Search results for "leverage"
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Research and Science Today No. 2(8)/2014
2014
In this issue are included scientific articles which debate problems from social science fields, engineering sciences fields, legal sciences and medical sciences fields: the failure of liberalism, cost of life in Romania, Romania-Rusia, the myth of democracy, economic and political crises, eastern europe, democratization, case o ukraine, kanban method, dental materials, judicial practice, human rights, art of expressing, education, greek verbs, byzantine diplomatic strategies, fertility, electrical status epilepticus, post surgery tromboflebits, Research and Science Today Journal is a publication founded in 2011 and it is dedicated to the students of all levels (license, master and doctoral…
OUTLIER RECOGNITION AND ROBUST WEIGHTING PROCEDURES APPLIED IN CATION ORDERING-DISORDERING KINETIC DATA PROCESSING
2011
The Impacts of LBOs on the Performance of Acquired Firms: The French Case
2002
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy-out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.
Operating leverage and the cost of debt in European agri-food firms
2020
Aim of study: To analyse the effect that operating leverage exerts on the cost of debt of agri-food firms in Europe, both in isolation and indirectly through its other risk factors.Area of study: We used panel data made up of 18,360 European firms from 2009 to 2016 (146,880 observations).Material and methods: The data were extracted from the ORBIS database and EUROSTAT. The econometric approach was estimated by the Generalized Method of Moments.Main results: The results obtained confirm that operating leverage or cost structure, in addition to affecting the cost of debt, also affects the relationship between that cost and other sources of risk. More specifically, indebtedness, size, specifi…
THE FINANCIAL PERFORMANCE OF COMMERCIAL BANKS LISTED AND TRADED ON BUCHAREST STOCK EXCHANGE
2015
Even though banks are playing the role of financial intermediaries, their main objective is to obtain profit. The most commonly used indicator of the profitability assessment, according to the shareholder vision is represented by the return on equity. This study has focused on achieving a factor analysis on financial profitability obtained by the top three commercial banks by using the Du Pont. The purpose of this analysis was to identify the causes rate developments. The analysis was done over a period of eight years, respectively from 2007 since 2014. Data were taken from the financial statements published by the three credit institutions. The results have demonstrated that banks in order…
Regression diagnostics applied in kinetic data processing: outlier recognition and robust weighting procedures
2010
An efficient protocol, based on advanced statistical diagnostics and robust fitting techniques applied to the least-squares processing of kinetic data of chemical reactions, is here presented and discussed. The procedure, which is aimed at obtaining highly accurate estimation of the fitting parameters, consists in the identification of the outliers that remarkably impair the fitting by means of the so called 'leverage analysis' and some related diagnostics, allowing the elimination of the actually aberrant observations from the data set and/or their robust weighting to inhibit the negative effects induced on the data fitting and to reduce the bias introduced into the parameter estimates. It…
A fuzzy-set qualitative comparative analysis model to predict bank bailouts: a study of the Spanish financial system
2020
This paper examines the restructuring of the Spanish financial system. This study is justified by the massive economic and social impact of this process in Spain. Based on the annual accounts and the annual reports of Spanish credit institutions, a model was created to predict the possibility of bank failure or bailout. The variables were selected following a review of the literature. They included the legal form of the credit institution (savings bank versus bank), leverage, real estate investment, gross operating margin, staff costs and non-performing loans. Two variables that had not previously been used in studies of this type were also included in the model: risk-weighted assets and co…
Context-aware data caching for 5G heterogeneous small cells networks
2016
In this work, we investigate the problem of context-aware data caching in the heterogeneous small cell networks (HSCNs) to provide satisfactory to the end-users in reducing the service latency. In particular, we explore the storage capability of base stations (BSs) in HSCNs and propose a data caching model consists of edge caching elements (CAEs), small cell base stations (SBSs), and macro cell BS (MBS). Then, we concentrate on how to efficiently match the data contents to the different cache entities in order to minimize the overall system service latency. We model it as a distributed college admission (CA) stable matching problem and tackle this issue by utilizing contextual information t…
Family Firm Heterogeneity and Tax Aggressiveness: A Quasi-Experimental Analysis of the Impact of Different Family Generations
2021
This paper analyses tax aggressiveness in family firm generations. Moreover, taking into account the heterogeneity in family firms, we check whether the successive generations in control show different tax avoidance behaviour. The empirical evidence, based on the quasi-experiment of the 2012 Spanish thin capitalization rule, reveals that there is a positive relationship between tax aggressiveness and successive generations. Moreover, the founder and second generations follow a similar conservative tax avoidance approach, whereas the third and fourth generations are found to be more tax aggressive.
Persistency of window dressing practices in the US repo markets after the GFC: The unexplored role of the deposit insurance premium
2022
We investigate whether the regulatory improvements made in the aftermath of the global financial crisis have been effective in limiting bank downward window dressing by means of repos in the United States. We find that a strict application of the Basel III regulation wipes out incentives to engage in window dressing to bolster the level of leverage Tier 1 ratio at quarter-end. We also show that the persistency of window dressing is related to the computation of the Federal Deposit Insurance Corporation assessment base, which motivates banks to engage in window dressing to reduce the deposit insurance premium.