El estudio de las rentabilidades de las operaciones de los insiders corporativos es un tema vigente de investigaci¢n por sus importantes implicaciones tanto cient¡ficas (sobre la eficiencia del mercado) como pol¡ticas (efectividad de la regulaci¢n del insider trading). El presente trabajo...

The current collapse of credit markets has left small and medium enterprises (SMEs) facing severe credit rationing. The practice of screening borrowers by risk level has become a paramount consideration for both lenders and firms. This paper represents the first empirical test of the screening...

This paper develops both univariate and multivariate distributions based on Gram-Charlier and Edgeworth expansions, attempting to ensure non negativity by exploiting the orthogonal properties of the Hermite polynomials. The article motivates the problems underlying some specifications (in...

We analyze the relationship between dividends and insiders' transactions in an attempt to determine whether insider trading modifies the interpretation of any signal sent by the increase/decrease in dividend payments. The aim is to determine whether insider transactions are as good signal as...

This paper introduces the Edgeworth-Sargan distribution on measuring Value-at-Risk of portfolios. The flexible parametric representation of this density makes it capable of improving the density fits (especially at the tails) and permits a straightforward method of percentile computation....

The current research examines the capacity of the Edgeworth-Sargan density on forecasting market crashes. Focusing on the 1987 stock market crash the performance of this distribution is compared to the Student's t concluding that the latter overestimates the risk. In contrast, and due to its...

We examine the influence of ownership concentration and insider ownership on the selection of corporate strategies of diversification in a scenario characterized by poor protection of shareholders' interests. We find evidence of a quadratic relationship between ownership concentration and...

Este trabajo profundiza- sobre la base del modelo de Reed y DeFillippi (1990)- en las relaciones existentes entre tres caracter¡sticas que debe poseer un recurso para generar ambigedad causal y crear barreras a la imitaci¢n, es decir, en el car cter t cito del conocimiento, la complejidad de...

La b£squeda de la eficiencia a trav‚s de la acci¢n conjunta, la cooperaci¢n y la orientaci¢n temporal es sin duda alguna una de las caracter¡sticas m s sobresalientes de las relaciones que actualmente entablan las empresas. Esta tendencia observada tiene su reflejo acad‚mico en el...