Listados de políticos y combatientes vascos destacados durante la Guerra Civil en Euzkadi.

Fecha: 30-9-1971 / Unidad de instalación: Carpeta 48 - Expediente 9-15-1 / Nº de pág.: 2 (mecanografiadas) / Signatura: BIB-23

Resumen de las Memorias de Jaime de Urkijo, por Luis Ruiz de Aguirre.

Fecha: >1970 / Unidad de instalación: Carpeta 53 - Expediente 10-1 / Nº de pág.: 14 (manuscritas)

Mergers in Durable Goods Industries

Revised 2008-11.-- Published as an article in: Journal of Economic Behavior & Organization, 2008, 68, pp. 691-701.

Another Look to the Price-Dividend Ratio: A Markov-Switching Approach

This paper analyzes the stationarity of this ratio in the context of a Markov-switching model à la Hamilton (1989) where an asymmetric speed of adjustment is introduced. This particular specification robustly supports a nonlinear reversion process and identifies two relevant episodes: the post-war period from the mid-50’s to the mid-70’s and the so called “90’s boom” period. A three-regime Markov-switching model displays the best regime identification and reveals that only the first part of the 90’s boom (1985-1995) and the post-war period are near-nonstationary states. Interestingly, the last part of the 90’s boom (1996-2000), characterized by a growing price-dividend ratio, is entirely attributed to a regime featuring a highly reverting process.