The advent of the knowledge economy has transformed the behavior of economic agents and the nature of transactions. In particular, the increase of knowledge based transactions not associated with monetary flows is weakening the significance of traditional measures of economic dynamics like gross...

Traditional risk-adjusted performance measures, such as the Sharpe ratio, the Treynor index or Jensen’s alpha, based on the mean-variance framework, are widely used to rank mutual funds. However, performance measures that consider risk by taking into account only losses, such as Value-at-Risk...

We study the effect of standardized external tests on students’ academic outcomes. We exploit the fact that only one of the 17 Spanish regions started doing and publishing the results of standardized tests in 2005 and apply a difference-in-difference methodology using outcomes of the PISA...