Prices and the Real Exchange Rate in Hong Kong: 1985-2006

This paper has been presented at the XIII Encuentros de Economía Aplicada, Sevilla, Spain, 2010.

Lowndes and Locke on the value of money

This paper was presented at the 11th Annual Conference of the European Society for the History of Economic Thought (ESHET).

Adam Smith on labour and value: challenging the standard interpretation

This paper was presented at the Seminars of the Department of Foundations of Economic Analysis I, University of the Basque Country in September 2004.

Profit as Cost versus Profit as Surplus over Cost: A Case Study on Varian's "Intermediate Microeconomics"

On the analysis of Varian’s textbook on Microeconomics, which I take to be a representative of the standard view, I argue that Varian provides two contrary notions of profit, namely, profit as surplus over cost and profit as cost. Varian starts by defining profit as the surplus of revenues over cost and, thus, as the part of the value of commodities that is not any cost; however, he provides a second definition of profit as a cost, namely, as the opportunity cost of capital. I also argue that the definition of competitive profit as the opportunity cost of capital involves a self-contradictory notion of opportunity cost.

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Going Multinational under Exchange Rate Uncertainty

Published as an article in: Journal of International Money and Finance, 2010, vol. 29, issue 6, pages 1171-1191.

Una valoración del sector vinícola riojano

Este trabajo es resultado de la investigación realizada en el marco de la Tesis Doctoral sobre Impacto socioeconómico del sector del vino en Rioja, que elabora M. Larreina.

Repercusión económica de la certificación medioambiental ISO 14001

Este trabajo ha sido realizado bajo el marco de objetivos del Grupo de Investigación de Excelencia CREVALOR reconocido por la Diputación General de Aragón.

Las Tecnologías de la Información y la Comunicación en la gestión de tesorería: modelo explicativo

[ES] En el presente trabajo se analiza el uso de las TIC (Tecnologías de la Información y la Comunicación) en las responsabilidades de la gestión de la tesorería, tomando como referencia para su estudio las empresas de la CAPV (Comunidad Autónoma del País Vasco). Los resultados indican que las TIC más utilizadas por las empresas en operaciones financieras son el software financiero, Internet y la banca electrónica. Además, estos resultados han permitido desarrollar un modelo explicativo del uso de las TIC en las principales funciones del tesorero, como son la gestión de cobros y pagos, gestión de la liquidez, previsiones de tesorería a corto plazo, gestión de saldos bancarios en fecha valor, negociación con entidades financieras, gestión de la financiación del déficit de tesorería, gestión de la colocación de puntas de tesorería y gestión de riesgos de tipo de interés y tipo de cambio.

Morals in business organizations: an approach based on strategic value and strength for business management

[EN] In the last decades, the topic of business ethics has attracted great interest at the academic and professional levels. Nowadays business ethics is being increasingly implemented as a necessary discipline in universities’ study plans on business management. Moreover, its importance is also evident according to the worldwide increase of organizations and/or institutions that have implemented ethics systems. However, some approaches thoroughly do not consider the importance and the need of an ethical behaviour and are still guiding the actions and the way of thinking of many academics and professionals led to consider that the only responsibility of business is limited just to profit maximization.

Exchange biased FeNi/FeMn bilayers with coercivity and switching field enhanced by FeMn surface oxidation

FeNi/FeMn bilayers were grown in a magnetic field and subjected to heat treatments at temperatures of 50 to 350 degrees C in vacuum or in a gas mixture containing oxygen. In the as-deposited state, the hysteresis loop of 30 nm FeNi layer was shifted. Low temperature annealing leads to a decrease of the exchange bias field. Heat treatments at higher temperatures in gas mixture result in partial oxidation of 20 nm thick FeMn layer leading to a nonlinear dependence of coercivity and a switching field of FeNi layer on annealing temperature. The maximum of coercivity and switching field were observed after annealing at 300 degrees C.

Magnetization reversal and exchange bias effects in hard/soft ferromagnetic bilayers with orthogonal anisotropies

21 p.

Discounting the value of natural resources in costbenefit analysis: a case study for policy making

4 p.

The Equivalency Principle for Discounting the Value of Natural Assets: An Application to an Investment Project in the Basque Coast

25 p.

Effects of Carbon Dioxide Capture and Storage in Germany on European Electricity Exchange and Welfare

28 p.