This paper presents a real options valuation model with original solutions to some issues that arise frequently when trying to apply these models to real-life situations. The authors build on existing models by introducing an innovative and intuitive risk neutral adjustment that allows us to...

This paper looks at recent developments in house purchase loans and house prices in Spain and the linkages between them. It aims at identifying deviations of these variables from their equilibrium levels, and for this purpose, we estimate a vector error-correction model. The results show that...

The term structure of interest rates is a key instrument for financial research. It provides relevant information for pricing deterministic financial cash flows, it measures economic market expectations and it is extremely useful when assessing the effectiveness of monetary policy decisions....

The termstructure of interest rates is an instrument that gives us the necessary information for valueing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decissions. However, it is not directly observable and needs...

The term structure of interest rates is an instrument that gives us the necessary information for valuing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decisions. However, it is not directly observable and needs to...

The objective of this paper is the evaluation of different Value at Risk (VaR) methodologies. In particular, four VaR methodologies (Normal, GARCH, Historical Simulation and Extreme Values (EV)), are compared for 36 indexes covering stock-exchanges worldwide. This paper proposes for the EV...

Extreme Value Theory is increasingly used in the modelling of financial time series. The non-normality of stock returns leads to the search for alternative distributions that allows skewness and leptokurtic behavior. One of the most used distributions is the Pareto Distribution because it allows...

In macroeconomics and finance, it is extremely useful to have knowledge of the Term Structure of Interest Rates (TSIR) and to be able to interpret the related data. However, independently of its latest particular application, the TSIR is not observable directly in the market and a previous...

In the present research we investigate possible predictors of the presence of women in Spanish online newspapers using an automatic content analysis over a three-month period. Results of the analysis reveal that Spanish online newspapers continue depicting women in a stereotyped manner. Women...

In this paper we present the estimation results of a dynamic panel data model that explains the dynamic behaviour of default ratios in Spain for loans extended to the household sector. We estimate the models for two alternative definitions of default and for two different loan categories. The...