This article analyzes the role of liquidity in the sovereign credit default swap (CDS) market. We employ a continuous-time specification to incorporate illiquidity as an additional pricing factor of default swap contracts for the most developed economies. The illiquidity discount process is...

Inventors can commercialize innovative products by themselves and simultaneously license the technology to other firms. The licensee may cannibalize sales of the licensor, but this can be compensated by gains from royalties. We show in this paper how licenses can be used strategically to speed...

Marketing resource allocation is increasingly based on the optimization of expected returns on investment. If the investment is implemented in a large number of repetitive and relatively independent simple decisions, it is an acceptable method, but risk must be considered otherwise. The...

The present work analyses the reasons why Spanish financial entities have carried out securitisation programs in the period 2000-2007 on such a scale that Spain has become the European country with the largest issue volumes, second only to the U.K. The results obtained after the application of a...

In this paper we examine the potential existence of a similar-to-me effect in terms of skills between recruiters and applicants. Using evidence from entry exams to the Spanish Judiciary, where applicants are randomly assigned across evaluation committees, we find that committee members tend to...

This paper compares assets-based portfolio management fees to profits-based fees. Whilst both forms of compensation can provide appropriate risk incentives, fund managers´ limited liability induces more excess risk-taking under a profits-based fee contract. On the other hand, an assets-based...

The objective of our work is to analyze the evolution and actual trends of research in Supply Chain Management (SCM). We pretend to show how the different topics have been methodologically studied, and to determine how the advent of the so-called ‘New Economy’ has influenced SCM research. To...

Unionization imposes substantial costs on employers. This paper develops a model that recognizes that, as a result, employers will set wages and employment taking into account the effect of their decisions on workers' incentives to organize. This model of employer behavior allows us to address...

This paper studies the impact and effectiveness of a type of non-price promotion often used in the European periodical magazines industry to stimulate sales, in which a value pack is sold containing the magazine issue plus another product. Magazines are sold simultaneously with and without...

The equivalence between the absence of arbitrage and the existence of an equivalent martingale measure fails when an infinite number of trading dates is considered. By enlarging the set of states of nature and the probability measure through a projective system of topological spaces and Radon...