Using a Markov regime switching model, this article presents evidence on the well-known January effect on stock returns. The specification allows a distinction to be drawn between two regimes, one with high volatility and other with low volatility. We obtain a time-varying January effect that...

This article proposes an extension of Dixit (1989, Quart. J. Econ.), assuming that potential exporting firms benefit from the experience of firms already settled in the foreign market which allows the sunk cost to diminish. In general, the numerical results show that hysteresis is lower as...

Using a Markov regime switching model, this article presents evidence of the well-known January effect on stock returns. The specification allows a distinction to be drawn between two regimes: one with high volatility and another with low volatility. We obtain a time-varying January effect that...

En este trabajo contrastamos estadísticamente los efectos que tienen sobre la tasa de crecimiento de la infraestructura pública regional las combinaciones de partidos gobernando simultáneamente en los Gobiernos central y regional. Utilizamos datos de panel para las Comunidades Autónomas...

Using a simple Markov regime switching model, a time-varying measure of the effect of the return on a Latin American portfolio on the Spanish stock returns is obtained. The evidence can be summarised as follows. First, the effect is positive but not very large. However, it has increased since...

This article analyses the effect of subsidies and awards on the Spanish motion picture industry. We estimate a Cobb-Douglas production function using regional data and show that Spanish motion picture industry exhibits constant returns to scale and that awards positively affect movie production...

We analyze a model where an exporting firm competes a la Cournot in a foreign market. The firm faces exchange rate uncertainty and has the option to invest abroad. The paper contributes four results. First, real option pricing techniques are used to derive the optimal timing rule of the...