We consider a number of individual, discrete consumers, deciding their location on Hotelling's line in a non-cooperative way. Agglomeration emerges as a non-cooperative equilibrium, implying high transportation costs. No restriction is required concerning the functional forrn of transport costs...

We use conjoint analysis to analyze consumer preferences on protected naturalareas, including the reduction of the risk of fires. Three attributes are considered:biodiversity, dimension of the natural area and the economic contribution that wouldhave to be made for its maintenance and...

The World Health Organization estimates that 300 million clinical cases of malaria occur annually and its incidence increased during the 90's. There are basically two factors behind the incidence of malaria: "geographical destiny", or ecological conditions, and social conditions, which are...

The implantation of the Euro in the eleven of the EU has driven the big banks to expand their presence in other European countries, which may have negative consequences on their credit risk in view of the disadvantages involved in entering new markets. The aim of this paper is to analyse the...

This paper makes an approximation to the efficiency problemin the Spanish stock market. After presenting a characterizationof the real monthly output for the period 1941-1989, it analyzesthe seasonality, the volatility of share prices in relation tothe dividends they generate and, finally, the...

This paper analyses the effect of bank relationships on the interest rate and personaland real guarantees borne by a sample of small and medium-sized enterprises in theirindebtedness. The results of this paper indicate that the SMEs that work with fewer financialintermediaries obtain debt at a...

This paper analyses the evolution of competition in the Mexican banking system in the period 1993-2005, a period of deregulation, liberalization and consolidation of the sector. For this purpose we use two indicators of competition from the theory of industrial organization (the Lerner index and...

The objective of this study is to examine the rivalry within and between strategic groups in a given industry. Current literature on the topic suggests that the empirical evidence presented, so far, might well be biased by systematic errors in the measuring of rivalry. As a novelty, the method...

There is extensive empirical research on the potential destabilizing effects of futures trading activity on spot market volatility. Rather than just focussing on spot volatility, this paper deals with the contemporaneous relationship between futures trading volume and the overall probability...

The main purpose of this study is to analyse interest rate sensitivity of the stockreturns of the Spanish bank holding companies. The results seem to indicate that thebanking system was not sensitive to interest rate risk for the period of December 1962to May 1996. An interesting alternative...