Long-term comovements of national stock markets in three EMS (European Monetary System) countries—France, Germany and Italy—are examined. The EMS stock markets are found to display long-term comovements governed by two common permanent components. To identify some interpretable sources of such long-term market comovements, the study explores whether they can be linked to similar comovements in ...

We investigate the relationship between a firm’s measures of corporate governance, macroeconomic uncertainty and changes in leverage. Recent research highlights the role of governance in financing decisions. Previous research also indicates that macroeconomic uncertainty affects a firm’s ability to borrow. In this paper we investigate how both these channels of influence affects firms’ financin...

This study examines several dynamic heteroskedastic factor model specifications to test for the confidence set of model parametrizations that best incorporate economy-wide information for forecasting stock market volatility. To this end, diffusion indices (i.e. factors) are distilled from two large sets of US excess stock returns and macroeconomic variables. Using 40 years of data, the main emp...

In this paper wc define economic competence as the ability to identify, expand, and exploit the opportunity sel. Economic competence constitutes the means through which technological possibilities are converted into economic activity. lt consists of four types of capabilities: (1) Se!ective or strategic; (2) organizational or coordinating; (3) technical; and (4) learning ability. The purpose of...

The economic policy needs to pay increasingly more attention to the environmental issues, which requires the development of methodologies able to incorporate environmental, as well as macroeconomic, goals in the design of public policies. Starting from this observation, this article proposes a methodology based upon a Simonian satisficing logic made operational with the help of goal programming...

This paper examines the correlation between stock and bond returns. It first documents that the major trends in stock-bond correlation for G7 countries follow a similar reverting pattern in the past forty years. Next, an asset pricing model is employed to show that the correlation of stock and bond returns can be explained by their common exposure to macroeconomic factors. The link between the ...

Access to external finance, such as bank loans or trade credit, is a key determinant of a firm’s ability to develop, operate, and expand. Economic researchers have studied how various macroeconomic and microeconomic factors influence such access; for example, it has been shown to depend on the macroeconomic environment, since economic downturns tend to limit firms’ ability to borrow and banks’ ...

The paper analyses how customers of public health organizations can express their dissatisfaction for the services offered to them. The main aim is to evaluate the effects that possible dissatisfaction of Italian public health service customers can have on public health organizations. We adopted the methodological scheme developed by Hirschman with exit, voice, and loyalty, considering the macr...

“Hybrid” climate policy simulations have sought to bridge the gap between “bottom-up” engineering and “top-down” macroeconomic models by integrating the former's energy technology detail into the latter's macroeconomic framework. Construction of hybrid models is complicated by the need to numerically calibrate them to multiple, incommensurate sources of economic and engineering data. I develop ...

a r t i c l e i n f o JEL classification: G1 E4 C5 Keywords: Term structure Yield curve Monetary policy Macroeconomics This paper contributes to the literature on the relationship between the yield curve and macroeconomic variables by focusing on an emerging market case: Turkey. The most important result of the paper is that the relationship between the yield curve and macroeconomic variables i...