Seminario 14/24: S. Álvarez (UMU) – Voluntary early exercise and performance-vested option grants: an analysis of the incentive effects.


ABSTRACT: Classical option pricing models are not well suited to the valuation of executive stock options (ESOs) and their incentive effects. The special characteristics of ESOs make standard methods difficult to apply to these options. The Wu-Lin model is a completely analytical expression based on the common feature of attaching performance targets to option vesting….

Seminario 14/23 – Fernando BRONER (UPF,MIT): Sources of Comparative Advantage in Polluting Industries

contaminacion ladrillo

Abstract: We study the determinants of comparative advantage in polluting industries. We combine data on environmental policy at the country level with data on pollution intensity at the industry level to show that countries with laxer environmental regulation have a comparative advantage in polluting industries. Further, we address the potential problem of reverse causality. We…

Seminario 14/22 – Enrique SENTANA (CEMFI): Is a normal copula the right copula?


Abstract   Nowadays copulas are extensively used in economic and finance applications, with the Gaussian copula being very popular despite ruling out non-linear dependence, particularly in the lower tail. We derive computationally simple and intuitive expressions for score tests of Gaussian copulas against Generalised Hyperbolic alternatives, which include the symmetric and asymmetric Student t, and Hermite polynomial expansions. We…

Seminario 14/21 – Laura HOSPIDO (BDE): The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data

Desigualdad salarial

Abstract We use detailed information on labor earnings and employment from Social Security records to document earnings inequality in Spain from 1988 to 2010. Male earnings inequality was strongly countercyclical: it increased around the 1993 recession, showed a substantial decrease during the 1997-2007 expansion and then a sharp increase during the recent recession. These developments were partly driven by…

Seminario 14/20 – Luis CORCHON (UC3M): Dynamic Contests with Bankruptcy: The Despair Effect


Abstract In this paper we analyze a two period contest in which agents may become bankrupt at the end of the first period. A bankrupt agent is excluded from the contest in the second period of the game. We investigate the existence of a subgame perfect equilibrium in pure strategies. We distinguish between a borrowing…

Seminario nº19: Approval Voting Committees with Gender Balanced Representativeness


Abstract:  La Comisión de Derechos de la Mujer e Igualdad de Género del Parlamento Europeo, en un informe de 2012 sobre la representación de las mujeres en los procesos de decisiones políticas, recomienda reformas en los sistemas electorales para que favorezcan la representación femenina. El mencionado informe reconoce que los sistemas electorales tienen un papel…

Seminario nº18: The two greatest, Great Recession vs. Great Moderation


Abstract: The collapse of the global economy in 2008, following the outbreak of the financial crisis, and the ensuing economic developments of the so-called Great Recession (GR), led many economists to suggest that the relative oasis in which we had lived for almost a quarter of a century, known as the Great Moderation (GM), had indeed…

Seminario nº 17: Concentration and international markets in big mining industry, 1850-2013


Se retransmitió en directo a través de la aplicación de videoconferencia de la UMU, desde la Sala de Seminarios del Departamento de Métodos Cuantitativos para la Economía y La Empresa ( Facultad de Economía y Empresa, UMU). Co-autora: Inmaculada Navarro-López.

Seminario nº 16: Crecimiento y convergencia regional en la Europa del Sur. Evidencias de la talla humana en Italia y España, 1850- 2000

Crecimiento económico

Retransmisión en directo a través de la aplicación de videoconferencia de la UMU, desde la Sala de Seminarios del Departamento de Métodos Cuantitativos para la Economía y la Empresa (Facultad de Economía y Empresa, UMU).