We study empirically the determinants of public tomb prices in a sample of Spanish towns. We document strong evidence in favor that cemeteries act as local monopolies that use second degree price discrimination to maximize profits. Additionally we report that local cemetery prices react to...

From a reactive, antagonistic stance towards environmental regulations, many firms have evolved to act in a pro-active fashion to integrate environmental issues into their core strategies. Using measures of different corporate governance instruments that proxy for the ability of managers or...

We report evidence that Product Market Competition is positively associated to widely-used Corporate Social Responsibility ratings. In particular we show that different market concentration measures are negatively associated to social impact ratings. We also provide evidence that changes in...

This paper brings two important topics of corporate environmental management and corporate governance by exploring the impact of various governance mechanisms on the level of environmental performance that is realized by firms. We hypothesize that anti-takeover amendments and provisions that...

(WPE 11/03 Clave pdf) En este WP se estima el efecto económico de la piratería en el sector de la música, que es el que más ha sufrido este fenómeno y sobre el cual se dispone de datos más antiguos (lo que permite hacer un estudio más fiable). Los resultados obtenidos pueden ser un...

This paper estimates the average effect of regulatory intensity and administrative redtape on productivity and innovation. For this purpose we exploit the exogenous variation of the decentralization process that has taken place in Spain during the last three decades. Using objective proxies for...

Abstract: We study the effect of product market competition on the incentives to engage in earnings manipulation and we find that they crucially depend on the level of visibility of firm real activity in the marketplace. If investors can perfectly observe real firm output and sales, then CEOs...

(WP03/02 Clave pdf) This paper investigates the sources of variability of MNC performance in different areas of the world, particularly the influence of corporate-level factors, the geographical areas, and their specific industries. The key goal is to measure to what extent MNC corporate-level...

(WP05/02 Clave pdf) This paper investigates the antecedents of intra-organizational trust and, more specifically, how the frequency of communication between trustor and trustee moderates the impact of these factors on perceived trustworthiness. Data on 157 dyadic relationships among 50 senior...

We investigate how the family status of owners, CEO, and top management team (TMT) determine CEO´s perceptions regarding the benevolence of his/her TMT and how in turn these perceptions of benevolence-based trust influence the nature of TMT control and incentive mechanisms. Using a sample of...