Search results for "return"
showing 10 items of 354 documents
Carbon Emissions Announcements and Market Returns
2023
The paper investigates the impact of carbon emissions on stock price returns of European listed firms. This relationship is assessed across all three emissions scopes, as well as using expecta-tions to detect if future emissions impact contemporary returns. Our findings show that firms with higher expected future emissions deliver contemporary lower returns, after controlling for market capitalization, profit, and other known return predictors. This result is statistically sig-nificant in the post Paris Agreement period with a two to three years expectation on scope 2 emissions. However, there is marginal to no significant negative relationship between current emissions and current returns.…
The cost and actuarial imbalance of pay‐as‐you‐go systems: the case of Spain
2010
This work determines the actuarial cost of delivering a monetary unit of pension in the case of a pay‐as‐you‐go system. The model is also applied to determining the imbalance and the unitary pension cost of the contributory pension system of the Spanish Social Security system. The study covers all benefits and all regimes for five consecutive years from 2002 to 2006. Policy alternatives are presented that would allow the system to be brought back into balance by actuarially equating the cost to the value of the pension delivered.
Mothers’ return-to-work reasons and work–family conflict : does a partner involved in childcare make a difference?
2021
Facilitating mothers’ work–family reconciliation upon their return to work can be considered a viable means of enhancing women’s overall employment participation. This study examined return-to-work reasons among mothers with a one-year-old child, how these reasons are related to mothers’ background characteristics, work-to-family conflict (WFC) and family-to-work conflict (FWC) and whether having a partner home caring for the child protects against such conflicts. Results based on survey data collected from Finnish working mothers (N = 573) in 2016 showed four dimensions of return-to-work reasons: personal importance of work, work- and career-related worries, dissatisfaction with stay-at-ho…
Fuzzy Degree of Geographic Appropriateness for Social Impact Investing
2017
Impact investing is an investment practice that is characterized by the explicit intentionality of attaining a social impact and the requisite of report and measure this impact in a transparent way. The investment decision making process has two main stages. In the first stage, filters are applied regarding four critical issues: target geography, impact theme, asset class and target return category. In this phase, the set of possible investment alternatives are determined based on their appropriateness for impact investment in terms of those four essential aspects. In a second stage, efficient portfolios are obtained taking into account financial criteria (maximizing expected return, minimi…
Challenges and Opportunities for Renewable-Based Microgrids Integration in Vietnam
2020
Vietnam is among the South-Asian regions the one that better supplies remote areas. However, many islands and remote areas are still not connected to the main grid and this fact jeopardizes their development, while forcing people to move to urban areas. With a high potential from renewable energy sources and a lot of islands, Vietnam has thus many favorable environmental features for developing the microgrids technology. In this chapter, a detailed analysis about opportunities and challenges for widespread deployment of microgrids technology in Vietnam is considered. Such analysis is based on the assessments of the potential from renewable energy sources in the country and of the national p…
The search for identity in the narrative stylistic and poetic study
2016
This dissertation deals with the quest for narrative identity in four distinct narratives: Le Premier Homme, by Albert Camus; Les Oliviers de la justice, by Jean Pélégri; Ébauche du père, by Jean Sénac; and Outremer, by Morgan Sportes. The authors of these narratives belonged to the community of French people born in Algeria and, later on, to that of the pieds-noirs. The texts examine mainly the end of French Algeria. This accounts for the reference to the years 1954-1962, among other periods of time, and to the tragic consequences these years led to, including exile and uprooting. The designation “French Algeria” in itself contains at least a dual reference to identity, if not referring to…
Notional defined contributions (NDC): Solvency and risk in Spain
2007
The aim of this article is twofold: to demonstrate the actuarial imbalance in the Spanish pension system in its current form; and to measure the degree of aggregate economic risk to which pensioners are exposed when applying formulas for the calculation of retirement pensions based on notional accounts. The model used generates scenarios for various periods encompassing some 10,000 different permutations of the macroeconomic indices needed to calculate such parameters as initial pension, earnings replacement rate, or internal rate of return and value at risk. The findings are analysed both objectively and subjectively. The main conclusions are that if the projections for the macroeconomic i…
Board Gender Diversity and Firm Performance: Evidence from Supply-Side Shocks in China
2019
This paper identifies a positive causal effect of board gender diversity on firm performance by utilizing unique historical events in China. Specifically, the Famine resulted in an evident gender gap in the supply of qualified directors of certain cohorts. Since the shocks differ in both gender and cohorts, we construct a novel "Diff-in-Diff'" instrumental variable and a Bartik instrument for board gender representation. We find that a 10% increase in board female representation can lead to a 2.38% increase in return on assets (ROA). Moreover, our results support the critical mass theory and indicate that female directors are beneficial by lowering risk levels and improving solvency.
Cooperative Finance and Cooperative Identity
2012
The question addressed in this paper is whether the financial structure of cooperatives constitutes a badge of identity that differentiates cooperatives from other corporate legal forms such as capital-based companies.To this end, it examines features of their financial structure that are considered typical of cooperatives in a number of documents published by international organizations: the International Co-operative Alliance's Statement on the Co-operative Identity (ICA, Manchester, 1995); the International Labour Organization's R193 Promotion of Cooperatives Recommendation (ILO, 2002); Council Regulation (EC) No. 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Societ…
Statistics of return times for weighted maps of the interval
2000
For non markovian, piecewise monotonic maps of the interval associated to a potential, we prove that the law of the entrance time in a cylinder, when renormalized by the measure of the cylinder, converges to an exponential law for almost all cylinders. Thanks to this result, we prove that the fluctuations of Rn, first return time in a cylinder, are lognormal.