scholarly journals A micro-analysis of Irish firm deaths during the financial crisis (2006–2010)

2020 ◽  
Vol 39 (1) ◽  
pp. 1-16
Author(s):  
Bernadette Power ◽  
Geraldine Ryan ◽  
Justin Doran
Keyword(s):  
Financial Crisis ◽  
Firm Size ◽  
Hazard Rate ◽  
Labour Force ◽  
Considerable Effect ◽  
Hazard Rates ◽  
Economic Cycle ◽  
Established Firms ◽  
Micro Analysis ◽  
Industry Conditions

AbstractThis paper examines differences in the hazard rates of young, established and mature firms during the financial crisis, using microdata from more than 300,000 Irish firms. The findings confirm that firm size at the time of the crisis had the largest impact on the probability of exit. The liability of smallness was pronounced in mature cohorts. Industry conditions had a considerable effect on the hazard rate of young cohorts, as opposed to mature counterparts. Interestingly, agglomeration raised the hazard rates of younger cohorts only. By contrast, attributes of the labour force of the region largely influenced the hazard rates of more established firms. Firms founded before the crisis were significantly less likely to exit in the aftermath of the crisis, in comparison with firms founded just before or during the crisis, whereas more mature firms seem to be more sensitive to the economic cycle.

scholarly journals Corporate debt maturity and economic development

2019 ◽  
Vol 15 (5) ◽  
pp. 669-687 ◽  
Author(s):  
Celia Álvarez-Botas ◽  
Víctor M. González-Méndez
Keyword(s):  
Developing Countries ◽  
Economic Development ◽  
Financial Crisis ◽  
Firm Size ◽  
Debt Maturity ◽  
Corporate Debt ◽  
Content Type ◽  
Country Level ◽  
The Relationship ◽  
Bank Concentration

Purpose The purpose of this paper is to analyse the effect of economic development on the influence of country-level determinants on corporate debt maturity, bearing in mind firm size and the period of financial crisis. Design/methodology/approach The authors employ panel data estimation with fixed effects to examine the role of economic development in influencing the relationship between country-level determinants on corporate debt maturity. The paper uses a sample of 30,727 listed firms, belonging to 39 countries, over the period 2005–2012. Findings Corporate debt maturity increases with the efficiency of the legal system and bank concentration and decreases with the weight of banks in the economy. However, the importance of these country determinants is greater in developing than in developed countries. The authors also show that firm size in developed and developing countries influences country determinants of corporate debt maturity. Finally, the results reveal that the financial crisis has affected the debt maturity of firms differently in developed and developing countries, with the effect of bank concentration lengthening debt maturity, this effect being more pronounced in developing countries. Practical implications The findings provide useful insights to guide policy decisions providing access to long-term financing, as corporate debt maturity depends on economic development, institutional environment, banking structure and firm size. Originality/value This study incorporates economic development in explaining the relationship between country-level determinants and corporate debt maturity.

scholarly journals Analisis faktor-faktor yang mempengaruhi pertumbuhan ekonomi di Provinsi Riau tahun 2000-2018

SOROT ◽  
2020 ◽  
Vol 15 (2) ◽  
pp. 87
Author(s):  
Miftakul Khoiri ◽  
Syapsan Syapsan ◽  
Sri Endang Kornita
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Capital Expenditure ◽  
Labour Force ◽  
Private Investment ◽  
Least Square ◽  
Domestic Product ◽  
Ordinary Least Square

Terdapat beberapa permasalahan yang berbeda pada sumber daya di setiap daerah, yaitu investasi, tenaga kerja dan teknologi sebagai faktor pembentuk output perekonomian daerah. Penelitian ini menganalisis hubungan antara investasi dalam bentuk Penanaman Modal Asing (PMA), Penanaman Modal Dalam Negeri (PMDN), belanja modal pemerintah, angkatan kerja dan ekspor dengan pertumbuhan ekonomi. Tujuan penelitian adalah melihat pengaruh besarnya faktor-faktor tersebut terhadap Pertumbuhan ekonomi di Provinsi Riau 2000-2018. Untuk kepentingan khusus penelitian dengan tujuan melihat pengaruh krisis keuangan global tahun 2008 terhadap pertumbuhan ekonomi maka dimasukkan variabel dummy krisis keuangan. Penelitian ini adalah penelitian kuantitatif dengan metode regresi berganda log-log linier dan data time series. Model diestimasi dengan metode Ordinary Least Square (OLS). Hasil penelitian menunjukkan bahwa PMA, PMDN, angkatan kerja dan ekspor signifikan positif mempengaruhi pertumbuhan ekonomi yang diukur dengan nilai Produk Domestik Regional Bruto (PDRB). Begitu juga dengan dummy krisis keuangan global meskipun berlangsung singkat ternyata berpengaruh terhadap PDRB di Provinsi Riau. Namun demikian ditemukan bahwa belanja modal pemerintah tidak signifikan mempengaruhi pertumbuhan PDRB.There are some problems in resources of the regions, namely investment, labour force, and technology as the component factors to make the output of the region’s economy. This study aims to analyze the relationship between investment as consist of foreign direct investment (FDI), private investment, government capital expenditure, labour force, export and economic growth to the gross regional domestic product growth of regency in Riau Province 2000-2018. For the specific purpose of describing global financial crises in 2008 influence the economic growth, we put the dummy variable of the financial crisis in the model. This research is quantitative descriptive with the multiple regression model of log-linear and time series method using Ordinary Least Square (OLS). The study shows that government capital expenditure is statistically not significant to affect the gross regional domestic product growth. FDI, private investment, labour force and export is statistically significant to affect the gross regional domestic product growth. As well as a dummy of the global financial crisis is statistically significant to affect the gross regional domestic product growth.

A Bayes Continuous Reliability Growth Model with Two Categories of Failures

1997 ◽  
Vol 04 (01) ◽  
pp. 1-15
Author(s):  
Daming Lin ◽  
W. K. Chiu
Keyword(s):  
Competing Risks ◽  
Growth Model ◽  
Prior Distribution ◽  
Hazard Rate ◽  
Failure Modes ◽  
Weighted Average ◽  
Hazard Rates ◽  
Development Phase ◽  
Reliability Growth ◽  
Time Invariant

A Bayesian continuous reliability growth model is presented. It is assumed that the development phase of a product consists of m stages. In each stage, the failure mechanism of the product follows a competing risks model with two specific failure modes: inherent and assignable-cause. The hazard rate for each mode is time-invariant within one stage. Under the assumption that modifications of the product improve its reliability, we assign a reasonable joint prior distribution for the hazard rates. Then Bayesian analysis is carried out using this prior distribution. It turns out that the posterior pdf of the hazard rates of interest is just a weighted average of pdf's which have the same form as the prior pdf. A numerical example is given for illustration.

A stochastic process for modeling failures of a system having a non-monotonic hazard rate function

2019 ◽  
Vol 233 (5) ◽  
pp. 731-746
Author(s):  
Lucianne Varn ◽  
Stefanka Chukova ◽  
Richard Arnold
Keyword(s):  
Stochastic Process ◽  
Hazard Rate ◽  
Repair Process ◽  
Rate Function ◽  
Hazard Rates ◽  
Failure Rates ◽  
Hazard Rate Function ◽  
Repairable Systems ◽  
System Failures ◽  
Quantities Of Interest

Reliability literature on modeling failures of repairable systems mostly deals with systems having monotonically increasing hazard/failure rates. When the hazard rate of a system is non-monotonic, models developed for monotonically increasing failure rates cannot be effectively applied without making assumptions on the types of repair performed following system failures. For instance, for systems having bathtub-shaped hazard rates, it is assumed that during the initial, decreasing hazard rate phase, all repairs are minimal. These assumptions on the type of general repair can be restrictive. In order to relax these assumptions, it has been suggested that general repairs in the initially decreasing phase can be modeled as “aging” the system. This approach however does not preserve the order of effectiveness of the types of general repair as defined in the literature. In this article, we develop a set of models to address these shortcomings. We propose a new stochastic process to model consecutive failures of repairable systems having non-monotonic, specifically bathtub-shaped, hazard rates, where the types of general repair are not restricted and the order of the effectiveness of the types of repair is preserved. The proposed models guarantee that a repaired system is at least as reliable as one that has not failed (or equivalently one that has been minimally repaired). To illustrate the models, we present multiple examples and simulate the failure-repair process and estimate the quantities of interest.

Geometric renewal convergence rates from hazard rates

2001 ◽  
Vol 38 (01) ◽  
pp. 180-194 ◽  
Author(s):  
Kenneth S. Berenhaut ◽  
Robert Lund
Keyword(s):  
Convergence Rate ◽  
Hazard Rate ◽  
Convergence Rates ◽  
Hazard Rates ◽  
Finite Support ◽  
Good Convergence ◽  
Renewal Sequence ◽  
Geometric Convergence ◽  
New Better Than Used ◽  
Better Than

This paper studies the geometric convergence rate of a discrete renewal sequence to its limit. A general convergence rate is first derived from the hazard rates of the renewal lifetimes. This result is used to extract a good convergence rate when the lifetimes are ordered in the sense of new better than used or increasing hazard rate. A bound for the best possible geometric convergence rate is derived for lifetimes having a finite support. Examples demonstrating the utility and sharpness of the results are presented. Several of the examples study convergence rates for Markov chains.

The Firm Size Effect and the Economic Cycle

2002 ◽  
Vol 25 (1) ◽  
pp. 111-124 ◽  
Author(s):  
Moon K. Kim ◽  
David A. Burnie
Keyword(s):  
Size Effect ◽  
Firm Size ◽  
Economic Cycle ◽  
Firm Size Effect

scholarly journals Parametric Regression Models Using Reversed Hazard Rates

2014 ◽  
Vol 2014 ◽  
pp. 1-5
Author(s):  
Asokan Mulayath Variyath ◽  
P. G. Sankaran
Keyword(s):  
Hazard Rate ◽  
Regression Models ◽  
Hazard Rates ◽  
Proportional Hazard ◽  
Survival Times ◽  
Parametric Regression ◽  
Reversed Hazard Rate ◽  
Rate Functions ◽  
The Relationship ◽  
Parametric Regression Models

Proportional hazard regression models are widely used in survival analysis to understand and exploit the relationship between survival time and covariates. For left censored survival times, reversed hazard rate functions are more appropriate. In this paper, we develop a parametric proportional hazard rates model using an inverted Weibull distribution. The estimation and construction of confidence intervals for the parameters are discussed. We assess the performance of the proposed procedure based on a large number of Monte Carlo simulations. We illustrate the proposed method using a real case example.

COMPARISONS OF SAMPLE RANGES ARISING FROM MULTIPLE-OUTLIER MODELS: IN MEMORY OF MOSHE SHAKED

2017 ◽  
Vol 33 (1) ◽  
pp. 28-49
Author(s):  
Narayanaswamy Balakrishnan ◽  
Jianbin Chen ◽  
Yiying Zhang ◽  
Peng Zhao
Keyword(s):  
Hazard Rate ◽  
Stochastic Order ◽  
Sufficient Conditions ◽  
Hazard Rates ◽  
Proportional Hazard ◽  
Stochastic Comparisons ◽  
Hazard Rate Order ◽  
Numerical Examples ◽  
Reversed Hazard Rate ◽  
Usual Stochastic Order

In this paper, we discuss the ordering properties of sample ranges arising from multiple-outlier exponential and proportional hazard rate (PHR) models. The purpose of this paper is twofold. First, sufficient conditions on the parameter vectors are provided for the reversed hazard rate order and the usual stochastic order between the sample ranges arising from multiple-outlier exponential models with common sample size. Next, stochastic comparisons are separately carried out for sample ranges arising from multiple-outlier exponential and PHR models with different sample sizes as well as different hazard rates. Some numerical examples are also presented to illustrate the results established here.

scholarly journals Economic cycle synchronization in the context of financial crisis: empirical evidence of Denmark, Sweden and United Kingdom

2012 ◽  
Vol 60 (7) ◽  
pp. 155-162
Author(s):  
Svatopluk Kapounek ◽  
Jan Sečkař
Keyword(s):  
Monetary Policy ◽  
United Kingdom ◽  
Financial Crisis ◽  
Empirical Evidence ◽  
Euro Area ◽  
Theoretical Background ◽  
Average Level ◽  
Economic Cycle ◽  
Economic Cycles

The paper focuses on the economic cycle synchronization of the euro area outsiders: Denmark, Sweden and United Kingdom. The authors discussed openness of the selected economies, their structural similarities and economic cycle synchronization in the years 2000–2011. They applied moving correlation and correlation between the selected countries and the euro area. They found significant synchronization of the economic cycles after the year 2005. Furthermore, economic cycles of the analyzed countries were exceptionally synchronized than the euro area average level.Our contribution is in comparison of the economic cycle synchronization in the selected countries with the euro area average. The authors assume that changes in order provide important information about the synchronization, unbiased by the consequences of the financial crisis in the year 2007.A theoretical background for the final discussions provided new version of the OCA theory focused on the costs associated with the loss of the monetary policy autonomy. The authors concluded that selected countries were not protected against the global macroeconomic shock after the year 2007, although they keep the autonomous monetary policy.

scholarly journals The Effect of Leverage, Receivables Turn Over, Firm Size on Financial Performance at Automotive Companies Listed at the Indonesian Stock Exchange

2020 ◽  
Vol 5 (5) ◽  
pp. 1542-1546
Author(s):  
Thomas Sumarsan Goh ◽  
Melanthon Rumapea ◽  
Nagian Toni
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Firm Size ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Trade War ◽  
The Global Financial Crisis ◽  
Turn Over

The global financial crisis that starting from end of 2019 until today and the trade war between China and United Stated has brought the effect to the slow down of Indonesian economic. The research aims at studying the effect of leverage, receivables turn over, firm size on financial performance at the automotive companies that have been listing at the Indonesian stock exchange, partially and simultaneously

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