Registro del evento 8.2 ka en la plataforma continental de Alicante (SE, España)

High resolution seismic profiles of the Alicante continental shelf have been studied identifying a seismic prism which top at about -20 m below today sea-level. The prism is covered by recent sediments and can be interpreted as formed during a short interval of stand-by in the general transgression after the last glacial maximum. The -20 m level have been compared with the holocene Mediterranean sea-level-curve to propose an age of about 8 ka BP coinciding with the «8.2 ka cooling event» that was an abrupt, widespread climate instability. The prism top is deeper in the northern seismic profiles thus indicating a more subsidence that the southern coastal shelf where an erosion surface with rocky shoals configure the sea bottom.

Parametric & nonparametric approaches to event studies: an application to a hotel’s market value

The main objective of this paper is twofold: on the one hand, to analyse the impact that the announcement of the opening of a new hotel has on the performance of its chain by carrying out an event study, and on the other hand, to compare the results of two different approaches to this method: a parametric specification based on the autoregressive conditional heteroskedasticity models to estimate the market model, and a nonparametric approach, which implies employing Theil’s nonparametric regression technique, which in turn, leads to the so-called complete nonparametric approach to event studies. The results that the empirical application arrives at are noteworthy as, on average, the reaction to such news releases is highly positive, both approaches reaching the same level of significance. However, a word of caution must be said when one is not only interested in detecting whether the market reacts, but also in obtaining an exhaustive calculation of the abnormal returns to further examine its determining factors.