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Dynamiques dans les déclarations finales des Sommets UE-CELAC
No full textThis article offers an analysis of the final declarations of the EU-CELAC Summits. First, it examines the trends in the use of the terms “multilateralism” and “bilateralism.” Then, it looks at the frequency of keywords—defined based on the EU’s strategic documents related to cooperation with Latin American countries—used in the Summit and ministerial meeting declarations. Finally, a comparison is made between the evolution of “public diplomacy” and that of “effective policies.” The results highlight a predominance of bilateralism, although in the most recent Summit, the concepts of multilateralism and bilateralism were addressed with equal intensity. Furthermore, the analysis reveals a growing trend toward prioritizing effective policies over public diplomacy
Do High Power Prices Slow Electrification? Some Panel Data Evidence
No full textElectrifying household and economic activity remain a cornerstone of the transition towards deep decarbonization. This analysis conducts a cross-country evaluation through a pooled mean-group model based upon 33 OECD nations since 1980. Electrification is defined as electricity’s share of the total energy system. The results show that electrification would have decreased by approximately 13 to 31 percent below other countries if the electricity price level had increased above other countries by 100 percent. Additional sensitivities show that symmetry between this response between price increases and price decreases depends upon whether GDP is exogenous. These estimates highlight the critical importance of finding new generation, transmission and distribution technologies that both reduce emissions and remain cost competitive. They also emphasize that any successful transition pathway must price electric power competitively based upon the opportunity costs of providing power. Efforts to bundle costly social programs and other expenses into power prices should be avoided
A Decision-Theoretic Method for Analyzing Crossing Survival Curves in Healthcare
No full textThe problem of crossing Kaplan-Meier curves has not been solved in the medical research literature to date. This paper integrates survival curve comparisons into decision theory, providing a theoretical framework and a solution to the problem of crossing Kaplan-Meier curves. The application of decision theory allows us to apply stochastic dominance concepts and risk preference attributes to compare treatments even when standard Kaplan-Meier curves cross. The paper shows that as additional risk preference attributes are adopted, Kaplan-Meier curves can be ranked under weaker restrictions, namely with higher orders of stochastic dominance. Consequently, even Kaplan-Meier curves that cross may be ranked. The method we present allows us to extract all possible information from survival functions; hence, superior treatments that cannot be identified using standard Kaplan-Meier curves may become identifiable. Our methodology is applied to two examples of published empirical medical studies. We show that treatments deemed non-comparable because their Kaplan-Meier curves intersect can be compared using our method
Risk Measures and Portfolio Choices for Gain-Loss Dependent Objectives
No full textThis study advances the understanding of risk measures and portfolio choice for investors exhibiting gain-loss dependent risk attitudes by integrating stochastic dominance (SD) concepts, including prospect stochastic dominance (PSD) and Markowitz stochastic dominance (MSD). We demonstrate that partial moments serve as effective risk measures, aligning with various SD criteria to capture diverse investor attitudes toward gains and losses. One contribution of this paper is the development of a decision-making criterion to identify the segment of the mean-variance efficient frontier that is efficient under different SD conditions, applicable to elliptical distributions. Leveraging partial moments, we adopt a portfolio optimization method that constructs portfolios dominating a benchmark from multiple SD perspectives, facilitating comparisons across gain-loss utility models. This approach enables a more direct comparison of alternative gain-loss utility models without relying on parameter assumptions, which often lead to differing risk-return priorities within a model
PROTESTS AND RIOTS IN NIGERIA; APPLICATIONS AND IMPLICATION FOR NATIONAL ECONOMIC TRANSFORMATION
No full textPublic opinion expressed through organized protests is a long-standing concept which forms an integral component of the nation's pre-colonial and post-colonial environment, not just in the twenty-first century, but dating back to the medieval ages. Protests and demonstrations have traditionally been at the core of democratic and political discourse. Though the dynamics differ throughout dispensations, one aspect remains constant: the goals of pushing for change and expressly expressing dissatisfaction with a policy. However, the recent trends of violence deflate its importance in political decision-making processes. This paper evaluates the prevalence of protest in Nigeria, its root causes, effects and why protest failed to achieve its main objectives. Getting a glimpse of the past agitation in Nigeria from the following: the demands, the organizers, the setbacks, and the successes. This information is important to assess how these protests and demonstrations affect the socioeconomic welfare of the nation. This paper posits that disunity among protesters, corruption, excessive use of force by authorities, violence amongst others constitute the reasons why protest fail to achieve its objectives. This paper offers possible procedures on how protests can be effective in addressing identified challenges through stake holder consultation, deliberate policy initiation, implementations and application
Coalitional substitution of players and the proportional Shapley value
No full textWe present a new axiomatization of the proportional Shapley value. Our study is based on three axioms: efficiency, which ensures that the total worth of the grand coalition is fully distributed among the players; the disjointly productive players property, which states that removing a player who has no cooperative interactions with another player does not affect that player's payoff; and a new axiom that makes the difference to the classical Shapley value. This axiom, the coalitional substitution of players property, involves a scenario in which a player's cooperative contribution to one coalition is replaced by that of a group of new players whose combined individual worths match that of the original player. The key point is that the payoffs to the remaining players remain unaffected
Determinants of Female Employment in Agriculture, Industry, and Service Sector: A cross country analysis
No full textGlobally, women are still less likely than men to enter the workforce. Since 1990, the gender gap in labour force participation has remained at 30% worldwide. Female employment is critical to economic stability and personal development, providing financial security, purpose, and societal contribution. However, technological advancements, R&D, and economic fluctuations constantly shape global employment opportunities, resulting in significant disparities across sectors. This study investigates the determinants of female employment separately for agriculture, industry, and service sectors, using data from the World Development Indicators (WDI) from 2004 to 2023. The Feasible Generalized Least Squares (FGLS) panel regression results show that different factors contribute to female employment in different sectors. Reducing the female contribution to family work and fertility ratio is important for reducing female employment in agriculture. Exports of goods and services and female self-employment are essential for increasing female employment in the industry sector. Additionally, domestic credit to the private sector, labour force participation rate, labour force with basic education, and life expectancy at birth need to be encouraged to increase female employment in the service sector. Finally, relevant policies are suggested to increase female employment for sustainable economic growth
Resilience and Rebound: A Financial Analysis of Czech's Big Four Accounting Firms Post-COVID-19 Recovery
No full textIn this comprehensive empirical analysis spanning 2020 to 2022, our study rigorously examines the financial performance of Czech's prominent Big Four accounting firms—Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG—following the multifaceted challenges posed by the COVID-19 pandemic. Focusing on critical profitability ratios, including Net Profit Margin, Return on Assets, and Earnings After Tax Margin, this research is dedicated to identifying the accounting firm that staged the most remarkable comeback during this tumultuous period. The findings unequivocally position KPMG as the standout performer, exemplifying unparalleled financial resurgence. KPMG's capacity to adapt and thrive in the post-pandemic landscape is particularly noteworthy. PwC consistently exhibits financial strength, maintaining a resilient performance throughout the study period, while Deloitte and EY demonstrate stability in their financial metrics. This empirical analysis underscores the dynamic nature of the accounting industry, emphasizing the pivotal role of adaptability and resilience in the face of unprecedented challenges. The insights gleaned from this study provide valuable guidance for stakeholders in the accounting profession, shedding light on strategies and practices conducive to post-pandemic recovery and financial resilience. The exceptional performance of KPMG stands as a compelling case study in navigating the evolving economic landscape
How do financialization trends differ between parent companies and corporate groups : Evidence from Japanese manufacturing corporations
No full textThis study aims to examine financialization in non-financial corporations (NFCs) by a new analytical method. Using both parent-only and consolidated financial statements, we
reveal the complete picture of financialization in Japanese manufacturing corporations from the perspectives of both parent companies and corporate groups. We show that
financialization trends differ significantly between parent companies and corporate groups. In particular, the content of financial assets held by corporations and the trend of
financial revenues are quite different between them. After demonstrating the financialization trends, this study further investigates the determinants of financial revenues in Japanese manufacturing corporations, focusing on the difference in the level of financial revenues between parent companies and corporate groups. By panel data analysis, we clarify that financial revenues in parent companies have been much larger
than those in corporate groups because only parent companies need to increase their financial revenues to cover dividend payments. Our analysis shows that as globalization progresses, Japanese manufacturing parent companies absorb a large amount of financial revenues from overseas subsidiaries and affiliates to pay dividends to shareholders. This behavior of the parent companies is a typical example of how financialization interacts with globalization
The RHOMOLO and FIDELIO interim evaluation of the impact of Horizon Europe
No full textThis paper presents a macroeconomic evaluation of the impact of the Horizon Europe Framework Programme for Research and Innovation, for which projects have been signed between 2021 and 1 July 2024, using the general equilibrium models RHOMOLO (Regional Holistic Model) and FIDELIO (Fully Interregional Dynamic Econometric Long-term Input-Output). The RHOMOLO model simulations suggest that the GDP gains in 2024 for the European Union would be up to 0.10% compared to GDP in 2020. The GDP gains are also expected to be significant in the medium term, with a cumulative GDP multiplier of more than 4, ten years after the end of the injection. The impact then gradually diminishes due to the obsolescence of the new knowledge and innovations generated by the policy intervention. The model results also show significant interregional spillovers in some, but not all, countries of the European Union. The FIDELIO model is used to disaggregate the impact of Horizon Europe funds on EU R&D expenditure and by sector, complementing the analysis of the RHOMOLO model. The results indicate that the positive effects on innovation gains, with business investment contributing to substantial GDP gains after the four-year intervention period, are mainly directed towards business R&D in manufacturing. Within manufacturing, the most important sub-sectors are the manufacture of machinery and equipment; computer, electronic and optical products; motor vehicles, trailers and semi-trailers; and fabricated metal products