Managerial reputation could induce managers to make mixed blessing acquisitions for shareholders. From a managerail ability learning model, we show that managers' acquisitions may reduce the firm's solvency unless the acquisition return first-degree stochastic dominates the alternative action...

It is a well-known fact that in linear regressions involving the levels of nonstationary fractionally integrated process spuriously related, the Durbin-Watson statistic converges in probability to zero. In this paper, however, we prove using Monte-Carlo experiments that the behaviour of this...

This paper presents a useful theoretical and empirical modelling for a probabilistic evaluation of the bank risk states. Bank riskiness is related to a stochastic recursive profit function from which different positions arise. Provided that the bank's decision maker objective is to maximise a...

The aim of this paper is to provide a simulation-based analysis on the bahavior of the Durbin-Watson statistic as a misspecification test againstthe presence of unbalanced regressions among nonstationary fractionally integrated process. Theoretically, it is well-known that this statistic...

We propose a new theory of the demographic transition based on the evidence that body development during childhood is an important predictor of adult life expectancy. This theory is embodied in an OLG framework where fertility, longevity and education all result from individual decisions. The...

In this paper we analyze the long run effect of exogenous technological growth on the employment rate in a labor market with matching frictions when there is either individual or collective wage setting and different timing for setting wages, labor and capital. We obtain that the effect depends...

En este trabajo se construyen series anuales del nivel educativo de la población para España y sus regiones durante el período 1960-2011 utilizando la información que proporcionan los censos de población. Estas series actualizan y mejoran las elaboradas en de la Fuente y Doménech (2006).

This paper presents a cross validation method for selection of statistics for Approximate Bayesian Computing, and for related estimation methods such as the Method of Simulated Moments. The method uses simulated annealing to minimize the cross validation criterion over a combinatorial search...

En este trabajo se presenta una metodología para la construcción de un Sistema de Cuentas Públicas Territorializadas (SCPT) elaborado desde la óptica carga-beneficio ilustrada con cálculos preliminares para 2005. El SCPT ofrece una radiografía detallada de la distribución regional de los...

We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by...