The purpose of this paper is to analyze the existence of efficient and envyfree allocations of a single good i,n the presence of consumption externalities. A theoretical model is first developed and an application to the problem of financing Regional Governments in Spain, is then provided. Este...

This paper is a methodological proposal for the distribution of the Regional Equalization Fund, based on the following principles: (i) To measure the degree of regional development by means of an indicator with an appropiate theoretical basis (an indicator combining both the average income and...

This paper deals with the analysis of the existence and optimality allocations in a framework characterized by the presence of consumption externalities. The model refers to apure distribution problem consisting of allocating a given bundle of k goods among n agents. Analizamos en este trabajo...

The purpose of this paper is to offer a characterization of a welfare index which depends positively on total income and negatively on Theil's first inequality measure. This welfare index belongs to a family of indicators which try to link measures of income and measures of welfare (real-income...

In a previous work, Forner and Marhuenda (2001) find that the contrarian strategy, thatis, the forming of a zero-investment portfolio that buys the stocks that have performed poorly inthe past (losers) and sells those that have performed well (winners), does not yield abnormallypositive returns...

In our study we focus on the determinants of reputation and, in particular, on the relation between the quality of annual report disclosures of companies and their reputation. We try to bring together two strands of literature: the literature on corporate reputation and the literature on...

The management of a life insurance portfolio or pension fund must take intoaccount the temporal evolution of its liabilities and its assets through some variables:the factors and returns. Their behaviour is analysed statistically and we deduce it to avector error correction model (VECM). Using...

This study puts forward a procedure for assessing the results of television advertising media plans. It innovates by requiring only information on audience figures for the television media, to determine the distribution of exposures generated by plans using multiple media vehicles and multiple...

This paper analyzes, using a binomial logit model, the factors that determine a students decision on a three or four year University career. The microeconomic model we consider includes the most important aspects of educational choices. The results show how social background, family earnings and...

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year...