In a previous work, Forner and Marhuenda (2001) find that the contrarian strategy, thatis, the forming of a zero-investment portfolio that buys the stocks that have performed poorly inthe past (losers) and sells those that have performed well (winners), does not yield abnormallypositive returns...

This paper tests the different hypotheses explaining profitability in the generic framework of hypotheses of collusion versus efficiency, presenting as its main contribution the use of a direct measurement of efficiency. This measurement is obtained by applying frontier techniques using the...

The objectives of this paper are, in first place, to analyze the equity of the Spanish scholarship system for all levels of education, assuming that in a fair system grants are given mainly to families with unfavourable economic conditions. A second element, also related to equity and which...

The aim of this paper is to analyse the efficiency of the travel agencies operatingin Spain, and to examine the determining factors of such efficiency, in terms of verticalintegration, market concentration, size and performance. The methodology employed is based on different techniques for the...

This study analyzes the links between efficiency and the decentralization of competencies among Spanish local governments for years 1995 and 2000. The aim is pursued by considering a two-stage activity analysis model in which the performance of eachmunicipality is first evaluated against other...

This paper examines the reaction of the Spanish continuous market to the announcement of securitisation operations by listed banks in the period 1993-2003. Results indicate the existence of positive and significant abnormal returns on the day immediately following the announcement date. The...

The aim of this study is to analyze labor productivity convergence in the countries of the OECD over the period 1965-90. A non-parametric frontier approach is used to calculate the Malmquist productivity index. By breaking it down, the contribution to the growth of labor productivity of...

We study a setting in which individual players choose their partners as well as a mode of behavior in 2 x 2 anti-coordination games -- games where a player's best response is to behave differently than the opponent. We characterize the nature of equilibrium networks as well as study the effects...

Over the last decade, the Spanish banking sector has undergone a radical structural change. The old bank statu quo has broken down due both to the impact of technical change and to a strong deregulation process, that has given way to a much freer and competitive economic environment. Similarly,...

This paper analyzes the relationship between market structure and performance within the Spanish banking industry. Three different stochastic measures of efficiency are used (based on three alternative distributional assumptions for inefficiency: half-normal, normal-truncated and exponential)....