Search results for "macroeconomics"
showing 10 items of 477 documents
The Impact of Lbos on Investment Policies and Operations of Acquired French Firms
2002
This paper evaluates the extent that French LBO targets’ investment policy and operations can account for their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal plunge in economic return cannot be explained by overinvestments or by inefficient working capital management. Nevertheless, abnormal increases in wages, supplies and/or sales price reductions appear to be prominent.
Banks’ business strategies on the edge of distress
2019
AbstractThe paper investigates the importance of banks’ business classification in shaping the risk profile of financial institutions on a global scale. We employ a rare-event logit model based on a state-of-the-art list of major global distress events from the global financial crisis. When clustering banks by their business strategies using a community detection approach, we show that (i) capital enhanced resilience only for traditional banks that were on average less capitalized than other banks; (ii) boosting ROE, usually associated with riskier exposures, improved resilience for stable funded and asset diversified banks; (iii) conversely, higher levels of ROA exacerbated banks’ vulnerab…
From electric mobility to hydrogen mobility: current state and possible future expansions
2020
The expansion of electric vehicles in Italy, has already started a few years ago, but some aspects prevent its expansion. Currently users prefer hybrid technology, mainly due to socio-economic factors related to initial investment and anxiety about autonomy. The aim of the document is to understand if the adoption of Fuel Cell technology can be a solution to overcome the problems of environmental pollution. The possibility to be able to use fuel cells to store electricity is very advantageous, especially on charging times that are significantly reduced. Based on the current situation and analyzing the available data, this work reports the current state of electric mobility in Italy and trie…
Another "French paradox": explaining why interest rates to microenterprises dit not increase with the change in French usury legislation
2015
Conventional wisdom indicates that the growth of credit may not materialize if credit rates remain capped by usury laws, as had long been the case in France. France therefore abolished usury ceilings on loans to microenterprise in an effort to increase financing for microentrepreneurs. This should have led to an increase in interest rates and increase in microcredit. However, we do not find any increase in interest rates and this is therefore a paradox. The paper provides a brief literature review and the salient features of the legislative changes in France. It follows this up with a presentation of interest rate movements. The discussion of possible explanations of the paradox includes cl…
The impact of direct acting antivirals on hepatitis C virus disease burden and associated costs in four European countries
2021
Eliminació del VHC; Punt d'equilibri; Infecció d'hepatitis C Eliminación del VHC; Punto de equilibrio; Infección de hepatitis C HCV elimination; Break-even; Hepatitis C infection Background and Aims We assessed the clinical and economic impact of direct-acting antiviral (DAA) therapy for hepatitis C virus (HCV) in England, Italy, Romania and Spain. Methods An HCV progression Markov model was developed considering DAA eligibility and population data during the years 2015-2019. The period of time to recover the investment in DAAs was calculated as the cost saved by avoiding estimated clinical events for 1000 standardized treated patients. A delayed treatment scenario because of coronavirus di…
Investment Decision Making and Risk
2013
Abstract The aim of the paper is to present how investment decisions are made and what investment risk is, what role it has in the investment decision. The decision itself is a subjective act, but it is based on both subjective and objective factors. Risk is an important component of every investment, thus it is necessary to analyse it as both, the objective component of the investment, and as the subjective factor of the investment decision making.
Identifying Portfolio-Based Systematic Risk Factors in Equity Markets
2015
Four new prominent asset pricing factors have recently been proposed. We test whether these factors fulfill necessary conditions for qualifying those as risk factors. We show that the investment and betting-against-beta factors fulfill these conditions. However, the profitability and quality factors do not fulfill these conditions pointing towards non-risk-based explanations.
Childhood physical activity as a labor market investment
2020
This study examined the role of physical activity and changes in physical activity levels during childhood in long-term labor market outcomes. To address this important but under-researched theme, the study utilized data drawn from longitudinal research, the Cardiovascular Risk in Young Finns Study (YFS), and from registries compiled by Statistics Finland. The study consisted of children aged 9 (n = 1565) and 15 (n = 2445) at the time their physical activity was measured. Labor market outcomes, including employment status, average employment months, and average unemployment months, were calculated from 1997 to 2010, when the participants were aged 20 to 48 years. Regression models were used…
STRATEGY TO INCREASE THE FARM COMPETITIVENESS
2014
Italy’s wine-growing production structure is highly pulverized. So, for many wine-growing farms loweri ng the production cost represents the only way of gain ing a competitive advantage. Production at average unit costs lower than competitors allows to improve prof itability. Among farming operations, winter pruning and tying of productive vine-branches require a high hu man labor. For this reason the paper presents the r esults of research conducted on a sample of Sicilian wine- producing farms in order to study the cost-effectiv eness to make the pruning and the subsequent ligation of productive branches with tools that facilitate the work. The economic analysis, after the determination o…
Water Consumption and Management in Schools in the City of Alicante (Southern Spain) (2000–2017): Free Water Helps Promote Saving Water?
2020
Studies on water in cities usually focus on household consumption. However, little attention has been given to non-household consumption and schools from a geographic perspective. The objectives of this research are to examine water consumption trends in schools in the city of Alicante (Southern Spain) between 2000&ndash