In this paper we analyze the state-dependent risk-spillover in different economic areas. To this end, weapply the quantile regression-based methodology developed in Adams, Füss and Gropp (2014)approach to examine the spillover in conditional tails of daily returns of indices of the banking...

Most downside risk models implicitly assume that returns are a sufficient statistic with which to forecast the daily conditional distribution of a portfolio. In this paper, we address this question empirically and analyze if the variables that proxy for market liquidity and trading conditions...

Predictive stock return regressions have two distinctive characteristics: i) the predictor on the right-hand side is persistent and its variance is orders of magnitude smaller than the variance of returns; (ii) the left-hand side variable is a long-horizon return constructed from overlapping...

Multi-period forecasts of stock market return volatilities are often used in many applied areas of finance where long horizon measures of risk are necessary. Yet, very little is known about how to forecast variances several periods ahead, as most of the focus has been placed on one-period ahead...

This paper analyses the international growth of the global air transport sector to identify factors that determine the emergence of transnational companies and different forms of international expansion in the airline industry. An analysis of the market structure is conducted to understand why...

L’articolo propone un’analisi concettuale dei fondamenti del Modello Sociale Europeo come sistema di welfare multilivello. In particolare, espone l’importanza della sussidiarietà amministrativa tra i diversi livelli della governance europea come un elemento centrale della cittadinanza...

The progressive federalization of the Spanish Estado de las Autonomías (State of the Autonomies) is in accordance with a model of multiple ethnoterritorial concurrence. The process of territorial accommodation in Spain relates substate ethnic mobilization with the competitive interplay among...