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Endogenous Public Information and Welfare in Market Games 

Date: 04/2017 Author(s): Vives, Xavier Document type: Article in Journal (refereed) This article performs a welfare analysis of markets with private information in which agents condition on prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private information: a pecuniary externality and a learning externality. The pecuniary externality induces agents to put too much ... More information  

The Future of Spanish Pensions 

Date: 04/2017 Author(s): Díaz Giménez, Javier; Días-Saavedra, Julián Document type: Article in Journal (refereed) We use an overlapping generations model economy with endogenous retirement to study the 2011 and 2013 reforms of the Spanish public pension system. These reforms delay the legal retirement ages, increase the contributivity of the system, and adopt a sustainability factor and a pension revualuation index that effectively transform the Spanish pension ... More information  

Portfolio Diversification, Market Power, and the Theory of the Firm 

Date: 21/03/2017 Author(s): Azar, José Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper This paper develops a model of firm behavior in the context of oligopoly and portfolio diversification by shareholders. Competition for shareholder votes among potential managers seeking corporate office leads to internalization and aggregation of shareholder objectives, including shareholdings in other firms, and the fact that shareholders are consumers ... More information  

Anti-Competitive Effects of Common Ownership 

Date: 21/03/2017 Author(s): Azar, José; Schmalz, Martin; Tecu, Isabel Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper Many natural competitors are jointly held by a small set of large institutional investors. In the US airline industry, taking common ownership into account implies increases in market concentration that are ten times larger than what is ¿presumed likely to enhance market power¿ by antitrust authorities. We find a robust correlation between within-route ... More information  

191 errores en valoraciones de empresas 

Date: 01/03/2017 Author(s): Fernández, Pablo Editor(s): Cátedra PricewaterhouseCoopers de Finanzas Document type: Working Paper Este documento contiene 191 errores cometidos en distintas valoraciones de empresas. La mayor parte de las valoraciones proceden de arbitrajes, procesos judiciales, compras y ventas de empresas a los que el autor ha tenido acceso. Casi todos los nombres de personas, empresas y ciudades se han modificado. El siguiente refrán aclara la intención ... More information  

Optimal Production and Rationing Policy of Two-Stage Tandem Production System 

Date: 03/2017 Author(s): Xu, Jianjun; Serrano, Alejandro; Lin, Bing Document type: Article in Journal (refereed) The rationing literature has been so far oblivious to the fact that sellable items may not only be finished products, but also intermediate products to manufacture subsequent sellable products. We address this gap by considering an inventory rationing problem in a two-product tandem make-to-stock production/inventory system. Bulk demand arrives to ... More information  

Knowledge Reuse for Customization: Metamodels in an Open Design Community for 3D Printing 

Date: 03/2017 Author(s): Kyriakou, Harris; Nickerson, Jeffrey V.; Sabnis, Gaurav Document type: Article in Journal (refereed) Theories of knowledge reuse posit two distinct processes, reuse for replication and reuse for innovation. We identify another distinct process, reuse for customization. Reuse for customization is a process in which designers manipulate the parameters of metamodels to produce models that fulfill their personal needs. We test hypotheses about ... More information   Read related article

Sustaining Actor Engagement During the Opportunity Development Process 

Date: 03/2017 Author(s): Snihur, Yuliya; Reiche, B. Sebastian; Quintane, E. Document type: Article in Journal (refereed) Recent entrepreneurship research has examined how opportunities are developed, highlighting the engagement of external actors. However, we know little about how entrepreneurs should interact with external actors to sustain their engagement. Since opportunity development is a process that unfolds over time, sustaining actor engagement is critical because ... More information  

Finance and Financial Economics: A Debate About Common Sense and Illogical Models 

Date: 25/02/2017 Author(s): Fernández, Pablo Editor(s): Cátedra PricewaterhouseCoopers de Finanzas Document type: Working Paper This document tries to answer to a frequent question of students and clients: are Finance and Financial Economics the same thing? My answer is NO: I think that they are very different, although the terms are very often confused and many Finance professor positions in many Business Schools have been filled with Financial Economists. Two ways, among ... More information  

Ethics in Finance and Accounting: Editorial Introduction 

Date: 25/02/2017 Author(s): Melé, Domènec; Rosanas, Josep Maria; Fontrodona, Joan Editor(s): Cátedra de Ética Empresarial y de los Negocios Document type: Article in Journal (refereed) In light of the recent crisis and its aftershocks, it becomes crucial to reflect on the relationship between finance and accounting and on how to integrate ethics and efficiency, as well as on how to motivate and empower practitioners in the world of finance to commit to justice, fairness and enhanced understanding, and to improving their personal ... More information  
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