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Publications (57)
Purpose
This paper aims to study the impact of consumers’ corporate social responsibility (CSR) associations on corporate financial performance and the moderating role of market competition.
Design/methodology/approach
The panel data set is analyzed using a random effects regression model. The analyzed data is based on the unique RepZ Responsibili...
The study analyses the real-life results from the DJSI World selection process and investigates whether companies are treated differently because of sectoral or geographical diversification needs of the index; furthermore, the question whether its methodology penalises ESG-related irresponsible corporate activities is investigated. The last is an i...
Efficient and effective management of public resources is essential at all levels of government. This issue has gained momentum due to the strains that affected public sector finances after the onset of the 2007/08 crisis in many countries, particularly in Europe. In this article, we evaluate the influence of environmental variables that affect loc...
This article presents a set of indicators to measure regional trade integration, focusing on the case of the European Union. We propose measures of openness, connectedness and integration which are tuned to evaluate not only how these components contribute to the advance of international integration, but also to control for the potential threat pos...
Mathematical programming has been extensively used to account for risk in farmers' decision making. The recent development of the positive mathematical programming (PMP) has renewed the need to incorporate risk in a more robust and flexible way. Most of the existing PMP-risk models have been tested at farm-type level and for a very limited sample o...
Social rating agencies implement complex filters to identify the companies with the best sustainable and social performance and help investors select the companies for their sustainable portfolios. This study analysed whether companies that are defined as ethical, sustainable and socially responsible by those agencies actually deserve this label. M...
This paper focuses on multiproduct trading with indivisibilities and where a representative agent may have non-monotonic preferences. In this framework, the set of firms’ profits (which comes from efficient subgame perfect Nash equilibria) is the Pareto frontier of some projection of the core of the game. We show that under monotonicity efficient s...
A main problem for socially responsible investors is deciding which companies should be included in their investment portfolio. Small investors may decide not to invest in companies they know are not behaving responsibly. Therefore, discredited companies will not be included in their portfolios, as they will understand those companies cannot be def...
We analyze the links between banking integration and economic development for a sample of OECD countries. We measure banking integration considering indicators that merge not only openness but also connectedness with other banking systems. We plug these indicators into income regressions, also controlling for other relevant variables considered by...
Agricultural production is characterized for being a risky business due to weather variability, market instability, plant diseases as well as climate change and political economy uncertainty. The modelling of risk at farm level is not new, however, the inclusion of risk in Positive Mathematical Programming (PMP) models is particularly challenging....
L'objectif de ce chapitre est de formuler, estimer et tester une méthodologie robuste pour la modélisation explicite du risque dans un modèle d'exploitation agricole individuel à l'échelle de l'UE.
This paper focuses on oligopolistic markets in which indivisible goods are sold by multiproduct firms to a continuum of homogeneous buyers, with measure normalized to one, who have preferences over bundles of products. By analyzing a kind of extended contract schedule (mixed bundling prices), the paper shows that pure strategy efficient equilibria...
This article aims to analyze whether investing in international assets, and fluctuations in their own currencies, allow the possibility of structuring diversified investment portfolios that would not only maximize the expected return, but also minimize risk. For this,it is evaluated the impact of currency risk on the profitability of investment por...
Mass appraisal, or the automatic valuation of a large number of real estate assets, has attracted the attention of many researchers, who have mainly approached this issue employing traditional econometric models such as Ordinary Least Squares (OLS). However, this method does not consider the hierarchical structure of the data and therefore assumes...
Los humedales costeros valencianos se distribuyen a lo largo de la costa mediterránea, presentando una
variabilidad en su extensión y características actuales consecuencia de los usos tradicionales que tuvieron los terrenos adyacentes durante el pasado y los llevados a cabo actualmente. A partir de 1986, se comenzaron a implantar figuras de protecc...
El lago de la Albufera de Valencia y su marjal circundante es uno de los humedales más importantes de nuestra península, por su intrínseco valor ecológico, por ser zona de invernada de aves acuáticas y por la producción y cultivo estival de arroz, catalogado como zona RAMSAR e incluido en la red NATURA 2000. A pesar de ello, la laguna en sí misma e...
El lago de la Albufera de Valencia y su marjal circundante es uno de los humedales más importantes de nuestra península, por su intrínseco valor ecológico, por ser zona de invernada de aves acuáticas y por la producción y cultivo estival de arroz. A pesar de ello, la laguna en sí misma está muy alterada de su estado natural y presenta desde hace ca...
There are many economic agents interested in valuing big amounts of real estate assets. One of these agents are the financial institutions, which must value their vast mortgage portfolios periodically. In this paper we analyze the use of the Hierarchical Linear Model to value real estate portfolios. This model gives valuable information compared wi...
This article explores how trade integration has advanced over the last four decades and what the foreseeable future holds, among other related questions. To this end, we consider certain methods which have scarcely been used in the literature on trade integration. First, we measure trade integration through a set of indicators which control not onl...
Purpose
This paper aims to analyze the role played by two dimensions of entrepreneurs' private social capital in the survival, growth and innovativeness of entrepreneurial service ventures: local size and preferential attachment degree.
Design/methodology/approach
Data were collected by a questionnaire, the unit of investigation being the private...
Venture Capital only backs firms for a short period of time. When the time to exit arrives, the firm must inevitably be valued in order to obtain a basis for negotiating the exit price. Discounted cash flow is precisely one of the valuation methods that are used most by Small and Medium-sized Enterprises (SMEs).
This paper presents a model for the...
Purpose
The aim of this paper is to analyze the compatibility between entrepreneurial and social attitudes. Specifically, it seeks to analyze whether subjects with a more developed economic entrepreneurial attitude exhibit a less social attitude.
Design/methodology/approach
The methodology integrates an economic experimental approach with a standa...
Purpose
The aim of this paper is to analyze the impact of an entrepreneur's social capital on their access to information, and how such access improves the performance of their entrepreneurial project.
Design/methodology/approach
A structural equations model (SEM) is estimated and validated from a database including information from 282 Argentinea...
This working paper presents a set of indicators to measure regional trade integration, with a special focus on the case of the European Union. We propose measures of openness, connectedness and integration which are tuned to evaluate not only how these components contribute to the advance of international integration but also to control for the pot...
The aim of this paper is twofold. First of all, we participate in the open discussion on the nature of social capital and we show that the one-dimensional approach is not enough to capture the complex nature of social capital. Second, we present, implement and validate a specific three-dimensional measurement tool that can be used to analyze the ro...
One of the most remarkable features of globalization is that advances in technology have contributed to reducing the costs of trade (e.g., transportation and communication costs) and thus have boosted international trade. Under these circumstances, the importance of distance should have diminished over time, which would constitute a boon for countr...
Over the last two decades, the degree of international financial integration has increased substantially,
becoming an important area of research for many financial economists. This paper explores the determinants of the asymmetries in the international integration of banking systems. We consider an approach based on both network analysis and the co...
This paper focuses on oligopolistic markets in which indivisible goods are sold by multiproduct firms to a continuum of homogeneous buyers, with measure normalized to one, who have preferences over bundles of products. Our analysis contributes to the literature on delegated agency games with direct externalities and complete information, extending...
This working paper analyzes the role played by two dimensions of entrepreneurs’ private social capital in the performance of an entrepreneurial venture: local size and degree of preferential linking. To fulfill this objective, we build a bi-dimensional measure of social capital based on network models and a methodology to estimate this measure fo...
This working paper analyzes the role played by two dimensions of entrepreneurs’ private social capital in the performance of an entrepreneurial venture: local size and degree of preferential linking. To fulfill this objective, we build a bi-dimensional measure of social capital based on network models and a methodology to estimate this measure for...
Summary Measuring globalization requires a Standard of Perfect International Integration as a benchmark that a single world space would reach under conditions of geographic neutrality in international trade. We define this standard and present indicators for openness, connectedness and integration, for each specific economy, and for the world econo...
El objetivo de este documento de trabajo es desarrollar nuevos indicadores de integración financiera internacional junto con sus determinantes: apertura y regularidad (equilibrio) de los flujos financieros bilaterales. La contribución del estudio se basa en la definición del estándar de integración financiera perfecta (Standard of Perfect Financial...
One of the most remarkable features of globalization is the boost undergone by international trade triggered off by advances in technology that have contributed to reduce the cost of trade (e.g., transportation and communication costs). Under these circumstances, the importance of distance should have diminished over time, which would constitute a...
This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary effects and distributional consequences of IPR protection a...
Business cycles in different regions of the United States tend to synchronize. This study investigates the reasons behind this synchronization of business cycles and the consequent formation of a national business cycle. Trade between regions may not be strong enough for one region to "drive" business cycle fluctuations in another region. This stud...
Migration flows are shaped by a complex combination of self-selection and out-selection mechanisms. In this paper, the authors analyze how existing diasporas (the stock of people born in a country and living in another one) affect the size and human-capital structure of current migration flows. The analysis exploits a bilateral data set on internat...
The claim of this paper is that an entrepreneur’s human capital constitutes a key determinant of the survival time of new
service industry companies created in Spain. To confirm this claim, a series of survival models has been specified and estimated
for a sample of 237 Spanish service industry companies founded by one or more entrepreneurs between...
This article features a set of indicators designed to measure international economic integration and globalization. We analyze the degree of openness and the respective networks of connections-both direct and indirect-for each economy in our sample. Our indicators are based on network analysis techniques and the exchange of flows among world econom...
Migration flows are shaped by a complex combination of self-selection and out-selection mechanisms. In this paper, the authors analyze how existing diasporas (the stock of people born in a country and living in another one) affect the size and human-capital structure of current migration flows. The analysis exploits a bilateral data set on internat...
We study the market interaction of a finite number of single-product firms and a representative buyer, where the buyer consumes bundles of these goods. The buyers’ value function determines their willingness to pay for subsets of goods. We show that Nash-equilibrium outcomes are solutions of the linear relaxation of an integer programming assignmen...
Repeated games with probabilistic horizon are those games where players have a common probability structure over the length of the game's repetition, T. In particular, for each t, players assign a probability pt to the event that “the game ends in period t”, such that , i.e., the game ends in a finite number of periods. In this framework, we analyz...
This paper deals with price competition among multiproduct firms. We consider a model with n firms and one representative buyer. Each firm produces a set of products that can be different or identical to the other firms' products. The buyer is characterized by her willingness to pay -in monetary terms- for every subset of products. To handle the co...
In this paper we present a theoretic two-stage model for retailers location and consumers purchase decision. Retailers decision problem is formalized in terms of a zero-sum game, whose payoffs refers to retailers' market share and consumers decision problem is formalized in terms of a discrete choice model, based on random utilities. The theoretica...
We study the market interaction of a finite number of single-product firms and a representative buyer, where the buyer consumes bundles of these goods. The buyers' value function determines their willingness to pay for subsets of goods. We show that subgame perfect Nash-equilibrium outcomes are solutions of the linear relaxation of an integer progr...
Repeated games with probabilistic horizon are defined as those games where players have a common probability structure over the length of the game's repetition, T. In particular, for each t, they assign a probability pt to the event that "the game ends in period t". In this framework we analyze Generalized Prisoners' Dilemma games in both finite st...
Repeated games with probabilistic horizon are defined as those games where players have a common probability structure over the length of the game's repetition, T. In particular, for each t, they assign a probability pt to the event that "the game ends in period t". In this framework we analyze Generalized Prisoners' Dilemma games in both finite st...
VERY PRELIMINARY VERSION: The aim of this paper is to understand why society is made up in such a way that most people do the same things at the same time (for instance, most of us wake up, go to work, have lunch or meet friends at the same time). We consider a setting where agents are the nodes of a fixed network and (undirected) links correspond...
INTRODUCCIÓN La creación de empresas es uno de los motores básicos de la economía, máxime cuando el mercado laboral sufre un largo periodo de estancamiento o los contratos laborales son en alto porcentaje precarios. Tradicionalmente el titulado universitario ha sido reacio a crear su propia empresa, por lo que las autoridades económicas y educativa...