Date: 16/05/2013
Author(s): Martínez Abascal, Eduardo
Document type: Opinion
Deuda pública es lo que la Administración pública (central, autonómica, local y seguridad social) debe. No es la deuda del país, es sólo la deuda del gobierno. La deuda del país es la suma de lo que deben gobierno, empresas y familias. A veces se oye: «Grecia está en suspensión de pagos o es insolvente». Es incorrecto. El que es o pudiera ser insolvente ...
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Date: 16/05/2013
Author(s): Kovalenkov, A.; Vives Torrents, Xavier
Document type: Article in Journal (refereed)
Consider a financial market with N risk-averse asymmetrically informed traders. When N grows at the same rate as noise trading, prices in competitive and in strategic rational expectations equilibrium converge to each other at a rate of 1/N. Equilibria in the two scenarios are close when noise trading volume per informed trader is large in relation ...
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Date: 14/04/2013
Author(s): Fernández López, Pablo
Document type: Opinion
La apropiación, hace ahora un año, del 51% de las acciones de Repsol en YPF por parte del Gobierno argentino ha sido, sin duda, el agravio económico más grave que haya tenido que afrontar nunca una compañía española en el exterior.
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Date: 05/04/2013
Author(s):
Interviewee(s): Antón Sancho, Miguel; Sponsor(s): CIF - Center for International Finance
Document type: Interview (Video)
Some stock market values behave in very similar ways. These are what are called "connected stocks" which up until now were connected in terms of size, sector or the company's geographical location. But the fact that they also have shareholders in common also influences their behaviour, says Miguel Antón, who encourages investors to keep an eye on this ...
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Date: 04/04/2013
Author(s): Vives Torrents, Xavier
Document type: Opinion
La crisis, no resuelta con las medidas adoptadas hasta ahora, pone de relieve que queda mucho camino por recorrer y que hay que extraer las lecciones para avanzar hacia la unión bancaria europea.
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Date: 04/04/2013
Author(s): Johnson, Rob
Document type: Technical Note
The technical note describes how professional investors make an initial assessment of a new business idea. It provides an important framework for both entrepreneurs and investors.
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Date: 03/04/2013
Author(s): Martínez Abascal, Eduardo
Document type: Opinion
Durante la Gran Depresión de los años 30 se aplicó la teoría económica en vigor, surgida muchos años antes y que no dio respuesta a la crisis, y más bien la agravó. Pero de lo aprendido (en propia carne) en esa crisis surgió otra nueva teoría económica, la de Keynes y el lado de la demanda.
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Date: 04/2013
Author(s): Arce, Oscar; Campa Fernández, José Manuel; Gavilán, A.
Editor(s): Cátedra Grupo Santander de Dirección de Instituciones Financieras y Gobierno Corporativo
Document type: Article in Journal (refereed)
We provide a model with sector-specific debt-collateral constraints to analyze how asymmetric financing conditions across sectors affect the aggregate investment, credit and output composition. In our model, investments in the construction sector allow for higher leverage than investments in the non-durable consumption goods sector. When borrowing ...
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Date: 20/03/2013
Author(s):
Interviewee(s): González-Páramo, José Manuel
Document type: Interview (Video)
The integration of financial markets, a new attitude among investors and the lack of mechanisms to deal with turbulence have all contributed to financial contagion within the eurozone. Measures can be taken to reduce the contagion, says Prof. José Manuel González-Páramo, but business will have to wait some time before they notice any benefits.
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Date: 18/03/2013
Author(s): IESE Insight
Document type: Review
José M. Campa proposes the essential attitudes and principles that finance sector professionals must adopt, and the actions to go along with them, to get corporate finance back on track. Juan Almandoz draws out several lessons for creating a new community bank, which serve as useful reminders for any business seeking to reconcile its mission with the ...
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