Search results for "CCO"

THE CURRENT ACCOUNT OF THE SPANISH ECONOMY, 1850-2016: WAS IT OPTIMAL?

2019

espanolWe analyse the possible optimality of the path followed by the current account of the Spanish economy over a very long period of almost 170 years (1850-2016), according to the intertemporal approach to the current account and using a present-value model. In particular, from the estimation of a bivariate vector autoregression model for the current account, we attempt to assess the extent to which the latter has been used to smooth private consumption over time in the presence of temporary shocks that the economy might suffer. In general, evidence does not seem to be particularly favourable to the validity of the model over the period of analysis. EnglishAnalizamos la posible optimalid…

Development of capabilities from the innovation of the perspective of poverty and disability

2017

Abstract Poverty is a reality that is present to a greater or lesser extent in all regions of the world. Disability, like poverty, is also a reality in the society in which we live. Disability is not only a reality, but an inescapable truth, as at some point in life all people will be vulnerable and will exhibit some form of disability. When combined, poverty and disability immerse a person in more serious circumstances. Within the concept of poverty, disability means greater poverty. Based on a correct conceptualization of what poverty and disability are, this paper aims at proposing an innovative model of accompaniment, one which starts from a complete and multidimensional vision of reali…

The Economic Value of Volatility Transmission Between the Stock and Bond Markets

2008

This study has two main objectives. Firstly, volatility transmission between stocks and bonds in European markets is studied using the two most important financial assets in these fields: the DJ Euro Stoxx 50 index futures contract and the Euro Bund futures contract. Secondly, a trading rule for the major European futures contracts is designed. This rule can be applied to different markets and assets to analyze the economic significance of volatility spillovers observed between them. The results indicate that volatility spillovers take place in both directions and that the stock-bond trading rule offers very profitable returns after transaction costs. These results have important implicatio…

Why Investors Should not be Cautious about the Academic Approach to Testing for Stock Market Anomalies

2005

The ability of investors to implement seasonal strategies implied by academic papers has been widely criticized, most recently by Hudson et al. (Applied Financial Economics, 12, 681–86, 2002). This paper addresses these concerns, and provides an example of a strategy derived from academic papers that indicates how and to what profitability such a strategy can be implemented. In particular, the pre-holiday anomaly is examined, where returns tend to be higher on the day before a holiday. After checking that the pre-holiday return compensates market frictions, the existence and the changing nature of such anomaly is tested. Finally, the profitability of the pre-holiday trading strategy in an o…

A comparison of corporate social responsibility engagement in the OECD countries with categorical data

2015

This note presents a new method to compare the engagement level of the OECD countries with the corporate social responsibility (CSR) activities when achievements of their companies are described by CSR standards. We introduce the eigenvector procedure developed by Herrero and Villar (2013), applying the analysis of group performance with categorical data. We find that differences in CSR engagement across OECD countries are quite low in the top and the bottom of the eigenvector classification compared with those of the GRI index. However, there are important differences across countries placed in the middle rank of these two classifications.

Determinantes del comportamiento de queja y su importancia en la segmentación de clientes insatisfechos

2008

ResumenEsta investigación de carácter exploratorio aborda el proceso de formación del comportamiento de queja utilizando el proceso de segmentación de clientes. Consideramos que dicho comportamiento agrupa dos tipos de respuestas a la insatisfacción: las respuestas de queja y las respuestas privadas. Nuestro objetivo es conocer la capacidad que tiene la intensidad de la insatisfacción y otras variables relevantes de la literatura en la discriminación de segmentos de consumidores, con el propósito de estudiar sus comportamientos y características. La metodología de análisis CHAID ha permitido segmentar la muestra en diferentes grupos identificando los principales antecedentes de ambos tipos …

Female Institutional Directors on Boards and Firm Value

2016

The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm.…

Lobbying on Accounting Standards: Evidence from IFRS 2 on Share-Based Payments

2012

Lobbying is an essential part of the International Accounting Standards Board (IASB) standard-setting process. There is still much to learn, however, about key aspects of the roles played and arguments employed by various constituents when lobbying practices do occur. This paper focuses on the regulation of share-based payments. As these transactions were under-regulated before International Financial Reporting Standard (IFRS) 2, we expect that the strong debate that occurred during the 1990s resulted in conflicting opinions when this standard was under discussion. To analyse lobbying behaviour and assess its influence on the IASB's decision-making, we conducted a content analysis of 539 le…

The internationalization of SMEs: Building models for long-term development

2020

La influencia de la dependencia del medio en el comercio electrónico B2C. Propuesta de un modelo integrador aplicado a la intención de compra futura …

2008

ResumenEn el presente trabajo se evalúa la aplicabilidad del modelo de aceptación de la tecnología (TAM) para explicar la intención de compra de los internautas a través de la Red. Dicho modelo se completa con la introducción de una variable que ha recibido poca atención en el campo del B2C, la dependencia del internauta del medio Internet, dando lugar a un modelo integrador con mejor capacidad explicativa que el TAM clásico. Dado el carácter formativo del constructo «dependencia» el análisis se realiza mediante la técnica de mínimos cuadrados parciales (PLS). Del análisis de los resultados obtenidos de una muestra de 465 internautas no compradores españoles, se comprueba que el modelo TAM …