Professional football teams that once chose to list their stock in the exchange markets have started to delist in the last few years. This study presents a modified version of Altman’s 1968 bankruptcy model and applies multivariate discriminant analysis to predict which financial and socioeconomic factors affect a team’s decision to delist from a stock market. Our non-metric dependent variable is listed/delisted teams, while our independent variables include a number of Altman’s financial ratios, GDP per capita, winning percentage, and two measures specific to soccer franchises–broadcasting and sponsorship revenues. Data are obtained for a total of 37 European teams, out of which 21 remained listed, while 16 were delisted at the time this study was written. Results suggest that the two main variables affecting a delisting decision are broadcasting revenues and working capital. Wealthier football teams that remain listed could benefit from our results by focusing on maintaining a positive working capital, while for smaller teams it might be wise to find alternative revenue sources other than TV revenues.
Through the Effort Sharing Decision, the European Commission has dictated individual renewable energy targets for each EU member-state, but has left each member-state to determine how it will reach its goal. In the past fifteen years, ten unique types of producer support policy have been implemented to increase renewable energy investment throughout Europe. This thesis analyzes the effectiveness and impacts of different policy designs that promote investment in renewable energy production in the European Union to determine if there is a dominant or most successful policy strategy. To compare producer support designs, this study examines the various policy designs and their temporal impacts on household electricity prices, the proportion of renewable energy in national energy mixes, real GDP, employment, and energy intensity. It also assesses the impact of policy alteration on the same dependent variables. Finally, it evaluates the idea that a dominant strategy might exist for countries facing more or less ambitious targets.
L’œuvre Voyage à L’Île de France de Jacques-Henri Bernardin de Saint Pierre est clairement un exemple d’une voix européenne pendant la période coloniale. La France, et l’Europe en général, est montrée comme une utopie, contrastée avec les descriptions qui démontrent l’Île Maurice comme naïve et immature. Cependant, les comparaisons faites n’appartiennent pas à l’Orientalisme dans le sens traditionnel. Plutôt, cet ouvre suggère un Orientalisme qui vient d’insécurité et d’une identité faible au lieu du pouvoir, ouvrant la discussion de l’Orientalisme aux autres interprétations.