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Diversification of accommodation offers depending on critical economies of scale for travel business
Macak, Tomas; Hron, Jan; Jadrna, Monika - In: Cogent Business & Management 7 (2020) 1, pp. 1-12
changes in conditions such as when confronting the tourism business risk diversification and economies of scale. This article …) accommodation (and accompanying services) diversification, depending on the changes in the critical quantity of economies of scale …. An analytical mathematical model is used for determining the diversification and economies of scale, and the parameters …
Persistent link: https://www.econbiz.de/10012657115
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The aggregate Le Chatelier Samuelson principle with Cournot competition
Koebel, Bertrand M.; Laisney, François - 2010
This paper studies the aggregate substitution and expansion effects triggered by changes in input prices, in a context where firms supply a homogenous commodity and compete in quantities à la Cournot. We derive a sufficient condition for the existence of a Cournot equilibrium and show that this...
Persistent link: https://www.econbiz.de/10010299963
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The Elasticities of Complementarity and Substitution
Broer, Peter - 2004
This paper argues that the conventional definition of the elasticity of complementarity is not well suited to deal with the case of increasing returns. It proposes a slightly different formula, that uses a distance function formulation instead of a production function. The proposed definition...
Persistent link: https://www.econbiz.de/10010325495
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Using firm optimization to evaluate and estimate returns to scale
Gorodnichenko, Yuriy - 2008
At the firm level, revenue and costs are well measured but prices and quantities are not. This paper shows that because of these data limitations estimates of returns to scale at the firm level are for the revenue function, not production function. Given this observation, the paper argues that,...
Persistent link: https://www.econbiz.de/10010268849
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Returns-to-scale properties in DEA models: The fundmantal role of interior points
Krivonozhko, Vladimir; Førsund, Finn R. - 2009
Attempts can be found in the DEA literature to identify returns to scale at efficient interior points of the production possibility set on the basis of returns to scale at points of the corresponding reference sets. However, an opposite approach is put forward in this paper, advocating that...
Persistent link: https://www.econbiz.de/10010285619
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Firm heterogeneity and credit risk diversification
Hanson, Samuel; Pesaran, Mohammad Hashem; Schuermann, Til - 2005
This paper considers a simple model of credit risk and derives the limit distribution of losses under different assumptions regarding the structure of systematic and idiosyncratic risks and the nature of firm heterogeneity. The theoretical results obtained indicate that if firm-specific risk...
Persistent link: https://www.econbiz.de/10010276169
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Diversifikationsmaße im Praxistest: Ergebnisse auf der Grundlage von amtlichen Mikrodaten für Deutschland
Zloczysti, Petra; Faber, Cathleen - In: Vierteljahrshefte zur Wirtschaftsforschung 76 (2007) 3, pp. 29-42
Die Wahl zwischen Diversifikation und Spezialisierung ist eine lange und kontrovers diskutierte Frage in der … messen, wie sie bei real existierender, also beobachtbarer Diversifikation reagieren und ob sie in Querschnitt- und … Diversifikation sowie ihrer Entwicklung im Zeitverlauf für das verarbeitende Gewerbe in Deutschland gegeben. …
Persistent link: https://www.econbiz.de/10010377805
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Why Hedge? - A Critical Review of Theory and Empirical Evidence -
Ammon, Norbert - 1998
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial …Der Artikel gibt einen Literaturüberblick zur Fragestellung, warum Unternehmen Risikomanagement betreiben und …
Persistent link: https://www.econbiz.de/10010297586
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Central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2008
Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...
Persistent link: https://www.econbiz.de/10010303758
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Value at risk, bank equity and credit risk
Broll, Udo; Wahl, Jack E. - 2003
We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's...
Persistent link: https://www.econbiz.de/10010305454