This paper examines the equilibrium relation, within the non-specialized area, between the current account and the terms-of-trade in a two-country/sector growth model. Along a convergent eqirilibrium path, this relation can have any sign depending on the trading sectors' relative factor...

In this paper, we endogenize the decision of a research laboratory that owns a patented process innovation on whether to remain independent as an external patentee or to merge with a manufacturing firm, becoming an internal to the industry patentee. We show that a merger is profitable only for...

This paper provides an explanation of the evolution and persistence of the gender wage gap due to differences in training within the framework of an overlapping generations model with intergenerational transmission of preferences. "Job-priority" and "family-priority" preferences are considered....

We analyze the roles of the government and the incumbent in preventing piracy, and the reasons and incentives why a pirate would want to be a leader in prices. The framework of analysis used is a duopoly model of vertical product differentiation with price competition, where both incumbent and...

Power indices are meant to assess the power that a voting rule confers a priori to each of the decision makers who use it. In order to test and compare them, some authors have proposed "natural" postulates that a measure of a priori voting power "should" satisfy, the violations of which are...

We analyze merger policy in an industry where firms participate in a non-tournament R&D competition. We conclude that merger policy should be, in general, less restrictive in high technology markets (pharmaceuticals and telecoms), because mergers reduce the wasteful duplication of R&D...

The poor stock price performance of firms that raise capital through seasoned equity offerings is one of the recent puzzles in financial literature. In this study we investigate whether pre-issue earnings management can explain these results for rights issues in Spain. Consistent with this...

In this paper, we vindicate the relevance of the notion of success or satisfaction for the normative assessment of voting rules. We provide arguments in support of this view and emphasize the conceptual and analytical differences between this notion and that of decisiveness. The conclusions are...

We analyze a multi-issue bargaining model where the joint production of public goods is budget-constrained. The players must decide the part of the budget that is dedicated to produce any public good. We model the decision process as an alternating offer bargaining game with random proposers....

We deal with a cost allocation problem arising from sharing a medical service in the presence of queues. We use a standard queuing theory model in a context with several medical procedures, a certain demand of treatment and a maximum average waiting time guarantee set by the government. We show...