Search results for "value"
showing 10 items of 5321 documents
The dark side of the sun: How solar power production affects the market value of solar and gas sources
2015
Abstract Using daily data for the Italian wholesale day-ahead power market over the period 2008–2013, we assess the impact of solar production on the market value of solar and gas sources, defined using the concepts of value factor and unit revenues. We find that, on average, solar generation negatively affects the solar source market value, causing a departure from the grid parity condition and mining their competitiveness once public incentives are removed. This negative relation is not constant over time and becomes stronger for increasing solar penetration in the energy mix. Interestingly, the opposite is found when looking at gas. While the relation between solar production and the gas…
On the Persistent Understatement of Shareholder's Equity Around Europe
2003
We examine the existence of balance sheet conservative practices by listed companies in seven European countries, analysing the differences among them. Our results show that in every country under study there are conservative practices that lead to a persistent understatement of operating assets with respect to market value. This understatement could be mainly attributable to the usage of historic cost accounting as well as to the non-recognition of certain intangible assets. We also find that in code-law based countries balance sheet conservative practices are much more pronounced. Additionally, we analyse whether our results are influenced by a different sample composition, and if spuriou…
Wages and productivity growth in the Nordic countries
1995
Abstract The study examines growth in productivity and real wages in four Nordic countries, viz. Denmark, Finland, Norway and Sweden, thus extending Gordon's (1987) analysis concentrating on the U.S., Japan and Europe. The results confirm certain key findings of Gordon's (1987) study. In particular, the cyclically adjusted measures of productivity growth confirm the slowdown in productivity growth in the mid-1970s. Gordon's finding that there are considerable differences across the different sectors of the economy is similarly supported. As far as country-specific development in productivity growth is concerned, the results imply that there are considerable inter-country differences which G…
European vs. American approaches to institutionalisation of business ethics: the Spanish case
2002
This paper reports on a study of the largest Spanish corporations concerning the status of corporate ethics policies. The research project, the first of its kind in Spain, has two parts. First, the types of formal documents the companies use are analysed, including those dealing with ethical values or norms. Three groups of companies are distinguished: the first group has no formal documents dealing with ethical values, and the reasons given for not having any ethical statement are discussed. A second group has one document mentioning ethical values (generally the vision and/or mission statement), and a third group has in place two or more documents (one generic and the other more detailed,…
Ethical Banking and Conventional Banking. Triodos Bank vs Banco Santander
2019
La crisis financiera de 2008 ha provocado cambios en la estructura bancaria tradicional, generando una desconfianza por parte de los ciudadanos con el sistema financiero tradicional, como consecuencia de ello ha surgido otro tipo de banca, la Banca Ética. El objetivo de este trabajo es estudiar si la Banca Ética puede llegar a ser igual de rentable que la Banca Tradicional, invirtiendo principalmente en valores sociales. Para ello, se realiza un análisis comparativo entre la Banca Ética (Triodos Bank) y la Banca Tradicional (Banco Santander). Para alcanzar el objetivo propuesto se realiza un análisis económico centrado en la actividad financiera de ambas tipologías de bancos durante el perí…
Re-examining the migration–trade link using province data: An application of the generalized propensity score
2013
Abstract The migration–trade link has been studied extensively since the mid nineties, finding a positive impact through different channels. Based on the generalized propensity score (GPS) methodology, we estimate a dose–response function, depicting a non-linear impact of immigration on exports using province data for Spain and Italy. For both countries the response of province exports to more immigrants from a given nationality is always positive, although varies with the level of immigrants. First we find neither minimum threshold nor exhaustion point in the effectiveness of the immigration networks on province exports. Second we find that the value of the potential bilateral exports reac…
La filiera siciliana della pasta: un'applicazione della netchain analysis
2016
The system of Sicilian durum wheat is facing, as indeed is happening to the entire food system, the evolution of consumption patterns toward higher quality requirements: health-wise, primarily, but also including some intangible requirements. Recent acquisitions in the field of healthy food, have called attention to some specific characteristics of Sicilian durum wheat. The durum wheat sector represents a major landmark for regional agriculture, being by far the most widespread arable crop in Sicily; a crop that, over the past 30 years, has evolved considerably, due to the impact of EU regulations. Currently, the whole Sicilian cereal-pasta chain shows shortcomings in organization and size,…
Efficiency of French privatizations: a dynamic vision
2004
The program of French privatizations is one of the principal worldwide programs as for the volume of the equity issues. A reading of the process of privatization through the corporate governance theory resulted in working out a model making it possible to take into account, on the one hand, the time dimension of the process of privatization, on the other hand, the contextual, organizational, governance and strategic variables which influence this process. After having replicated a certain number of traditional tests, we carried out a test of this model on a sample of 19 French privatized firms and on a seven years horizon, which made it possible to obtain the following conclusions. The favo…
Segmentando clientes a partir del valor del servicio. Una aproximación en el contexto de la relación entre empresas
2007
ResumenSe argumenta en la literatura de marketing de servicios que el proceso de servicio puede ser el antecedente más importante de la evaluación que el cliente hace sobre su resultado, y que en ese juicio evaluativo último, el valor del servicio adquiere un papel esencial al explicar la retención del cliente. Sin embargo, las características de este proceso de creación no han sido extensamente estudiadas, especialmente en un contexto de relación entre empresas. El objetivo de este trabajo es proponer y testar un esquema conceptual que explore las relaciones existentes entre el valor, la satisfacción y la respuesta conductual del cliente, recogiendo la propuesta de Parasuraman, quien recon…
On the stability of stablecoins
2021
This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the vol…