Third-party complaints and firm performance: an application in Spanish banking

This article focuses on the impact of third-party complaints on firm performance. We propose two research hypotheses, which are developed from the literature of dissatisfaction, emotions, and economics. The methodology is based on an event study to estimate variation in firm share returns in the stock market due to the publication of the Annual Complaints Service Report by the Bank of Spain; as well as a regression analysis to examine the impact of the number of complaints per branch on the variation obtained. The empirical focus is on a sample of eleven banks to which complaints were made and which were quoted on the Spanish Stock Exchange between 1992 and 2001. The results show a negative impact of the publication of these annual complaint reports on the share returns of the banks concerned. Additionally, these returns have a negative relationship with the number of complaints per branch.

Tectono-sedimentary evolution of the ’Numidian Formation’ and Lateral Facies (southern branch of the western Tethys): constraints for central-western Mediterranean geodynamics

The origin of the Numidian Formation (latest Oligocene to middle Miocene), characterized by ultra-mature quartzose arenites with abundant well-rounded frosted quartz grains, remains controversial. This formation, sedimented in the external domain of the Maghrebian Flysch Basin, displays three characteristic stratigraphic members with marked longitudinal (proximal–distal) and transverse (along-chain) variations with palaeogeographical importance. The origin of the Numidian supply is related to the outward tectogenetic propagation when a forebulge evolved in the African foreland, leading to the erosion of African cratonic areas rich in quartzose arenites (Nubian Sandstone-like). The ages of the Numidian Formation checked by Betic, Maghrebian and Southern Apennine data suggest a timing for the accretionary orogenic wedge, earlier in the Betic-Rifian Arc (after middle Burdigalian), later in the Algerian-Tunisian Tell (after late Burdigalian) and afterwards in Sicily and the Southern Apennines (after Langhian). A geodynamic evolutionary model for the central-western Mediterranean is proposed.

Explaining transactions in time banks in economic crisis

This article studies the services exchanged in a particular Spanish time bank. Using data from users and transactions, we analyse the users’ profile as well as the determinants of providing and receiving different services. Our results show that the representative user is a Spanish female, not married, middle aged, highly educated and unemployed. We also find differences in the personal characteristics driving the supply and demand of services.