The aim of this paper is to compute upper and lower bounds for convex value functions of derivative contracts. Laprise et al. (2006) compute bounds for American-style vanilla options by selected portfolios of call options. We provide an alternative interpretation of their numerical procedure as...

This paper analyzes the evolution of Spanish foreign direct investment (FDI) in Latin America in recent years (from the 1990s through 2012). Additionally, a summary of the primary explanatory factors of FDI evolution in the three countries with the highest indices of Spanish investment (Brazil,...

This paper analyzes Spanish companies’ growing need for funding in a crisis context, focusing on one of the most relevant sectors in the Spanish economy: the Spanish tourism sector. Specifically, we will be looking at the twelve main hotel chains. We also provide a brief overview of the main...

Previous studies of the short-run response of daily stock prices to announcements of macroeconomic news could be biased when responses in different scenarios cancel each other out. In our analysis of inflation news in the Spanish stock market, we consider market direction arguments and implement...

We study the short run response of daily stock prices on the Spanish market to the announcements of inflation news at an industrial level, deepening the potential explanatory factors of this response (risk-free interest rate, risk premium and growth expectations). We observe a positive and...

In this paper we proceed to estimate a measure of the flow-through capability of the firms listed on the Spanish Stock Exchange. The flow-through capability is defined as the ability of firms to transmit inflation shocks to the prices of the products and services sold by the company. According...

We revise previous literature about Fisher Effect, in order to check if the majority of nominal interest rates movements are caused by inflation rate fluctuations, remaining constant the real interest rate. Finally, we analyse the Fisher Effect in the Spanish case with a preliminary analysis in...