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...

Increased competition and the attempts of European banks to increase their presence in other markets may have affected the efficiency and credit risk. The first of this aspects is based on the incentive to the banks to reduce cost in order to gain in competitiveness. The second is associated to...

The main aim of this study is to analyze the factors that can favor the international performance of new companies. Specifically, the paper studies the influence of market orientation on the generation of marketing capabilities, as well as the role of these capabilities in the international...

This paper analyzes the effect of the power of the chairman and CEO on firm risk. As proxies of power several variables have been employed: the fact that a person accumulates both the CEO and the Chairman titles, the fact of CEO or Chairman being founders, their tenure, their shareholding and...

In this work, we propose the use of Artificial Neural Networks (ANNs), with theobjective of predicting the volatility of peseta exchange rate. Firstly, we perform anexhaustive analysis of the forecasting ability of ANNs by comparing them against otherARCH-type models. The results suggest that...

Hypothesis testing and statistical precision in the context of nonparametric efficiency and productivity measurement have been investigated since the early 1990s. Recent contributions focus on this matter through the use of resampling methods?i.e., bootstrapping techniques. However, empirical...

This paper analyses the regional wages in Spain and tests their relationship with the different regional human capital endowments, using an approach that takes into account the possible measurement error in human capital indicators. The results indicate that, when allowing for the possibility of...

Recent studies have extensively used logit or probit models to examine hypothesis on merger motives and corporate bankruptcy. In this paper we analyze some methodological issues of using binary choice models in this framework and it is proposed an alternative methodology: The Multinomial Logit...