Este trabajo se centra en la elaboración de un modelo interno para el riesgo de renta variable en Solvencia II. Para ello, se han utilizado datos mensuales de la serie de Ibex 35, Cac-40, Ftse-100 y Dax del periodo Enero de 1992 a Diciembre de 2008. Se han ajustado por máximo verosimilitud el...

The external environment in which universities carry out their activities has changed substantially in the last decades. As a result, nowadays universities are asked to meet a wider range of social and economic needs of society. Therefore, traditional universities are now transforming into...

This paper analyses some of the theoretically suggested determinants of the derivatives usage in the Spanish life insurance industry, focusing on the agency theory and the maximization of the firm value. The empirical study is based on data provided by 28 insurers. Empirical results for the...

The search for measures or criteria to determine the economic and financial performance of a company is ever present in the scientific and professional realm. In recent years there has been, in our opinion, a new element introduced into the equation which is the desire of the giant international...

This paper analyzes the factors determining transactional exchange rate hedging with foreign currency debt for a sample of 56 Spanish non-financial companies listed in 2004. In particular, we analyze the variables that determine the decision to hedge with foreign currency debt as well as hedging...

The present paper analyses the reasons why Spanish quoted firms use derivatives to hedge against exchange-rate risk. Through the application of a Tobit model, the obtained results show that the variables related to the creation of value and the existence of scale economies are the main factors...

In current financial practice, a variety of both absolute and relative profitability measures are being used which implicitly involve a great contradiction on their very definition: they apply market costs of capital to resources quantified by accounting value. Our purpose is to indicate how...