This paper analyzes Stiglitz and Weiss pure rationing model, and showshow the presence of informative assymmetry is a necessary but not a sufficientcondition for the existence of equilibrium with rationing. It proves that thebehaviour of banks -the maximization of expected loans efficiency- is...

This paper tests the sunk costs explanation for hysteresis in exports using a sample of Spanish manufacturing firms for the period 1990-2000. The data are drawn from the Spanish Encuesta sobre Estrategias Empresariales. To obtain consistent estimates for sunk costs, we control for all other...

Transformations in the socio-economic environment of the companies lead them to more flexible employment policies and other changes in their human resources management practices. In this context it is important to clarify the role of several environmental and personal variables that can...

This paper analizes the main aspects that have helpedto shape the process of mechanization of valencian agriculture. Thetime path of severa1 mechanization indexes have been taken intoaccount for the 1961-88 period and differences in machinery use atsubregional level have also been stu-died. A...

The aim of this work is twofold: on the one hand, to demonstrate the utility of the actuarial balance as an element of transparency, an indicator of the solvency, sustainability and financial solidity of the pay-as-you-go system and a tool capable of providing positive incentives to improve the...

The objective of this study is to examine the relationships that exist among the attributions, the affect and behavioral intentions of consumers who suffer delays in services. As a new element, we propose to consider two emotional reactions: anger and dissatisfaction. The methodology employed is...

There is empirical evidence in the finance literature showing that informationincorporated in the consensus estimate of earnings per share (EPS) is efficiently reflected byshare prices while the market is quite inefficient in discounting consensus shifts. In thissituation, it is possible that...

The objective of the study is to analyse the performance of firms involved inphilanthropic and commercial sponsorship, and to identify its key determinants. Themethodology applied uses the event study to estimate the excess returns generated on the sharestrading on the Spanish stock market,...

The aim of this paper is to analyze whether some of the empirical implications of the Berger and Udell's (1998) financial growth cycle hold. We use a sample of 22.842 observations for year 2003 and test several hypothesis through MANOVA analysis. Results show that companies tend to have...

The aim of this paper is to analyse the efficiency of the travel agencies operatingin Spain, and to examine the determining factors of such efficiency, in terms of verticalintegration, market concentration, size and performance. The methodology employed is based on different techniques for the...