Search results for "markets"

The Institutional Determinants of Private Equity Involvement in Business Groups The Case of Africa

2015

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality. Ou…

Sustainable Development Model for the Automotive Industry

2019

The relationship between sustainability and business has become one of the central debates at the national and international level in both industrialized and emerging countries. A series of existing business models lack some critical aspects. The automotive industry strongly affects economic development, requiring rethinking business models in order to reduce their impact on the environment. An evaluation of the websites of the major automotive industry companies shows they have reported sustainability (through different methods) and present various practices in implementing organizational sustainability (OS). This paper aims to present a new business model for the automotive industry that …

European response to issues in recycling car plastics

1999

Abstract This paper discusses the issue of recycling of plastics in the automobile industry which has gained importance due to the proposed European Commission regulation on End-of-Life Vehicles (ELVs) where the EC sets targets on the percent recyclablity or reusability of a car by the year 2015. This proposed regulation puts pressure on the car manufacturers to increase the recyclable and/or reusable components of their product. Plastic poses a critical challenge as on one hand it is necessary to meet the customer demands related to esthetics, light weight and the technological advantages, while on the other hand it is a hurdle in achieving a higher percent recyclability of the ELVs. A clo…

Explotación de la tierra y tipos de mercado en la agricultura de la España contemporánea. Un comentario

1992

Se hace un repaso a los materiales presentados para el debate de la circulación del excedente en la España rural contemporánea. El debate se centró en las relaciones de propiedad y formas de tenencia de la tierra, la caracterización de los mercados agrarios y configuración de estrategias de participación en los mismos, y en las formas de gestión de las explotaciones. En las ponencias se destacó la intensa y diversa participación de los agentes sociales en los mercados de factores y los cambios en las formas de tenencia y explotación de la tierra como "estrategia" de adaptación de los propietarios a las diferentes coyunturas agrarias. The various points presented for the discussion over the …

Digital divide in Europe: assessing and comparing the e-readiness of a developed and an emerging economy in the Nordic region

2005

This paper discusses the digital divide in the Nordic region of Europe by comparing the e-readiness of Norway and Estonia. The e-readiness of both countries is above the average score; Norway, however, is better than Estonia. In general, e-readiness was used solely to quantify any divide for both countries.

Hierarchy of Values and Lifestyle of Managers

2018

A Quasilinear Parabolic Equation with Quadratic Growth of the Gradient modeling Incomplete Financial Markets

2004

We consider a quasilinear parabolic equation with quadratic gradient terms. It arises in the modeling of an optimal portfolio which maximizes the expected utility from terminal wealth in incomplete markets consisting of risky assets and non-tradable state variables. The existence of solutions is shown by extending the monotonicity method of Frehse. Furthermore, we prove the uniqueness of weak solutions under a smallness condition on the derivatives of the covariance matrices with respect to the solution. The in influence of the non-tradable state variables on the optimal value function is illustrated by a numerical example.

Statistical identification with hidden Markov models of large order splitting strategies in an equity market

2010

Large trades in a financial market are usually split into smaller parts and traded incrementally over extended periods of time. We address these large trades as hidden orders. In order to identify and characterize hidden orders we fit hidden Markov models to the time series of the sign of the tick by tick inventory variation of market members of the Spanish Stock Exchange. Our methodology probabilistically detects trading sequences, which are characterized by a net majority of buy or sell transactions. We interpret these patches of sequential buying or selling transactions as proxies of the traded hidden orders. We find that the time, volume and number of transactions size distributions of …

Il diritto privato regolatorio

2020

Market regulation is having a significative impact on private law. Such circumstance has generated an intense debate on the emerging “Regulatory Private Law”. As the regulation is considered on the perspective of the economic activities subject to indipendet authorities, the regulatory private law shall be defined as the rules as such generated by these authorities and then governing the specific market. After a brief summary on the historical process that led to the current asset of Regulatory Private Law, this essay propose a first attempt to develop an organic vision to the topic, enlighting, in the different markets (from credit and financial markets to services of general interest mark…

Pricing Reinsurance Contracts

2011

Pricing and hedging insurance contracts is hard to perform if we subscribe to the hypotheses of the celebrated Black and Scholes model. Incomplete market models allow for the relaxation of hypotheses that are unrealistic for insurance and reinsurance contracts. One such assumption is the tradeability of the underlying asset. To overcome this drawback, we propose in this chapter a stochastic programming model leading to a superhedging portfolio whose final value is at least equal to the insurance final liability. A simple model extension, furthermore, is shown to be sufficient to determine an optimal reinsurance protection for the insurer: we propose a conditional value at risk (VaR) model p…