We evaluate the quality of prices of the EU-ETS, the most active European derivative market for greenhouse gas emissions allowances (EUAs). So far, this market has had two phases, a trial phase (from 2005 to 2007) and a commitment phase (from 2008 to 2012). The true value of a trial-phase EUA at...

Whatever derivative contract has a finite life limited by their maturity. The construction of long series, however, is of interest for academic, hedging and investments purposes. In this study, we analyze the relevance of the choice of the rollover date on European Union Allowances (EUAs) and...

The listing of a new asset requires the knowledge of its statistical properties prior to its use for hedging, speculative or risk management purposes. In this paper, we study the stylized facts of European Union Allowances (EUAs) returns. The majority of the phenomena observed, such as heavy...

Evidence of the existence of overeducation in the Spanish labour market has drawn the attention of research on the transitory character of overeducation (Alba-Ramirez, 1993 and García and Malo, 1995). Our main interest lies on whether overeducation is a source of inefficiency in the allocation...

This paper documents evidence of size clustering behavior in the European Carbon Futures Market and analyzes the circumstances under which it happens. Our findings show that carbon trades are concentrated in sizes of one to five contracts and in multiples of five. We have observed the existence...

This working paper researches the intertemporal relationship between the Ibex-35 index and Ibex-35 index futures, using sampling intervals of 1, 5 and 15 minutes. The primary objective is to determine whether movements in the futures lead subsequent movements in the index or vice versa. Next, we...

This paper examines the influence of Spanish major political events on the stock market performance. The analytical results demonstrate that there are no systematic differences in excess returns in the last two years preceding an election, that market responses are of the same magnitude when...

The analysis of the determinants of the individual wage income can be transfered to the total domestic income from the point of view of the human capital. This paper analyzes the effects that a group of variables, relative to sociodemographic and labour attributes, exerts on the total income...

This paper carries out a household classification in the framework of the Social Accounting Matrix. Bearing in mind the enlargeinent proposals of the National Accounts System of the United Nations, a first classification of Spanish households in accordance with certain demographic...

This paper implements the conceptual framework sketched by Pyatt (1990) to construct an extended Social Accounting Matrix for Spain in 1995 (ESAM-95) to consider, in addition to the market economy, the production of services provided by households through unpaid work. In doing so, the ESAM-95...