This paper investigates the most important calendar anomalies in a market that have received very little attention by researchers. The anomalies investigated are the day of the week, turn of the month, turn of the year, and holidays. The methodology we propose allows to simultaneously...

This paper explores why Spanish banks internationalise and why Latin America has been the main region for the international expansion of BBVA and Santander. It shows that prior to 1986 Spanish banks had a limited presence abroad, and analyses the main drivers of this initial expansion...

The payments and securities settlement system is the infrastructure (comprising institutions, instruments, rules, procedures, standards, and technical means) established to effect the transfer of monetary value between parties discharging mutual obligations. A securities clearance and settlement...

In the Latin America and Caribbean Region (LAC) efforts to raise the awareness of the importance of modernizing national payments systems were formalized in 1999 through the "Western Hemisphere Payments and Securities Clearance and Settlement Initiative" (WHI), dedicated to the assessment of...