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...

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...

This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...

Un fenómeno observado en la práctica totalidad de las economías occidentales ha sido el distinto ritmo de avance, tanto de la productividad de trabajo como de la productividad total de los factores, en el sector servicios y en el de las manufacturas. El crecimiento más lento del primero se...

Universities have traditionally developed training and research functions. In the last decades they have adopted a third function: the transfer of their knowledge. The instruments employed have been varied: R&D contracts, assessments, technical reports and others like patent licensing, about...

The aim of this study is analyzed empirically the effect that annual earnings announcementshave in market value and the trading volume of shares on the Spanish Stock Market for the periodbetween 1999 and 2001. With the finality to accomplish a more complete analysis, is examined theactual...

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante...

Taking as its core the attitude toward the advertisement, this study attempts to determine the mechanisms through which advertising influences consumers' attitudes and buying behaviour. These mechanisms are analysed in terms of involvement with the message and with the execution of the ad, and...