We model the idea that when consumers search for products, they first visit the firm whose advertising is more salient. The gains a firm derives from being visited early increase in search costs, so equilibrium advertising increases as search costs rise. This may result in lower firm profits...

Las microfinanzas han conocido un notable desarrollo en los últimos años, presentándose como un instrumento eficaz para la promoción de las personas y la solución de los problemas del subdesarrollo. Consisten en la concesión de créditos de pequeña cuantía en condiciones muy adaptadas a...

Tourism has been, and still is, a very profitable industry in Spain. But the Spanish model of tourism development, following a pattern set in the 1950s, is now in crisis. The crisis is apparent in the widespread overdevelopment of tourist resorts and residential facilities in coastal areas,...

Since Coase's (1937) pioneering article, the theory of the firm, especially in its neoclassical form, has developed tremendously. The criticisms leveled against it confirm its interest and usefulness - which is not to say that it cannot be improved upon or corrected in many respects. This...

En la actualidad, el concepto de responsabilidad social ha trasladado a la empresa la necesidad de implicarse en la lucha contra las desigualdades y la protección del medio ambiente, de forma que ya no es una función exclusiva del denominado Estado Social. En España, y para el sector...

Este trabajo concluye otro anterior centrado en la década de los noventa sobre este mismo tema. En su conjunto, los dos trabajos abarcan 18 años, por lo que pueden ofrecer conclusiones bastante contrastadas sobre el comportamiento de estos fondos. En el estudio anterior, la rentabilidad de los...

This paper provides an analysis of all the European Commission's decisions on anti-trust cases between January 1999 and February 2004. We use a unique dataset that contains information not only on the cases that were analyzed by the Commission and for which a decision was finally made public,...

This paper studies how the presence of an antitrust authority affects market-sharing agreements made by firms. These agreements prevent firms from entering each other's market. The set of these agreements defines a collusive network, which is pursued by antitrust authorities. This article shows...

I review the state of the art of the academic theoretical and empirical literature on the potential trade-off between competition and stability in banking. There are two basic channels through which competition may increase instability: by exacerbating the coordination problem of...