This paper studies the identification of the costs of simultaneous search in a class of (portfolio) problems studied by Chade and Smith (2006). We show that aggregate data from a single market, or disaggregate data from a single market segment, do not provide sufficient information to identify...

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

We model the idea that when consumers search for products, they first visit the firm whose advertising is more salient. The gains a firm derives from being visited early increase in search costs, so equilibrium advertising increases as search costs rise. This may result in lower firm profits...

This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiated products and consumers search the market for satisfactory deals. In the pre-merger market equilibrium, all firms look alike and so the probability a firm is next in the queue consumers...

I review 150 textbooks on corporate finance and valuation published between 1979 and 2009 by authors such as Brealey, Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Arzac¿ and find that their recommendations regarding the equity premium range from 3% to 10%, and that 51 books...

During 2008, only 2 of the companies included in the Dow Jones (Wall Mart and McDonalds) created value, while in 2007 16 of these companies did it. The market value of the 300 companies was $2.9 trillion in 2008 and $4.4 trillion in 2007. The top shareholder value creators in 2004 were Exxon,...

Este documento contiene más de treinta errores y disparates sobre valoración de empresas: la mayoría están más relacionados con la ausencia de sensatez que con la técnica. En julio de 2008, un Magistrado estableció que el valor razonable de las acciones de una admirada y rentable empresa...

Este documento contiene un ranking de las gestoras realizado comparando la evolución de sus fondos desde 1994 hasta 2009. Una gestora ha sido mejor que otra cuando sus fondos han obtenido menor diferencia con los mejores de su categoría (en media y corrigiendo la diferencia con la dispersión...

En 2009, la rentabilidad del IBEX 35 fue del 38,3% y hubo 89 empresas (entre 125) con rentabilidad positiva. Considerando conjuntamente los años 2009 y 2008, sólo diez empresas tuvieron rentabilidad positiva. Las 125 empresas crearon valor para sus accionistas por importe de 100 millardos de...

We compute the correlations of the annual stock returns (1989-2008) of the Dow Jones companies with a) Rm; and with b) Rm; and find that the second correlation (assuming beta = 1 for all companies) is higher than the first one, on average, and for all companies except Caterpillar and General...