This paper analyzes the relationship between human capital and convergence with a model that takes into account the different effects of human capital accumulation on regional convergence. As an input, human capital produces convergence due to both decreasing returns and public intervention on...

This study analyses cost and revenue inefficiencies for a sample of European railway companies. On the basis of a DEA model we calculate cost and revenue inefficiencies, decomposing them into inefficiencies of a technical or allocative type. It is observed that inefficiencies in revenues are...

As a result of the publication of the Code of Corporate Good Governance in 1998, known as the Olivencia Code, some companies voluntarily created an audit committee, after the recommendation of the Code in which all companies, especially listed, were encouraged to create them. Therefore, the aim...

Although traditional immunization offers protection against parallel movements of theterm structure of interest rates (TSIR) exclusively, numerous studies have shown that thisstrategy offers near perfect immunization at an empirical level. This work reveals some of thefactors that justify this...

In view of the limited interest that external users have in financial reporting by local governments, the harmonization of their accounting standards will depend on the international convergence of their information requests for management. In that sense, this paper contributes to analyze...

The main purpose of this paper is to identify the pattern of convergence of theeconomic environments that characterise the European Local Governments. In thisregard, our findings suggest that the key factors of the environment have not tended toconverge across Europe. The convergence has taken...

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...