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  • ddc:330  (14)
  • Heidelberg: Springer  (14)
  • Göttingen: Ibero-Amerika-Inst. für Wirtschaftsforschung
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  • 11
    Publication Date: 2019-04-19
    Description: This paper analyzes the effect of competition in a dynamic contest in which agents of two types (A and B) differ in their expected performances; environments where type A outperforms type B are more frequent than those where B outperforms A. In each period, the population of agents is randomly matched in groups of n members (each group faces a particular environment), with the top k〈n performing agents from each group being the winners of the prizes. Hence, the ratio \frac{k}{n} determines the proportion of winning agents in each group. This ratio also describes the strength of competition in the group: the lower \frac{k}{n} is, the higher the level of competition is. Our results show that type A eventually dominates the entire population with moderate competition, but type B survives in the long run for high levels of competition. Hence, we obtain that no matter how low the expected success rate of a type is, if the strength of competition is high enough those agents with the lowest expected success rate survive in the long run.
    Keywords: D00 ; D23 ; C73 ; ddc:330 ; Contest ; Competition ; Strength of competition ; Selection process
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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  • 12
    Publication Date: 2017-05-30
    Description: In this paper, we provide empirical evidence for the impact of disciplinary sanctions imposed on Spanish auditing firms and their engagement partners. The disciplinary sanctions resulted from external investigations, which revealed misapplications of auditing standards. In particular, we evaluate (a) the efficacy of the external supervisory board in identifying low-quality auditors and (b) the effectiveness of the disciplinary system in improving the quality of subsequent statutory audits performed by the sanctioned auditors.We employ two earnings management indicators as proxies for audit quality: loss avoidance through extraordinary items and abnormal accruals. And we compare these measures in the financial statements of client companies (auditees) audited by sanctioned and non-sanctioned auditors between 1995 and 2007. Our evidence is mixed. The results show that companies audited by Non-Big 4 sanctioned auditors in the pre-inspection period are less likely to avoid bottom-line losses. Additionally, we conclude that use of this earnings management tool decreases in the post-investigation period for all sanctioned auditors, whether Big 4 or Non-Big 4 firms. Contrary to our expectations, the enhancement performance on this measure of audit quality is observed only for smaller fines. The discretionary accrual approach to earnings management does not offer significant results, however. Therefore, the conclusions are not robust, and further investigation is needed. A feasible explanation for the elusive conclusion may be based on the strong incentives for private firms to avoid bottom-line losses for financing purposes and to manipulate earnings to minimize tax payments.
    Keywords: M42 ; M48 ; ddc:330 ; Auditing ; Quality assurance ; Audit quality ; Oversight ; Disciplinary systems ; Inspections ; Investigations ; Sanctions ; Earnings management ; Discretionary accruals
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 13
    Publication Date: 2018-12-07
    Description: Background: Opioid addiction is a worldwide problem. Agonist opioid treatment (AOT) is the most widespread and frequent pharmacotherapeutic approach. Methadone has been the most widely used AOT, but buprenorphine, a partial kappa-opiod agonist and a my-opiod antagonist, is fast gaining acceptance. The objective was to assess the budgetary impact in Spain of the introduction of buprenorphine-naloxone (B/N) combination. Methods: A budgetary impact model was developed to estimate healthcare costs of the addition of B/N combination to the therapeutic arsenal for treating opioid dependent patients, during a 3-year period under the National Health System perspective. Inputs for the model were obtained from the specialized scientific literature. Detailed information concerning resource consumption (drug cost, logistics, dispensing, medical, psychiatry and pharmacy supervision, counselling and laboratory test) was obtained from a local expert panel. Costs are expressed in euros (€, 2010). Results: The number of patients estimated to be prescribed B/N combination was 2,334; 2,993 and 3,589 in the first, second and third year respectively. Total budget is €85,766,129; €79,855,471 and €79,137,502 in the first, second and third year for the scenario without B/N combination. With B/N combination the total budget would be €86,589,210; €80,398,259 and €79,708,964 in the first, second and third year of the analyses. Incremental cost/ patient comparing the addition of the B/N combination to the scenario only with methadone is €10.58; €6.98 and €7.34 in the first, second and third year respectively. Conclusion: Addition of B/N combination would imply a maximum incremental yearly cost of €10.58 per patient compared to scenario only with methadone and would provide additional benefits.
    Keywords: ddc:330 ; Buprenorphine-naloxone, Methadone, budgetary impact, opioid dependence, Spain
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 14
    Publication Date: 2018-12-07
    Description: This paper explores the long-run effects of inflation on the dynamics of private sector bank credit and economic growth in Mexico over the period 1969 - 2011. With an ARDL-type model, the statistical results suggest that the availability of private sector bank credit in the economy exerts a positive impact on real GDP. In addition, inflation rates have contributed negatively to the increase in private credit, liquid liabilities, and financial development. A key outcome is that one percent increase in inflation is associated with a 0.07 % fall in long-run real rate of output through its effect on bank credit to the private sector. Another crucial finding is that policies of financial liberalization have helped stimulate economic growth. Reinforcing the literature on finance and growth, this study reaffirms that inflation rates are detrimental to long-run financial development and economic growth.
    Keywords: E31 ; G21 ; E44 ; O4 ; C22 ; ddc:330 ; Inflation ; Private sector bank credit ; Financial development ; Growth
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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