This paper analyzes the factors determining transactional exchange rate hedging with foreign currency debt for a sample of 56 Spanish non-financial companies listed in 2004. In particular, we analyze the variables that determine the decision to hedge with foreign currency debt as well as hedging...

The present paper analyses the reasons why Spanish quoted firms use derivatives to hedge against exchange-rate risk. Through the application of a Tobit model, the obtained results show that the variables related to the creation of value and the existence of scale economies are the main factors...

In current financial practice, a variety of both absolute and relative profitability measures are being used which implicitly involve a great contradiction on their very definition: they apply market costs of capital to resources quantified by accounting value. Our purpose is to indicate how...

This paper analyses some of the theoretically suggested determinants of the derivatives usage in the Spanish life insurance industry, focusing on the agency theory and the maximization of the firm value. The empirical study is based on data provided by 28 insurers. Empirical results for the...

Recently, global credit derivative markets have expanded very fast. The banking sector is a major user of this type of product. We intend to study the reasons why European banks use credit derivatives, analyzing to what extent the use of credit derivatives can be predicted using hedging...

The search for measures or criteria to determine the economic and financial performance of a company is ever present in the scientific and professional realm. In recent years there has been, in our opinion, a new element introduced into the equation which is the desire of the giant international...

The purpose of this paper is to empirically analyze the determinants of the Spanish public universities to generate patents. The empirical study is based on data of 47 Spanish public universities. First, we use a factorial analysis, which allows us to differentiate between two main factors that...

We analyze the determinants of Europeans' retirement savings' for a sample of 4,526 individuals in 8 European countries. Our results show that the driving forces of the decision of saving for retirement are quite similar. This decision is positively related to the individuals' age, financial...