Search results for "moneta"
showing 10 items of 588 documents
Predictable Dynamics in the Small Stock Premium
2014
We start this paper by providing a detailed study of how the mean monthly return on the Small-Minus-Big (SMB) Fama-French factor is affected by the January effect and the stock market return during the preceding month and preceding calendar year. We then proceed to building a predictive model for the monthly SMB factor return that incorporates the January effect and the dependence on both the market return during the preceding month and preceding calendar year. Our findings suggest that a positive small stock premium appears mainly during the years following the years with a negative return on the market as the result of a delayed and stronger reaction of small stocks to good news and a str…
Analyse économique des essais cliniques internationaux en cancérologie
2018
International audience; In oncology, as in other fields of medicine, international multicentre clinical trials came into being so as to include a sufficient number of subjects to investigate a clinical situation. The existence of tight budgetary constraints and the desire to make the best use of the resources available have resulted in the development of economic evaluations associated with these trials, which, thanks to their level of evidence and their size, provide particularly relevant material. Nonetheless, economic evaluations alongside international clinical trials raise specific questions of methodology with regard to both the design and the analysis of the results. Indeed, the cost…
Structural change in a Ricardian world economy: The role of extensive rent
2019
Abstract We study an implication of the Ricardian theory of differential extensive rent in a free trade regime. To this effect we develop a Ricardian two country two commodity open economy model. We assume that, unlike labour, land is heterogeneous both within and across countries and that the ratio of high to low quality land is different among the trading countries. By means of a numerical example we show that as the process of worldwide capital accumulation (and population growth) proceeds an industrial country may find it convenient to increase its domestic corn production and even reverse completely the pattern of its imports and exports.
Accounting meets economics: towards an ‘accounting view’ of money.
2018
Questo studio pone le fondamenta dell’ “Approccio Contabile” (“Accounting View”) alla moneta. Sulla base dei principi di Ragioneria Generale riconosciuti internazionalmente, lo studio argomenta che le monete emesse dallo stato e dalla banca centrale non costituiscono debito e che nei regimi di riserva frazionaria soltanto una quota della moneta emessa dalle banche commerciali pu essere considerata quale debito. Lo studio chiarisce come il signoraggio associato all’emissione di queste monete debba essere contabilizzato nei bilanci delle istituzioni emittenti ed esamina le implicazioni di ci`o per la corretta comprensione della moneta. Il nuovo approccio fa luce su argomenti quali la vera nat…
Microfinance
2013
This chapter gives the reader an introduction to microfinance and reports how the industry has moved from generally being praised to increasingly being criticized. Particularly, the chapter addresses the concern that microfinance institutions chase profits and are moving away from the poor-customer segments. The authors' findings indicate that rather than being an industry with high profits, the industry struggles with high costs and low earnings. They also find that the focus on serving poor customers did not change over time. Thus, the ‘mission drift’ claim cannot be confirmed.
Going Public – Going Private: The Case of VC-Backed Firms
2012
We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We interpret this very robust pattern such that IPOs of VC-backed firms are to a large extent a temporary rather than a permanent feature of the corporate governance of these firms.We investigate various potential hypotheses why VCs actually seem to be able to bring marginal firms to the exchange by relating the going-private decisions to various characteristics of the IPO market as well as to VC charact…
Community Currencies (CCs) in Spain: An empirical study of their social effects
2016
Despite its sudden proliferation along the economic crisis period, no previous study has investigated the social effects of the community currency (CCs) experiences in Spain. Previous research on CCs experiences from different countries provided evidences about social capital improvement, introducing CCs as sustainability tools. This research uses the theoretical frameworks of social capital and complex adaptive systems to approach concepts like sustainability, networks, trust, norms, participation and cooperation. Statistical analysis of the data collected in June 2013 through online survey explores social capital and resilience indicators among the Spanish exchange community users, conclu…
The Effect of Credit Rating Events on the Emerging CDS Market
2017
We document the cross-border spillover impact of S&P sovereign credit rating events on sovereign CDS using an extensive sample of emerging economies. First, we find on average a competition (imitation) effect of downgrades (upgrades) among emerging portfolios. Results confirms that non-event portfolios responds positively to credit deteriorations in terms of an improvement in sovereign credit risk. Second, the sovereign credit risk of non-event countries within the same portfolio benefit (suffer) from downgrades (upgrades). As expected, this implies a competition effect in terms of sovereign credit risk. Moreover, we find that downgrades are more likely to spill over into other emerging mar…
Credit risk and efficiency in the European banking system: A three-stage analysis
2002
Increased competition and the attempts of European banks to increase their presence in other markets may have affected the efficiency and credit risk in the banking system. The first aspect is the incentive in reducing costs in order to gain in competitiveness. The second is associated with their lack of knowledge of such markets and/ or acceptance of a higher risk in order to increase their market share. Despite the importance of these aspects, banking literature has usually analysed the effects of competition on the efficiency of banking systems without considering these aspects. The few studies that attempt to obtain risk adjusted efficiency measures do not consider that part of the risk…
Will Basel II Affect International Capital Flows To Emerging Markets?
2004
This paper investigates the consequences of Basel II for international capital flows to emerging markets. The paper shows that the magnitude of effects critically depends on a number of assumptions, including: the mapping of risk weights to ratings, assumptions about required return on capital, assumptions about competition and diversion effects and the assumption that minimum capital requirements are binding constraints. The paper provides evidence on each of these assumptions and estimates their effect on interest margins and bank flows.Overall the results suggest that Basel II - taking into account the "Potential Modifications" of November 2001 - will have only a moderate impact on inter…