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The European Union is immersed in a process of energy transition focused on reducing the weight of fossil fuels. The current context is also characterized by the increasing attention paid to energy security, conditioned by the volatility of the prices for energy raw materials, among other factors. This work analyzes the raw material price exposure of electricity producers in the Eurozone. The results indicate that the listing of raw materials in U.S. dollars is the primary cause of business exposure, with an impact greater than the price of the raw material itself. A geographic analysis also indicates that there are important differences in the level of exposure among companies in different countries, which can make it difficult to reach a consensus in the European Union SI

This article analyzes the contagion effect on business failure, focusing on the Spanish hotel sector. The sample consists of 3,948 hotel micro-, small, and medium-sized enterprises in the 2012-2015 period and includes variables related to characteristics of the hotel and tourist destination. The results show that the contagion effect is significant, increasing the explanatory capacity of the model. Moreover, the results show that the analysis of the contagion effect should consider not only its simultaneous impact but also that deferred over time on the probability of failure. Thereby, this study found that after the initial shock, the contagion effect decreases and changes its sign from negative to positive in the fourth year.

This paper analyses business survival in 11,558 micro, small, and medium-sized firms (MSMEs) between 2007 and 2015 in the Spanish hotel sector. Using hazard models, the aim is to identify the differences in survival determinants among firm sizes, quantifying the importance of the environment during the recent economic crisis. The results highlight the existence of differences. The environment is the main factor influencing the survival of MSMEs, especially in micro hotels. Regarding the hotel characteristics, the evidence shows that performance has a greater effect on survival in the medium hotels than in the micro and small hotels.

Este trabajo analiza las políticas expansivas a escala internacional realizadas por los dos mayor grupos hoteles españoles, a saber, Meliá Hotels International, S.A. y NH Hotel Group, S.A., durante el período 2009-2015. Asimismo, se evalúa su impacto en las principales magnitudes económicas y financieras. En general, los resultados denotan que la apuesta de Meliá por la internacionalización y su expansión a países más exóticos y a priori con mayor riesgo, ha contribuido a la diversificación de su oferta, minimizando en mayor medida el impacto de la reciente crisis. Por su parte, en NH existe una mayor concentración en países como España e Italia, lo que ha reportado una importante caída de las ventas como consecuencia del deterioro de determinados segmentos de mercado y descenso en precios. Asimismo, esta cadena hotelera tiene un volumen importante de activos inmobiliarios cuyo precio ha descendido notablemente durante la crisis.

PurposeThe purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature.Design/methodology/approachBased on a sample of the Spanish population over the period 2008–2015, this paper estimates probit and tobit models, using 165,791 observations. The driving forces of private retirement savings comprise demographic, financial and socio-economic characteristics.FindingsThis paper confirms the impact of socio-demographic and economic variables on participation and monetary contributions to pension plans. It also confirms that income plays a non-negligible role. Moreover, empirical evidence reveals that the effect of gender is related to the income stratum to which the individual belongs.Originality/valueRetirement planning plays a key role in retirees’ future income and several countries have emphasised the importance of private individual savings to supplement the minimum provided by public pension schemes. The previous literature has concluded that those who plan their retirement end their working lives with three times the wealth of non-planners. Consequently, analysis of whether people are saving enough for their retirement can contribute to avoiding future wealth inequalities among retirees. Spain is one of the countries with the greatest inequality in income distribution, so this issue is of even greater interest.

Purpose The purpose of this paper is to design an algorithm to predict hotel profitability by means of deep learning techniques. Design/methodology/approach The methodology consists of a multi-layered neural network that includes a lag of profitability as the input. Furthermore, other input variables are related to hotel and tourist destinations; the raw data for hotel and tourist destinations were collected from multiple public access data sources. Findings The results show that the proposed model has a high predictive capacity of hotel profitability in all the years studied (2005-2011), according to the performance metrics evaluated within the sample. Thus, the authors can conclude that deep learning algorithms can be a useful tool to evaluate hotel performance. Practical implications The algorithm designed in this research could be of interest to improve decision-making processes related to profitability, for example, in evaluating the creation of new hotels. Moreover, the model provides a quick and efficient analyses that could be of interest to investors and lenders. In particular, they could compare investment alternatives in the hotel sector. Also, according to the results, the location variables are important determinants of hotel profitability, and consequently, hotel managers should collaborate with the tourist destination managers to improve profitability. From an internal perspective, hotel managers should focus on the management of human resources. Originality/value This paper is the first empirical study that predicts hotel profitability using deep learning techniques. In addition, this methodology is applied to analyse hotel profitability, for the first time, in the Spanish market. This market is an ideal analytical framework because of its heterogeneity with respect to hotel supply in terms of seasonality and coastal characteristics, among others.

Purpose This paper aims to investigate whether individuals’ planning horizon influences their decision to save privately for their retirement. Design/methodology/approach Focussing on Spain, this empirical research uses the fifth wave of the Survey of Health, Ageing and Retirement in Europe (SHARE)[1]. Logit models are estimated considering variables related to demographic characteristics, economic situation, education and cognitive abilities and psychological and social factors. Findings The results confirm that the planning horizon significantly influences the decision to save for retirement. Long-term planners are more likely to save for retirement than short-term planners. Originality/value Although previous literature has identified the planning horizon as a relevant variable in the decision to save for retirement, few empirical studies have evaluated their impact. This paper shows that it is important to develop habits of financial planning in societies, especially in societies with a prominent orientation towards the present.

Este trabajo analiza la importancia del destino turístico cuando la quiebra es analizada en el sector hotelero. En particular, se estudia el sector hotelero gallego durante el período 2005-2011. Los resultados confirman la importancia de las características del destino turístico donde se localiza el hotel, en particular, la tasa de ocupación y el nivel de estacionalidad, además de las características internas del hotel. Concretamente, la localización puede representar hasta un 20% de la tasa de quiebra de los hoteles gallegos.

Purpose The purpose of this paper is to analyse the determinants of hotel profitability through the application of a least squares path modelling (PLS) and to deepen the study of their heterogeneity through clustering techniques. Design/methodology/approach An eclectic model that incorporates the dimensions identified as determinants of profitability in the previous literature is estimated by means of PLS. Subsequently, in a second stage the hotels are classified using clustering techniques to study which combination of hotel characteristics, location, competitive environment and tourist destination achieve higher profitability. Findings The results show that hotel characteristics, hotel location, competitive environments and tourist destination factors impact on the hotel performance. Also, the results highlight that the eclectic model proposed have to be further developed in future studies, incorporating more theoretical constructs and variables. Research limitations/implications The results contribute to identify and quantify the determinants of profitability in the hotel sector and which combination of them achieve higher profitability. Moreover, this paper provides new evidence to support an eclectic theory of profitability determinants in the hotel sector. Consequently, this paper claims the need of a deeper integration of different areas of expertise to analyse hotel profitability. Originality/value This research is the first empirical evidence that proposes an eclectic model and uses clustering techniques in the study of profitability differences considering simultaneously hotel characteristics and its location. The variables used allow to measure different aspects of the attributes of the hotel and its location.

This paper analyzes the impact of the spatial positioning of a hotel on profitability. The determinants that increase hotel profitability could differ from one location to another. No previ...

PurposeThe purpose of this paper is to adopt a behavioural approach to explain how the internet use influences stock market participation (SMP) decisions.Design/methodology/approachDrawing on the literature on sociability and SMP, this paper analyses whether virtual sociability affects SMP decision in a sample of 34,715 individuals in 14 European countries.FindingsThe results show that internet users are more likely to be stockowners. However, the obtained evidence does not support either an informational effect or a social multiplier effect of the virtual sociability. After controlling by the country’s SMP rates, a positive effect of internet usage on SMP decision remains, suggesting that contextual factors matter rather than internet usageper se. Thus, in countries where individuals are “used” to being stockholders, the habit of using internet increases SMP, but the “breeding ground” is a necessary condition.Originality/valueThe massive use of the internet provides a valuable opportunity to find evidence of the frictional costs which would act as inhibitors of the SMP, as economic theory hypothesised. After some promising results, the differences in the evolution of both the SMP and internet usage rates have not confirmed the initial enthusiasm. In addition, the question of why the SMP rates systematically differ across countries still remains open.

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.,Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.,The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.,This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.,este trabajo analiza la exposicion economica al riesgo cambiario en Latinoamerica por parte del sector empresarial espanol entre 2010 y 2016. Asimismo, evalua la efectividad de la cobertura con productos derivados en su reduccion.,la exposicion economica es estimada a traves del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un analisis individualizado para las principales divisas que sustentan la actividad entre Espana y Latinoamerica, a saber, Peso mexicano, Real brasileno, Peso argentino, Peso chileno, y Peso colombiano. Respecto al analisis de la cobertura, se estiman modelos dinamicos con datos de panel a traves del metodo generalizado de momentos.,los resultados muestran que el numero de empresas con exposicion economica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La unica excepcion es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor numero de empresas con exposicion significativa.,este trabajo aporta evidencia inedita sobre la exposicion economica al riesgo cambiario en Latinoamerica en un periodo reciente caracterizado por dos aspectos principales: i) una importante depreciacion de algunas divisas latinoamericanas respecto al euro; ii) una potenciacion de la actividad empresarial espanola en esa region para favorecer su crecimiento durante la reciente recesion de la economia espanola.

This paper analyses the determinants of credit risk in the Spanish hotel sector, employing panel data models covering a sample of 734 micro, small and medium-sized enterprises (MSMEs) over the period 2005–2011. Among other things, this study is relevant because credit risk is an important variable for several stakeholders. However, the existing literature has neglected the role of location as a determinant of credit risk and has focused on hotel characteristics. This paper analyses both types of variable simultaneously. Overall, the results highlight the importance of the hotel’s location as a determinant of its credit risk. Specifically, seasonality, the level of market concentration and the distance to the tourist destination centre have a significant impact on the financial stability of the hotel. Other factors related to hotel characteristics that prove significant are diversification, liquidity, indebtedness, operational efficiency and profitability.

Purpose This paper aims to study the determinants of hotel performance, especially the role of location, in the Spanish hotel market. Design/methodology/approach The sample is composed of 1,034 hotels located in 97 tourist destinations in Spain during the period 2005-2011. The estimations were made by generalised least squares using panel data. Findings Overall, the results show that hotel attributes are the main determinant of performance. In particular, there is a minimum efficient scale in the hotel business. Location is the second most important determinant. This paper confirms that geographical location models, agglomeration models and competition models are relevant in the study of the effect of location on hotel performance. Regarding management practices, the performance is positively affected by good asset management. Practical implications Hotel managers can improve the total net revenue per available room by individually making decisions regarding its characteristics and management practices, especially size and asset efficiency. Moreover, they can collaborate with others (managers and policymakers) to manage tourist destination factors, particularly, demand level, accessibility, negative externalities and market concentration. Originality/value This research includes hotel characteristics, management practices and location as determinants of performance, by providing a broader framework of analysis than in previous studies. Regarding location, the empirical analysis considers simultaneously geographical location models, agglomeration models and competition models. The paper studies the Spanish hotel market, which is very important worldwide and which has heterogeneous tourist destinations, thereby making it a good context to analyse the relationship between location and performance.

This paper tests the relationship between competition and bank stability for 356 banks operating in the Middle East North Africa (MENA) countries during the period 2005–2012. Our results show that for the overall sample, a U-shaped relationship between competition and banks’ risk taking for MENA banks. The negative linear relationship between Z-Score and H-statistics in Gulf countries shows that an increase in competition leads to a reduction in the level of financial stability. In the case of other non-Gulf countries, the increase of competition in uncompetitive markets can lead to an increase in stability. The results confirm the importance of the market structure as an explanatory factor for financial stability, but also indicate that concentration is not associated with uncompetitive markets.

This paper quantifies the impact of location attributes on hotel creation by identifying drivers and barriers to entry in the Spanish hotel sector. The methodology is based on the use of count models. The efficiency of labour in a tourist destination is a driver of new hotel start-ups, but the initial investment and idle capacity are relevant barriers to entry. Regarding the existence of externalities, the incumbents' effect on new hotel start-ups depends on their behaviour and average age in the tourist destination.

This research analyzes the individual determinants of the decision to participate in the stock market in eight European countries - France, Germany, Italy, the Netherlands, Poland, Spain, Sweden and the United Kingdom, on a sample of 6,036 individuals, aged between 18-65 years. The data used in the empirical analysis comes from the study “The EU Market for Consumer Long Term Retail Saving Vehicles. Comparative Analysis of Products, Market Structure, Costs, Distribution Systems and Consumer Saving Patterns”, carried out by the European Commission in 2007. The main focus of this paper consists of analyzing the potential gender gap in stock market participation while it includes socioeconomic variables that have already been studied in the prior financial literature focused on other countries, as well as behavioral determinants that have not been analyzed in depth so far. The results highlight that stock market participation in the countries above mentioned. Issues positively related to this research involves: peoples age, being male, having university studies, income, influence of financial advice and willingness to risk; and a negatively related issue is seeking of financial advice and general trust. Besides, it is important the existence of institutional country factors that influence the investors’ attitudes toward stockholding. Esta investigación analiza los determinantes individuales de la decisión de participar en el mercado de valores en ocho países europeos - Francia, Alemania, Italia, Países Bajos, Polonia, España, Suecia y el Reino Unido- sobre una muestra de 6.036 individuos con edades comprendidas entre 18 y 65 años. Los datos utilizados en el análisis empírico provienen del estudio The EU Market for Consumer Long Term Retail Saving Vehicles. Comparative Analysis of Products, Market Structure, Costs, Distribution Systems and Consumer Saving Patterns, llevado a cabo por la Comisión Europea en el año 2007. Esta investigación considera tanto variables socioeconómicas previamente analizadas en la literatura financiera referida a otros países, como nuevas variables que pueden actuar como determinantes del comportamiento y que no han sido analizados en profundidad hasta ahora. En cualquier caso, el presente estudio hace especial énfasis en el estudio de las diferencias de género. Los resultados obtenidos ponen de manifiesto que la participación de mercado de valores en los países antes mencionados se relaciona positivamente con la edad, el género masculino, la tenencia de los estudios universitarios, los ingresos, la influencia del asesoramiento financiero y la asunción de riesgos; y negativamente con la búsqueda de asesoramiento financiero y la confianza general. Además, se constata la existencia de factores institucionales que influyen en las actitudes hacia el mercado valores de quienes invierten.

Population ageing, together with the negative effects of the recent economic and financial crisis that some European countries are still facing, have threatened the sustainability of public pension systems. In this context, voluntary private pensions have emerged as the most feasible alternative to supplement the minimum provided by Social Security Systems; however, this financial product does not enjoy its expected popularity. A potential explanation of this reality might be due to the fact that European countries are far from being homogeneous, nor their pensions systems. Therefore, any policy geared toward improving financial retirement planning should take into account these potential differences. As a first approach to their analysis, this paper proposes the existence of four different ‘social models’ in Europe -namely, Continental, Mediterranean, Nordic and Transitional-. Overall, empirical evidence confirmed the significant influence of country’ ‘social model’ on the decision to invest in retirement accounts on a sample of 31,468 individuals in 2013. It was also proved that this decision is positively related to age, household income and wealth, higher levels of formal education, job situation, good health status, and long-term planning horizons; and negatively related to age squared, household size or financial risk aversion. In short, future policies and reforms regarding private pensions should not only take into account the existence of individual differences among Europeans, but also the existence of differences depending on institutional and cultural country factors.

Este trabajo realiza un estudio del perfil de exposición cambiaria y su cobertura a través de una muestra formada por cien empresas no financieras y cotizadas en el mercado bursátil español durante el período 2004-2010. Los resultados obtenidos muestran que la mayoría de las empresas tiene una actitud proactiva en la gestión del riesgo cambiario, utilizando diferentes productos para su cobertura. De hecho, la realización de un importante volumen de ventas exteriores en combinación con la existencia de filiales en dichos mercados fuera de la zona euro, son la principal fuente de riesgo cambiario. Al igual que en estudios realizados para otros mercados, también se confirma que la utilización de productos derivados es la práctica más habitual, además del endeudamiento en divisa. Asimismo, las empresas utilizan técnicas de cobertura operativa.

this paper studies the determinants of survival of 6494 Spanish hotel firms located in 97 national tourist destinations in the period 2005–2011. The characteristics of the firms and the tourist destinations where they are located have been studied through survival analysis techniques. This is relevant because the impact of the financial and economic crisis on the Spanish lodging sector has shown different effects among tourist destinations. The results confirm that the location significantly affects the probability of survival. In particular, the main determinant of firm survival is the level of occupancy in a tourist destination which has a positive effect. Also, we have found that a low level of competition reduces the average expected survival while the average profitability of a tourist destination has a positive effect on firm survival. Finally, the total effect related to destinations factors can reduce the expected survival by up to 90% (hazard ratio).

This paper analyzes the impact of market structure on hotel profitability in a sample of 8992 Spanish hotels in 2005–2011, using variables relating to the hotel and tourist destination in addition to structure–conduct–performance (SCP) and Chicago School frameworks simultaneously. The results show that profitability depends largely on the market structure and the level of demand of the tourist destination and we confirm the SCP proposals. Regarding characteristics of each hotel, there are unobservable characteristics which influence on profitability and we identify the existence of economies of scale.

A participación no mercado bolsista é un tema de estudo con varias décadas de historia, aínda hoxe en discusión, como resposta á persistencia de baixas taxas de participción. Neste traballo analízanse os determinantes da participación no devandito mercado mediante modelos probit, onde a variable dependente recolle a tenza directa de accións e/ou a participación indirecta a través de fondos de investimento. Os resultados amosan que a idade, educación, preferencias de risco e uso de internet resultan ser variables chaves á hora de explicar a participación dos fogares no mercado de valores na España.

This paper investigates whether European women have the same probability of saving for retirement as European men and if driving factors for this saving behavior differ by gender. The evidence is based on a sample of 6,036 individuals from eight European countries (France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, and the United Kingdom). The results show that European women are less likely to save for retirement than men, although the determinants of this decision are similar for both genders. Moreover, the results suggest that country-level institutional factors play a more important role on the individual's retirement attitudes than gender differences.

This chapter studies the determinants of women in entrepreneurship in the hospitality industry using a sample of individuals participating in the GEM (Global Entrepreneurship Global) project. This is important because of the obvious difference between the rates of male and female entrepreneurship. Specifically, this research arises in the hospitality sector because of its importance in the Spanish economy which can generate relevant results for other economies with an important tourism sector. By means of logistic regression models for entrepreneurs – female and male – this chapter considers demographics, economic variables, social and intellectual capital and perception variables, allowing a comparative analysis of the results. This holistic approach contributes to identifying the determinants that influence the propensity to entrepreneur in men and women and their differences. The findings point the relevant factors to policymakers in order to promote female entrepreneurial intention and consequently favors equal opportunities.

The authors analyse the determinants of business failure in micro-, small- and medium-sized Spanish hotel companies during 2008–2011. They consider accounting variables representative of the economic and financial situation and other variables of lodging activity. This approach is important because several previous studies have highlighted the need to develop empirical models tailored to an industry, especially when it is as significant in the national economy as the hotel industry is in Spain. The article also examines whether the models developed to date remain valid in the new economic environment characterized by the economic crisis. The results obtained confirm the influence on the probability of business failure of profitability, debt, economic structure, economic and financial stability and liquidity. Moreover, significant influence is identified with regard to the number of delegations, the level of employment, seasonality and competitive concentration in the tourist destination where the business is located.

Este trabajo analiza el nivel de exposición económica al tipo de cambio y sus determinantes en el mercado español, considerando seis divisas de referencia respecto al euro: el dólar estadounidense, el yuan chino, el franco suizo, la libra esterlina, la corona noruega y el rublo ruso. Ello es relevante porque la volatilidad cambiaria puede tener un impacto directo sobre las operaciones de la empresa en el corto plazo y, en un horizonte temporal mayor, sobre su valor. Los resultados obtenidos en esta investigación confirman que la mayoría de empresas analizadas tienen un perfil exportador en su exposición económica, esto es, se benefician de depreciaciones del euro frente a otras divisas, especialmente, la libra esterlina. Por el contrario, respecto al franco suizo, predominan los importadores netos. Asimismo, sus determinantes difieren entre exportadores e importadores, si bien, en ambos casos, la diversificación geográfica actúa como cobertura operativa.

Este trabajo ha obtenido el Accésit Premio Estudios Financieros 2014 en la modalidad de Contabilidad. Este trabajo analiza los determinantes del fracaso empresarial en las pymes hoteleras españolas en 2008-2011 considerando no solo ratios contables, representativos de su situación económica y financiera, sino también variables propias de la actividad y mercado hoteleros. Por tanto, estudiamos un modelo focalizado en un sector destacado de la economía española como es el hotelero. Al mismo tiempo, es necesario validar si los modelos desarrollados hasta la fecha siguen siendo válidos en el nuevo entorno económico protagonizado por la actual crisis económica. Los resultados obtenidos a través de estimaciones probit y logit confirman la influencia de ratios financieros y de variables propias de la actividad hotelera.

El objetivo de este trabajo es, por una parte, analizar si las mujeres de la Unión Europea tienen la misma probabilidad de decidir ahorrar para la jubilación que sus homólogos masculinos, y, por otra, si los factores que determinan este comportamiento difieren en función del género. La muestra analizada está compuesta por 6.036 individuos de ocho países europeos (Francia, Alemania, Italia, Países Bajos, Polonia, Suecia, Reino Unido y España) en el año 2007. En general, los resultados muestran que las europeas son menos propensas a ahorrar para la jubilación que los europeos. Sin embargo, los determinantes de este comportamiento son bastante similares entre ambos colectivos. Finalmente, encontramos que factores institucionales propios de cada país tienen un rol significativo y más relevante que las diferencias de género en la actitud del individuo hacia el ahorro para la jubilación.

Purpose Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt. Design/methodology/approach Using a sample of 100 Spanish companies with a significant social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data. Findings Our results showed that the main determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to tax loss carry‐forwards and long‐term economic sectors, and on the other, that it is related negatively to information asymmetries and growth opportunities. Results were mixed for foreign currency exposure. Research limitations/implications The limitations of this paper are associated to the availability of information from annual reports and the SABI database, especially the variables in relation to operational hedging. Therefore, as a future line of research, we propose gathering of data on these internal hedging practices in order to obtain more accurate evidence about its use in companies and their relationship with financial hedging. Originality/value This paper makes three major contributions to the existing literature. First, it contributes by illustrating currency hedging practices used by Spanish firms – which are important in Latin markets – to manage exchange rate exposure in. Second, we used more variables for the empirical analyses to contrast the hedging theories than previous studies had. Finally, we used a data panel because it allows the control of unobservable heterogeneity and endogeneity problems. Previous studies only used cross‐section estimations.

This paper analyzes value creation through currency hedging in the Spanish market. The results show that the hedging with derivatives generated an average premium of 1.53% and that foreign currency debt generated 7.52%, with respect to company value approximated by Tobin's Q, while operational hedging does not affect company value. Moreover, in half of the observations corresponding to companies that hedged with derivatives, the value premium was between 0.08% and 0.99%. In the case of foreign currency debt, the range was between 1.79% and 10.37%. It demonstrates that the contribution of currency hedging to company value fluctuates considerable according to the volume of financial hedging. Thus, an empirical study of this aspect which only analyses the decision to hedge through dummy variables to define financial hedging, as empirical previous studies, can lead to biased results in terms of estimated premium amounts, because it assumes a homogenous treatment of companies regardless of hedging volumes.

This paper analyzes the validity of using the loan-to-value (LTV) ratio to explain the behavior of mortgage borrowers at an empirical level. To perform this analysis we use data for mortgage loan portfolios securitized in Spain during the period 2005-8. In the regression models developed,we find that higher initial LTV ratios are associated with greater default risk. The relation between the probability of default and LTV seems to be nonlinear,and a sharp increase is seen for values greater than 80%. Our findings confirm the adequacy of the new Basel III proposal that sets nonlinear capital requirement levels for banks holding residential mortgage loans at different LTV ratios. However,the significance shown in the regression models estimated with the “seasoning” variable could be considered in order to improve the models used to measure capital requirements.

RESUMENEste trabajo se centra en la elaboración de un modelo interno para el riesgo de renta variable en Solvencia II. Para ello, se han utilizado datos mensuales de la serie de Ibex 35, Cac-40, Ftse-100 y Dax del periodo Enero de 1992 a Diciembre de 2008. Se han ajustado por máximo verosimilitud el modelo de rendimientos normales sobre el que se sustenta el modelo estándar de QIS4, frente a la mixtura de normales y un modelo de cambio de régimen de Markov. Los modelos analizados son comparados en función de criterios de parsimonia y en base a la normalidad de los residuos generados. Posteriormente se analiza la determinación de capital resultante de los distintos modelos frente al resultante de aplicar la fórmula estándar del QIS4. Los resultados obtenidos muestran que los capitales necesarios para soportar el riesgo de renta variable son dependientes de la especificación empleada.ABSTRACTThis work focuses on developing an internal model for equity risk under Solvency II. We have used monthly data for the series of Ibex 35, Cac 40, FTSE 100 and Dax in the period between January 1992 and December 2008. This work fits by maximum likelihood method the model of normal returns, based on the standard model of QIS4, compared to the mixture of normal and a Markov regime switching model. The analyzed models are compared based on criteria of parsimony and normality of the residuals. Subsequently, we compared capital requirements resulting from applying these models against the standard formula of QIS4. The results showed that the funds needed to take the equity risk are dependent on the specification used.

Este trabajo ha obtenido el 2.º Premio Estudios Financieros 2011 en la modalidad de CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS. Este trabajo analiza los determinantes del volumen de cobertura del riesgo cambiario con productos derivados por parte de 100 empresas españolas no financieras durante el periodo 2004-2007. El marco teórico se configura a partir de los postulados de las teorías de cobertura, y la metodología aplicada consiste en la estimación de estimaciones con datos de panel de modelos lineales dinámicos. Nuestros resultados muestran que esta decisión se relaciona principalmente con los costes de insolvencia financiera, el nivel de exposición cambiaria y la utilización de otros instrumentos de cobertura, en particular, con el endeudamiento en divisa, apoyando así una relación de complementariedad entre ambos. Finalmente, existe evidencia significativa pero no concluyente respecto a las oportunidades de crecimiento.

Since the studies of Schumpeter (1939), Solow (1957), or Nelson and Sidney (1982), innovation has been considered one of the major drivers of economic growth. This paper explores the relationship between firms' innovation and sales growth. Using an original dataset of 80 listed Spanish firms over the period 2004-2014, we firstly apply a panel data fixed effects estimator. However, since growth rates follow a Laplace distribution, we also employ panel data quantile regressions to overcome the problems of regression techniques focused on the 'average' firm. Additionally, we consider a rich set of innovation and firm-specific variables that help mitigating standard omitted variable bias. Our results show that R&D expenditures influence sales growth, but the effect seems to be due to tax benefits, rather than expected innovation outcomes. In contrast, the market value of patents is undoubtedly related to firm growth, although high-growth firms capture larger benefits.

La entrada en vigor del proyecto de Solvencia II transformara por completo el sistema de determinacion de las necesidades de capital del asegurador. En el nuevo marco regulatorio se propone un modelo estandar basado en el valor en riesgo (VaR), pero al mismo tiempo, se fomenta la aplicacion de modelos internos de autoevaluacion y gestion del riesgo. En este trabajo hemos comparado la determinacion de capital resultante de aplicar diferentes modelos parciales internos y una medida de riesgo alternativa (TVaR) a traves de analisis fi nanciero dinamico (DFA), frente a la propuesta del modelo estandar que se recoge en el cuarto estudio de impacto cuantitativo (QIS4). Para ello, se han utilizado datos del periodo 2001-2008 en lo referente a los diferentes riesgos de mercado, y la cuenta de resultados agregada del ramo de autos de los ultimos diez anos para el analisis del riesgo asegurador. El resultado de nuestro trabajo muestra que, en general, las necesidades de capital obtenidas mediante modelos internos superan a las del modelo estandar. Esto signifi caria que aquellas companias que utilicen el modelo estandar podrian estar subestimando la cantidad de capital necesaria para cubrir el riesgo en el entorno actual de elevada volatilidad.

Este trabajo realiza un estudio empírico de los determinantes del desempeño de los grupos hoteleros españoles. La muestra de análisis está formada por 1,019 establecimientos hoteleros afiliados a corporaciones hoteleras y el horizonte temporal es 2005-2011. Los resultados denotan que los factores característicos de la demanda de servicios hoteleros y de la estructura del mercado afectan significativamente al desempeño. Ello subraya la importancia de la gestión del punto turístico donde se localiza. Asimismo, también destaca, a nivel de hotel, el efecto obtenido para variables representativas de la cuota de mercado que éste tiene, su nivel de activo y su volumen de deuda. Por tanto, los gestores del hotel y del destino son responsables del desempeño hotelero.

This paper analyzes the factors that determine the use of foreign currency debt to hedge currency exposure for a sample of 96 Spanish non-financial companies listed in 2004. Unlike previous empirical studies, which have attempted to explain the use of foreign currency debt using arguments stemming exclusively from hedging theory, we have complemented the analysis with hypotheses from capital structure theory. In particular, we analyze the variables that determine the decision to hedge with foreign currency debt and hedging volume. On the one hand, we found that the decision to hedge with foreign debt is positively related to the level of foreign currency exposure, size, tax loss carry-forwards, managerial risk aversion and the building, RD and on the other hand, the extent of hedging is related positively to the foreign currency exposure, size, managerial risk aversion and negatively to the costs of financial distress. We also analyze the interaction between foreign currency de...

RESUMENEste trabajo analiza los factores determinantes de la decision de cobertura del riesgo cambiario con deuda en divisa para una muestra de 56 empresas espanolas, cotizadas y no financieras en 2004. A diferencia de los trabajos empiricos precedentes que utilizaron exclusivamente argumentos que emanan de las teorias de cobertura, hemos complementado el analisis con hipotesis procedentes de las teorias sobre la estructura de capital. Los resultados obtenidos muestran que el nivel de exposicion cambiaria es el principal determinante en la decision de cobertura con deuda en divisa. Asimismo, tambien se relaciona con la pertenencia de las empresas a los sectores industrial y de construccion y energia, y negativamente con el tamano de la empresa y el porcentaje de capital de la empresa en manos de sus directivos. Asimismo, al analizar la interaccion entre la deuda en divisa y los productos derivados en la decision de cobertura, se pudo constatar la significatividad de las mismas variables y, adicionalmente,...

Location is a very important factor analyzed by firms on creation decisions. This paper analyzes the determinants of business creation in the Spanish hospitality industry. Spanish hotels have a relevant position in the global tourism context so it can generate relevant results to other countries. By means of different econometric models, we identify the effect over both the existence of creation and the intensity. The sample consists of 8992 hotel establishments during the period 2005–2011. We have also considered data of the 97 tourist destinations that exist in Spain according to the National Statistics Institute. The results obtained identify how different tourist destinations are accessible to the entry of new competitors. Also, they point the mechanisms through which the incumbent firms reduce the entry of competitors. Main contributions are related to measurement of anti-competitive practices effect on the entry of competitors and identification the factors that act as drivers and as entry barriers to business creation.

El proceso de mejora de ensenanza-aprendizaje en el contexto universitario ha generado la aplicacion de nuevas o mejoradas tecnicas docentes, las cuales fomenten una participacion activa del alumno y una mayor interaccion con el profesor. El objetivo de este trabajo ha sido analizar el grado de satisfaccion del alumnado universitario con una de las innovaciones docentes mas populares, sobre todo, por su bajo coste y sencillez, que es el one minute paper, la cual registro una alta tasa de participacion en el contexto analizado. En particular, esta experiencia docente se hizo en una asignatura de contabilidad en el Grado de Administracion y Direccion de Empresas de la Universidad de Santiago de Compostela.

El propósito de este trabajo es analizar los factores que determinan el ahorro para la jubilación para una muestra de 4.526 individuos de 8 países europeos. Los resultados muestran que, aunque el porcentaje de ahorradores para la jubilación varía ampliamente entre países, los determinantes de esta decisión son bastante similares. De hecho, ahorrar para la jubilación está positivamente relacionado con la edad, los conocimientos financieros, el nivel de ingresos, la categoría laboral y la tradición ahorradora del individuo. The purpose of this paper is to analyze what factors are driving the retirement savings of the Europeans. Our evidence is based on a sample of 4.526 individuals from 8 European countries. The results show that although the percentage of savers for retirement varies widely across countries, the driving forces of the decision of saving for retirement are quite similar. Thus, this decision is positively related to the individuals’ age, financial literacy, household income, employment status and saving habit. SI

The continuous movement in foreign exchange rates means that firms that operate internationally have exposure to exchange rate risk. Recently a variety of studies have shown that hedging can increase the value of the firm, if imperfections exist in capital markets. A variety of theories have been developed regarding optimal hedging which attempt to explain the reasons firms may be interested in hedging. This paper has reviewed the main arguments from this theories and several studies which have attempted to determine if firms behave according to the principles established in the theories of optimal hedging.

A variety of theories have been developed regarding optimal hedging which attempt to explain the reasons firms may be interested in hedging. The study of hedging for exchange rate risk has usually focused on the use of derivatives and to a lesser extent on the use of other types of financial and operational hedging. Debt denominated in foreign currency acts as a natural hedge to the firm's exposure in that currency. This paper has reviewed the main arguments from these theories and several studies which have attempted to determine if firms behave according to the principles established in the theories of optimal hedging when companies use foreign currency debt as currency hedging instrument.

We analyze the determinants of Europeans' retirement savings' for a sample of 4,526 individuals in 8 European countries. Our results show that the driving forces of the decision of saving for retirement are quite similar. This decision is positively related to the individuals' age, financial literacy, household income, employment status and saving habit. In addition, the results suggest that country-level institutional factors also play a crucial role on the individual’s retirement attitudes.

This paper analyzes the factors determining transactional exchange rate hedging with foreign currency debt for a sample of 56 Spanish non-financial companies listed in 2004. In particular, we analyze the variables that determine the decision to hedge with foreign currency debt as well as hedging volume. We also analyze the interaction between the foreign currency debt and derivatives in the hedging decision. Unlike previous empirical studies, which have attempted to explain the use of foreign currency debt through arguments exclusively stemming from optimal hedging theory, we have complemented the analysis with hypothesis from capital structure theory.

The present paper analyses the reasons why Spanish quoted firms use derivatives to hedge against exchange-rate risk. Through the application of a Tobit model, the obtained results show that the variables related to the creation of value and the existence of scale economies are the main factors for hedging. In fact, the size, market to book ratio, and liquidity have been significant. Also, it has been obtained that the main variable that determines the volume of hedging is the level of exchange exposition. With regarding to foreign debt, we found that the companies use it as a complementary hedging instrument. Moreover, its use and quantity are explained by the volume of foreign sales only.