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: 05/2013
Author(s): Brion, Sebastien; Anderson, Cameron P.
Document type: Article in Journal (refereed)
Though people in positions of power have many advantages that sustain their power, stories abound of individuals who fall from their lofty perch. How does this happen? The current research examined the role of illusions of alliance, which we define as overestimating the strength of one?s alliances with others. We tested whether powerholders ...
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Date: 24/04/2013
Author(s): Campos, Rolf
Document type: Article in Journal (refereed)
I add heterogeneous agents and risk-sharing opportunities to a global game of regime change. The novel insight is that when there is a risk-sharing motive, fundamentals drive not only individual behavior, but also select which individuals are more relevant for the likelihood of a crisis because of endogenous shifts in wealth. If attacking is relatively ...
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Date: 24/04/2013
Author(s): Trillas, Francesc
Editor(s): PPSRC - Public-Private Sector Research Center
Document type: Working Paper
The decision to allocate a given number of governmental interventions in one or more agencies, for example, in the field of regulation and antitrust, raises important issues in organizational and institutional economics. The economics literature suggests that this decision should take into account horizontal and vertical incentive issues and should ...
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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: 03/2013
Author(s): Martínez de Albéniz Margalef, Víctor; Simchi-Levi, David
Document type: Article in Journal (refereed)
In a decentralized supply chain, supplier?buyer negotiations have a dynamic aspect that requires both players to consider the impact of their decisions on future decisions made by their counterpart. The interaction generally couples strongly the price decision of the supplier and the quantity decision of the buyer. We propose a basic model for a repeated ...
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Date: 01/03/2013
Author(s): Armstrong, Chris; Larcker D. F.; Ormazabal Sánchez, Gaizka; Taylor, D.J.
Document type: Article in Journal (refereed)
Prior research argues that a manager whose wealth is more sensitive to changes in the firm's stock price has a greater incentive to misreport. However, if the manager is risk-averse and misreporting increases both equity values and equity risk, the sensitivity of the manager's wealth to changes in stock price (portfolio delta) will have two countervailing ...
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Date: 03/2013
Author(s): Cugueró-Escofet, Natàlia; Rosanas Martí, Josep Maria
Editor(s): Cátedra Crèdit Andorrà de Mercados, Organizaciones y Humanismo
Document type: Article in Journal (refereed)
Management control systems (MCS) are designed to achieve the greatest possible goal congruence, where people pursue personal goals that are conducive to the organizational goal. Use and design of MCS are crucial aspects for achieving goal congruence, but they are thought to be contingent to specific external situations. We analyze the basic concepts ...
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Date: 07/02/2013
Author(s): Mas Canal, Núria
Document type: Article in Journal (refereed)
Healthcare financing and insurance is changing everywhere. We want to understand the impact that financial pressures can have for the uninsured in advanced economies. To do so we focus on analyzing the effect of the introduction in the US of managed care and the big rise in financial pressures that it implied. Traditionally, in the US safety net hospitals ...
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Date: 02/2013
Author(s): Barcaccia, Barbara; Esposito, Giuseppe; Matarese, Maria; Bertolaso, M.; Elvira Rojo, Marta; De Marinis, M. G.
Document type: Article in Journal (refereed)
In the last decades there has been a growing interest towards the concept of "Quality of Life" (QoL), not only in the bio-medical field, but also in other areas, such as sociology, psychology, economics, philosophy, architecture, journalism, politics, environment, sports, recreation, advertisements. Nevertheless QoL does turn out to be an ambiguous ...
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