We exploit regional windfall gains arising from the Spanish Christmas Lottery to estimate the effect of disposable income on entrepreneurial activity. We find higher firm creation in winning provinces. Our estimates imply that 46 firms are created for every €1,000 increase in disposable income...

Spanish Abstract: La rentabilidad media de los fondos de inversión en España en los últimos 15 años (1,98%) fue inferior a la inversión en bonos del estado a 15 años (4,4%) y a la inversión en el IBEX 35 (4%). Sólo 26 fondos de los 614 con 15 años tuvieron una rentabilidad superior a la...

Only 23 Spanish companies out of 125 had positive return in 2010. The companies destroyed value for their shareholders in 2010 (155 billion euros), created value in 2009 (100 billion euros), and also destroyed value in 2008 (420 billion euros) and in 2007 (17 billion euros). The average return...

We rank the 61 companies operating in 2009 in the Pension Fund Industry in Spain using data from 1994 to 2009 for the 1,393 existing individual mutual funds. The best companies according to the ranking were: Bestinver, Caja Manresa, Cajasur, Merchbanc and Ibercaja. The worst, according to the...

During the last 3, 5 and 10 years, the average return of the pension funds in Spain was lower than the inflation and than the return of Government Bonds. Nevertheless, on December 31, 2009, 10.7 million investors had 84.8 billion euros in the 3,308 existing pension funds. Note: Document in Spanish

We rank the 88 companies operating in 2009 in the Mutual Fund Industry in Spain using data from 1994 to 2009 for the 2,586 existing mutual funds. The best companies according to the ranking were: Bestinver, Metagestion and Mutua Madrilena. The worst, according to the ranking: Caja Ingenieros,...

During the last 10 years (1999-2009), the average return of the mutual funds in Spain (0.85%) was smaller than the average inflation. Nevertheless, on December 31, 2009, 5.6 million investors had 163 billion euros in the 2,586 existing mutual funds. Only 1 of the 368 mutual funds with 15-year...

Only 36 companies out of 125 had negative return in 2009 (133 out of 136 in 2008). The companies created value in 2009 (100 billion euros), but destroyed value in 2008 (420 billion euros) and in 2007 (17 billion euros). The average return of the 125 companies was 30% in 2009 and -40% in 2008

Only 25 companies out of 136 had negative return in January-September 2009 (133 in 2008). The 136 companies created value in January-September 2009 (64 billion euros), but destroyed value in 2008 (420 billion euros) and in 2007 (17 billion euros). The average return of the 136 companies was 24%...