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Inter-local cooperation is difficult to measure. In Poland, however, the data-set concerning financial transfers between local government budgets (one of the most popular quantitative measures of cooperation) has never been described in scientific literature. This paper aims at contributing to fill this gap. On the basis of the budget expenditures of all Polish local governments, we applied two research methods: OLS regression and Heckman two-stage regression. The results show that the decision whether to get into cooperation, and the decision on the extent of involvement are driven by different factors. 相似文献
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Katarzyna Platt 《The Journal of Financial Research》2020,43(3):615-647
I examine the effect of product market competition on the yield spread of corporate bonds. I find that firms that face more competitive threats also face a higher cost of corporate bond debt. After controlling for common bond-level, firm-level, and macroeconomic variables, my results show that bondholders of firms that are subject to increased competition demand significantly higher credit spreads than holders of otherwise similar bonds. Furthermore, this effect is more pronounced for firms that have assets that are difficult to redeploy. Overall, my findings provide evidence that competitive threats are being reflected in corporate debt prices. 相似文献
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The optimal asset allocation of the main types of pension funds: a unified framework 总被引:1,自引:0,他引:1
Katarzyna Romaniuk 《The GENEVA Risk and Insurance Review》2007,32(2):113-128
The existing literature deals with the optimal investment strategy of defined benefit (DB) or defined contribution (DC) pension
plans. This article’s objective is to compare the optimal policies of different types of pension plans. This is done by first
defining an original framework, which is based on the distinction between the nature of the guarantee—which can be internal
or external—offered by or to a pension fund. This framework allows to establish links between optimization programs of DC,
DB and targeted money purchase schemes. The case of an internal guarantee appears as a standard portfolio insurer’s problem.
The second kind of guarantee, not analyzed in the literature yet with regard to the resulting optimal policy, is characterized
by the existence of an option in the final wealth definition. Four funds are present in the internal guarantee optimal allocation:
the speculative component, the preference independent guarantee- and contribution-hedge terms and the preference dependent
state variable-hedge fund. The external guarantee program, solved with an original method using the principles of standard
options theory, yields an optimal policy incorporating the delta of the option embodied in the final wealth definition. The
conclusion is that the resulting optimal portfolio policy becomes riskier.
相似文献
Katarzyna RomaniukEmail: |
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Katarzyna Rostek 《Economic Modelling》2012,29(5):2039-2048
The paper presents the issue of SME competitiveness in terms of determining their competitive position on the market. The proposed reference model, focused on the evaluation of the competitiveness of a selected group of SMEs on the market of medical services, was developed to support strategic decision-making. The usefulness of the model is verified in the process of determining the competitive position of a selected group of participants, applying research methods of strategic analysis. Relationships, observed during the study, occurring between the competitiveness factors and the competitive position taken by a company, provide knowledge, whose utilization directs the company's business to improving its market performance, organizational and economic conditions. 相似文献
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US‐style organising campaigns are a relatively new repertoire of action for German trade unions and can be seen as further evidence of their transformation. The example of the Lidl campaign organised by German United Service Union ver.di is chosen to illustrate tensions between organising and campaigning as revitalisation strategies. 相似文献
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This article is a continuation of the issue in the field of assessment of (dis)advantages resulting from the implementation of the quality management systems (QMS) in a structure of the organization. The publication uses the results of studies conducted in the range of assessment's information completeness provided by the certification bodies (CBs) in the context of advantages and disadvantages of the QMS implementation in accordance with PN-EN ISO 9001. In addition, an attempt to define a tool for the QMS assessment of (dis)advantages in the organization has been made. The basis for empirical analysis of the issue was the information provided by an accredited management systems CBs recommended by the Polish Centre for Accreditation (PCA). There are 33 units in Poland, which were granted by PCA with the accreditation within the range of ISO 9001:2008. In the first stage of the research work, a substantive analysis of websites content among mentioned CBs has been carried out. In addition, the paper proposes use of semantic differential method (SD) to evaluate (dis)advantages of the QMS. SD adaptation for the assessment of the QMS (dis)advantages is the authorial concept. The authors hope for polemic in this area. In the face of obtained results, an authorial SD construction has been proposed, which is useful and may help in the formulation and conveying of the relevant (reliable) information to potential clients in the range of (dis)advantages resulting from the QMS implementation to the organization. As a consequence, the recommendations have been set, which are kind of guidelines that could significantly influence the realignment of the information state conveyed on the internet by the CBs. 相似文献
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