Se estudia la organización del sistema bancario costarricense durante el periodo 1997-2009 desde el punto de vista de los ahorros en costos de la producción conjunta versus la especializada a través del cálculo de economías de ámbito. Se estima una función de costos translogarítmica para...

I estimate a translogarithmic cost function for the Costa Rican banking industry from which I analyze the presence of economies of scale by bank and market segment (public or private) for the period of 1997-2009. I conclude that the public banks have higher overall economies of scale than the...

English Abstract: We measure impact of real estate housing prices on household consumption and investigate channels in operation, making use of panel data from Korea. Our baseline finding is that households expand their consumption by 0.194 percentage points in response to a 1 percentage point...

Understanding firm constraints in Ramp;D expenditures is a key component to addressing broader economic goals. We investigate the role of local intensity of university-industry knowledge spillovers on the amount of firm Ramp;D expenditure. To investigate this issue we use firm-level dataon...

We analyze firms' investment behavior, differentiating firms according to the cash flow levels they experience during their lifecycles. We consequently consider the firm as the basic unit and not firm-year observations. Firms with persistent positive cash flow show higher investment-cash flow...

Behavioral finance has emerged as a new paradigm in financial economics. It deals primarily with the influences of psychology on market finance and with market inefficiencies. The field of psychology, already very present in organizational psychology and decision-making, is slowly opening up...

This paper examines strategic investment in the context of a duopolistic continuous-time real options game. Our contribution is twofold, economic and methodological. The former is the recognition that, under fixed costs of investment and time-to-build, the firm pays a fraction of the implicit...

The neoclassical q-theory is a good start to understand the cross section of returns. Under constant return to scale, stock returns equal levered investment returns that are tied directly with characteristics. This equation generates the relations of average returns with book-to-market,...