Search results for "payment"
showing 10 items of 189 documents
A review of Payment for Ecosystem Services for the economic internalization of environmental externalities: A water perspective
2016
Abstract The allocation of economic value to environmental goods is intended to internalize the socio-economic and environmental costs of policies implemented and thus recognizes the value of the ecosystem and the consequences of environmental damage. This entails identifying the costs and benefits of management measures for conservation and of degraded ecosystems. The difficulties of this task are: (i) they are goods that have no market and (ii) there is a need for economic funding for conservation purposes. Payment for Ecosystem Services (PES) seeks to internalize the environmental externalities of human actions, ascribing monetary value to Ecosystem Services (ES) and helping decision-mak…
Optimal contract length for biodiversity conservation under conservation budget constraint
2014
We examine the optimal length of a contract period in a conservation program with payments for ecosystem services aiming at protecting biodiversity on privately owned forests. The government chooses the number of stands and the length of contracts so as to maximize biodiversity benefits under a binding conservation budget. We examine the implication of two alternative budgets: a separate budget for each period (periodic budget) or one budget that to be used in all periods (intertemporal budget). The impact of the budget type shows up in the fact that with intertemporal budget choice set is larger and more high quality stands are available for contracting. Based on theoretical characterizati…
The Importance of Engaging Local People in Landscape Management – Experiences from an EU Project
2018
“Bull by the Horns” -project initiated landscape management and promoted biodiversity associated with diminishing High Nature Value farmland habitats in Finland. A specific focus was on grazed semi-natural grasslands and wood-pastures which are collectively referred to as traditional rural biotopes (TRBs). Collaboration among project workers, non-farming landowners, and cattle owners reintroduced grazing to abandoned pastures, and management was financed through agri-environmental payments. Using adaptive co-management principles, the project enabled collective definition of integrated site-specific management objectives. A better understanding of contemporary challenges and opportunities t…
Pricing Sovereign Contingent Convertible Debt
2016
We develop a pricing model for sovereign contingent convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's credit default swap CDS spread. One innovation is the modeling of CDS spread regime switching which is prevalent during crises. Regime switching is modeled as a hidden Markov process and is integrated with a stochastic process of spread levels to obtain S-CoCo prices through simulation. The paper goes a step further and uses the pricing model in a Longstaff-Schwartz. American option pricing framework to compute state contingent S-CoCo prices at some risk horizon, thus facilitating risk management. Dual trigger pricing is also discussed using the idiosyncratic CD…
From ‘polluter pays’ to ‘polluter does not pollute’
2016
Abstract Non-binding agreements, minor sanctions in the form of payment obligations and shaming have been the usual policy responses against environmental harms. In addition to this, many existing pieces of legislation on international environmental law and governance are based on good intent and voluntary agreement and they have proven to be limited or ineffective. This article argues that, at the current state of the climate crisis, there is no more room for negotiations and proposals which lead to false solutions. Acknowledging that, legal solutions to environmental problems require new formulations which incorporate a different understanding of nature and its non-human inhabitants; this…
El delito de impago de pensiones (art. 227 cp) tras la última jurisprudencia del tribunal supremo español (ssts núms. 346/2020 de 25 de junio; 348/20…
2021
Estudio del art. 207 CP en clave jurisprudencial
Presentación e ingreso de determinadas declaraciones y autoliquidaciones tributarias durante el Estado de Alarma
2020
[ES] Desde la declaración del estado de alarma como consecuencia de la crisis sanitaria provocada por el COVID-19, han sido aprobados numerosos reales decretos. Entre ellos, uno de los principales desde la perspectiva tributaria es el Real Decreto-ley 14/2020, en virtud del cual se ampliaba el plazo de presentación e ingreso de numerosos tributos, destacando, entre otros, el IVA y el IS. Además, las comunidades autónomas también han aprobado medidas relativas a la ampliación del plazo de presentación e ingreso de los tributos respecto de los que tienen atribuidas competencias.
Deducibilidad de los intereses de demora en el Impuesto sobre Sociedades : comentario de la STS de España núm. 150/2021, de 8 de febrero
2021
This study analyzes STS 150/2021, of February 8, which has declared the deductibility of late payment interest in Corporation Tax. To do this, a review is made of the nature of the moratory interest, the forecast of the tax on the calculation of the taxable base in said tax and the framing of these interests within the deductible expense.
Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms: Evidence from Spain
2011
We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller …
Econometric Model to Estimate Defaults on Payment in the Spanish Financial Sector in Oliver Wyman's Stress Tests.
2016
This work develops an econometric model based on the exogenous economic variables used in Oliver Wyman´s report. In this case the model is used in order to estimate late payments (NPLs) by Spanish credit entities. A model based on variables considered to be optimal to quantify impact on the NPLs is developed by studying the aforementioned variables, modifying them and eliminating any which are superfluous. Furthermore, whether or not the model is optimal for long periods of time is corroborated. This is due to the fact that the scenario in Oliver Wyman´s report from September 2012 (Wyman 2012) is based on 30 years of Spanish economical historical data, as stated in the report itself. The re…