scholarly journals Un modelo de opciones barreras para estimar las probabilidades de fracasos financieros de empresas. Barrier options model for estimate firm´s probabilities for financial distress

2016 ◽  
Vol 10 (3) ◽  
pp. 7
Author(s):  
Gastón S. Milanesi
Keyword(s):  
Financial Distress ◽  
Positive Relationship ◽  
Dynamic Models ◽  
Barrier Options ◽  
Barrier Option ◽  
Proposed Model ◽  
Alternative Approach ◽  
Option Model ◽  
The Relationship ◽  
Capital Value

<p><strong>Resumen</strong></p><p>Asimilar el valor del patrimonio como una opción de compra sobre los activos permitió desarrollar un conjunto de modelos dinámicos para predecir fracasos financieros empresariales. No obstante, el concepto presenta una importante debilidad: la relación directa y positiva entre valor del capital (prima) y el nivel de volatilidad del activo subyacente. El razonamiento anterior indica que a mayor riesgo de la firma mayor debe ser su valor, lo que conduce a una lógica inconsistente para estimar probabilidades de fracasos financieros. Las opciones denominadas “exóticas barreras” constituyen un modelo alternativo para predecir dificultades financieras y su estructura se ajusta mejor a la relación valor-volatilidad en las empresas. El trabajo propone un modelo de opción barrera “operativo”, ya que simplifica la estimación de las inobservables variables: valor y riesgo del activo. Primero, se desarrolló formalmente los modelos de opción de compra simple y opción barrera para valorar el patrimonio de la firma y la estimación de probabilidades de fracaso financiero. Con un caso hipotético, se propuso un ejercicio de sensibilidad sobre volatilidades y plazos. Similar ejercicio se aplicó a dos firmas de capitales argentinos con diferentes grados de endeudamiento, gracias al cual se confirmó la consistencia entre volatilidad-valor-probabilidad de fracasos financieros del modelo propuesto. Finalmente se exponen las principales conclusiones.</p><p> </p><p> </p><p><strong>Abstract</strong></p><p>Assimilation of the capital value as a call option over firm’s assets allows to develop a group of dynamic models to predict corporate financial distress. However, the concept shows an important weakness: the direct and positive relationship between the capital value (call) with the level of underlying’s volatility. This reasoning indicates that the higher the risk is, the higher the value must be for the firm, leading to a weak rationality, in particular to estimate probabilities of financial distress. The exotic barrier options make an alternative approach for predicting financial distress, and its structure fits better to the firm valuevolatility relationship. The paper proposes a “naive” barrier option model, because it simplifies the estimation of the unobservable variables, like firm asset’s value and risk. First, a simple call and barrier option models are developed in order to value the firm’s capital and estimate the financial distress probability. Using an hypothetical case, it is proposed a sensibility exercise over period and volatility. Similar exercise is applied to estimate the capital value and financial distress probability over two firms of Argentinian capitals, with different leverage degree, confirming the consistency in the relationship between volatility-value-financial distress probability of the proposed model. Finally, the main conclusions are shown.</p>

scholarly journals Board diversity in the perspective of financial distress: Empirical evidence from the Netherlands

2009 ◽  
Vol 5 (2) ◽  
pp. 23-35 ◽  
Author(s):  
Bernard Santen ◽  
Han Donker
Keyword(s):  
Empirical Evidence ◽  
Financial Distress ◽  
Positive Relationship ◽  
Performance Measure ◽  
Company Performance ◽  
Executive Directors ◽  
Board Diversity ◽  
Show Evidence ◽  
Micro Level ◽  
The Relationship

This paper analyses the relationship between board diversity (in gender and in nationality) and financial distress. A summary of the theory behind board diversity precedes an overview of the empirical evidence on the relationship between diversity and company performance. The paper presents empirical research on the relationship between a negative performance measure, financial distress, and diversity on the board. The results show a positive relationship between the presence of foreign non-executive directors and financial distress. It is suggested that this is caused by negative communication and misunderstandings. No relationship is found between the gender of a director and financial distress. On a micro-level, the data do not show evidence for the glass cliff hypothesis.

scholarly journals Predicting financial distress using financial and non-financial variables

2015 ◽  
Vol 8 (1) ◽  
pp. 243-260 ◽  
Author(s):  
Francois Van Der Colff ◽  
Frans Vermaak
Keyword(s):  
Financial Distress ◽  
Reasonable Doubt ◽  
Test Results ◽  
Financial Variables ◽  
Model Based ◽  
Financial Distress Prediction ◽  
Model Combining ◽  
Proposed Model ◽  
Distress Prediction ◽  
The Relationship

This study attempts to clarify whether using a hybrid model based on non-financial variables and financial variables is able to provide a more accurate company financial distress prediction model than using a model based on financial variables only. The relationship between the model test results and the De la Rey K-Score for the subject companies is tested, employing Cramer’s V statistical test. A movement towards a Cramer’s V value of one indicates a strengthening relationship, and a movement towards zero is an indication of a weakening relationship. Against this background, further empirical research is proposed to prove that a model combining financial variables with true non-financial variables provides a more accurate company distress prediction than a financial variable-only model. The limited evidence of a strengthening relationship found is insufficient to establish the superiority of the proposed model beyond reasonable doubt.

scholarly journals Barrier Options Model for Agricultural Commodity Price Protection

Jurnal Varian ◽  
2020 ◽  
Vol 4 (1) ◽  
pp. 71-78
Author(s):  
Gilang Primajati ◽  
M Najib Rodhi ◽  
Adrian Juniarta Hidayat
Keyword(s):  
Commodity Prices ◽  
Commodity Price ◽  
Level Line ◽  
Barrier Options ◽  
Barrier Option ◽  
Agricultural Commodity ◽  
Insurance Premiums ◽  
Option Model ◽  
Geometric Motion

Application of barrier options for determining insurance premiums for agricultural commodity prices due to lower selling prices by applying certain barrier levels. In determining the price of insurance premiums for agricultural commodity prices such as rice, the price is assumed to follow the Brown Geometric Motion and for the determination of the barrier level line the researcher uses the Brown Bridge Motion so that there is a relationship between Bridge and Barrier. In conclusion, we obtain a model to determine the number of insurance premiums. The barrier option model approach is used to construct a fairer formula for insurance premiums on agricultural commodity prices.

The Influence of Cognitive and Affective Reactions to Feedback on Subsequent Goals

2010 ◽  
Vol 15 (2) ◽  
pp. 121-131 ◽  
Author(s):  
Remus Ilies ◽  
Timothy A. Judge ◽  
David T. Wagner
Keyword(s):  
Performance Feedback ◽  
Business School ◽  
Structural Equation ◽  
Emotional Reactions ◽  
Equation Model ◽  
Proposed Model ◽  
And Performance ◽  
Dispositional Measure ◽  
The Relationship ◽  
Reactions To Feedback

This paper focuses on explaining how individuals set goals on multiple performance episodes, in the context of performance feedback comparing their performance on each episode with their respective goal. The proposed model was tested through a longitudinal study of 493 university students’ actual goals and performance on business school exams. Results of a structural equation model supported the proposed conceptual model in which self-efficacy and emotional reactions to feedback mediate the relationship between feedback and subsequent goals. In addition, as expected, participants’ standing on a dispositional measure of behavioral inhibition influenced the strength of their emotional reactions to negative feedback.

Relationship of Love, Affect and Wellbeing

2014 ◽  
Vol 2 (1) ◽  
Author(s):  
Dr. Thiyam Kiran Singh ◽  
Aastha Dhingra
Keyword(s):  
Positive Affect ◽  
Positive Emotions ◽  
Positive Relationship ◽  
Interpersonal Relationship ◽  
Significant Positive Relationship ◽  
Young Females ◽  
Close Friendship ◽  
Major Facilitator ◽  
Relationship Of ◽  
The Relationship

Love is more than a close friendship. It acts as a major facilitator of interpersonal relationship. Love is positive in nature and leaves a positive affect on every individual. An individual in love not only feels positive but spreads positivity around. They smile, be kind to other people, behave compassionately with everyone. If the person is happy then he is likely to be psychologically and emotionally healthy. The current study aimed at understanding the relationship between love, affect and wellbeing among young females aged between 20-25 years. The study reported a significant positive relationship between love and positive affect with the significant correlation of 0.29 at 0.05 levels (p<0.05). It was also found a significant positive relationship between love and wellbeing with the significant correlation of 0.58 at 0.01 level (p<0.01). This means that people in love experience positive emotions and healthy wellbeing. The correlation between love and negative affect came out to be insignificant. The correlation turned out to be -0.13. This means that people in love do not experience negative emotions.

Crop infestation by aphids is related to flight activity detected with 75 metre high suction traps

2004 ◽  
Vol 57 ◽  
pp. 227-232 ◽  
Author(s):  
D.A.J. Teulon ◽  
M.A.W. Stufkens ◽  
J.D. Fletcher
Keyword(s):  
Positive Relationship ◽  
Rhopalosiphum Padi ◽  
Flight Activity ◽  
Aphid Infestation ◽  
Potato Aphid ◽  
Suction Traps ◽  
Suction Trap ◽  
Trap Catches ◽  
The Relationship ◽  
High Suction

The flight activity of aphid pests of wheat potato lettuce and squash is currently monitored in New Zealand using 75 m suction traps However there has been little research comparing aphid suction trap catches with crop infestation levels The relationship between the average number of aphids (Rhopalosiphum padi) sampled from wheat plants and the average number of aphids caught in weekly 75 m suction trap samples was examined A significant positive relationship indicated that numbers of aphids caught in suction traps reflected the numbers of aphids infesting wheat fields In another experiment potato aphid flights (mostly Myzus persicae) caught in a 75 m suction trap were compared with a nearby windvane trap Aphid numbers in both traps reflected similar trends However the suction trap caught approximately 10 times more aphids than the windvane trap Thus 75 m suction traps provide a useful tool for assessing aphid infestation levels in crops

Hubungan Kepribadian dan Lingkungan dengan Kemampuan Bahasa Indonesia

2019 ◽  
Vol 2 ◽  
Author(s):  
Imam Mujtaba ◽  
Yufiarti Yufiarti ◽  
Elindra Yetti
Keyword(s):  
Research Method ◽  
Positive Relationship ◽  
Language Ability ◽  
Descriptive Statistics ◽  
Quantitative Approach ◽  
Assessment Scale ◽  
Correlation Technique ◽  
Correlational Method ◽  
The Relationship ◽  
Bahasa Indonesia

The purpose of this study was to determine the relationship between students’ personality and environment with their Indonesian Language ability. This research was conducted in South Tangerang City involving 392 2nd grade students. This research method used correlational method with quantitative approach by using descriptive statistics. Data was collected using an assessment scale instrument and analyzed by using correlation technique (regression). The results of this study showed that: (1) There was a positive relationship between personality and students’ Indonesian Language ability with a significant level of α = 0.05, obtained tcal 8.77 ˃ ttable 1.97. (2) There wasa positive relationship between the environment and the students’ Indonesian Language ability with a significant level of α = 0.05, which obtained 9.03 ˃ t table 1.97. (3) There was a positive relationship between personality and environment with the students’ Indonesian Language ability; with a significant level of α = 0.05, obtained tcal 7.92 ˃ t table 1.97. The Implications of the study identified that Indonesian Language ability of the students can be influenced by their personality and environment.

Analisis Pengaruh Interactivity Dan Sincerity Pada Social Mediaaccount Musisi Terhadap Sense Of Closeness Dan Reciprocity Antara Musisi Dengan Fans dan Implikasinya Terhadap Legal Purchase Intent Telaah Pada Social Media Account Instagram @Duadrum

2018 ◽  
Vol 9 (2) ◽  
pp. 49-61
Author(s):  
Moses Natadirja
Keyword(s):  
Social Media ◽  
Purchase Intention ◽  
Positive Relationship ◽  
Structural Model ◽  
Distribution Channel ◽  
Online Questionnaire ◽  
Channel One ◽  
Limited Budget ◽  
Marketing Social ◽  
The Relationship

Social media nowadays can be used not only for interacting with each other, exchanges ideas, and develop new friends, furthermore it can be used to promote and selling products or services. It is also used for musician for sales and promotion of their CD album to their fans through social media, especially for musicians , who choose to be independent with limited budget and distribution channel. One of the musician who choose to be independent is Dua Drum. The purpose of this study is to examine the relationship between musician’s social media (Interactivity & Sincerity), the tie that fans may develop via social media (Sense of Closeness & Reciprocity), and purchase legal CD album. This Research is using a quantitative approach with gathering 127 responses through online questionnaire and analyzed using Structural Model Equation (SEM). The result of this research is there are a positive relationship between Interactivity & Sincerity with Sense of Closeness & Reciprocity, and also a positive relationship between Sense of Closeness & Reciprocity with Legal Purchase Intention of CD album. Keywords: Music, Internet Marketing, Social Media Marketing, Purchase Intention

INTERCONNECTION OF SUSTAINABLE DEVELOPMENT COMPONENTS FOR THE INDIGENOUS PEOPLES OF THE NORTH

2020 ◽  
Vol 2 (8) ◽  
pp. 101-110
Author(s):  
N. N. ILYSHEVA ◽  
◽  
E. V. KARANINA ◽  
G. P. LEDKOV ◽  
E. V. BALDESKU ◽  
...  
Keyword(s):  
Climate Change ◽  
Sustainable Development ◽  
Economic Development ◽  
Indigenous Peoples ◽  
Ecological Footprint ◽  
Positive Relationship ◽  
The North ◽  
Strong Positive Relationship ◽  
The Face ◽  
The Relationship

The article deals with the problem of achieving sustainable development. The purpose of this study is to reveal the relationship between the components of sustainable development, taking into account the involvement of indigenous peoples in nature conservation. Climate change makes achieving sustainable development more difficult. Indigenous peoples are the first to feel the effects of climate change and play an important role in the environmental monitoring of their places of residence. The natural environment is the basis of life for indigenous peoples, and biological resources are the main source of food security. In the future, the importance of bioresources will increase, which is why economic development cannot be considered independently. It is assumed that the components of resilience are interrelated and influence each other. To identify this relationship, a model for the correlation of sustainable development components was developed. The model is based on the methods of correlation analysis and allows to determine the tightness of the relationship between economic development and its ecological footprint in the face of climate change. The correlation model was tested on the statistical materials of state reports on the environmental situation in the Khanty-Mansiysk Autonomous Okrug – Yugra. The approbation revealed a strong positive relationship between two components of sustainable development of the region: economy and ecology.

Factors That Influence Mental Illness Among Students in Public Universities

2020 ◽  
Vol 3 (1) ◽  
Keyword(s):  
Mental Illness ◽  
Financial Distress ◽  
Public Universities ◽  
Positive Relationship ◽  
Social Relation ◽  
Health Condition ◽  
College Life ◽  
Home Life ◽  
Thinking Processes ◽  
Universiti Utara Malaysia

This study is about the interrelations between three factors which are financial distress, health condition and social relation with mental illness among students in Universiti Utara Malaysia. Mental illness affects individuals feeling, mood as well as thinking processes. This condition eventually disturbs the ability and functions that relates towards others. People with same diagnosis face different experience. A mental illness is not based on one specific event, therefore may include a stressful job or home life, victim of a crime, entering the college life or workforce, marriage, children, divorce, job changes or a job loss. Statistical Package software for Social Science (SPSS) Version 25.0 was used to analyse the data. Results showed that financial distress, health condition and social relation have a positive relationship towards mental illness.

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