, Asia excluding Japan, and Japan. For non-nested models, we propose a new simulation methodology using a blocks bootstrap approach that takes into account factor dependencies. The resultant out-of-sample Sharpe ratios across all models and countries are lower than Fama and French’s pairs bootstrap approach. While we confirm that the six-factor model with market, size, and small size spread factors for value, profit, investment, and momentum produces the highest maximum squared Sharpe ratio in most economies, an except…
: Difficulties ans risks of interSME cooperation : solutions provided by private-equity firms
2016
L’article analyse les difficultés et risques auxquels font face les petites et moyennes entreprises (PME) lors de la formation de coopérations interfirmes, et les rôles joués par les sociétés de capital-investissement dans leur diminution. Les PME font principalement face à une asymétrie informationnelle et une incertitude accrues en comparaison aux entreprises plus grandes. Les sociétés de capital-investissement permettent de réduire ces deux facteurs et d’instaurer une situation de confiance entre les futurs cocontractants, ce qui évite l’échec de la transaction. Une étude de cas multiples à visée infirmationniste menée sur le marché français du capital-investissement détaille ces princip…
Educación y equidad en la primera infancia : el caso de las aulas de 2 años en los centros públicos de la Comunidad Valenciana
2022
En este trabajo analizamos la evolución de la provisión de educación y atención de la primera infancia (EAPI) en el primer ciclo de la Educación Infantil en el contexto de la Comunidad Valenciana, con particular atención al caso de la implantación de las aulas de 2 años en centros públicos. Durante las últimas dos legislaturas, la Comunidad Valenciana ha pasado de estar en la vanguardia del fomento y desarrollo del modelo de oferta privada a ser de las regiones pioneras en el desarrollo de las aulas de 2 años en la enseñanza pública. Enmarcamos estos cambios en el contexto español, y discutimos su alcance para la equidad del sistema educativo en esta etapa desde el enfoque de los derechos h…
Validation study of an evaluation scale of ‘perceived social justice’ in the primary and secondary education
2018
La evaluación educativa se ha basado fundamentalmente en el éxito académico. Sin embargo, estudios recientes han valorado estudiar la percepción que el propio alumnado tiene sobre otros aspectos como, por ejemplo, el de la justicia social. Así pues, el objetivo general de nuestro trabajo es el diseño de un instrumento que permita evaluar la percepción que crea el alumnado sobre justicia social educativa (JSP-E) a partir de las interacciones y relaciones que se establecen entre alumnado y profesorado. El constructo “Justicia Social Percibida en la Educación" se incluye dentro de la dimensión de equidad del modelo de evaluación de instituciones y sistemas educativos definido en Jornet (2012) …
Crowdfunding Prospects in New Emerging Markets: The Cases of India and Bangladesh
2020
AbstractCrowdfunding is a viable approach to financing start-ups and supporting social causes in advanced economies. The World Bank estimates a vast potential for crowdfunding also in emerging markets. The South Asia region consists of predominantly collectivist societies where helping others through donations is an integral part of prevailing religious obligations and societal norms. Thus, these countries share certain cultural and religious traits that are highly consistent with the principles of crowdfunding. In the current chapter, we explore the history, ongoing activity, and future prospects of crowdfunding in new emerging markets, specifically, India and Bangladesh. We observe that I…
Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies
2021
This paper presents a novel perspective on the interaction between equity and currency markets in emerging market economies (EMEs) by (i) examining the nonlinear effects of capital flows on return spillovers between the stock and currency markets in a sample of twelve EMEs via the causality-in-quantiles approach of Balcilar et al., (2016), and (ii) providing a comparative analysis of the influence of debt versus equity flows over the spillover patterns. We show that the causal effects of international debt and equity flows on return spillovers across the equity and FX markets are largely concentrated at lower quantiles, suggesting that the arrival of information via capital flows tends to e…
Financial distress and real economic activity in Lithuania: a Granger causality test based on mixed-frequency VAR
2020
In this paper, we extend the monthly financial stress index for Lithuania, computed by the European Central Bank, to a daily frequency and we also include banking sector stress among its constituents, beyond bond, equity and foreign exchange markets. We investigate the causal relationship between the daily financial stress index and monthly industrial production growth, using a Granger causality test applied to a mixed-frequency VAR. Our results suggest evidence of Granger causality from financial stress to industrial production growth once the index is enriched by daily observations from the financial markets. Our findings, based on impulse response analysis, confirm the negative effect of…
Private Equity Firms : Their Rôle in the Formation of Strategic Alliances
2018
International audience; This work analyzes the role of private equity firms (SCIs) in forming strategic alliances in the French private equity market. The subject is important because the formation of alliances and, more generally, the networking of SMEs, could be an alternative to the lack of medium-sized companies in France. For French SCIs, which are increasingly in a competitive situation, assistance in forming alliances for their holdings may represent a new activity and be a source of competitive advantage. The work is positioned transversally, touching the areas of corporate governance, entrepreneurial finance and strategy.