This paper analyzes the price discovery process of a set of Spanish stocks cross-listed at the NYSE. Our methodology distinguishes between two sources of information asymmetries. Market-specific information that is revealed through the trading process and public disclosures simultaneously...

Risk classification is an important part of the actuarial process in Insurance companies. It allows for the underwriting of the best risks, through an appropriate choice of classification variables, and helps set fair premiums in rate-making. Logistic regression is one of the sophisticated...

This paper addresses the problem of conducting a nonparametric test of the dimension of the state variable vector in a continuous-time term structure model. The paper shows that a bivariate diffusion function of the short rate process is a sufficient condition for the term structure to be driven...

This paper compares assets-based portfolio management fees to profits-based fees. Whilst both forms of compensation can provide appropriate risk incentives, fund managers´ limited liability induces more excess risk-taking under a profits-based fee contract. On the other hand, an assets-based...

The equivalence between the absence of arbitrage and the existence of an equivalent martingale measure fails when an infinite number of trading dates is considered. By enlarging the set of states of nature and the probability measure through a projective system of topological spaces and Radon...

This paper further explores the horizon effect in the optimal static and dynamic demand for risky assets under return predictability as documented by Barberis (2000). Contrary to the case of stocks, the optimal demand for long-term Government bonds of a buy-and-hold investor is not necessarily...

We study the influence of the manager's degree of consolidation within the firm over the firm's labor policy. We argue that non-consolidated (recently-appointed) managers are more worried about short-term results than consolidated managers are. This feature leads the former to bias the labor...

This study applies service quality and customer satisfaction theory to the field of education, and particularly to postgraduate studies. It examines the impact of multiple indicators of teaching quality on student satisfaction. For this purpose, a model is proposed and verified in which the...