This paper searches for evidence on the additional difficulty the parties have in contracting for the transfer of know-how relative to the transfer of patented technology. There is empirical evidence, drawn from a sample of contracts for the acquisition of technology by Spanish firms in 1991,...

This paper proposes a model where an upstream monopolist sells an input to a downstream industry, which may alternatively acquire a perfect substitute for the monopolist's input from a competitive industry. By vertically integrating with a downstream firm, the upstream monopolist may charge a...

I analyze a sample of contracts for the acquisition of technology by Spanish firms, where I observe firm and technology characteristics, as well as the type of scheduled payments, whether fixed and/or variable. I find first that technology type influences the chances of the parties reaching an...

This paper presents evidence on actual collusive agreements from the late 19th Century iron and steel industry in Spain. We examine the minutes of the executive boards of two Basque firms, Altos Hornos de Bilbao and Vizcaya, to discuss the relevance of different factors on survival and failure...

We estimate and compare the forecasting performance of several dynamic models of returns of different hedge fund strategies. The conditional mean of return is an ARMA process while its conditional volatility is modeled according to the GARCH specification. In order to take into account the high...

This paper presents a procedure for computing the theoretically optimal portfolio under the assumption that housing is an indivisible, illiquid asset that restricts the portfolio choice decision. The analysis also includes the financial constraints households may face when they apply for...

This study presents robust empirical evidence suggesting the existence of significant liquidity commonalities in the corporate Credit Default Swap (CDS) market. Using daily data for 438 firms from 25 countries in the period 2005-2012 we find that these commonalities vary over time, being...

This paper studies the impact of the banks’ portfolio holdings of financial derivatives on the banks’ individual contribution to systemic risk over and above the effect of variables related to size, interconnectedness, substitutability, and other balance sheet information. Using a sample of...

We analyse the extent to which prices in the sovereign credit default swap (CDS) and bond markets reflect the same information on credit risk in the context of the current crisis of the European Monetary Union (EMU). We first document that deviations between CDS and bond spreads are related to...

Empirical evidence shows that the pass-through of cost shocks to prices is very low, and delayed. This is in stark contrast with the standard framework of monopolistic competition used in macro models, which, absent nominal rigidities, implies complete pass-through of cost shocks to prices. This...