Bank governance,regulation and risk taking

This paper conducts the first empirical assessment of theories concerning risk taking by banks, their ownership structures, and national bank regulations. We focus on conflicts between bank managers and owners over risk, and we show that bank risk taking varies positively with the comparative power of shareholders within the corporate governance structure of each bank. Moreover, we show that the relation between bank risk and capital regulations, deposit insurance policies, and restrictions on bank activities depends critically on each bank's ownership structure, such that the actual sign of the marginal effect of regulation on risk varies with ownership concentration. These findings show that the same regulation has different effects on bank risk taking depending on the bank's corporate governance structure.     

Risk Perception in the Short Run and in the Long Run

There is an ongoing controversy in financial economics regarding the role of time horizon in portfolio selection. This problem is relevant in a broader context, wherever consumers or managers make decisions that involve both time and risk. The purpose of this paper is to review recent findings from the decision making literature so as to shed new light on how the short run vs. long run contingency may determine risk taking and perception.     

如何为云计算奠定坚实的物理基础

随着企业对性能、成本和能源控制方面的要求越来越高,一种能够有效共享资源、应用程序、软件和信息的平台--云计算技术应运而生.为了在有线或无线基础设施上充分发挥分布式计算模式的优势,企业和云服务供应商都需要可靠和高性能的智能物理网络层,以便在所需环境中实现可管理性和可快速扩展性.为可靠的云服务铺设物理基础需要全而的基础设施解决方案,在整合高性能、智能铜缆和光纤结构布线组件的同时需要明钾地选择无线解决方案.     

Modelling bullying propagation in Spain: a quantitative and qualitative approach

Bullying in schools can be defined as a category of aggressive behaviour with an imbalance of power, and aggression event is repeated over time. Bullying occurs as a social process in nature, and takes place in groups. Attacks are mostly unprovoked, and can be physical or verbal, direct or indirect. This paper focuses on modelling the propagation of bullying in the Spanish school population aged [12, 18] during the period July 2015–January 2020, and on identifying and quantifying its main drivers. Thus, a population dynamics model is built to forecast and quantify the magnitude of the bullying problem in Spain over the July 2015–January 2020 period by taking into account qualitative and quantitative factors; e.g., demography, economy, socio-cultural behaviour, consumption of drugs and alcohol, social contagion and technology. The study provides recommendations to reduce and prevent the growth of this social problem, but to also mitigate a correlated problem, such as intimate partner violence among adults. In fact one of the main utilities of the built model is that new policies can be simulated and allow their effects to be seen.     

Ownership, managerial control and the governance of companies listed on the Brussels stock exchange

This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families and institutions), the market for partial control, debt policy, and board composition. Even if there is redundancy of substitute forms of discipline, some mechanisms may dominate. We find that top managerial turnover is strongly related to poor performance measured by stock returns, accounting earnings in relation to industry peers and dividend cuts and omissions. Tobit models reveal that there is little relation between ownership and managerial replacement, although industrial companies resort to disciplinary actions when performance is poor. When industrial companies increase their share stake or acquire a new stake in a poorly performing company, there is evidence of an increase in executive board turnover, which suggests a partial market for control. There is little relation between changes in ownership concentration held by institutions and holding companies, and disciplining. Still, high leverage and decreasing solvency and liquidity variables are also followed by increased disciplining, as are a high proportion of non-executive directors and the separation of the functions of CEO and chairman.     

Decomposing the contribution of migration to poverty reduction: methodology and application to Tanzania

In an economy with migration, poverty changes are composed of a number of forces, including the income gains and losses realized by the various migration streams. We present a simple but powerful decomposition methodology that uses panel data to measure the contributions of different migration streams to overall poverty change. An application to Tanzania shows the new insights that are provided – in particular on the role of migration to secondary towns in poverty reduction.     

Service quality in blood donation: satisfaction,trust and loyalty

Service Business - This study proposes and validates a service quality scale for the blood donation process. It also analyses the impact that service quality has on donor satisfaction with the...     

Groundwater Management in a Food Security Context

This article analyzes the sustainability of market-based instruments such as tradable permits for the management of a renewable aquifer used for irrigated agriculture. In our dynamic hydro-economic model, a water agency aims at satisfying a food security constraint within a tradable permit scheme in the presence of myopic heterogeneous agents. We identify analytically the viability kernel that defines the states of the resource yielding inter-temporal feasible paths able to satisfy the set of constraints over time and the associated set of viable quota policies. We then illustrate the theoretical results of the paper with numerical simulations based on the Western La Mancha aquifer.     

Exchange rate volatility and the mixture of distribution hypothesis

This study sheds new light on the mixture of distribution hypothesis by means of a study of the weekly exchange rate volatility of the Norwegian krone. In line with other studies we find that the impact of information arrival on exchange rate volatility is positive and statistically significant, and that the hypothesis that an increase in the number of traders reduces exchange rate volatility is not supported. The novelties of our study consist in documenting that the positive impact of information arrival on volatility is relatively stable across three different exchange rate regimes, and in that the impact is relatively similar for both weekly volatility and weekly realised volatility. It is not given that the former should be the case since exchange rate stabilisation was actively pursued by the central bank in parts of the study period. We also report a case in which undesirable residual properties attained within traditional frameworks are easily removed by applying the log-transformation on volatilities.