In the last years, the financial markets have been affected by many events: deregulation, liberalization, globalization and many financial and technological innovations. Each of these events has influenced the condition of competition faced by the banks. In addition, as market power has...

We study the issue of integrating real and financial decisions in a monopoly firm with risk-averse decision-makers. To that end, we combine the decisions of the firm and of the shareholders in a very simple but robust model, with uncertainty in the real market and CARA preferences. We show the...

We study the influence of the financial market on the decisions of firms in the real market. To that end, we present a model in which the shareholders’ portfolio selection of assets and the decisions of the publicly-traded firms are integrated through the market process. Financial access...

We study the influence of the financial market on the decisions of firms in the real market. To that end, we present a model in which the shareholders’ portfolio selection of assets and the decisions of the publicly traded firms are integrated through the market process. Financial access...

This paper is about the Spanish Electricity Market after liberalisation. The analysis focuses on finding if the market has become as a Perfect Competition regimen or on the other side, he still continues as a regimen in wich a high output supply concentration and high power market appears, not...

Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....

Numerous celebrated economists have pointed to the discipline's failure to adequately explain markets and how prices are formed. This paper addresses that deficiency. It considers the basic function of a market, defined as to coordinate the supply of a product with demand via movements in price....