El presente documento estima la curva de rendimiento del overnight index swap (OIS) del área del euro —considerada como la curva de rendimiento libre de riesgo en la eurozona—utilizando un modelo afín de la estructura temporal de los tipos de interés. Para ello, ampliamos el procedimiento...

Artículo de revista ; En este artículo se describen los diferentes modelos de plataformas de financiación participativa de crédito para consumo que actualmente operan en España, y se analizan su desarrollo y sus principales características a partir de la información granular que...

Artículo de revista ; This article describes the different consumer credit crowdfunding platform models that are currently operating in Spain and analyses their development and their main characteristics by drawing on granular data publicly available from two of the platforms operating in...

Investigamos la manera en que los equipos influyen en la extrapolación de rentabilidades, un sesgo en la formación de creencias que es generalizado a nivel individual y crucial para los modelos conductuales de valoración de activos. Utilizando una muestra de gestores de fondos de inversión...

We study the link between beta predictability and the price of risk. An investor who desires exposure to a certain risk factor needs to predict what next period's beta will be. We use a simple model to show that an ambiguity averse agent's demand is lower when betas are hard to predict, leading...

Whether teams attenuate or exacerbate the behavioral biases which are pervasive at the individual level is an open question. To address this question, we use the mutual fund industry as a laboratory. Our focus is on how return extrapolation, a bias in investor behavior that has received...

This article describes the different consumer credit crowdfunding platform models that are currently operating in Spain and analyses their development and their main characteristics by drawing on granular data publicly available from two of the platforms operating in Spain. The article shows...

Investors leave large amounts of money on the table when investing in index funds, a popular investment product that accounts for 40% of equity funds. I show that even though high fees strongly predict poor performance, investors have little sensitivity to fees. This can be explained by fund...