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European Economies (european + economy)
Selected AbstractsBoard Monitoring, Regulation, and Performance in the Banking Industry: Evidence from the Market for Corporate ControlCORPORATE GOVERNANCE, Issue 5 2010Jens Hagendorff ABSTRACT Manuscript Type: Empirical Research Question/Issue: The specific monitoring effect of boards of directors versus industry regulation is unclear. In this paper, we examine how the interaction between bank-level monitoring and regulatory regimes influences the announcement period returns of acquiring banks in the US and twelve European economies. Research Findings/Insights: We study three board monitoring mechanisms , independence, CEO-chair duality, and diversity , and analyze their effectiveness in preventing underperforming merger strategies under bank regulators of varying strictness. Only under strict banking regulation regimes, do board independence and diversity improve acquisition performance. In less strict regulatory environments, corporate governance is virtually irrelevant in improving the performance outcomes of merger activities. Theoretical/Academic Implications: Our results indicate a complementary role between monitoring by boards and bank regulation. This study is the first to report evidence consistent with complementarity by investigating the effectiveness (rather than the prevalence) of governance arrangements across regulatory regimes. Practitioner/Policy Implications: Our work offers insights to policymakers charged with improving the quality of decision-making at financial institutions. Attempts to improve the ability of bank boards to critically assess managerial initiatives are most likely to be successful if internal governance is accompanied by strict industry regulation. [source] The Institutional Requirements Of Apprenticeship: Evidence From Smaller EU CountriesINTERNATIONAL JOURNAL OF TRAINING AND DEVELOPMENT, Issue 1 2000Paul Ryan To what extent does the experience of other European econom-ies in which apprenticeship has proved successful suggest scope for reviving apprenticeship in the UK without requiring institutional regulation along German lines? The institutional attributes of apprenticeship in four smaller European economies (Austria, Denmark, Ireland and the Netherlands) are shown to be closer to Germany's social partnership than to the UK's deregulated market, in terms of: statutory governance; formal educational requirements; administration at sec-toral and local levels through social partnership; and funding based upon a clear separation of responsibilities between government and employers, though not between employers and apprentices. At the same time, the introduction of statu-tory apprenticeship into Irish industry in recent years, in an institutional environment that has traditionally had much in common with that of the UK, suggests that the scope for institutional development in support of apprenticeship has been obscured by the widespread tendency to limit the choice of international comparisons to the Anglo-Germanic. [source] Optimum Currency Areas and Key Currencies: Mundell I versus Mundell IIJCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 4 2004Ronald I. McKinnon The East Asian economies are increasingly integrated in trade and direct investment. More than 50 per cent of their foreign trade is with each other. Both the high growth and level of trade integration is similar to what the western European economies achieved in the 1960s. So, in the new millennium, the inevitable question arises: is East Asia also an optimum currency area (OCA)? Despite the apparent success of EMU, many writers familiar with the East Asian scene think not. Taking the seminal papers of Robert Mundell as the starting point, this article first analyses traditional theorizing on the pros and cons of international monetary integration and then suggests new approaches to the problem of international risk-sharing in OCAs. [source] The transmission mechanism in a changing worldJOURNAL OF APPLIED ECONOMETRICS, Issue 1 2007Michael Artis The paper aims to identify those factors that cause changes in the speed and strength of the international transmission of output shocks from the USA to specified European economies. These factors are identified through the use of generalized impulse response functions conditioned on histories defined by an abrupt transition VAR. The chosen transition variables comprise changes in exchange rates, financial prices, international capital flows, trade links and monetary policy instruments. Besides the identification of asymmetric responses, the proposed model is useful in analyzing the strong effect of the recent US recession on the European economies and changes in business cycle synchronization over time. Copyright © 2007 John Wiley & Sons, Ltd. [source] MICRO EMPIRICAL RESULTS OF A KALECKIAN-TYPE CAPITAL ACCUMULATION MODEL COMPARED WITH MACRO RESULTS FOR SOME EUROPEAN ECONOMIESMETROECONOMICA, Issue 2 2008James P. Gander ABSTRACT A micro economic model of the rate of capital accumulation that corresponds to a macro Kaleckian-type post-Keynesian investment function is hypothesized. Firm-level accounting data on industrial and commercial firms over the time period 1994,2000 for three European economies and the USA are used to test the consistency of the micro model with the macro model of Hein and Ochsen (2003, Metroeconomica, 54, pp. 404,33). The micro empirical results were very consistent with the macro results, suggesting a strong micro foundation to the macro investment function. In addition country differences and industry differences were included in the analysis. [source] Business Cycles and the Role of Confidence: Evidence for Europe,OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 2 2007Karl Taylor Abstract This paper examines whether indicators of consumer and business confidence can predict movements in GDP over the business cycle for four European economies. The empirical methodology used to investigate the properties of the data comprises cross-correlation statistics, implementing an approach developed by den Haan [Journal of Monetary Economics (2000), Vol. 46, pp. 3,30]. The predictive power of confidence indicators is also examined, investigating whether they can predict discrete events, namely economic downturns, and whether they can quantitatively forecast point estimates of economic activity. The results indicate that both consumer and business confidence indicators are procyclical and generally play a significant role in predicting downturns. [source] Investment and Finance in de novo private firms: Empirical Results from the Czech Republic, Hungary and PolandTHE ECONOMICS OF TRANSITION, Issue 1 2000Andrzej Bratkowski In this paper we use a survey of 281 Czech, Hungarian and Polish newly-established small private firms in order to shed some light on the constraints these firms face in the credit market. The results of our survey show that imperfections in capital markets in Central European economies do not seem to actually inhibit the growth of new private firms. Credit markets do exist for de novo private firms in the three Central European transition economies studied, and they provide quite a large amount of financing from an early stage of the existence of firms. Financial intermediation works reasonably well as far as de novo private firms are concerned: loss-making de novo firms have a lower probability of getting credit than profitable ones. Banks protect themselves against the risk of a deteriorating pool of borrowers by requiring collateral for their loans. We do not find convincing evidence concerning the existence of adverse selection. Loss-making firms are not ready to pay higher interest rates than profitable firms and are not more likely to ask for credit than profitable firms. [source] Executive Remuneration in AustraliaAUSTRALIAN ACCOUNTING REVIEW, Issue 1 2010Allan Fels A fierce debate is raging about the legitimacy of executive pay rises. Australia's chief executive salaries are not as high as in the United States and the big European economies, but between 1993 and 2007 there was a sharp rise in remuneration. Most of the rise came in the form of incentive payments. In the Australian context, the size of the executive salary is closely linked with the size of the company. The evidence is mixed about how efficient executive remuneration has been, but what is clear is that the responsibility to ensure it is appropriate resides with boards, and that there is a need for greater shareholder participation. Accordingly, it is recommended that shareholders have a greater ,say on pay', and that two successive ,no' votes on remuneration by shareholders will have formal consequences for boards. The challenge is to improve agency between shareholders and management, and between shareholders and boards. An evolutionary approach is proposed. [source] An examination of employment change in Northern Ireland's environmental industry, 1993,2003ENVIRONMENTAL POLICY AND GOVERNANCE, Issue 4 2001David Eastwood An examination of employment change based upon an exploratory classification of Northern Ireland's environmental industry is undertaken. Results show that, in 1993, some 12,900 persons or around 2.1% of the total civilian employment in the region were working in a ,green production sector'. By using a range of data sources it is suggested that significant opportunities for employment expansion currently exist. Indeed, a total of between 4000 and 6000 new environmental jobs could be created in Northern Ireland by the year 2003. Most of the growth is anticipated in the traditional areas of recycling and re-use, pollution treatment and control and energy conservation. In a small and peripheral European economy these figures have important implications for the development of the local labour market. To this end, a series of recommendations is put forward that could help Northern Ireland maximize the employment potentials offered by these types of environmental activity. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment. [source] Britain, EMU and the European economyINDUSTRIAL RELATIONS JOURNAL, Issue 4 2000Steve Bradley In January 1999, 11 member countries of the European Union ,irrevocably' locked the foreign exchange values of their currencies to the euro, and they committed themselves to abandon their currencies in favour of the euro in 2002. As a result, these countries ceased to operate independent monetary policies. Monetary policy for the whole euro-zone became the responsibility of the European Central Bank (ECB), whose primary objective is to maintain a low and stable rate of price inflation for the euro currency. The rules governing Economic and Monetary Union (EMU) were laid down in the treaty of Maastricht in 1992. As conditions for entry to EMU, the treaty specified ,convergence criteria' which consisted of upper limits for several macroeconomic aggregates including, notably, a 3 per cent maximum for the ratio of the public sector deficit to GDP and 60 per cent for the ratio of public debt to GDP.1 In February 1998 the 11 applicant countries submitted statistical analyses relating to their satisfaction of these conditions. Despite doubts as to whether some of them had strictly met the conditions, the European Commission deemed them all eligible, and the euro was launched.2 The British government, though more clearly eligible than most other EU countries on the basis of the convergence criteria, decided to defer its decision on entry. In this paper we consider the arguments for and against Economic and Monetary Union, and in particular whether it would be in Britain's interest to join. We begin with a brief review of the state of the European economy and an analysis of the first year performance of the new Euro currency. [source] Consumer morality in times of economic hardship: evidence from the European Social SurveyINTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 2 2010*Article first published online: 1 FEB 2010, Cláudia Abreu Lopes Abstract Crimes of everyday life, often referred to as unfair or unethical practices committed in the marketplace by those who see themselves and are seen as respectable citizens, have burgeoned as a result of the transformations in the European economy in the late 20th century, namely the transition to neo-liberal markets and the emergence of consumer society. A ,cornucopia of new criminal opportunities' has given rise to a new range of crimes such as ripping software, making false insurance claims or paying cash on hand to circumvent taxes. These shady behaviours (legal or not) are part of people's experience, albeit they are collectively regarded as morally dubious. Taken collectively, crimes of everyday life are indicators of the moral stage of a particular society and therefore a valuable instrument for social and political analysis. This paper addresses the question of whether and under which conditions feelings of economic hardship trigger crimes of everyday life. A multilevel theoretical and empirical perspective that integrates theories stemming from political science, sociology, and social psychology is adopted. I start by exploring the embeddedness of economic morality in social institutions, followed by an elaboration of the concept of market anomie to account for deviant behaviour in the marketplace, to finally step down to the examination of the correspondence between social attitudes and consumer behaviour, as postulated by the Theory of Planned Behaviour. The empirical study relies on micro data from the European Social Survey (ESS) (Round 2) and attempts to model, for each country, a formative measure of crimes of everyday life based on socio-demographic variables and the current economic situation, as it is perceived by the individual (taken as a measure of relative deprivation). The resultant country-specific regression coefficients are mapped onto the broader economic and normative context of 23 European countries. The results reveal that crimes of everyday life are driven by feelings of economic hardship only in countries where normative factors dictate their deviance. In countries where fraudulent behaviour is more generalized, inner motivations to offend play a secondary role as the more privileged consumers are more likely to commit fraud as they interact more often with the market. In turn, normative aspects result from a dynamic interplay of cultural and economic factors. As the economy grows faster, the tendency to offend in the market becomes more visible, but only in countries whose gross domestic product (GDP) stands above the European average. In countries with low GDP, the normative landscape is shaped by cultural factors that seem to obfuscate the power of economic factors favourable to consumer fraud. [source] Satellite communications: the contribution of the 5th framework programme and future perspectivesINTERNATIONAL JOURNAL OF SATELLITE COMMUNICATIONS AND NETWORKING, Issue 1 2004Bernard Barani Abstract The telecommunication sector is of key importance for the European economy. Digitization, secure broadband access and mobility are expected to shift an ever-growing proportion of the economy on line, thus creating new markets and business opportunities. With the eEurope 2002 and eEurope 2005 initiatives, the European Union has initiated a number of policy actions aiming at favouring the rapid introduction of innovative communication systems, services and applications. Research and development, as supported under the IST programme of the Union, is closely associated to the overall policy picture. The IST programme is notably instrumental in supporting, with a longer-term approach, key policy orientations such as the pervasive introduction of low cost broadband access, introduction of advanced mobile systems, or migration of networks towards the next generation of Internet protocol, IPv6. Satellite communication form an integral part of this diversified communication landscape, and has also been significantly supported under the 5th Framework Programme. Even if the problematic of the satcom industry are to some extent similar to those of the terrestrial players (e.g. catalysing take up of broadband and advanced mobile markets), the strategies followed by the satcom sector differ from those followed by the terrestrial players. This paper review the current technological approaches of the satcom industry, their relevance in the context of the policy goals of the Union, and how they have been supported under the IST programme. It also introduces briefly how co-ordination with ESA work has been achieved, and the perspectives for further support, notably under the now starting 6th Framework Programme. Copyright © 2004 John Wiley & Sons, Ltd. [source] Status of green biorefining in EuropeBIOFUELS, BIOPRODUCTS AND BIOREFINING, Issue 3 2010Michael G Mandl Abstract This perspective reflects the developments in the field of green biorefining in the last decade from an overall European perspective. It discusses selected main national grass biorefinery activities and pilot facilities available in different European countries. An estimate of surplus grassland and potential impact on European economy is presented. A focus for future R&D work in that field is recommended. Copyright © 2010 Society of Chemical Industry and John Wiley & Sons, Ltd [source] Imagining Europe: political identity and British television coverage of the European economyBRITISH JOURNAL OF POLITICS & INTERNATIONAL RELATIONS, Issue 3 2000Neil T. Gavin The article considers European economic news coverage on British television and its relationship with the UK public's perceptions of and identity with Europe. Stress is placed on the symbolic content of news about Europe; stories about the economic entitlements offered to citizens within the European Union; and portrayal of material benefits or losses for Britain. The results suggest that coverage offers mixed signals about Europe. As yet, they offer an unlikely platform for the development in the United Kingdom of European solidarity or identity. The results are assessed in the light of the way journalists approach political issues. The implications for statistical modelling of the media's relationship with attitudes towards Europe are also considered. [source] | |||||||||||||