Leveraged Funds and the Shadow Cost of Leverage Constraints

2021 ◽  
Author(s):  
ZHONGJIN LU ◽  
ZHONGLING QIN
Keyword(s):  
Shadow Cost

The Shadow Cost of Bank Capital Requirements

2013 ◽  
Author(s):  
Roni Kisin ◽  
Asaf Manela
Keyword(s):  
Capital Requirements ◽  
Bank Capital ◽  
Shadow Cost ◽  
Bank Capital Requirements

scholarly journals Shadow cost of oral corticosteroids-related adverse events: A pharmacoeconomic evaluation applied to real-life data from the Severe Asthma Network in Italy (SANI) registry

2019 ◽  
Vol 12 (1) ◽  
pp. 100007 ◽  
Author(s):  
Giorgio Walter Canonica ◽  
Giorgio Lorenzo Colombo ◽  
Giacomo Matteo Bruno ◽  
Sergio Di Matteo ◽  
Chiara Martinotti ◽  
...  
Keyword(s):  
Adverse Events ◽  
Severe Asthma ◽  
Real Life ◽  
Pharmacoeconomic Evaluation ◽  
Life Data ◽  
Real Life Data ◽  
Oral Corticosteroids ◽  
Shadow Cost

Prescribing Rationale and Budgetary Outcomes Associated with the Introduction of a Combined Formulation of Diclofenac Sodium and Misoprostol in Canada

1995 ◽  
Vol 23 (6) ◽  
pp. 439-448 ◽  
Author(s):  
D A Sclar ◽  
L M Robison ◽  
A Maheu ◽  
T L Skaer
Keyword(s):  
Diclofenac Sodium ◽  
Cost Savings ◽  
Third Parties ◽  
Multiplication Factor ◽  
Budgetary Impact ◽  
Medical Expenses ◽  
Shadow Cost ◽  
Formulation Analysis ◽  
Ulcer Treatment ◽  
Pharmaceutical Costs

The budgetary impact of prescribing a combined formulation of diclofenac sodium and misoprostol to patients previously using nonsteroidal anti-inflammatory agents (NSAIDs), cytoprotective agents, or a combination of agents from both therapeutic categories is assessed, as is the clinical rationale for prescribing the combined formulation. Analysis of data for Canada on claims paid by third parties showed that the use of the combined formulation in Canada had resulted in significant initial overall savings and that the greatest cost savings were made for those who had previously used both an NSAID and a cytoprotective concomitantly. The inclusion of shadow costs (secondary costs) indicates that the use of the combined formulation over a 6-month period involves very low shadow costs (medical expenses related to ulcer treatment) compared with other NSAIDs: the shadow cost multiplication factor was 1.03 for the combined formulation compared with 1.22 to 3.47 for other NSAIDs. Pharmaceutical costs alone are insufficient for evaluating total budgetary impacts.

scholarly journals Mesure et Analyse de l’Efficacité des Etablissements de la Formation Professionnelle en Tunisie

2009 ◽  
Vol 38 (1) ◽  
Author(s):  
Ezzeddine Mosbah ◽  
Mohamed Bachta
Keyword(s):  
Technical Efficiency ◽  
Formation Professionnelle ◽  
Cost Models ◽  
Two Stage ◽  
Shadow Cost ◽  
The One

Le présent travail a pour objectif de mesurer et d’analyser l’efficacité des établissements de la formation professionnelle en Tunisie. Pour cela, une méthodologie en deux étapes a été utilisée. La première étape concerne l’estimation de l’efficacité technique par le modèle BCC (1984). La deuxième étape estime l’efficacité allocative en utilisant les modèles des coûts d’ombre: Kumbhakar (1996) et Balk (1997). Les principaux résultats montrent, d’une part, que ces établissements peuvent être classés, par niveau d’efficacité technique, en trois groupes. Le groupe hautement efficace, dont les scores dépassent 0.8, renferme 20% des établissements. Le groupe moyennement efficace, dont les scores sont entre 0.5 et 0.79, renferme 46%. Enfin, le groupe faiblement efficace, avec des scores inferieurs à 0.5, contient le reste des centres. D’autre part, les résultats montrent que les centres sont allocativement efficaces (> 0.8). This paper aims to measure and analyze efficiency of public training establishments in Tunisia. For that, a two-stage methodology is used. The first stage estimates technical efficiency scores using the BCC model (1984). The second, based on results of the first stage, estimates allocative ones using shadow cost models: Kumbhakar (1996) and Balk (1997). The main results provide, on the one hand, that establishments could be classified, by technical efficiency level, into three groups. The most efficient group, with scores higher than 0.8, includes 20% of establishments. The middle efficient group, with scores between 0.5 and 0.79, represents 46%. Finally, the rest (34%) represent a lower efficient group with scores under 0.5. However, results show that centers are allocatively efficient (>0.8).

The Shadow Cost of Collateral

2021 ◽  
Author(s):  
Guangqian Pan ◽  
Zheyao Pan ◽  
Kairong Xiao
Keyword(s):  
Shadow Cost

Religious prohibition and sacrifice: evidence from the Amish restriction on high school education

2020 ◽  
Vol 86 (3) ◽  
pp. 403-434
Author(s):  
Liang Choon Wang
Keyword(s):  
High School ◽  
School Education ◽  
High School Education ◽  
Religious Participation ◽  
Compulsory Schooling ◽  
Secular Education ◽  
Shadow Cost ◽  
Club Good ◽  
Cost Of Time

AbstractThe Amish collective objection to high school education and refusal to comply with compulsory schooling laws can be interpreted with a religious-club-good framework. According to the religious-club interpretation, the Amish use the restriction on secular education as a religious prohibition and sacrifice to improve the welfare of sect members. I exploit the 1972 U.S. Supreme Court's decision in Wisconsin vs. Yoder, which exempts Amish children from compulsory high school education, as a policy shock to test several key predictions of the religious-club explanations. The evidence suggests that the successful restriction on high school education helped the Amish sect exclude individuals with low religious participation, lower members' shadow cost of time, and grow the sect through higher fertility.

Stock acquisitions, investor recognition, and announcement returns

2016 ◽  
Vol 42 (6) ◽  
pp. 518-535
Author(s):  
Adam Y.C. Lei ◽  
Huihua Li
Keyword(s):  
Mergers And Acquisitions ◽  
Cost Reduction ◽  
Design Methodology ◽  
Direct Evidence ◽  
Institutional Ownership ◽  
Target Type ◽  
Content Type ◽  
Announcement Returns ◽  
Shadow Cost ◽  
Stock Acquisition

Purpose – The purpose of this paper is to test the hypothesis that relative to a cash acquisition, a stock acquisition would increase the bidder’s investor base and lower Merton’s (1987) shadow cost, which in turn contributes positively to the bidder announcement return. Design/methodology/approach – Using the number of registered shareholders and measures of institutional ownership as the proxies for investor base and investor recognition, this paper compares their changes and the changes in shadow cost between bidders using different methods of payment. The authors examine the relation between the shadow cost reduction and bidder announcement return in a multivariate framework. Findings – This paper finds that given the target type, bidders using stocks experience significantly larger increases in their investor bases and investor recognition than bidders using cash. Additionally, only bidders using stocks experience significant decreases in their shadow costs. In a multivariate framework, the change in the shadow cost has a negative and significant effect on the bidder announcement return in the sample of stock acquisitions and the subsample of bidders using stocks to acquire private targets. These findings support the authors’ hypothesis and suggest that the less established bidders acquiring private targets in particular benefit from the shadow cost reduction. Originality/value – This paper provides the direct evidence that investor recognition matters in mergers and acquisitions. The findings also provide a complementary explanation for the documented positive bidder returns when bidders use stocks to acquire private targets.

Indirect taxation with shadow cost of public funds in mixed oligopoly

2020 ◽  
Vol 41 (3) ◽  
pp. 415-425
Author(s):  
Qidi Zhang ◽  
Leonard F.S. Wang ◽  
Yapo Yang
Keyword(s):  
Mixed Oligopoly ◽  
Indirect Taxation ◽  
Public Funds ◽  
Shadow Cost

scholarly journals PENGUKURAN CAPACITY UTILIZATION BERDASARKAN PENDEKATAN DUAL COST PADA INDUSTRI PENGOLAHAN DI INDONESIA

2007 ◽  
Vol 9 (3) ◽  
Author(s):  
Endy Dwi Tjahjono ◽  
Jardine Husman ◽  
Desthy Sianipar
Keyword(s):  
Production Cost ◽  
Traditional Approach ◽  
Capacity Utilization ◽  
Policy Formulation ◽  
Cost Structure ◽  
Annual Data ◽  
System Efficiency ◽  
Cost Approach ◽  
Full Capacity ◽  
Shadow Cost

This study estimates the level of capacity utilization using the dual cost approach in which capacity utilization is measured by the deviation of shadow cost to observe cost. This approach provides valuable economic analysis which is not offered by the traditional or engineering approach, such as the production cost structure and the production system efficiency. The estimation results of 1996-2003 annual data on nine industries sub sector using panel data shows that the estimated capacity utilizations based on dual cost approach tend to exceed those of traditional approach. However, in general, the level of capacity utilization is still below full capacity although some of the industries have reached the level of 80%. The empirical results also shows that in term of output gap indicator, the dual cost capacity utilization outperforms the traditional one so that it can be used as a better tool in monetary policy formulation process.Keywords: Capacity utilization, Capital and Investments, Cost Function, Panel dataJEL Classification: C23, D24, E22

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