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Registros recuperados: 39 | |
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Bruinshoofd, W. Allard; Kool, Clemens J.M.. |
In this paper we investigate Dutch corporate liquidity management in general, and target adjustment behaviour in particular. To this purpose, we use a simple error correction model of corporate liquidity holdings applied to firm-level data for the period 1977-1997. We confirm the existence of long-run liquidity targets at the firm level. We also find that changes in liquidity holdings are driven by short-run shocks as well as the urge to converge towards targeted liquidity levels. The rate of target convergence is higher when we include more firm-specific information in the target. This result supports the idea that increased precision in defining liquidity targets associates with a faster observed rate of target convergence. It also suggests that the slow... |
Tipo: Journal Article |
Palavras-chave: Corporate liquidity demand; Precautionary liquidity; C33; C43; E41; G3. |
Ano: 2004 |
URL: http://purl.umn.edu/37606 |
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Fogarty, James Joseph; Jones, Callum. |
Comparisons between the return to wine and standard financial assets are complicated in that the return to wine must be estimated from infrequent sales of heterogeneous wine brands. Wine returns can be estimated using several different approaches, and here the performance of the hedonic approach, repeat sales approach, and hybrid approach are compared using 14,102 auction sale observations for Australian wine over the period 1988 to 2000. For the data set considered the results show that the hybrid approach provides the most efficient estimates, and that the repeat sales approach provides significantly higher total return estimates than the other two approaches. The portfolio diversification benefit attributed to holding wine is then shown to vary with... |
Tipo: Working or Discussion Paper |
Palavras-chave: Return to wine; Price index; Research Methods/ Statistical Methods; C33; G12. |
Ano: 2011 |
URL: http://purl.umn.edu/108668 |
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Bigano, Andrea; Arigoni Ortiz, Ramon; Markandya, Anil; Menichetti, Emanuela; Pierfederici, Roberta. |
It can be argued that one way to reduce the dependence from external energy sources, is simply to reduce the demand for energy. Energy savings may thus be considered a policy priority when concerns for energy security are particularly strong. Drawing on an original econometric approach, we check whether policies and measures that affect indicators of energy efficiency performance have an analogous effect on security of supply indicators, both at the whole economy level and within the main sectors of energy use in the EU 15 countries and Norway. Our analyses show that the indicators studied are affected by a number of policies and measures; however very few of them seem able to tackle effectively and simultaneously, energy efficiency, carbon efficiency and... |
Tipo: Working or Discussion Paper |
Palavras-chave: Energy Efficiency; Energy Security; Policy Effectiveness; Europe; Resource /Energy Economics and Policy; Q40; Q48; Q58; C33. |
Ano: 2010 |
URL: http://purl.umn.edu/90950 |
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Cardamone, Paola; Scoppola, Margherita. |
According to the theoretical models of the multinational enterprise, trade costs play a fundamental role in determining the pattern of foreign direct investment (FDI). The aim of this paper is to assess the impact of trade policies on the outward stocks of FDI of the EU. We estimate a model based on the knowledge-capital theory of the multinational enterprise over the period 1995-2008 by using a sample of five EU countries and 26 partner countries. We consider, first, manufacturing sector as a whole and, then, six manufacturing industries defined at the two-digit level of the NACE classification. Explanatory variables include an index of applied bilateral tariffs and a dummy to capture the presence of Bilateral Investment Treaties (BITs). From an... |
Tipo: Presentation |
Palavras-chave: FDI; Trade protection; Knowledge-capital model; Dynamic panel data; International Relations/Trade; F15; F21; F23; C33. |
Ano: 2012 |
URL: http://purl.umn.edu/123993 |
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Morgenstern, Richard D.; Pizer, William A.; Shih, Jhih-Shyang. |
The possibility that workers could be adversely affected by environmental policies imposed on heavily regulated industries has led to claims of a "jobs versus the environment" trade-off by both business and labor leaders. The present research examines this claim at the industry level for four heavily polluting industries: pulp and paper mills, plastic manufacturers, petroleum refiners, and iron and steel mills. By focusing on labor effects across an entire industry, we construct a measure relevant to the concerns of key stakeholders, such as labor unions and trade groups. We decompose the link between environmental regulation and employment into three distinct components: factor shifts to more or less labor intensity, changes in total expenditures, and... |
Tipo: Working or Discussion Paper |
Palavras-chave: Jobs-environment trade-off; Distribution of environmental costs; Translog cost function; Labor and Human Capital; C33; D24; J40; Q28. |
Ano: 2000 |
URL: http://purl.umn.edu/10526 |
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Alberini, Anna; Austin, David H.. |
Proponents of environmental policies based on liability assert that strict liability imposed on the polluter will induce firms to handle hazardous wastes properly and to avoid disposing them into the environment. Economic theory and a few well-publicized cases, however, suggest that a number of factors may dilute the incentives posed by strict liability. In this paper, we run regressions relating unintended releases of pollution into the environment (aggregated at the state level, and followed over nine years from 1987 to 1995) to the imposition of strict liability on the polluter, exploiting variation across states in the liability provisions of their mini-Superfund laws, and in the years these were adopted. We experiment with instrumental variable... |
Tipo: Working or Discussion Paper |
Palavras-chave: Strict liability; Toxic spills; Policy endogeneity; Environmental Economics and Policy; Q28; C33; K32. |
Ano: 1999 |
URL: http://purl.umn.edu/10450 |
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Cardamone, Paola; Scoppola, Margherita. |
Abstract According to the theoretical models of the multinational enterprise, trade costs play a fundamental role in determining the pattern of foreign direct investment (FDI). The aim of this paper is to assess the impact of trade policies on the outward stocks of FDI of the EU. We estimate a model based on the knowledge-capital theory of the multinational enterprise over the period 1995-2008 by using a sample of five EU countries and 26 partner countries. We consider, first, manufacturing sector as a whole and, then, six manufacturing industries, among which the food industry, defined at the two-digit level of the NACE classification. Explanatory variables include an index of applied bilateral tariffs and a dummy to capture the presence of Bilateral... |
Tipo: Presentation |
Palavras-chave: FDI; Trade protection; Knowledge-capital model; International Relations/Trade; F15; F21; F23; C33. |
Ano: 2012 |
URL: http://purl.umn.edu/124106 |
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Registros recuperados: 39 | |
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