Techniques applied to determine the value of derivatives have been recently exported in the field of investment valuation. This paper aims to provide some light to the use of a new technique in the investment valuation literature, aiming to take into account the value of flexibility. This...

This paper studies the link between wage differences and individual earnings inequality for a sample of Spanish continuously working males from the European Community Household Panel for the period from 1994 to 1998. We analyse and quantify the contribution of two labour market features that...

This research investigates the long¿run after¿performance of firms conducting seasoned equity offering in the Spanish market during the period 1993¿1999. Due to statistical and conceptual problems related to the estimation and contrast of long¿horizon returns, we analyse the robustness of...

Traditional efficiency measures neglect bank risk and, even when risk is accounted for, do not differentiate between the portion subject to managerial control (¿internal¿) versus the portion that is exogenous and is part of a changing environment (¿external¿). This paper proposes a new...

Determining the degree of informational asymmetry is a major topic in the literature of modern microstructure. In this paper, we review and analyze the suitability of the models for estimating the probability of informed trading [Easley et al., 1996; Nyholm, 2002, 2003]. The empirical analysis is...

This paper extends Wirl and Dockner¿s (1995) model designed to analyze the long-term bilateral interdependence between a resource exporting cartel and a coalition of resource importing country governments. Firstly, depletion effects are introduced into the analysis of the intertemporal...

This article analyzes the efficiency of Comunitat Valenciana (Spain) local governments and their main explanatory variables. The analysis is performed in two stages. Firstly, efficiency is measured via (nonparametric) activity analysis techniques. The measurement techniques also enable the...

Credit institutions provide financial intermediation services indirectly measured(FISIM). The consideration of those services by national accounts raise many problems.SEC-70 and SEC-95 (chapter 3) decided to include FISIM in a fictitious sector. Thissolution does not seem to be the best one as...

This paper analyzes the dynamic behavior of price changes in the Spanish futures market and its determinants using data on transactions observed during several days. The econometrictechnique is the ordered probit, which allows the accommodation of the main characteristics of the data: price...

This paper aims to analyse the factors affecting exchange ratedetermination for the Spanish peseta. Nevertheless, this is not its onlyobjective. Two different models have been estimated using the cointegrationmethodology. One of them includes Spanish variables and aggregate...