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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

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  

Re-Thinking Search Fund Incentive Structures 

Date: 24/07/2017 Author(s): Johnson, Rob; Simon, Jan Document type: Study and Monograph With the growth in the number of search funds worldwide, serial search fund investors are discussing improvements to the incentive structures for searchers. This study addresses those issues, analyzing the effects of various incentive structures and presenting possible alternatives to achieve better alignment between searchers and investors. More information   Read related article

Merger Activity in Industry Equilibrium 

Date: 04/07/2017 Author(s): Dimopoulos, Theodosios; Sacchetto, Stefano Document type: Article in Journal (refereed) We quantify the impact of merger activity on productive efficiency. We develop and calibrate a dynamic industry-equilibrium model that features mergers, entry, and exit by heterogeneous firms. Mergers affect productivity directly through realized synergies, and indirectly through firms' incentives to enter or exit the industry. Merger activity increases ... More information  

Las ventas a corto se cobran otra víctima: el Popular 

Date: 20/06/2017 Author(s): Martínez Abascal, Eduardo Document type: Opinion Era sabido que el Banco Popular tenía un problema de solvencia; esto ocurre cuando parte de los créditos concedidos no se recuperan y por tanto se produce una importante pérdida que eventualmente puede llevar el capital a cero y en consecuencia a la quiebra. Es lo mismo que tener un cáncer, del que quizá con tiempo te puedes curar, o si está ya muy ... More information  

Rainy With a Chance of Sales 

Date: 16/06/2017 Author(s): IESE Insight Document type: Non-refereed article Plus: 10 decision-making mistakes; how OECD countries score on RDI; Europe and the U.S. dominate the world's "smartest" cities; a redesign for banking; internal promotions pay off for women; a prescription for marketing pharmaceuticals. More information  

Institutional Investment, Common Ownership and Antitrust 

Date: 14/06/2017 Author(s): Vives, Xavier Document type: Non-refereed article The growth of institutional investment has been formidable. This rise of diversified institutional investment has raised antitrust concerns, mostly in the U.S. One reason is that the proportion of U.S. public firms in the hands of institutional investors, which at the same time hold large blocks of other firms in the same industry, has grown dramatically. ... More information  

Executive Gender Pay Gaps: The Roles of Female Risk Aversion and Board Representation 

Date: 05/06/2017 Author(s): Giné, Mireia; Carter, Mary Ellen; Franco, Francesca Document type: Article in Journal (refereed) Using a large sample of executives in S&P1500 firms over 1996-2010, we document significant salary and total compensation gaps between female and male executives and explore two possible explanations for the gaps. We find support for greater female risk aversion as one contributing factor. Female executives hold significantly lower equity incentives ... More information   Read related article

Un Nou Paradigma per als Mercats Financers? 

Date: 06/2017 Author(s): Vives, Xavier Document type: Non-refereed article La crisi financera i econòmica que es va desencadenar l'any 2007 ha posat en qüestió l'anàlisi econòmica i financera i els seus models. A més a més ha qüestionat en general el funcionament i l'estabilitat de les economies de mercat, i ha restat credibilitat als mercats financers i les seves institucions. La situació només té un paral·lel amb les conseqüències ... More information  

Sin peligro a la vista, pero con algún riesgo 

Date: 30/05/2017 Author(s): Suárez, José Luis; Soriano, Mariola Document type: Opinion No hay burbuja inmobiliaria en España. No se observa actualmente ninguno de los factores que dan origen a una burbuja. Sin embargo, sí hay riesgos referidos al precio que vienen dados por la escasa disponibilidad de suelo en condiciones en los lugares donde los promotores quieren construir. More information  
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