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Martínez-Sánchez, Francisco - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2009

In this paper we analyze firms' ability to tacitly collude on pricesin an infinitely repeated duopoly game of vertical productdifferentiation. We show that firms collude if and only if their discountfactor is high enough, i.e. if they value future profits sufficiently. We alsoshow that a lower...

Persistent link: https://www.econbiz.de/10005082634

MARKET POWER IN EUROPEAN BANKING SECTORS

García, Francisco Pérez; Villarroya, Joaquín Maudos; … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002

the Lerner index does not show an increase in the degree of competition within the EU, despite the liberalisation measures … index as an indicator of the degree of competition, and analyses its determining factors. Este trabajo analiza la evolución …

Persistent link: https://www.econbiz.de/10005731134

Pricing executive stock options under employment shocks

Valle, Ángel León; Vaello, Antonio; Carmona, Julio - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2009

We obtain explicit expressions for the subjective, objective and market value of perpetual executive stock options (ESOs) under exogenous employment shocks driven by an independent Poisson process. Within this setup,we obtain the executive's optimal exercise policy which allows us to analyze the...

Persistent link: https://www.econbiz.de/10008602637

TAMAÑO DE TRANSACCIONES, INTRODUCCIÓN DE ÓRDENES Y PREFERENCIAS POR PRECIOS EN LOS SPLITS DE ACCIONES

Sala, Juan Carlos Gómez; Yagüe, José - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002

In this study we analyse the effect of stock splits on stocks¿ trading activity using intraday data from a sample of 46 stock splits from the Spanish stock market. In particular, we study changes to trading activity, trading composition, the information asymmetry of stocks, the distribution of...

Persistent link: https://www.econbiz.de/10005731106

FACTORES EXPLICATIVOS DEL REPARTO DE DIVIDENDOS A CUENTA EN LAS EMPRESAS ESPAÑOLAS

Guzmán, Isidoro - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2004

This paper analyzes the relationship between economic-financial ratios and thedecision of distributing interim dividends by Spanish firms. With that purpose, we takea sample of non-financial companies quoting in the Spanish Stock Market during theperiod from 1999 to 2001. We choose a...

Persistent link: https://www.econbiz.de/10005731170

- RENTABILIDAD Y LIQUIDEZ ALREDEDOR DE LOS SPLITS

Sala, Juan Carlos Gómez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999

This paper examines the empirical behaviour of stock prices around the ex dates of stock splits in order to detect anomalous returns. Also, it is investigated the determinant factors of the split size, its effects on the liquidity and the influence of the market microstructure in the abnormal...

Persistent link: https://www.econbiz.de/10005731172

INCENTIVOS DE LAS EMPRESAS COTIZADAS ESPAÑOLAS PARA CREAR VOLUNTARIAMENTE COMITÉS DE AUDITORÍA

Barberá, Cristina de Fuentes; Pucheta, María Consuelo - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

As a result of the publication of the Code of Corporate Good Governance in 1998, known as the Olivencia Code, some companies voluntarily created an audit committee, after the recommendation of the Code in which all companies, especially listed, were encouraged to create them. Therefore, the aim...

Persistent link: https://www.econbiz.de/10005212523

MODEL REDUCTION METHODS IN OPTION PRICING

Falcó, Antonio; Chinesta, Francisco; González, Mariano - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

In this work we introduce the Proper Orthogonal Decomposition (POD)approach to the valuation of contingent claims for one–dimensional price models.First, we present the POD in the context of an abstract Hilbert space and we givean application for the numerical pricing of Double Barrier...

Persistent link: https://www.econbiz.de/10005731435

ELECTION ON RETIREMENT AGE

Lagos, Francisco M.; Lacomba, Juan Antonio - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2001

We analyze the relationship between wage distribution, degree of redistribution of the Social Security and effective retirement age. We develop a two-staged political economy model. In the first stage government chooses the redistribution level of the Social Security Program, according to three...

Persistent link: https://www.econbiz.de/10005731274

COMPETENCIA VERSUS PODER DE MONOPOLIO EN LA BANCA ESPAÑOLA

García, Francisco Pérez; Villarroya, Joaquín Maudos - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2001

This paper analyses the degree of competition among banks and savings banks during the 1992-99 period using two …¿s contrast does not allow to reject the monopolistic competition hypothesis neither of savings banks nor banks for the whole 1992 …-99 period. However, during the first years it is not possible to reject the perfect competition hypothesis of banks. Lerner …

Persistent link: https://www.econbiz.de/10005515819