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Cuadernos de Economía. Número 099. 2012.

Permanent URI for this collectionhttp://dspace7.ti.uam.es/handle/10486/681909

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    Item type: Publication ,
    Fabián Estapé Rodríguez, in memoriam
    (Elsevier España S.L., 2012) Hortalà i Arau, Joan
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    Market discipline in Mexican banks: Evidence from the asset side
    (Elsevier España S.L., 2012) Tovar-García, Edgar Demetrio
    This paper studies the asset side market discipline effect in Mexico, whether borrowers pay higher interest rates (price-based mechanism) to high??quality banks, and consequently, whether borrowers discipline their banks. Borrowers continuously require credit and they choose large banks because their lending activity is trustworthy (a refinancing-solvency motive). In addition, borrowers prefer banks with lower loan losses to signal their creditworthiness to other stakeholders (a certification-signaling motive). Using a sample of 37 banks over the years 2008 to 2012 and a dynamic panel model, we found evidence in favor of these motives through a price-based mechanism, that is, the Mexican borrowers are willing to pay higher rates to larger banks with higher capital ratios and reserves for loan losses, or lower nonperforming loans. As a result, the Mexican banks face market discipline induced by borrowers, albeit this discipline is absent in retail and largest banks
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    Item type: Publication ,
    Valoración económica de las técnicas sostenibles de manejo del suelo en el olivar andaluz
    (Elsevier España S.L., 2012) Gómez‑Limón, José A.; Barreiro‑Hurlé, Jesús
    Este trabajo presenta la aplicación de una metodología de valoración multicriterio para estimar la demanda social e individual por la implementación de técnicas sostenibles de manejo del suelo en el olivar andaluz. Los resultados obtenidos muestran que la función de utilidad social para este bien ambiental complejo es lineal, aunque las funciones individuales no lo sean. La sociedad andaluza estaría dispuesta a pagar 27 Euros por hectárea por la implantación de sistemas de manejo más compatibles con el medio ambiente, que generasen menos erosión, más biodiversidad y mayor ijación de CO2 en los suelos agrarios. Asimismo, los resultados muestran que la sociedad andaluz está dispuesta a pagar 10 Euros por hectárea por la provisión de otros bienes públicos generados por el olivar regional
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    Item type: Publication ,
    Risk optimal single‑object auctions
    (Elsevier España S.L., 2012) Alonso, Estrella; Tejada, Juan
    We analyze the preferences of a risk-averse auctioneer over several auction mechanisms with risk-neutral and symmetric bidders. We obtain the value at risk (VaR) for auctioneer revenue in auction mechanisms belonging to a parametric family which includes two classic mechanisms, the first-price auction and second-price auction. By calculating the VaR for revenue an auctioneer can estimate the amount that will be lost within a given confidence level, depending on the number of bidders and the auction mechanism chosen. The contribution of this paper is the calculation of the VaR for auctioneer revenue in some common auction mechanisms that yield the same expected revenue, including first??price auction and second-price auction and the following mechanisms: Santa Claus auction, sad-loser auction and all-pay auction. We describe how to quantify the maximum loss for an auctioneer at a given probability. We study the value at risk of the auctioneer as a criterion to determine which auctions would best suit the auctioneer's interests