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This paper aims to analyze the volatility transmission between an energy stock index and a financial stock index in emerging markets during recent high instability periods. The study considers the impact of both the period under analysis and the data frequency on the direction and intensity of the contagion, as well as the effect of the potential spillovers on the risk measures. These questions still lack definitive answers and have become more relevant in a context of financially unsettling events such as COVID-19 crises.

This study employs an extension of the dynamic conditional correlation (DCC) model that allows for the time-varying dependence relationship between the variables. This dependence is analyzed at daily, weekly and monthly basis using data from the Bloomberg platform on energy and stock market indices for emerging markets between 2001 and 2021.

The results for a sample spanning from 2001 to mid-2021 show bidirectional volatility transmission on a daily basis, whereas only evidence of volatility transmission from the financial to the energy exists for weekly and monthly frequencies. However, considering different subsamples of daily data, the authors only find volatility transmission from financial (energy) index to the energy (financial) during the Great Recession (COVID-19) as a consequence of the different source of the shock and transmission channels.

This study reveals that volatility transmission between energy and stocks in emerging markets has changed and presents a unidirectional pattern from energy to financial markets during the COVID-19 period in contrast to calm and the sub-prime crisis intervals. These results differ from previous studies, focused on global markets, that show bidirectional spillovers during this period.

The study aims to show how the public interest has been argued to justify the political interference in the accounting of financial entities as a tool to face a critical financial situation in a country. And to offer a different perspective of the publicness notion that focuses on the field of financial accounting for private entities.

The paper draws on legal and political arguments referred to the public interest that consider the balancing approach, and so goes beyond the traditional agency framework, to explain politicians' influence on financial reporting. The behavior of the newly elected Spanish government, which issued accounting impairment rules for banks is described, and the accounting practices of a highly politically connected financial entity—Bankia—are used to illustrate the consequences of that intervention.

The paper evidences that the government intervention, which implied non-compliance with IFRS, was in line with its economic goals, led to the financial sector bailout and avoided the rescue of the country. This is what we call “breaking rules to achieve the public interest”, which is also consistent with a big-bath behavior to justify the bailout and legitimate the decision to breach IFRS. The silence of enforcers is consistent with the balancing approach that suggests compliance costs from a breach of rules are perceived less relevant after a high-level decision.

This is a country-specific study based on a single case study that limits the generalizability of the findings.

This research provides a new angle to consider the political motivations to intervene in accounting in the private sector, as well as the enforcers' motivations to allow it. From an interdisciplinary perspective, it shows how politicians have argued the “public interest” to use (and abuse) to intervene in accounting rules, as well as to influence the accounting practice of a highly politically connected bank. It also highlights the potential long-term unintended consequences of these actions.

In formulating his theory of land rent, Ricardo did not take into account the fact that in the Europe of his time relationships between landlords and tenants were often regulated by customs that kept rents below marginal product, sometimes even in the long term. Since all those customs had a number of points in common, understanding the logic governing one of them can be a very useful way to gain an overall understanding of the phenomenon. This chapter analyses a case of such customs in the area of market-gardens surrounding the city of Valencia, eastern Spain. Here, tenants were by custom the owners of the improvements they carried out, agricultural efficiency increased, and land rents stagnated. The chapter addresses issues such as cooperation among large groups of people, definition of rights and the creation of property rights by means of social conventions that clashed with law.

This study proposes a novel method to improve the accuracy of overall equipment effectiveness (OEE) estimation in the metallurgical industry. This is achieved by modeling the frequency and severity of stoppage events as random variables.

An analysis of 80,000 datasets from a metal-mechanical firm (2020–2022) was performed using the loss distribution approach (LDA) and Monte Carlo simulation (MCS). The data were further adjusted with a product price index to account for inflation.

The variance analysis revealed supporting colleagues (59.8% of variance contribution), food breaks (29.8%) and refreshments (9.0%) as the events with the strongest influence on operating losses.

This study provides a more rigorous approach to operational risk management and OEE measurement in the metal-mechanical sector. The developed algorithm supports the establishment of risk management guidelines and facilitates targeted OEE improvement efforts.

This research introduces a novel OEE estimation method specifically for the metallurgical industry, utilizing LDA and MCS to improve accuracy compared to existing techniques.

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

This paper aims to study the use of photos in corporate sustainability reports (CSRs) as a means to gain legitimacy concerning Colombian post-conflict representations.

From a critical perspective based on legitimacy theory and political economy theory, and using visual semiotics and critical discourse analysis, this paper examines the use of photographs in sustainability reports as a mechanism to account for corporate actions regarding peace in Colombia. This paper relies on 121 pictures from 30 CSRs.

The analysis shows that companies are gaining legitimacy by referring to post-conflict through visual forms. Nonetheless, the structural conditions that caused the Colombian conflict are still present. Sustainability reporting that includes peace action representations becomes a control and subordination mechanism to reproduce existing power relations in the Colombian social order. Indeed, the generation of opportunities for civilians and ex-combatants, victims reparation, security and reconciliation remains unresolved structural issues. Hence, the use of corporate economic resources and their strategic visual representation in reports is just one business way of representing firms as aligned with government initiatives to obtain tax incentives.

This study is centered on Colombian CSRs for the period 2016-2017; however, 2017 reports by some companies have not yet been published. This study also explored the messages contained in the images that include people. Images that do not depict persons were not examined.

This study provides evidence on visual representations of corporate peace actions aimed at gaining corporate legitimacy. Furthermore, this research examines a unique scenario that promoted more significant corporate social participation, following the signing of the peace agreements between the Colombian government and the Revolutionary Armed Forces of Colombia (Fuerzas Armadas Revolucionarias de Colombia, Ejército del Pueblo).

This study aims to build a two-country monetary union dynamic stochastic general equilibrium (DSGE) model with housing to assess how different shocks contributed to the increase in housing prices and credit in the European Economic and Monetary Union. One of the countries is calibrated to represent the core group in the euro area, while the other one corresponds to the periphery.

In this paper, the authors explore how a liquidity shock (or a decrease in the interest rate) affects house prices and the real economy through the asset price and the collateral channel. Then, they analyze how a house price shock in the periphery and a technology shock in the core countries are transmitted to both economies.

The authors find that a combination of an increase in liquidity in the euro area coming from the common monetary policy, together with asymmetric house price and technology shocks, contributed to an increase in house prices in the euro area and a stronger credit growth in the peripheral economies.

This paper represents the theoretical counterpart to empirical studies that show, through macroeconometric models, the interrelation between liquidity and other shocks with house prices. Using a DSGE model with housing, the authors disentangle the mechanisms behind these empirical findings.