The paper studies managerial incentives in a model where managers choose product market strategies and make takeover decisions. The equilibrium contract includes an incentive to increase the firm's sales, under either quantity or price competition. This result contrasts with previous findings in...

Using only information on the degree of concavity of demand and observable structural variables as the market share of firms, a necessary and sufficient condition for a merger to increase welfare is derived. On the profitability side, we obtain that when market size decreases merger...

The analysis of the determinants of the individual wage income can be transfered to the total domestic income from the point of view of the human capital. This paper analyzes the effects that a group of variables, relative to sociodemographic and labour attributes, exerts on the total income...

In this paper we present a study into the Spanish unemployment problem. To do so we examine unemployment flows, the relationship between unemployment and vacancies, and the outflow rate from unemployment. We propose a way of correcting the administrative, official, vacancy data. The unemployment...

This paper analyses the efficiency and productivity growth experienced by the Spanish Banking System over the 1986-92 period. The analysis uses a non parametric approach together with the Malmquist index to decompose the productivity growth into changes in efficiency (catching-up) and...

The completion of the European Single Market should bring out an exploitation of comparative advantages in production and trade. It is usually assumed that, given the predominance of intraeuropean trade flows in the global import figures of the European Union, efficiency gains from trade...

The main purpose of this study is to analyse interest rate sensitivity of the stockreturns of the Spanish bank holding companies. The results seem to indicate that thebanking system was not sensitive to interest rate risk for the period of December 1962to May 1996. An interesting alternative...

This paper analyzes Stiglitz and Weiss pure rationing model, and showshow the presence of informative assymmetry is a necessary but not a sufficientcondition for the existence of equilibrium with rationing. It proves that thebehaviour of banks -the maximization of expected loans efficiency- is...

The Bulow et al. [1985] framework is explored assuming demand and/or production relations. A multiproduct firm is assumed to have a single product rival in one of the two submarkets in which it participates. In the case of linear demand and cost functions, the direct and the strategic effects of...

This paper carries out a household classification in the framework of the Social Accounting Matrix. Bearing in mind the enlargeinent proposals of the National Accounts System of the United Nations, a first classification of Spanish households in accordance with certain demographic...