This paper presents the first results of a broader research carried out by the Instituto Valenciano deInvestigaciones Económicas (IVIE) on public capital and regional development in Spain. An estimation ofpublic capital endowments, for the years 1980, 1985 and 1990, is obtained, for the first...

El documento analiza la posibilidad de efectos umbral en el crecimiento asociados con la intensidad de capital público. Se estima un modelo de crecimiento de Solow aumentado con capital humano usando datos de los estados estadounidenses para el período 1969-86, rechazándose la existencia de...

This paper analyzes the consequences of financia1 innovation on investment,particularly the leasing case. The aim of this study is to identify and analyze the influence of the (fiscal, regulatory and market) factors, which have given a relative advantage to leasing, leading to an increase in...

The aim of this paper is to analyze the role of public capital, specially the role played by the different types of infrastructures and their territorial distribution in the productivity gains of the Spanish private sector. The analysis is carried out starting from an estimation of Spanish...

The seasonality of rates of return, present in nearly al1 world stock markets, seemsto contradict the efficiency hypothesis. The Spanish case, with a marked daily and monthly seasonality, is not an exception. This is analyzed using daily returns for the 1985-1992 period and monthly ones for the...

Este trabajo analiza el efecto del precio de las acciones extranjeras enlos mercados nacionales. El método que aquí se propone identifica, para cadauno de los mercados estudiados, dos elementos distintos hasta ahora nodiferenciados: primero, la importancia de un mercado atribuible a...

The aim of this paper is to identify strategic groups in a sector using security pricesas a starting point. The initial assumption is that the co-movement of certain common stocksprice residuals, once the effects of the market and industry have been removed from thereturns, show the existence of...

The expansion and intensification of banking competition, which has occurred inSpain during the last ten years, has allowed banks and savings banks to define theircompetitive strategies with more freedom. This paper analyzes the similarities andthe differences in their product mix along with its...

This paper analyzes changes in capital structure behavior in a sample of Spanish venture capital (VC) backed companies that may occur after a VC investment due to the certification effect provided by VC investors. Our results show significant changes in determinants such as tangibility, size and...

We evaluate the quality of prices of the EU-ETS, the most active European derivative market for greenhouse gas emissions allowances (EUAs). So far, this market has had two phases, a trial phase (from 2005 to 2007) and a commitment phase (from 2008 to 2012). The true value of a trial-phase EUA at...