This work proposes an accounting calculation scheme for hedging swaps based on the requirements listed under International Accounting Statement (IAS) 39. In particular we developed a procedure that assists risk managers in the identification of the hedging efficiency between a group of loans (or...

The paper attempts to assess the major sources behind the exceptional Irish growth performance in the 1990s. Contrary to other Tigers, Ireland's growth is due to efficiency gains, rather than capital deepening, but the causes for the swift growth in total factor productivity cannot be pinned...

While notable differences exist among countries and time periods, internal finance is the principal source of funds for the corporate sector in the main European economies. The importance of internal finance has been increasing through the mid 1990s, in coincidence with a slowdown in investment....

While it is commonly believed that companies issue non-current debt in order to finance capital expenditures, the relationship among these two variables is in practice much more complicated, and it depends on the overall real and financial flows related to companies' activity. Looking at such...

This paper extends the Schure and Wagenvoort (1999) study, which considers economies of scale and efficiency in European banking, in a number of directions. Firstly, we introduce what we believe to be important improvements to estimating efficiency. Secondly, we examine more closely the...

This paper investigates the cost efficiency of 1974 credit institutions across 15 European countries over the five-year period following the implementation of the Second Banking Directive in 1993. The Recursive Thick Frontier Approach is employed to estimate a Augmented Cobb-Douglas cost...

The traditional econometric techniques for frontier models, namely the Stochastic Frontier Approach (SFA), the Thick Frontier Approach (TFA) and the Distribution Free Approach (DFA) have in common that they depend on a priori assumptions that are, whether feasible or not, difficult to test. This...