Search results for "principal"
showing 10 items of 795 documents
Leading indicator properties of US high-yield credit spreads.
2010
Abstract In this paper we examine the out-of-sample forecast performance of high-yield credit spreads for real-time and revised data regarding employment and industrial production in the US. We evaluate models using both a point forecast and a probability forecast exercise. Our main findings suggest that the best results come from using only a few factors obtained by pooling information from a number of sector-specific high-yield credit spreads. In particular, for employment and at short-run horizons, there is a gain from using a principal components model fitted to high-yield credit spreads compared to the prediction produced by benchmarks. Moreover, forecast results based on revised data …
Influence of board of directors on firm performance: Analysis of family and non-family firms
2015
This article analyses how board structure can affect both financial and social performance, comparing family and non-family firms. Our theoretical framework is based on the integration of the agency theory, traditionally used in the analysis of the impact of the board on the firm's financial performance, with the stakeholder theory, which is more appropriate in the analysis of the social aspects of the firm. Three main aspects are addressed: the analysis of the firm's social performance; the integration of agency theory with stakeholder theory; and the study of the specific characteristics of family firms' boards. The research confirms that neither the agency theory nor the stakeholder theo…
CO2 Prices, Energy and Weather
2007
One of the main objectives of the European Union Emission Trading Scheme is the establishment of a market price level for allowances that show to European CO 2 emitting installations the environmental impact of their polluting activities. The aim of this paper is to focus on the daily price changes during 2005 in an attempt to examine the underlying rationality of pricing behaviour. Specifically, we study the effect of those weather and non-weather variables that academic and market agents consider as the major determinants of the of CO 2 price levels. The results show that the energy sources are the principal factors in the determination of CO 2 price levels, and that only extreme temperat…
Commitment of independent and institutional women directors to corporate social responsibility reporting
2018
This paper examines how independent and institutional women directors on boards affect corporate social responsibility (hereafter CSR) reporting. Most of the previous empirical evidence has shown a linear association between female directors and CSR disclosure, but to the best of our knowledge, no research has investigated the individual effect of independent and institutional female directors on CSR reporting. Therefore, the analysis of how the disclosure of CSR information is affected by independent and institutional women directors in a separate way merits our attention. Thus, we posit that there is a nonlinear association, concretely quadratic, between independent and institutional fema…
ARE LAC COOPERATIVE AND COMMERCIAL BANKS SO DIFFERENT IN THEIR MANAGEMENT OF NON‐PERFORMING LOANS?
2018
This paper assesses technical efficiency in the management of non‐performing loans (NPLs) in the Latin American and Caribbean (LAC) banking industry. To that end, Data Envelopment Analysis techniques are employed with data from the years 2013 to 2016 on a sample of 307 LAC cooperative and commercial banks. Our main contribution to existing literature is that differences of efficiency between cooperative banks and commercial banks are assessed as the result of the different capacities of their managers – managerial efficiency – and the so‐called programme efficiency, which represents differences in the technology used by these two categories of entities. Our principal result suggests that th…
A Stochastic Variance Factor Model for Large Datasets and an Application to S&P Data
2008
The aim of this paper is to consider multivariate stochastic volatility models for large dimensional datasets. We suggest the use of the principal component methodology of Stock and Watson [Stock, J.H., Watson, M.W., 2002. Macroeconomic forecasting using diffusion indices. Journal of Business and Economic Statistics, 20, 147–162] for the stochastic volatility factor model discussed by Harvey, Ruiz, and Shephard [Harvey, A.C., Ruiz, E., Shephard, N., 1994. Multivariate Stochastic Variance Models. Review of Economic Studies, 61, 247–264]. We provide theoretical and Monte Carlo results on this method and apply it to S&P data.
Globalization of Monitoring Practices: The Case of American Influences on the Dismissal Risk of European CEOs
2013
Accepted version of an article from the Journal of Economics and Business This study examines globalization of monitoring practices by focusing on how American (U.S.) influences on European firms impact the dismissal risk for these firms' CEOs. Specifically, we argue that the stronger short term orientation of the American corporate governance system increase the dismissal performance sensitivity faced by European CEOs, indirectly and directly. The former materializes via European firms cross-listing on U.S. exchanges, the latter results from European firms hiring U.S. independent board members. Both influences are expected to result in increased dismissal performance sensitivity. Based on …
Correspondence between regional delineations and spatial patterns in macroinvertebrate assemblages of boreal headwater streams
2002
AbstractGeographical stratification may provide a useful framework for stream management programs, yet most studies testing the utility of such stratifications have been conducted in temperate regions. We studied the correspondence between regional delineations (5 ecoregions, 11 subecoregions), environmental characteristics, and benthic macroinvertebrate assemblages in 156 boreal headwater streams in Finland, using a combination of principal components analysis, nonmetric multidimensional scaling, and discriminant function analysis (DFA). Both stream characteristics and macroinvertebrate assemblage structure showed a closer correspondence to ecoregions than to subecoregions, a pattern partl…
Modelling, simulation and characterization of a supercapacitor
2020
In the last decade, the issue of air pollution or the reduction of CO2 emissions has become of extreme interest both for civil society and then for the industrial and scientific research world. For this reason, the scientific research on automotive is called to answer with increasingly innovative solutions. One of the principal subjects are the storage and the utilization of the electric energy for electrical and hybrid vehicles. Nowadays, supercapacitors are getting more and more attention because of their characteristics that allow them to be a bridge between electrolytic capacitors and batteries in several application such as bust-mode energy delivery, regenerative breaks and so on. The …
A weakly-interacting many-body system of Rydberg polaritons based on electromagnetically induced transparency
2020
We proposed utilizing a medium with a high optical depth (OD) and a Rydberg state of low principal quantum number, $n$, to create a weakly-interacting many-body system of Rydberg polaritons, based on the effect of electromagnetically induced transparency (EIT). We experimentally verified the mean field approach to weakly-interacting Rydberg polaritons, and observed the phase shift and attenuation induced by the dipole-dipole interaction (DDI). The DDI-induced phase shift or attenuation can be viewed as a consequence of the elastic or inelastic collisions among the Rydberg polaritons. Using a weakly-interacting system, we further observed that a larger DDI strength caused a width of the mome…