Spain has the world’s lowest business bankruptcy rate (number of formal business bankruptcies divided by number of firms). We document this fact, analyze the Spanish institutional framework and compare it with those of other European countries. We argue that a way to organize the documented...

El presente trabajo estudia la evolución de la profesionalización y la internalización de la dirección financiera en las empresas manufactureras españolas durante el periodo 1990-2006. Los datos, que provienen de la Encuesta de Estrategias Empresariales, muestran una clara tendencia hacia...

We propose a model of delegated expertise designed to analyze executive compensation. An expert has to pick one of two possible decisions. By exerting effort the expert can obtain private information on these decisions. The expert’s decision and its ultimate performance realization are...