Now showing items 1-20 of 40

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      A factor model of seasonality in stock returns 

      Gardeazabal, Javier; Regúlez Castillo, Marta (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
      Most empirical evidence on stock market seasonality is based on the Dummy Variable Approach (DVA). Typically, the DVA leaves too much variability of stock returns unexplained and inference usually leads to weak or null ...
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      A note on bargaining power and managerial delegation in multimarket oligopolies 

      Ciarreta Antuñano, Aitor; García Enríquez, Javier; Gutiérrez Hita, Carlos (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012-11)
      In a two-stage delegation game model with Nash bargaining between a manager and an owner, an equivalence result is found between this game and Fershtman and Judd's strategic delegation game (Fershtman and Judd, 1987). ...
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      A note on collusion sustainability with optimal punishments and detection lags 

      Ciarreta Antuñano, Aitor; Gutiérrez Hita, Carlos (University of the Basque Country, Department of Foundations of Economic Analysis II, 2008-09)
      In this note we characterize optimal punishments with detection lags when the market consists of n oligopolistic firms. We extend a previous note by Colombo and Labrecciosa (2006) [Colombo, L., and Labrecciosa, P., 2006. ...
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      Altruism and Social Integration 

      Brañas Garza, Pablo; Cobo Reyes, Ramón; Espinosa Alejos, María Paz; Jiménez, Natalia; Kovarik, Jaromir; Ponti, Giovanni (2009)
      We report on a two-stage experiment in which i) we first elicit the social network within a section of undergraduate students and ii) we then measure their altruistic attitudes by means of a standard Dictator game. We ...
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      Altruism in the (Social) Network 

      Brañas Garza, Pablo; Cobo Reyes, Ramón; Espinosa Alejos, María Paz; Jiménez, Natalia; Ponti, Giovanni (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)
      This paper explores the role of social integration on altruistic behavior. To this aim, we develop a two-stage experimental protocol based on the classic Dictator Game. In the first stage, we ask a group of 77 undergraduate ...
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      Altruism with Social Roots: An Emerging Literature 

      Brañas Garza, Pablo; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-11)
      This paper analyzes the emerging literature on the determinants of giving within a social network. We propose two main explanatory variables for previous experimental results on the friendship effect. The first is social ...
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      An Alternative View of the US Price-Dividend Ratio Dynamics 

      Londoño Yarce, Juan Miguel; Regúlez Castillo, Marta; Vázquez Pérez, Jesús (2014-12)
      As a necessary condition for the validity of the present value model, the price-dividend ratio must be stationary. However, significant market episodes seem to provide evidence of prices significantly drifting apart from ...
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      An empirical comparison of the performance of alternative option pricing models 

      Rubio Irigoyen, Gonzalo; Ferreira García, María Eva; Gago, Mónica; León, Angel (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
      This paper presents a comparison of alternative option pricing models based neither on jump-diffusion nor stochastic volatility data generating processes. We assume either a smooth volatility function of some previously ...
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      An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor 

      Casares, Miguel; Moreno, Antonio; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
      Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated ...
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      Autorregresive conditional volatility, skewness and kurtosis 

      León, Angel; Rubio Irigoyen, Gonzalo; Serna, Gregorio (University of the Basque Country, Department of Foundations of Economic Analysis II, 2002)
      This paper proposes a GARCH-type model allowing for time-varying volatility, skewness and kurtosis. The model is estimated assuming a Gram-Charlier series expansion of the normal density function for the error term, which ...
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      Can the change in the composition of the US GDP explain the Great Moderation? A test via oil price shocks 

      Maravalle, Alessandro (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
      The paper investigates whether the growing GDP share of the services sector can contribute to explain the great moderation in the US. We identify and analyze three oil price shocks and use a SVAR analysis to measure their ...
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      Computing abuse related damages in the case of new entry: An illustration for the Directory Enquiry Services market 

      Martínez Granado, María Teresa; Siotis, Georges (University of the Basque Country, Department of Foundations of Economic Analysis II, 2006-07)
      A number of European countries, among which the UK and Spain, have opened up their Directory Enquiry Services (DQs, or 118AB) market to competition. We analyse the Spanish case, where both local and foreign firms challenged ...
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      Data Revisions in the Estimation of DSGE Models 

      Casares, Miguel; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2012)
      Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...
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      Democratic Values Transmission 

      Brañas Garza, Pablo; Espinosa Alejos, María Paz; Giritligil, Ayca E. (2013-01)
      This study addresses the issue of intergenerational transmission of democratic values embedded in social choice rules. We focus on a few rules which have been the focus of social choice theory: plurality, plurality with a ...
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      Discounting future pain: Effects on self-reported pain 

      Brañas Garza, Pablo; Espinosa Alejos, María Paz; Repollés Pro, María (University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-07)
      Empirical results are presented showing that people who acknowledge pain anticipation when expecting an injury experience higher sensitivity to pain (GREP, Robinson et al., 2001). The positive correlation between sensitivity ...
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      Do experimental subjects favor their friends? 

      Brañas Garza, Pablo; Durán, Miguel A.; Espinosa Alejos, María Paz (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-06)
      Ideally we would like subjects of experiments to be perfect strangers so that the situation they face at the lab is not just part of a long run interaction. Unfortunately, it is not easy to reach those conditions and ...
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      Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation 

      Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2004)
      Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of a Fed’s reaction function (FRF) that (i) allows for the presence of switching regimes, (ii) considers the long-short term ...
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      Entry into motherhood: The effect of wages 

      Ariza, Alfredo; Ugidos Olazabal, Arantza (University of the Basque Country, Department of Foundations of Economic Analysis II, 2007-04)
      Using the ECHP, we explored the determinants of having the first child in Spain. Our main goal was to study the relation between female wages and the decision to enter motherhood. Since the offered wage of non-working women ...
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      Group size and decision rules in legislative bargaining 

      Miller Moya, Luis Miguel; Vanberg, Christoph (2014-03-17)
      We conduct experiments to investigate the effects of different majority requirements on bargaining outcomes in small and large groups. In particular, we use a Baron-Ferejohn protocol and investigate the effects of decision ...
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      How Does the New Keynesian Monetary Model Fit in the U.S. and the Eurozone? an Indirect Inference Approach 

      María-Dolores, Ramón; Vázquez Pérez, Jesús (University of the Basque Country, Department of Foundations of Economic Analysis II, 2005-05)
      This paper estimates a standard version of the New Keynesian monetary (NKM) model under alternative specifications of the monetary policy rule using U.S. and Eurozone data. The estimation procedure implemented is a classical ...