This work presents a theoretical framework to study if the motive for money-transfers within families is altruism or exchange. We propose models which explicitly incorporate transfers on education as an additional family transfer. Our models allows us to discriminate between the two possible...

The European Commission has identified two fundamental issues with the current model of taxation: namely the additional compliance costs borne by businesses that conduct cross-border trade when compared to those businesses that only trade domestically and the occurrence of VAT fraud. The...

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...

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...

This paper analyses the role of firms' R&D-experience in their innovative success using a representative sample of Spanish firms for the period 1990-2002. Using count data models and within an innovation production function approach, we investigate the influence of firms' R&D-experience in the...

This paper examines the (a)symmetry of twenty-four individual stock returns at different frequencies: daily, weekly and monthly. While some asymmetries are observed in daily returns, they disappear almost completely at lower frequencies. The explanation for this fact lies in the convergence to...

This paper analyzes the dynamics of cost efficiency scores in the Spanish banking industry during the period 1985-1995 and asks how such dynamics are influenced by specialization. Efficiency has been estimated through a nonparametric approach, and a model of distributions dynamics has been...

The objective of this paper is to estimate technical efficiency in retailing; and the influence of inventory investment, wage levels, and firm age on this efficiency. We use the output supermarket chains¿ sales volume, calculated isolating the retailer price effect on its sales revenue. This...