3,125,870 research outputs found
Gambling on Sin Stocks
No full textThe goal of this thesis is to analyze the performance, risk-adjusted performance and valuation multiples of "Sin" stocks relative to that of the S&P index, and use this data to determine if investing in this industry has proven successful over the years. A commonly shared difficulty in analyzing sin stocks that I found through my research was how broad or narrow the sources definition of what constituted a "sin" stock was when defining their sin portfolios. Alcohol, firearms, gambling and tobacco appeared to be the four industries that were widely agreed upon and classified as sin stocks. Because of these findings, the Sin Portfolio that I put together included a market-weighted portfolio of 33 stocks trading in the alcohol, firearms, gambling and tobacco industries. It is worth noting that I also illustrated a more granular perspective that assisted in my understanding of what industries might have served as headwinds and tailwinds for the overall Sin Portfolio's performance by more specifically analyzing each sub-industry, as I did with the entire portfolio. Qualitative analysis included using the TCU database to search for different sources that addressed sin stocks, and I then used this information to help mold my understanding of the industry, including where it has been and where people believe it is going. From a quantitative perspective, I analyzed public companies that are participants in the Sin Industry using both Bloomberg and the Wharton Database (WRDS). By using these resources, I was able to pull current and historical numbers related to my portfolio for analyzing ratio performance, as well as regress the returns of my unified portfolio verse that of the S&P index for different periods of time. The time periods included 5-years, 10-years and 20-years, as well as the Dot.Com era and the Great Recession. Based on my findings, investing in a sin stock portfolio proved to be an effective means of outperforming the broader market, besides the most recent 5-year period. The out/under-performance of each sub-sector (alcohol, firearms, gambling and tobacco) varied based on the time period being used. Specifically, it is clear that investing in gambling does not act as a defensive play during the economic downturn when compared to the other three Sin industries. The lack of following that sin stocks have received due to moral principles proved to be a tailwind for my Sin Portfolio. Law and regulation play a substantial role for companies operating within these industries, which, in turn, plays a large role in their success because this sin industries receive a risk-premium. In the end, my findings prove that a Sin Portfolio of 33 stocks was near resilient during the different assessed time periods compared to a morally conscious investor
Caja didáctica para una educación sin fronteras
No full textTextos impresos incluídos en la cajaEl objetivo general de las presentes actividades es sensibilizar a los niños y niñas sobre la importancia de cuidar el entorno que les rodea y de reconocer las consecuencias negativas de las conductas de los seres humanos sobre el medio ambiente, y dar a conocer la situación de desigualdad y de pobreza que se vive en algunos países y que ha originado la aparición de organizaciones no gubernamentales como Educación Sin Fronteras. Así mismo, se pretende concienciar de la importancia de tener el entorno limpio; así como mostrar una actitud respetuosa hacia el medio; reconocer las conductas positivas y negativas de los seres humanos hacia la naturaleza y el entorno; reconocer la situación de desigualdad que se vive dependiendo del país en el que se ha nacido; y potenciar los valores de la solidaridad y la cooperación como instrumentos para construir un mundo mejor y más justo.Centro del Profesorado de Málaga. Biblioteca; Calle Noé, 3; 29007 Málaga; +34951924214; +34952334092; [email protected]
The Determinants of Sin Stock Returns : Evidence on the European Market.
No full textThis article deals with the time-series variation in average sin stock returns – returns on publicly-traded companies involved in producing tobacco, alcohol, and gaming. Next to nothing has been written about this class of stocks, especially on the European stock market. The hypothesis I explore in this paper is that sin stock returns depend on legal and cultural characteristics such as religious preferences, the level of excise taxation, and the degree of litigation risk. Using data on 18 European countries over the period 1975-2006, my results show evidence that Protestants are more “sin averse” than Catholics, and require a significant premium on sin stocks. Moreover, sin stocks have higher risk-adjusted returns when they are located in a country with high excise taxation; and sin stocks outperform other stocks when the litigation risk is higher, even after controlling for well-known risk factors such as market capitalization and book-to-market ratio. These findings suggest that sin stock returns depend on both legal and religious environments of each country.Litigation; taxation; Religion; Sin stocks; European markets;
Vidas Destrozadas: La atención médica inmediata, vital para las víctimas de violencia sexual
No full textA través de este informe, Médicos Sin Fronteras (MSF) comparte su experiencia en la prestación de asistencia médica, asesoramiento y otras formas de apoyo a miles de víctimas de violencia sexual en muchos países del mundo. El informe nace en parte de la indignación ante los inexcusables actos a los que estas personas se han visto sometidas y el daño causado a sus vidas. Demuestra por qué es imprescindible que las personas que han sufrido agresiones sexuales dispongan de una atención inmediata y realmente accesible
The determinants of "domestic" original sin in emerging market economies
No full textThis paper explains why domestic debt composition in some emerging economies is risky. To this end, it carries out a systematic analysis of the determinants of the so-called domestic original sin, which refers to the inability of emerging economies to borrow domestically in local currency, at long maturities and fixed interest rates. As such, the latter is a measure of financial vulnerabilities arising from domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper builds on a large dataset compiled by the authors from national sources. It finds that domestic original sin is particularly severe when inflation is lofty, the debt service-to-GDP ration high, the slope of the yield curve inverted and the investor base narrow. These results suggest that sound macroeconomic policies, attractive long-term yields and policies aimed at widening the investor base are instrumental to overcome domestic original sin, reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed, local currency instrumentsOriginal sin, domestic debt, emerging economies
Original Sin - Analysing Its Mechanics and a proposed Remedy in a Simple Macroeconomic Model
No full textThis paper analyses the problem of “original sin“ (the fact that the currency of an emerging market economy usually cannot be used to borrow abroad) in a simple thirdgeneration model of currency crises. The approach differs from alternative frameworks by explicitly modeling the price setting behavior of firms if prices are sticky and the future exchange rate is uncertain. Monetary policy optimally trades off effects on price competitiveness and on debt burdens of firms. It is shown that the proposal by Eichengreen and Hausmann of creating an artificial basket currency as denominator of debt is attractive as a provision against contagion.original sin, currency crises
Virtues of SIN - effects of an immigrant workplace introduction program
No full textWe evaluate an immigrant workplace introduction program aimed at helping individuals considered employable but at the same time expected to experience substantial difficulties in finding work. Using supported employment methods, the SIN program may influence outcomes through several channels. We use in-dividual data and a difference-in-differences approach to estimate the effects of the program. The results suggest that the program increased transitions from unemployment to work experience schemes, and improved future employment probabilities for those who entered these schemes.Unemployment; labor market programs; immigrants
Tres años después de la Ley de Cooperación : situación actual y posición de Médicos Sin Fronteras
No full textLa adopción de la Ley 23/98, de 7 de julio, de Cooperación Internacional para el Desarrollo marcó un punto de inflexión en el sistema español de cooperación ya que supuso la creación de un marco normativo que engloba de forma más amplia todas las actividades relativas a la cooperación. Sin embargo, esta ley lejos de culminar el proceso de reforma de dicho sistema, no hizo más que constituir un punto de partida. De hecho para que esta norma fuera efectiva en la práctica era necesario un gran desarrollo reglamentario, actividad que corresponde al gobierno. El documento desarrolla el tema.ES
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