Search results for "finance"

2002

This paper analyses the effects of partially revocable endogenous commitments of a seller in a negotiation with a deadline. In particular, we examine when commitment is a source of strength, a source of inefficiency and when it does not affect the bargaining outcome at all. We show that when commitment possesses a minimum amount of irrevocability this crucially determines the bargaining outcome. In the bilateral bargaining case, commitment becomes a source of inefficiency since it causes a deadline effect. In the choice of partner framework, however, the deadline effect disappears and there is an immediate agreement and, moreover, commitment becomes a source of strength since it increases t…

A model of internal and external competition in a High Speed Rail line

2015

This paper is a contribution to evaluate structural and behavioral changes in railway passenger markets. The novel elements of our analysis are the following: (i) the consideration of inter-modal and intra-modal competition, (ii) the presence of public and private operators, and (iii) endogenous service frequency. After calibrating the model using actual data from two Spanish High Speed Rail lines, simulation exercises allow us to conclude the following. Privatization, whether entry occurs or not, would prompt an increase in prices and a reduction in the number of train services, eventually leading to welfare decreases, as compared with a regime where the incumbent rail operator remained pu…

The Past and Future of Innovations in Microfinance

2012

The microfinance industry carries every sign of an innovation in its take-off phase. The various aspects of the microfinance innovation were developed in the 1980’s, twenty years later the industry experiences a phenomenal growth rate, and it has diffused to most developing countries in the world. This review paper looks at microfinance as an entrepreneurial activity in its own right, contributing to the development of small and medium-sized firms in developing countries. We trace the innovations in microfinance, for instance group lending, loans to women, and their financing, and we ask whether the business model implied is sustainable once diffusion has gone far, competition enters, and c…

Theoretical and Analytical Framework

2021

Analytically, the present work relies on two foundations, Anthony Downs’ (1957) Proximity model of electoral competition which states that political parties or candidates will seek to position themselves as close as possible to the (preferred) policy positions of voters and Ian Budge’s past election model (1994), according to which parties and candidates use the results of past elections in order to gain information about the electorate landscape. Both models rely on a ‘marketplace’ analogy with demand and supply. Candidates, parties, and politicians supply policies (advertised as policy positions), while the electorate, voters, and constituencies demand policies. Just like in a marketplace…

Performance and Organisation of Very Small Firms in the Supply Chain

1993

The authors present some results of an empirical research aimed at investigating the evolution of the relationship between large purchasing firms operating on the international market and very small subcontractor firms. The factors that have proved critical in establishing the process of subcontracting are identified and analysed. Under pressure from the high level of international competition, purchasing firms are beginning to demand better qualified and better skilled subcontractors. For many very small firms it effectively means that they are excluded from the large firms’ production cycle or are relegated to a lower position in the supply chain. There are three possible evolutionary pat…

El mercado mundial de vino y la competitividad de los países del Hemisferio Sur, 1961-2010

2014

<p><strong></strong>El mercado mundial del vino ha sufrido cambios intensos en las últimas décadas tras un fuerte incremento de la competitividad de los países exportadores del hemisferio sur. Su dinamismo y el aumento de la demanda de los nuevos países consumidores han acelerado el proceso de globalización del vino. En este contexto, analizamos la competencia mundial y los principales cambios en el comercio global de vinos desde 1961 hasta 2010. El artículo muestra la distribución relativa de las exportaciones en el Viejo y el Nuevo Mundo y examina la ventaja comparativa del comercio exterior a través del índice de ventaja comparativa revelada (VCR). Concluye mostrando la…

Can we be satisfied with our football team? Evidence from spanish professional football.

2009

This article assesses the sporting performance of Spanish professional football teams at competition level, namely, League, King’s Cup, and European competitions (Champions League and Union of European Football Associations [UEFA] Cup). Then, the gap between the result obtained by a team at the end of a season and that expected according to its potential is used as a proxy of the degree of satisfaction that fans should feel: the narrower the gap the greater the level of satisfaction. Regarding methodology, Data Envelopment Analysis techniques and directional distance functions are used. Results reveal that most teams perform rather differently across competitions, the lower average performa…

De la régionalisation à la concurrence régulée. Analyse économique et juridique de la future organisation du transport ferroviaire régional de voyage…

2006

This paper deals with the introduction of competition for the market in French regional passenger railways. Following a double approach through economics and law, it discusses the proposals for a European regulation on public passenger transport services. In a first part, the paper explains the interest and limits of competition for the market concerning French regional rail services. After analyzing the German and Swedish cases, it proposes a way of introducing competition for the market in France. In a second part, structural reforms needed ex ante are analyzed: open access to stations, rolling stock availability and future of rail employees. For each reform, the theoretical analysis is f…

New Evidence of the Tax Effect on SME Optimum Debt Maturity Structure

2009

This paper analyzes the influence the tax effect has on optimum SME debt maturity structure. Unlike previous research, this study builds a dynamic adjustment model which endogenizes optimum structure and assumes the existence of adjustment costs. The model is then estimated by applying a system-GMM regression to a complete data panel (12,250 firms) covering the period dating from 1997 to 2004. SMEs adjust to their target at a speed of 35%, which is the equivalent of employing around 20 months to cover only half of the existing gap. This rate is lower than those obtained in other similar papers studying large companies with publicly tradeable equity.

Modeling Spatial Data Pooled over Time: Schematic Representation and Monte Carlo Evidences

2015

The spatial autocorrelation issue is now well established, and it is almost impossible to deal with spatial data without considering this reality. In addition, recent developments have been devoted to developing methods that deal with spatial autocorrelation in panel data. However, little effort has been devoted to dealing with spatial data (cross-section) pooled over time. This paper endeavours to bridge the gap between the theoretical modeling development and the application based on spatial data pooled over time. The paper presents a schematic representation of how spatial links can be expressed, depending on the nature of the variable, when combining the spatial multidirectional relatio…