Search results for "transaction costs"
showing 10 items of 19 documents
Impact of accounting process characteristics on accounting outsourcing - Comparison of users and non-users of cloud-based accounting information syst…
2019
Article In Press The article of record as published may be found at https://doi.org/10.1016/j.accinf.2019.06.002 Prior literature informs us that a company's decision to outsource a business process depends on process characteristics such as how frequently the process is performed or how specific the assets required by the process are. In this article, we compare the effects of accounting process characteristics on outsourcing decisions across users of traditional and cloud-based accounting information systems (AIS). By focusing on outsourcing of accounting processes among small and medium sized enterprises, we investigate the effect of five business process characteristics (frequency, huma…
La agricultura a tiempo parcial y la externalización de servicios agrarios como vehículo del cambio estructural
2010
El «ajuste clásico» ha sido interpretado frecuentemente como la senda racional y óptima de modernización del sector agrario. Esto ha llevado a considerar a la agricultura a tiempo parcial como un subproducto (ineficiente) del modelo clásico. Frente a este planteamiento, el artículo defiende la potencial contribución de la agricultura a tiempo parcial (y la externalización de servicios asociada a la misma) al proceso de innovación y de modernización de las estructuras agrarias. Se revisa críticamente la literatura adoptando una perspectiva microeconómica y territorial y esbozando un marco analítico que combina los enfoques de los costes de transacción y evolucionista. Utilizando información …
High Order Compact Finite Difference Schemes for A Nonlinear Black-Scholes Equation
2001
A nonlinear Black-Scholes equation which models transaction costs arising in the hedging of portfolios is discretized semi-implicitly using high order compact finite difference schemes. A new compact scheme, generalizing the compact schemes of Rigal [29], is derived and proved to be unconditionally stable and non-oscillatory. The numerical results are compared to standard finite difference schemes. It turns out that the compact schemes have very satisfying stability and non-oscillatory properties and are generally more efficient than the considered classical schemes.
Internal vs. external R&D teams: Evidences from the Italian wine industry
2021
R&D teams' internationalization attracts interests from different research-streams. However, the decision on what type of R&D structure is more convenient to invest in may differ, based on several factors, such as risk-taking propensity and internal resource availability. With an aim to enrich the extant literature and to provide practical insights for managers working in the wine industry, this case study explores the determinants of an Italian family-owned winery that attempts to keep a balance between its internal and external R&D teams' decision, using an integrated theoretical framework based on the transaction costs and the resource-based view theory. The optimal R&D s…
Public-Private Partnership: Transaction Costs of Tendering
2016
Abstract What are the transaction costs of participating in a public-private partnership (PPP) tender? Prior research indicate that there is a significant amount of resources required. However, few researchers seem to measure transaction costs directly. The purpose of this paper is therefore to fill this knowledge gap by presenting estimated transaction costs from both public and private actors. The underlying approach for this research was a case study of a new primary school in Norway. This case was chosen because of the expedient access to detailed information of the tendering process. The main source of data was documents and estimated figures obtained from public and private actors inv…
Transaction Costs, Standardization and Modularity in Credit Risk Transfer Market
2010
The advent of a credit risk market has profoundly altered the role of banking firms into one of asset originator and asset distributor rather than the asset holder. Banks have traditionally originated and held credit risk. It emphasis the different role of financial institutions from holders of credit risk to originators and distributors of credit risk. In this paper I aim to evaluate how the modularity and the standardization create the precondition for the creation of a credit risk transfer market in the banking industry. The intermediate market of credit risk transfer appears when the banking production processes have become more disintegrated. The vertical disintegration of the banking …
The foundations of the new theories in health economics
1997
In health economics, theoretic approaches such as the theory of contracts, the economy of conventions, the theory of transaction costs and the evolutionary theory, have been applied recently. The present paper offers a classification of these different theories focusing on their epistemological foundations. The clarification of their assumptions about individual rationality (substantial or procedural rationality), about coordination modality (by inter-individual contracts or collective rules), about uncertainty (probabilistic risk or cognitive uncertainty), shows oppositions between these theories. Nevertheless, the application of these different theories in health economics shows that they…
Portfolio optimisation with strictly positive transaction costs and impulse control
1998
One crucial assumption in modern portfolio theory of continuous-time models is the no transaction cost assumption. This assumption normally leads to trading strategies with infinite variation. However, following such a strategy in the presence of transaction costs will lead to immediate ruin. We present an impulse control approach where the investor can change his portfolio only finitely often in finite time intervals. Further, we consider transaction costs including a fixed and a proportional cost component. For the solution of the resulting control problems we present a formal optimal stopping approach and an approach using quasi-variational inequalities. As an application we derive a non…
European Option Pricing and Hedging with Both Fixed and Proportional Transaction Costs
2003
Abstract In this paper we provide a systematic treatment of the utility based option pricing and hedging approach in markets with both fixed and proportional transaction costs: we extend the framework developed by Davis et al. (SIAM J. Control Optim., 31 (1993) 470) and formulate the option pricing and hedging problem. We propose and implement a numerical procedure for computing option prices and corresponding optimal hedging strategies. We present a careful analysis of the optimal hedging strategy and elaborate on important differences between the exact hedging strategy and the asymptotic hedging strategy of Whalley and Wilmott (RISK 7 (1994) 82). We provide a simulation analysis in order …
A Unified Approach to Portfolio Optimization with Linear Transaction Costs
2004
In this paper we study the continuous time optimal portfolio selection problem for an investor with a finite horizon who maximizes expected utility of terminal wealth and faces transaction costs in the capital market. It is well known that, depending on a particular structure of transaction costs, such a problem is formulated and solved within either stochastic singular control or stochastic impulse control framework. In this paper we propose a unified framework, which generalizes the contemporary approaches and is capable to deal with any problem where transaction costs are a linear/piecewise-linear function of the volume of trade. We also discuss some methods for solving numerically the p…