This article examines the determinants of the equilibrium number of entrepreneurs and the level of productivity in economies where individuals make occupational choices between being self-employed or working as an employee. The results of the theoretical model explain some observed empirical...

This paper examines the contribution of entrepreneurs to productivity growth with data from Spanish Autonomous Communities (CA). The empirical analysis borrows from the theories that explain the existence and functions of entrepreneur as a result of division of labour when people differ in their...

This paper extends the Lucas (1978) model of occupational choices by individuals with different skills, beyond the simple options of self-employment or wage-employment, by including a second choice for the self-employed. That is, an option to hire employees and so become self-employed with...

This paper uses a stylized agency model to evaluate the economic efficiency of options contracts. The model allows us to compare the expected pay-off of shares and options when agents are risk-averse and they have a cost for supplying effort. We find that in the cases where options are preferred...

This paper examines the effect of organizational distance (i.e. distance between the headquarters of the bank that grants a loan and the location of the borrower) on the use of collateral for business loans by Spanish banks on the basis of the recent lender based theory of collateral [Inderst...

This paper examines the determinants of economic value and investment behavior of Spanish banks under the theory of investment for a multi-asset firm, focusing on three key issues: i) the distinction between immaterial and intangible assets and how each of them is related to the economic value...

This paper contains estimates of physical and intangible (information technology, advertising and training) capital stock, together with capital, labor and externally provided input services, of Spanish commercial and saving banks in the period 1983 to 2003. Capital stocks are valued at...

From Spanish bank level data for the period 1983 to 2003, this paper provides evidence on the contribution of banks' inputs to the output and the demand of banking services. Particularly, the paper studies the role played by labour, physical capital (investment per branch and number of branches)...