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Is It Ethical to Teach That Beta and CAPM Explain Something? 

Date: 12/10/2017 Author(s): Fernández, Pablo Document type: Working Paper My answer to the question in the title is NO. It is crystal clear that CAPM and its Betas do not explain anything about expected or required returns. There are mountains of evidence to support my stance. If, for any reason, a person teaches that Beta and CAPM explain something and he knows that they do not explain anything, such a person is lying. ... More information  

Crisis en España: omisiones del Banco de España 

Date: 03/10/2017 Author(s): Fernández, Pablo Document type: Working Paper El "Informe sobre la crisis financiera y bancaria en España, 2008-2014" realizado por el Banco de España (BdE) en Mayo 2017 tiene 252 páginas pero omite importantes hechos y datos. Lo más sorprendente es que parece asumir que la crisis financiera y bancaria en España se debió a un "contagio" de la "crisis financiera internacional". Este documento ... More information  

Educación financiera y responsabilidad social 

Date: 02/10/2017 Author(s): Argandoña, Antonio Document type: Opinion Hoy es el Día Nacional de la Educación Financiera. El lector quizás piense que hay ya demasiados días nacionales o internacionales de demasiadas cosas. Pero aprovechar este contexto para, reflexionar sobre si tiene algo que ver la Educación Financiera con la Responsabilidad Social. More information  

'Fintech' 

Date: 02/10/2017 Author(s): Vives, Xavier Document type: Opinion La revolución que ha supuesto la tecnología digital está impactando ya en el mundo de la intermediación financiera. El término fintech denota este uso innovador de la tecnología en los servicios financieros que ya ha dejado su impronta en las plataformas de préstamos, los sistemas de pago e incluso el asesoramiento financiero. Naturalmente, los intermediarios ... More information  

An Approach for Asset Allocation 

Date: 10/2017 Author(s): Estrada, Javier Document type: Non-refereed article I propose in this article a three-step asset allocation approach that is simple and intuitive; requires no financial expertise; accounts for all the relevant variables, including the portfolio's goal and intended holding period, the investor's ability to tolerate losses, and the trade-off between upside and downside potential; quantifies downside potential ... More information  

Educación financiera y responsabilidad social 

Date: 29/09/2017 Author(s): Argandoña, Antonio Editor(s): Cátedra CaixaBank de Responsabilidad Social Corporativa Document type: Opinion El próximo 2 de octubre es el Día Nacional de la Educación Financiera. El lector quizás piense que hay ya demasiados días nacionales o internacionales de demasiadas cosas. Pero quiero aprovechar este contexto para reflexionar sobre si tiene algo que ver la educación financiera con la responsabilidad social. More information  

The Big Short: Short Selling Activity and Predictability in House Prices 

Date: 24/09/2017 Author(s): Saffi, Pedro; Vergara, Carles Document type: Article in Journal (refereed) We study how investors can use financial securities to speculate on the decrease of house prices. Unlike most asset types, houses are subject to high trading frictions and cannot be sold short directly. Using U.S. equity lending data from 2006 through 2013, we find evidence that an increase in the short selling activity of real estate investment trusts ... More information  

Balancing the Trade-Offs Between Competition and Stability  Premium

Date: 18/09/2017 Author(s): Vives, Xavier Document type: Non-refereed article Does too much competition in banking hurt society? What policies can best protect and stabilize banking without stifling it? This article addresses the critical relationships between competition, regulation and stability, and the implications of coordinating banking regulations with competition policies. The author presents some key challenges that ... More information   Read related article

Portfolio Choice with House Value Misperception 

Date: 13/09/2017 Author(s): Corradin, S.; Fillat, J.L.; Vergara, Carles Document type: Working Paper We use data on self-reported and market house values at the household level to present stylized facts on house value misperception. We build an optimal portfolio choice model that features misperception, as observed in the data. In the model, households make consumption and portfolio decisions on housing and nonhousing assets with transaction costs ... More information  

Governance Mechanisms and Effective Activism: Evidence from Shareholder Proposals on Poison Pills 

Date: 09/2017 Author(s): Giné, Mireia; Moussawi, Rabih; Sedunov, John Document type: Article in Journal (refereed) This paper studies the interaction between governance mechanisms and the effectiveness of shareholder activism by examining shareholder-initiated proposals on poison pills. After contrasting companies along their governance regime, we observe that dictatorship firms, characterized with higher number of governance provisions, are associated with more ... More information  
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