This paper aims to study international differences in accounting conservatism, excluding the effect ofearnings management practices across three European countries (France, Germany and United Kingdom).These countries not only belong to different accounting regulatory regimes but also present...

In the light of the Agency and Signalling Theories, the aim of this paper is to analyse the relationship between investors and private equity managers in order to identify the factors that affect the latter's reputation. Since there are no individual references about their past returns, the...

This paper analyses whether the impact of European shocks in the Spanisheconomy has increased after the entry of Spain in the European Community. UsingVAR models, we try to disentangle whether the change in the importance of Europe isdue to a change in the size of the shocks or in the...

This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the...

The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital structure. We carry out an empirical analysis over a panel data of 6482 non?financial Spanish SMEs along the five-year period 1994?1998, modelling the leverage ratio as a function...

In this paper a hierarchic Gamma model for the Bayesian analysis of unemployment duration with covariables is proposed. We modelize the risk function of each individual with the corresponding to a Gamma distribution associated with its covariables by means of a non-deterministic relationship...

We study the incentive problem between the owners of a firm and its CEO's due to the unobservability of the manager's actions. Our model departs from the literature in two ways. First, we acknowledge that, in contrast with standard repeated moral hazard models, actions taken by CEO's have a...

The study focuses on the analysis of market orientation and its effects on two of the most significant sectors in the Valencian Community: the ceramics sector and the tourism sector. Particularly, there arises the need for companies in these sectors to adopt market orientation as a management...

This paper treats of a public investment project in an important area named themediterranean arc. Specifically, it is dedicated to design and value an expansion projectof a shipping port. The valuation methodology is based on the contingent claimsanalysis, using equilibrium arguments. This...

The paper examines the origin of the differences in the wage distribution between native-born and immigrant workers in the Spanish labour market, paying special attention to the effect of immigrant segregation into low-paying occupations and firms. Our evidence reveals that immigrants from...