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National Culture And Financial Systems: The Conditioning Role Of Political Context 

Date: 04/2018 Author(s): Lavezzolo, Sebastián E.; Rodríguez-Lluesma, Carlos; Elvira, Marta Document type: Article in Journal (refereed) Building on research that addresses why some financial systems are based on banks and others on markets, this study stresses that culturally-based social preferences regarding uncertainty avoidance help explain cross-national differences in financial system configuration. We propose a theory in which political institutions condition this relationship. ... More information   Read related article

Rentabilidad de los Fondos de Pensiones en España. 2002-2017 

Date: 31/01/2018 Author(s): Fernández, Pablo; Fernández Acín, Pablo; Fernández Acín, Isabel Editor(s): Cátedra PricewaterhouseCoopers de Finanzas Document type: Working Paper En el periodo diciembre 2002 - diciembre 2017, la rentabilidad del IBEX 35 fue 226% (promedio anual 8,19%) y la de los bonos del Estado a 15 años 97% (promedio anual 4,61%). La rentabilidad media de los fondos de pensiones fue 60% (promedio anual 3,03%). Entre los 356 fondos de pensiones con 15 años de historia, sólo 4 superaron la rentabilidad del ... More information   Read related article

A Contextual View of Stakeholder Engagement: Insights from Multilatina Enterprises 

Date: 08/01/2018 Author(s): Dávila, Anabella; Rodríguez-Lluesma, Carlos; Elvira, Marta Document type: Article in Journal (refereed) Scholars tend to study multinational enterprises' (MNEs) corporate social responsibility (CSR) activities such as stakeholder engagement from a global perspective, and when using a local perspective, research generally is of a comparative nature. Despite a growing interest in MNEs from emerging-market economies (EMNEs), research on Latin American MNEs ... More information  

Maximum Withdrawal Rates: An Empirical and Global Perspective 

Date: 01/2018 Author(s): Estrada, Javier Document type: Article in Journal (refereed) Standard analysis of retirement strategies involves evaluating their failure rate. One of the shortcomings of this approach is that a strategy may have a low failure rate and at the same time leave a large unintended bequest. Maximum withdrawal rates, by definition, exhaust a portfolio by the end of the retirement period, thus leaving no bequest; they ... More information  

From Failure to Success: Replacing the Failure Rate 

Date: 01/2018 Author(s): Estrada, Javier Document type: Article in Journal (refereed) The failure rate is arguably the variable most widely used in the evaluation of retirement strategies. Its main shortcoming, evaluating how often a strategy fails but not by how much it does, is overcome by shortfall years, which considers precisely this information. The joint use of the failure rate and shortfall years is an improvement over using ... More information  

How Context Matters: The Relationship Between Family Supportive Supervisor Behaviours And Motivation To Work Moderated By Gender Inequality 

Date: 01/2018 Author(s): Bosch, Mª José; Las Heras, Mireia; Russo, Marcello; Rofcanin, Yasin; Grau Grau, Marc Editor(s): ICWF - Centro Internacional Trabajo y Familia Document type: Article in Journal (refereed) This study examines relationships between family-supportive supervisor behaviour (FSSB) and individuals' prosocial and extrinsic motivation at work in four countries: Brazil, Kenya, the Netherlands and the Philippines. With a sample of 2046 employees from these four countries, we use national levels of gender inequality, measured by the United Nations ... More information  

Decomposing the Cross-Sex Misprediction Bias of Dating Behaviors: Do Men Overestimate or Women Underreport their Sexual Intentions? 

Date: 01/2018 Author(s): Engeler, Isabelle; Raghubir, Priya Document type: Article in Journal (refereed) Men typically predict women's sexual intentions to be higher than women say they are (Haselton & Buss, 2000). It is debated whether this cross-sex bias is because of men overestimating women's intentions (Murray et al., 2017), women underreporting their own intentions (Perilloux & Kurzban, 2015, 2017), or both. To unify the current debate, we decompose ... More information  

On the Cost of Capital in Inventory Models: The Case of Deterministic Demand 

Date: 21/12/2017 Author(s): Serrano, Alejandro Document type: Article in Journal (refereed) In the operations management literature, the financial risk in an inventory model is usually assumed to be captured by the (constant) weighted average cost of capital (WACC) of the firm. This assumption is, at best, an approximation, since this cost depends on the risk of the cash flows, which, in turn, depends on the inventory policy. This paper explores ... More information  

Reverse Factoring: A Theory on the Value of Payment Terms Extension 

Date: 21/12/2017 Author(s): Lekkakos, Spyridon; Serrano, Alejandro Document type: Article in Journal (refereed) Reverse factoring is a financial instrument that large creditworthy firms use to facilitate low cost financing to their suppliers by confirming future payment obligations to financial intermediaries. This paper studies the implications of reverse factoring on the buying firm's capital investment decision in the face of deadweight costs for external ... More information  

The Role of Stakeholders in Corporate Governance: A View from Accounting Research 

Date: 17/12/2017 Author(s): Ormazábal, Gaizka Document type: Article in Journal (refereed) I review the empirical research on the role of stakeholders in corporate governance with an emphasis in contributions from the accounting literature. In particular, I focus on the following stakeholders: employees, the general public, the media, related firms, the government, private regulators, gatekeepers, and foreigners. This list does not include ... More information  
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