Search results for "profit"
showing 10 items of 406 documents
Stable sharing rules and participation in pools of essential patents
2019
Abstract For pools of essential patents I study whether a pool's sharing rule is stable against arbitrage, so that the pool's members have no incentive to trade patents. I show that the only stable rule is the numeric proportional rule, which gives each member a share of the pool's profit equal to its share of the pool's patents. I study how the stable rule affects firms' incentives to participate, and I show that firms with few patents tend to remain outside the pool. I look at the trade off between stability and participation, and I show that as trade dilutes their shares, members prefer the stable rule. I consider individual licenses, stand-alone patents, integration, and R&D. The result…
El papel de las cooperativas de crédito en el sostenimiento de la España vaciada a través del capital social
2021
El sistema bancario viene experimentando grandes transformaciones, marcadas por la disminución del número de entidades y la concentración del negocio. Las cooperativas de crédito han logrado mantenerse relativamente aisladas de las turbulencias financieras de la pasada crisis gracias a políticas de inversión prudentes y la clara vocación territorial y de proximidad con el entorno, características que, junto con su carácter cooperativo, se han convertido en las principales fortalezas de este tipo de entidades de crédito. Por otra parte, la creciente desatención del sistema bancario hacia los territorios en retroceso demográfico ha propiciado la exclusión financiera de sus habitantes. En este…
An empirical test of marginal productivity theory
2014
We explore an hitherto unused approach to testing marginal productivity theory. Our method rests on the simple idea that, under the assumption of a linear homogeneous production function, residual profits are informative about the discrepancies between factor payments and marginal products. Our empirical application using data on manufacturing plants in Chile suggest moderate deviations from marginal productivity theory which depend on firm size.
Development of a Classification of Spanish Credit Institutions Based on the Concept of Stakeholder
2013
Corporate Social Responsibility (CSR) assumes that banks voluntarily incorporate social and environmental criteria in their economic activities and relationships with stakeholders. The reason why a credit institution decides to involve itself in social activities is a question which the literature on economics has tried to answer. We highlight the relationship created between the credit institution as a social organization and its various stakeholders, analyzing the importance assigned to each of them. Our goal is to find distinct profiles of credit institutions, depending on their degree of concern about CSR (Corporate Social Responsibility). The field work was conducted by means of a surv…
Founding family leadership and industry profitability
2008
Published version of an article from the journal: Small Business Economics In this article, we argue that firms in high-margin industries can benefit from founding family influence. Specifically, in more profitable markets, the influence of the founding family provides an additional corporate governance-monitoring function. The sample consists of 294 firm-year observations from 98 publicly traded companies headquartered in Sweden, representing approximately half of all non-financial traded firms. Our support that the effect of family leadership in publicly held firms should be assessed in relation to the intensity of industry competition
Knowledge assets for internationalization strategy proposal
2021
[EN] Lack of trust, lack of references and the confidential nature of cybersecurity projects make internationalization in companies from the cybersecurity sector a great challenge. The development of lean methodologies over recent years has presented a method to reduce time and effort, measure performance in each step and pivot when it is necessary to apply a process to a different field. Considering that internationalization resembles entrepreneurship, because of uncertainty and risk in a new market where the value proposition should be validated, the Lean Start-up philosophy will serve as a theoretical framework in which to operate. The study of international challenges of cybersecurity c…
The Impact of Entrepreneur-CEOs in Microfinance Institutions: A Global Survey
2013
- Peer reviewed Microfinance is a global high-growth industry, in which entrepreneurship is prevalent and substantial. Based on the theoretical argument that microfinance entrepreneur-CEOs are “motivated agents” with a unique ability to hire and socialize mission-oriented staff, we hypothesize that these CEOs produce more sustainable microfinance institutions with better social performance and lower costs. This study utilizes data from 295 microfinance institutions in 73 developing countries, assessed between 1998 and 2010. Our empirical evidence suggests that entrepreneur-managed microfinance institutions feature higher social performance, greater financial sustainability, and lower costs.
Supply chain finance: The role of credit rating and retailer effort on optimal contracts
2021
Abstract Supply chain finance aims at finding the best financing arrangements within a given buyer-supplier dyad. The source of capital can be internal (buyer or supplier) or external (financial institution) to the supply chain. So far, many studies have investigated the optimal mix of the sources of capital; our study aims at contributing to the recent literature that explores the interface of operations and finance extending the supplier-based financing models. As the Covid-19 pandemic hits economic activity, the financial constraints have ever greater importance; knock-on effects of the Covid-19 crisis urges on the critical role of a supply chain that should provide financial resources, …
DETERMINANTS OF PROFITABILITY IN SPANISH FINANCIAL INSTITUTIONS. COMPARING AIDED AND NON-AIDED ENTITIES
2015
The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue component…
Why Investors Should not be Cautious about the Academic Approach to Testing for Stock Market Anomalies
2005
The ability of investors to implement seasonal strategies implied by academic papers has been widely criticized, most recently by Hudson et al. (Applied Financial Economics, 12, 681–86, 2002). This paper addresses these concerns, and provides an example of a strategy derived from academic papers that indicates how and to what profitability such a strategy can be implemented. In particular, the pre-holiday anomaly is examined, where returns tend to be higher on the day before a holiday. After checking that the pre-holiday return compensates market frictions, the existence and the changing nature of such anomaly is tested. Finally, the profitability of the pre-holiday trading strategy in an o…