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1.
We investigate household financial fragility in Italy, providing three main contributions. First, we propose a novel characterization of financial fragility that is not necessarily linked to indebtedness, distinguishes between expected and unexpected expenses, takes portfolio composition into account, and is free of subjectivity bias. Second, we use it to assess the importance of household portfolio composition for determining the difficulties related to coping with unexpected expenditures, besides socio‐economic and demographic factors. Third, we test its ability to forecast future conditions of financial distress. The empirical analysis is based on the Bank of Italy Survey on Household Income and Wealth. The results highlight the relevance of portfolio choices as determinants of financial distress, that is, they provide evidence that homeownership increases the likelihood of financial fragility while the presence of a mortgage decreases it. Moreover our measure is shown to act as an early warning indicator of distress. 相似文献
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Linking Small‐Scale Commercial Activities and Women's Health: The Jamu System in Urban Areas of Java,Indonesia 下载免费PDF全文
Maria Costanza Torri 《Journal of Small Business Management》2016,54(1):341-355
Traditional medicine practices are widely documented and analyzed in Asia. Despite this, the interlinkages existing between small‐scale commercial activities based on ethnomedicine and local health have been ignored. This paper attempts to overcome this shortcoming by analyzing the possible synergies existing between small‐scale commercial activities centered on traditional herbal medicine in Indonesia (jamu) and health. The paper shows how the existence of these links in the city of Yogyakarta, Java, could represent a valuable basis to increment primary health care and enhance local livelihoods of rural women through commercial activities in the herbal sector. 相似文献
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Graziella Bertocchi Marianna Brunetti Costanza Torricelli 《Journal of Banking & Finance》2011,35(11):2902-2915
We study the joint impact of gender and marital status on financial investments by testing the hypothesis that marriage represents – in a portfolio framework – a sort of safe asset and that this attribute may change over time. We show that married individuals have a higher propensity to invest in risky assets than single ones, that this marital status gap is stronger for women and that, for women only, it evolves and declines at the end of the sample period. Next we explore a number of possible explanations of the observed gender differences by controlling for background factors that capture the evolution of family and society. We find that both the higher female marital status gap and its time variability vanish for those women who are employed. Our empirical investigation is based on a dataset drawn from the 1993–2006 Bank of Italy Survey of Household Income and Wealth. 相似文献
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Chiara Pederzoli Grid Thoma Costanza Torricelli 《Journal of Financial Services Research》2013,44(1):111-129
Small-medium enterprises (SMEs) encounter financial constraints when they try to obtain credit from banks. These constraints are particularly severe for innovative SMEs. Thus, developing models for innovative SMEs that provide reliable estimates of their probabilities of default (PD) is important because the PDs can also serve as ratings. We examine the role of innovative assets such as patents in credit risk modelling due to their signaling value. Specifically, we add to a logit model two innovation-related variables in order to account for both the dimension and the value of the patent portfolio. Based on a unique data set of innovative SMEs with default years of 2005–2008, we show that, although the value of the patent portfolio always reduces the PD, its dimension reduces the firm’s riskiness only if coupled with an appropriate equity level. 相似文献
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This paper tests the Expectations Hypothesis (EH) of the term structure of interest rates using new data for Germany. The German term structure appears to forecast future short-term interest rates surprisingly well, compared with previous studies with US data, while it has lower predictive power for long-term interest rates. However, the direction suggested by the coefficient estimates is consistent with that implied by the EH, that is when the term spread widens, long rates increase. The use of instrumental variables to deal with possible measurement errors in the data significantly improves regressions for the long rates. Moreover, re-estimation with proxy variables to account for the possibility of time-varying term premia confirms that the evolution of both short and long rates corresponds to the predictions of the EH and that most of the information is in the term spread. These results are important as they suggest that monetary policy in Germany could be guided by the slope of the term structure. 相似文献
6.
Costanza Meneghetti 《Journal of Corporate Finance》2012,18(1):65-91
I propose a simple model with complete and perfect information on the relation between managerial incentive compensation and choice between public and bank debt. The empirical analysis offers considerable support to the model's predictions. I find that managers whose compensation is tied to firm performance prefer bank to public debt. Further, I find a positive relation between cost of public debt and managerial incentive compensation and no relation between loan spreads and incentive compensation. Finally, I find that banks are more likely to include a collateral provision in the debt contract if the CEO's compensation is tied to firm performance. 相似文献
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The introduction of Basel II has raised concerns about the potential impact of risk-sensitive capital requirements on the
business cycle. Several approaches have been proposed to assess the procyclicality issue. In this paper, we adopt a general
equilibrium model and conduct comprehensive analysis of different proposals. We set out a model that allows to evaluate different
rating systems in relation to the procyclicality issue. Our model extends previous models by analysing the effects of different
rating systems on banks’ portfolios (as in Catarineu et al. in Econ Theory 26:537–557, 2005) and the contagion effects relevant
to financial stability (as in Goodhart et al. in Ann Finance 1:197–224, 2005). The paper presents comparative statics results
comparing a cycle-dependent and a neutral rating system from the point of view of banks profit maximization. Our results suggest
that banks’ preferences about point in time or through the cycle rating systems depend on the banks’ characteristics and on the business cycle conditions in terms of expectations and realizations. 相似文献
10.
The empirical connection between the population age-structure and financial asset returns has been so far investigated with
special focus on the US, whereby weak or disparate results are obtained. This paper aims to assess whether this connection
is affected by the demographic dynamics. To this end the analysis is based on a stylized overlapping generation model and
on the empirical investigation for Italy, which is experiencing one of the most pronounced ageing in the world and, specifically,
steeper than the US one. Following the approach used for the US, stock returns and Government bond yields are regressed over
demographic and/or control variables using annual data over 1958–2004. Results for Italy are more clear-cut and thus support
the importance of the country-specific age-dynamics in explaining the impact of demographics on financial markets. 相似文献