The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

Reestructuración financiera del sistema bancario español

A finales del año 2007 se produjeron una serie de acontecimientos que más tarde, y por efecto del contagio internacional, desembocaron en una de las crisis económico-financieras más determinantes que se recuerdan en España. El presente proyecto tiene como objetivo entender todo el proceso de reestructuración llevado a cabo en los últimos años. Para ello, recoge inicialmente el origen de la crisis económico-financiera, para más tarde hacer referencia a las principales medidas que se han tenido que llevar a cabo para modificar el sistema financiero. Además, explica la última reforma de las Cajas de Ahorro y fundaciones bancarias junto con los cambios que la misma ha generado en el Sistema Financiero y en la Obra Social. Por último, después de analizar lo sucedido años atrás, llega a una serie de conclusiones acerca de la situación actual y futura del nuevo mapa financiero Español.

Tarjeta postal enviada por Aramburu a Justo Garate entre 1954

1 tarjeta postal (manuscrita) ; 90x140mm. Ubicación: Caja 1 - Carpeta 34

Tarjeta postal enviada por Jacinto Ayestarán a Justo Garate

1 tarjeta postal (manuscrita) : 184x91mm. Ubicación: Caja 1 - Carpeta 79

Budget-Neutral Financing to Unlock Energy Savings Potential: An Analysis of the ESCO Model in Barcelona

24 p.

Tarjeta postal enviada por José M. Barrenetxea a Justo Garate en 1971

1 tarjeta postal (manuscrita) ; 150x100mmm

Tarjeta postal enviada por Werner Beinhauer a Justo Garate en 1959

1 tarjeta postal (manuscrita) ; 150x105mm

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

Biochemical biomarkers in samples processed by different methods in Environmental Specimen Banks

In the last decades the creation of new Environmental Specimen Banks (ESB) is increasing due to the necessity of knowing the effects of pollutants in both the environment and human populations. ESBs analyze and store samples in order to understand the effects of chemicals, emerging substances and the environmental changes in biota. For a correct analysis of the effect induced by these variables, there is a need to add biological endpoints, such as biomarkers, to the endpoints based on chemical approaches which have being used until now. It is essential to adapt ESB´s sampling strategies in order to enable scientists to apply new biological methods. The present study was performed to obtain biochemical endpoints from samples stored in the BBEBB (Biscay Bay Environmental Biospecimen Bank) of the Marine Station of Plentzia (PIE - UPV/EHU). The main objective of the present work was to study the variability caused in biochemical biomarkers by different processing methods in mussels (Mytilus galloprovincialis) from two localities (Plentzia and Arriluze) with different pollution history. It can be concluded that the selected biomarkers (glutathione S-transferase and acetylcholinesterase) can be accurately measured in samples stored for years in the ESBs. The results also allowed the discrimination of both sampling sites. However, in a further step, the threshold levels and baseline values should be characterized for a correct interpretation of the results in relation to the assessment of the ecosystem health status.