Este documento analiza la creación de valor y la rentabilidad para los accionistas de Endesa (ELE), Iberdrola (IBE) y Unión Fenosa (UNF) entre diciembre de 1991 y diciembre de 2007. En ese período, la creación de valor para los accionistas fue (en millardos de euros): ELE, 31,2; IBE, 32, y...

Using a novel sample of foreign securities available for trade in 42 countries during the last four decades (1979-2018), we characterize the rise in importance of foreign stocks for investors in their host countries and its implications for diversification benefits across industries and...

We exploit regional windfall gains arising from the Spanish Christmas Lottery to estimate the effect of disposable income on entrepreneurial activity. We find higher firm creation in winning provinces. Our estimates imply that 46 firms are created for every €1,000 increase in disposable income...

Universal owners can systemically diffuse their investment preferences to a large share of the market. We use the unexpected release of a corporate governance expectation document by Norway's sovereign wealth fund as a natural experiment to understand how active universal investors can influence...

We study the relative importance of investor, manager, and firm heterogeneities on firms' Environmental, Social, and Governance (ESG) policies. We find that investor fixed effects explain most of the variation in ESG choices. The improvement in the model fit from adding investor effects is...