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This Open Textbook is a dynamic guide incorporating the essential skills needed to build a foundation in Financial Analysis. Students and readers will learn how to insightfully read a Financial Statement, utilize key financial ratios in order to derive forward-looking investment-related inferences from the accounting data, engage in elementary forecasting and modeling, master the theory of the Time Value of Money, and learn to price stocks and bonds in an environment in which interest rates constantly change. Ample problems and solutions, and review questions are provided to the student so that s/he can gauge his/her progress. This text will be continually updated in order to provide novel information and enhance students’ experiences. |
Satisfaction with life is a self-reported measure of the quality of life that has become a critical societal indicator extensively used for the evaluation and comparison of a wide range of trends and policies. This study fuses five cross-sectional travel surveys conducted from 1992 to 2018 across various geographical locations in California. Using the fused sample, we develop generalized ordered logit models to examine the effects of demographic characteristics, travel-related attributes, general and transport-related attitudinal variables, and context-control variables on individuals’ self-reported measures of life satisfaction. We find that longer commute times, mobility limitations, and a tendency to see travel as a waste of time are negatively associated with life satisfaction.<... |
We present new descriptive evidence on the immigrant-native gap in risk and time preferences in Germany, one of immigrants’ most preferred destination countries. Using the recent waves of the Socio-Economic Panel (SOEP) dataset, we find that the immigrant-native gap in risk preferences has widened for recent immigration cohorts, especially around the time of the 2015 European Refugee Crisis. We attribute the recent widening to decreased assimilation rates of new immigrants caused by reduced integration due to sudden increases in immigrants flows from culturally diverse parts of the world, particularly around the year 2015. |
In this work, we focus on the cross-shareholding structure in financial markets. Specifically, we build ad hoc indices of concentration and control by employing a complex network approach with a weighted adjacency matrix. To describe their left and right tail dependence properties, we explore the theoretical dependence structure between such indices through copula functions. The theoretical framework has been tested over a high-quality dataset based on the Italian Stock Market. In doing so, we clearly illustrate how the methodological setting works and derive financial insights. In particular, we advance calibration exercises on parametric copulas under the minimization of both Euclidean distance and entropy measure. |
The analysis of many phenomena requires partitioning societies into groups and studying the extent at which these groups are distributed with different intensities across relevant non-ordered categorical outcomes. When the groups are similarly distributed, their members have equal chances to achieve any of the attainable outcomes. Otherwise, a form of dissimilarity between groups distributions prevails. We characterize axiomatically the dissimilarity partial order of multi-group distributions defined over categorical outcomes. |
We model civil litigation as a simultaneous contest between a plaintiff and a defendant who have monetary and emotional preferences. The litigants’ emotional variables capture a non-monetary joy of winning and relational emotions toward each other. A contest success function (CSF) describes the litigants’ respective probabilities of success based on their endogenous litigation expenses and exogenous relative advantages. The model does not specify a functional form for the CSF. Instead, it accommodates any CSF that satisfies general and intuitive assumptions, which capture frequently-used functional forms. A cost-shifting rule allows the winner to recover an exogenous proportion of her litigation expenses from the loser. |
This Open Textbook is a dynamic guide incorporating the essential skills needed to build a foundation in Financial Analysis. Students and readers will learn how to insightfully read a Financial Statement, utilize key financial ratios in order to derive forward-looking investment-related inferences from the accounting data, engage in elementary forecasting and modeling, master the theory of the Time Value of Money, and learn to price stocks and bonds in an environment in which interest rates constantly change. Ample problems and solutions, and review questions are provided to the student so that s/he can gauge his/her progress. This text will be continually updated in order to provide novel information and enhance students’ experiences. |
An important goal of immigration policy is facilitating the entry of foreign-born workers whose skills are in short supply in destination labor markets. In recent decades, information and communication technology (ICT) has fueled the demand for highly educated workers at the expense of less-educated groups. Exploiting the fact that regions in Switzerland have been differentially exposed to ICT due to their pre-ICT industrial composition, we present evidence suggesting that more exposed regions experienced stronger ICT adoption, accompanied by considerably stronger growth in relative employment and wage premia for college-educated workers. |
This study aims to show how supporting new business formation could promote the emergence of new ties in the knowledge network. Stimulating start-ups is conducive to the innovation system and economic development, however, we show how it has additional beneficial effects by the increasing the density of the innovation network. An innovation network is a complex socioeconomic phenomenon, which emerges from the decisions of many heterogeneous agents, that justifies the use of an agent-based model (ABM). We introduce an application of an ABM that is appropriate for simulating network formation among organizations. Agents are placed in the two-dimensional abstract social space where they are moving toward each other to find cooperation partners, following the gravity principle. |
Understanding the temporal and spatial dynamics and determinants of public transport ridership play an important role in urban planning. Previous studies have focused on exploring the determinants at the station level using global models, or a local model, geographically weighted regression (GWR), which cannot reveal spatial autocorrelation at the global level. This study explores the factors affecting bus ridership considering spatial autocorrelation using the spatial Durbin model (SDM). Taking the community in Beijing as the basic study unit, this study aims to explore the temporal and spatial dynamics of bus ridership and identify its key determinants considering neighboring effects. The results show the following: (1) The temporal dynamics are quite distinct on weekdays and week... |
