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Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries

R eferences Afonso, A., Jalles, J.T. (2019). Stock Flow Adjustments in Sovereign Debt Dynamics: The Role of Fiscal Frameworks. REM Working Paper (066-2019). Alt, J., Lassen, D.D., Wehner, J. (2014). It Isn’t just about Greece: Domestic Politics, Transparency and Fiscal Gimmickry in Europe. British Journal of Political Science, 44(4), 707-716. Banaszewska, M. (2012). Determinanty zmian długu publicznego państw strefy euro w latach 2006-2010. Studia Ekonomiczne, (108), 419-427. Campos, C.F., Jaimovich, D., Panizza, U. (2006). The Unexplained

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Financial Liquidity as a Factor Determining the Economic Condition of Companies on the Capital Market in Relation to Bankruptcy Law in Poland

., Stevens, J.L. (1996). Corporate Returns and Cash Conversion Cycles. Journal of Economics and finance, 20 (1), 33-46. Kahay, E. (1997). Prediction of Business Failure: A Funds Flow Approach. Managerial Finance, nr 3. Kitowski, J. (2013). Sposoby ujmowania kryterium uwarunkowań działalności w metodach oceny kondycji finansowej przedsiębiorstwa. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, (59) , 155-166. Kuś, A., Hodun, M. (2004). Cykl kapitału obrotowego netto a rentowność przedsiębiorstw przemysłowych

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Leasing Puzzle in Polish Small Firms Listed on the Alternative Market

acquisition of the asset by the Finance Company ’ ( Sejm 2017 ). Therefore, leasing gives the opportunity to use assets, for example, cars, appliances or machines without engaging high financial expenditures at the time of realisation of investment. It is worth emphasising that during the whole contract period, lessor is an owner of the asset, who decides whether the asset may be used by third parties and does not take responsibility for any flows or usability. The owner may give permission for transferring ownership/property rights after the leasing contract expires

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Regional dimension of firm level productivity determinants: the case of manufacturing and service firms in Ukraine

frameworks of the new trade theory through which economists study the relationship between productivity and international trade flows. In these models, the effects of trade liberalization vary across producers and depend on their productivity levels in particular. Aggregate productivity gains come from improved selection and increased competition that trade brings. A large number of empirical studies confirmed many of the predicted patterns predicted by the new trade theories that accounted for firm heterogeneity (e.g., Pavcnik, 2002 ; Bernard et al ., 2006 ; and

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Sovereign default and the structure of private external debt

issuing bonds and the middle-quality firms borrowing from banks. Cantillo and Wright ( 2000) provide evidence that firms that are less likely to default, with high and stable cash flow and high profitability will choose debt from bonds rather than from banks. Since private companies that rely on bond financing as opposed to bank financing, might be different, their vulnerability to increased sovereign risk might be different as well, and therefore, the impact of the debt of these different groups on the overall costs of sovereign default may not be uniform. 3 Is

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Financialization in the Regional Aspect. An Attempt to Measure a Phenomenon.

indicators was used: investments in linked firms plus investment in other firms to total assets, results of operation to results outside of operation, financial income to year-end profits, financial income plus profits from investment in other societies to year-end profits, financial income plus dividends and other distributions received to net flow originated by activities of the operation. Kim (2013) defines financialization as a process in which financial markets, institutions and elites gain ever greater influence on economic policy and economic results. Although

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The determinants of local public spending on culture

public finance. It should be stressed that public and private cultural institutions can also receive money from other public and private units; they also can establish charges for the access and so could cover part of the costs of their activity. In my analysis, I look only at municipal budgets, so part of the above-mentioned financial flows related to cultural institutions is not visible in my study. But those other than sub-sovereign grants sources decide only about 17% of cultural institutions’ revenues. Also, most of these sources relate to cultural institutions in

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The Role of Energy in a Real Business Cycle Model with an Endogenous Capital Utilization Rate in a Government Sector: Lessons from Bulgaria (1999–2016)

” on the aggregate physical capital stock. In addition, as in Finn (2000) , we assume that capital utilization requires energy, et . This channel is missing from earlier studies, such as Taubman and Wilkinson (1970) , Greenwood, Hercowitz, and Huffman (1988) , and is one of the novelties of this paper. More specifically, it will be postulated that energy spending complements the service flow from physical capital as follows: (2.3) e t k t = a ( u t ) = v 0 u t v 1 v 1 , $$\frac{{{e}_{t}}}{{{k}_{t}}}=a\left( {{u}_{t}} \right)={{v}_{0}}\frac

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Regulations and Technology Behind HFT Latency, Batch Auctions and Payments for Order Flow in the US and EU

-07-2018). CFA Institute, (2016). Payment for Order Flow, CFA Institute. CFR (2018). Disclosure of Order Routing Information. Commodity and Securities Exchanges 242 , 242-606. CHX, (2016). CHX SNAP, Chicago Stock Exchange . Retrieved from http://www.chx.com/snap/ (31-03-2017). Daly, R., (2016). SEC Tightens Clock-Sync Mandate, Marketsmedia. Retrieved from http://marketsmedia.com/sec-tightens-clock-sync-mandate/ (17-03-2017). Davies, R. (2016, October 7). What Caused the Pound’s Flash Crash?, The Guardian , (01-04-2017). Durden, T. (2015

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Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries

? Journal of Policy Reform, 4 (3), 243-270. doi: http://dx.doi.org/10.1080/13841280108523421 Bird, G., and Rowlands, D., 2007. The IMF’s Role in Mobilizing Private Capital Flows: Are There Grounds for Catalytic Conversion? University of Surrey, Discussion Papers in Economics . Bogumil, P., 2014. Composition of capital inflows to Central and Eastern Europe (CEE) — is Poland different? ECFIN Country Focus, 11 (8). doi: http://dx.doi.org/10.2765/69480 Bordo, M. D., Mody, A., and Oomes, N., 2004. Keeping capital flowing: The role of the IMF

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