FINANCE AND INSURANCE SECTOR

Author: ALEMANY GIL M. LUISA.
Year: 2003.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD CC. ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD CC. ECONÓMICAS Y EMPRESARIALES.

Summary: The objective of this dissertation is to advance knowledge about the impact of venture capital investments on the companies participated. It provides empirical evidence enough to assert that the presence of venture capital in the shareholding of a company has a significant and positive development, which is reflected in a higher growth and, therefore, a greater impact on the economy where the company is active. The research quantifies the impact on employment and on certain economic and financial variables. This is contrasted growth from the companies that were funded with venture capital with a group of comparable companies that were funded with other sources of liability. One of the main differences in this investigation regarding previous studies is working with a sample not biased and highly representative of the population (firms that received venture capital in the autonomous regions of Catalonia, Madrid and Basque country in the period 1988-1998) . It analyzes from different approaches. On the one hand, it performs a descriptive analysis of the initial situation of the company financed by venture capital, according to the characteristics of previous venture capital. Next, an analysis of the impact in terms of growth observed. Then, it quantifies the impact, both in absolute and relative terms. Finally, an analysis technique using econometric panel data.

Author: RODRIGUEZ GARCIA MARTHA PILAR.
Year: 2004.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.

Summary: The thesis analyzes both measures creaciónn value classics and the current not fulfilled adequately abjetivo to create value for aconista, for which we propose as an alternative use fuzzy cognitive maps (mcb) afin de affect a contrast empirical selecanamos as an object of study the Mexican textile industry during the period 1996 to 2003. We studied three types of measures, accountants and mixed market. The theoretical and empirical results obtained that if an action is based on market expectations there is a closer alignment of the administration to the goals of creating value for acanista however, decided to make a more forceful to validate the results we found that none of the models showed connection with the proposed espectativas (yields enormales), ie, the results were not sufficient to justify if it was producing or destroying value in the Mexican textile industry. That is why we seek a way out of financial treatment convenvional.Nuestra search ended when they found the MCB.Así design a model of creation of value using valnearines. We apply the model of value creation with MCB for each company and continue to add the inormación aiming to get a MCB, information with the fralidad obtain a MCB reflecting the situation of Mexican textile industry which reflects that situation in the textile industry we concluded that the value creation of the Mexican textile industry makes zero over time. Likewise we believe that the application of the model of value creation contributes to the conventional paradigm change.

Author: FERNÁNDEZ DE GUEVARA RADOSELOVICS JUAN FRANCISCO.
Year: 2004.
University: VALENCIA [www.uv.es].
Place of defense: FACULTAD D'ECONOMIA.
Place of preparation: FACULTAD D'ECONOMIA.

Summary: The Spanish banking sector is subject to a set of transformations. In theory there is a brief description of these and discusses their effects on three specific areas: changes in the level of market power, the principal determinants of the margin of intermediation and the implications for the measurement of the efficiency of the development of operations off-balance sheet. The empirical applications that are performed relate to the Spanish banking sector, but also stands him in the European context. As the market power and its determinants are not found an increase in competitive rivalry in European banking, quite the contrary, because in recent years there are growths of market power. In addition, it was found that the measures traditionally associated with it, such as concentration, are not good approximations. In the second section of the thesis, which is devoted to determining the margin of intermediation, has been made the extension of a theoretical model pair include operating costs, so as to recognize the productive nature of the business bank. The results show that the negative impact of the lower level of competition on the margin of intermediation has been offset by the lower volatility of interest rates, the less credit risk and the reduction in operating expenses. Lastly has analyzed the impact of the growing realization of new types of banking operations outside balance on the levels of efficiency, obtaining though they are not included efficiency indicators are undervalued, especially in benefits.

Author: NAJERA SANCHEZ JUAN JOSÉ.
Year: 2004.
University: REY JUAN CARLOS [www.urjc.es].
Place of defense: FACULTAD DE CIENCIAS JURÍDICAS Y SOCIALES.
Place of preparation: FACULTAD DE CIENCIAS JURÍDICAS Y SOCIALES.

Summary: This dissertation examines the impact that the implementation of information technology and communications (hereinafter tic) has on various measures of performance as aproximacin to business competitiveness. Based on input from the approach of resources, we build a model of analysis which seeks to relate the resources that could complement the tic with the capabilities associated with this technology. By contrast model uses a sample consisting of 75 companies belonging to the Spanish insurance industry. The empirical results of the analysis show that there is a positive effect of tic on the outcomes tempered by the level of capacity they have tic companies.

Author: CRUZ SERRANO CRISTINA.
Year: 2004.
University: CARLOS III DE MADRID [www.uc3m.es].
Place of defense: FACULTAD DE CIENCIAS SOCIALES Y JURIDICAS.
Place of preparation: UNIVERSIDAD CARLOS III DE MADRID.

Summary: This Doctoral thesis examines the determinants and consequences of business confidence family focusing on a particular dimension of trust, arising as a result of the belief of a party in the absence of opportunistic reasons by the other (called benevolence ) and a special unit of analysis: the relationship is established between the CEO and the members of the Management Team of the family business. In the first part of the thesis (chapters two and three) develops a theoretical framework that integrates generic visions exist on the government of the family business from the introduction of the literature of confidence in the analysis. From this theoretical framework, in chapters four and five sets a series of assumptions to determine which factors affect the CEO at the time of judging the benevolence of the members of the Management Team (cap.4), as well as consequences arising from these insights to design mechanisms that the family business used to reward and control their managers (cap.5). These assumptions are contrasted empirically in chapter six, which describes the methodology of the study. Finally in Chapter seven sets out the findings of the study and proposes some extensions and future lines of inquiry.

Author: MAYORAL BLAYA SILVIA.
Year: 2004.
University: CARLOS III DE MADRID [www.uc3m.es].
Place of defense: FACULTAD DE CIENCIAS SOCIALES Y JURIDICAS.
Place of preparation: UNIVERSIDAD CARLOS III DE MADRID.

Summary: The first two chapters of this thesis presents a new concept of arbitration and generate a theory to formalize the empirical evidence on the possibility of reducing the range of prices. The first chapter using linear costs, representing the imperfections of the market only by the range of prices. The second chapter includes the possibility that these imperfections are nonlinear. The third chapter examines the measures of risk based on distortion functions. Through various examples shows how, in some cases, the measures of risk that we are used can lead to inconsistent results. Properties are proposing that the functions of distortion must possess in order not to get this kind of problem. The fourth chapter developed two theories of duality in connection with the concept of equilibrium point, extending double Fenchel and intermediate point to a problem vector. It applies to the case of selecting portfolios, several steps simultaneously minimizing risk. The last chapter covers the concept of risk consistent measure to a dynamic context in which the risk or price reflects a stochastic behavior. We focus on measures of risk based on distortions.

Author: ACEDO RAMÍREZ MIGUEL ÁNGEL.
Year: 2004.
University: LA RIOJA [www.unirioja.es].
Place of defense: FACULTAD DE CIENCIAS EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS EMPRESARIALES.

Summary: The results of the doctoral thesis show that in determining the profitability of companies influencing the terms of the overall environment in which they operate, in the sector of belonging and peculiarities of their own businesses, although the latter to a greater extent. In determining the profits business is important to choose between different sources of funding. In this sense, the most indebted companies in our region are mainly those belonging to the construction, followed by services, agriculture and industry. By size, basically, SMEs are resorting to a greater proportion of external resources, implemented in the short term. Other factors that influence significantly the level of debt are the benefits obtained, the characteristics of the goods they want to finance and business growth. Those companies which derive a higher level of benefits are less indebted, which could be due to the attempt by the managers of enterprises La Rioja to maintain, as far as possible, regardless of their financial institutions, as long all they can finance their investment projects with funds generated internally. Moreover, when companies in our area have growth opportunities often resort First, the internally generated resources for funding and, if not sufficient, to indebtedness. Depending on the type of asset, companies that have a heritage with high real estate may appeal to a greater proportion to financial institutions for financing, as the tangible assets represent a guarantee for lenders. In the resource cost of others we have seen influencing the level of interest rates prevailing in an economic context in a given period, the field of membership, size business, in addition to the volume and characteristics of the different sources of funding. In the period 1997-2001, there has been a downward trend in the cost of debt, a logical outcome in line with the trend in market interest rates over the period analyzed. Company size is also an important factor in determining the cost of debt, noting that the companies are the smallest they pay more expensive outside resources obtained. The reasons for this inverse relationship could be the greater bargaining power of large companies in their dealings with financial institutions, in addition to the better understanding of the larger companies by the market. In addition, companies with a higher level of debt show an increase in the cost of debt to withstand the lender with a higher financial risk.

Author: RODRÍGUEZ GARCÍA MARTHA DEL PILAR.
Year: 2004.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Author: MARTÍN-CARO ÁLAMO ESTHER.
Year: 2005.
University: PONTIFICIA COMILLAS [www.upcomillas.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The current debate on the process of integration of financial markets in Europe, and specifically in the securities markets, among other issues revolves around what will be the impact that this process of consolidation will have on the cost of recruiting of the shares listed on these markets, and thus on the cost of capital for companies and on the very economic growth in Europe. This thesis makes a series of conclusions about the theoretical discussion on whether in fact the processes of consolidation in the securities markets exert any effect on the level of the costs of hiring. It makes use of econometric analysis procedures, particularly through technical correction of imbalances with the aim to validate the hypothesis that the variable size of a stock market exerts a downward effect on the level of the costs of hiring actions quoted in this market. In other words, the aim is to verify whether the variable size of the market and costs of hiring maintain a balanced relationship for the long term and if the former can be an efficient estimator of the second. The research framework of this thesis develops an empirical investigation on a real case, the creation of the pan-European Euronext alliance (this alliance is created in the year 2000 and is the result of the merger of the markets in Amsterdam, Brussels and Paris). To do so, based on a sample consisting of 78 companies listed on the main markets of this alliance in 1999 (prior to its integration) and in 2003 (after integration) have estimated the parameters of an econometric model that measured reduction that has occurred in the cost of hiring these markets as a result of its consolidation. Then it has been proved the suitability of this model as a tool for measuring and projecting future scenarios for the major European stock markets. This thesis verifies the existence of an inverse relationship between the variables size of a stock market and the costs of hiring (which is measured through the variable differential market) and contrasts a series of assumptions made, which estimated an additional reduction these costs to potential future integration processes of the major European stock exchanges. This work is intended to provide utility managers of these markets in the design of their future management strategies.

Author: OBESSO ARIAS DE MARIA DE LAS MERCEDES.
Year: 2005.
University: SAN PABLO CEU [www.ceu.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The purpose of the Doctoral Thesis is to identify the variables in which referencian customers to assess the quality perceived by the financial institutions with which it works. There is now a model universally adopted on perceived quality in services, which is the SERVQUAL, however this model applies to any type of service, is very general and because the financial service is very specific, it is important to know whether dimensions are obtained or are not coincident with the existing ones. The analysis consists of two parts, one qualitative (exploratory study) and other quantitative. The qualitative study reported that the attributes valued customers of financial institutions (credit, honesty, confidentiality, professionalism, operational flexibility, innovation, information, consulting, customization, convenience, treatment, climate and social sense), and quantitative study indicates the importance of each of them.

Author: BALAGUER FRANCH MARIA ROSARIO.
Year: 2005.
University: JAUME I DE CASTELLON [www.uji.es].
Place of defense: FACULTAD DE CIENCIAS JURIDICAS Y ECONOMICAS.
Place of preparation: FACULTAD DE CIENCIAS JURIDICAS Y ECONOMICAS.

Summary: The main objective of this thesis is to identify the primary hypothesis that the Socially Responsible Investment (SRI) is the enhancer element of the Corporate Social Responsibility (CSR), focusing for this in the Spanish financial market. Both in Spain and in the international arena, SRI is articulating mainly through collective investment instruments (investment funds and pension). In this context, the managing body of Collective Investment Institutions (IIC) play a crucial role in brokering the capital market, which allows the transmission of power and social demands raised by investors who, in his decision-making, the value of securities companies stations taking into account ethical, social and environmental issues, in addition to the purely financial. Our empirical analysis has been done, both from the perspective of the actors in the financial markets (institutions managing), as from the perspective of the assets they are traded (investment funds). From our research shows that, for the growth and consolidation of ISR in our country, the managing body have to generate a process of internal reflection and discussion on the impact of incorporating CSR strategies in its management. Another factor that we have also detected as a driver of the marketing of such funds is transparent to investors, and finally, it is necessary as demonstrated in our research that managers must be convinced and transmit to their investors that FISR can provide a performance similar financial or even superior to the traditional investment funds.

Author: MUGA CAPEROS LUIS FERNANDO.
Year: 2005.
University: PÚBLICA DE NAVARRA [www.unavarra.es].
Place of defense: FACULTAD DE CC.EE. Y EMPRESARIALES.
Place of preparation: FACULTAD CC. EE Y EMPRESARIALES.

Summary: The effect momentum (Jegadeesh and Titman 1993) has become one of the major anomalies in the capital markets that has challenged the assumption efficiency of the markets over the past few years research in financial economy. Such regularity is a continuation of the profitability of the titles in the medium term, so that by establishing strategies that compare those titles that have performed well in the past (in training periods ranging between three months and year ) and those sold bare titles have behaved worse generated significant and positive returns during maintenance periods ranging between three months and the year. In addition, the models for assessing risk traditional CAPM model trifactorial of Fama and French, have been unable to give an explanation to the abnormal returns of such strategies, as reflected in the work of Jegadeesh and Titman (1993), and Fma French (1996) for the United States market and Forner and Marhuenda (2003) for the Spanish stock market. The failure of these models of valuation has made studying literature cited the effect momentum or focus in the search for risk factors omitted by these models or theories of behavior of the inverse which can give an explanation to returns these strategies. In this thesis has conducted an analysis of the effect momentum in the stock market Spanish through what has been attempted to shed some light to the debate about the possible sources of returns associated with this type of strategy. In Chapter I have tried to seek relationships with some momentum effect of variables that could prove decisive in the same (BTM, rotation, size of the company ..), as well as the existence of possible seasonal effects, or cycles between titles fueling momentum strategies. Furthermore, given the nature of our database, a study has been made of the temporal stability of such strategies in the stock market Spanish. Since this type of variables, despite showing a relationship with the momentum effect have not been able to explain it, in Chapter II has been contrasted whether the inclusion of risk factors in the asymmetric traditional valuation models is capable of provide an explanation to the profitability of such strategies. Having found that some of the benefits abnormal response to exposure to a factor of coasimetría, although he could not explain in full, and setting aside other measures of asymmetrical risk in the stock market as Spanish can be cokurtosis and beta coefficient conditional a market downturn. These results have led to that, in Chapter III, the question was raised about the sources of momentum effect in general terms. Do you respond to these risk factors omitted by contrasting or valuation models can be compatible with theories of comprotamiento of investors?. To answer this question have been used statistical techniques as general bootstrap analysis and stochastic dominance, the results suggest that valuation models compatible with agents averdos risk are unable to explain the profitability of such strategies, which would be more compatible with models of investor behavior. Finally, in Chapter IV have done contrast of this type of models found evidence favorable to them in the Spanish stock market, in particular there is a momentum effect consistent with a reaction delayed despees moments upside of the market, while after markets downward momentum is observed consistent with the presence of agents effective provision and restrictions on sales discovered on the market.

Author: ARRIETA SODUPE JUAN JOSÉ.
Year: 2005.
University: DEUSTO [www.deusto.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The development of research begins with the analysis of the new regulatory framework that facilitates the New Accord Capital Baasilea for Credit. The positive development that represents and its clearly favorable valuation is not an obstacle, however, that even before we are a model for improvement and improved. The ongoing debate, between Regulatory Authorities and the Financial Sector, probably facilitate their progression makes a multivariate models, which provide power to contemplate the benefits of risk diversification and allow closer regulatory capital to economic capital. However, in its current formulation, the new agreement represents an important opportunity for the entities Finacieras for under the perspective of the overall management of risk and profitability adjusted to it, refine and adjust their own internal management models. The efficient management of the overall risk, and more specifically of credit, especially oriented to SMEs, because of its potential economic and business and because of the importance and complexity inherent provide an fuete of significant competitive advantage for those organizations that anticipate and to be involved with precisely this philosophy of a comprehensive risk management led to profitability. In turn, the impact of the new agreement will also clearly favorable and beneficial to those SMEs well governed and managed, regardless of their size or volume of business that delos administered or managed. So this philosophy of maximizing risk-adjusted spread and promote the dissemination of tools that discriminate and select customers. One is the RORAC (Return On Risk Adjusted Capital), as valid and goodness intend to confirm this investigation. Effectiveness both par tactical management with customers (penalty admission, pricing, etc.). As to define business strategies (setting trade policies, selection of sectors, etc..). In addition to the opportunity to, complemented by the theories of selection and portfolio management (optimization of the processes of capital allocation, completion of the Asset Allocation among various portfolios, and so on.), Reaching choose one composition of this portfolio ideal that maximizes regarding "rentabilidad-riesgo," subject to certain restrictions or requirements of wider scope. For all these reasons I supported the stand that I made an empirical database of real risks with 3,476 SMEs from different sectors and features, which confirms and reinforces, with certain data, the conclusions that I desgranando partial along this research, and that I may conclude that the RORAC is, in short, the instrument that I correctly discriminate between transactions and customers with what the entity being created or, in his case, destroying value.

Author: REICHARDT MOYA SUSANA.
Year: 2005.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: In some future contracts for the seller has the right to choose a set of assets specified by the stock market that deliver on the due date. This option, which is called a choice of quality, not trading separately, and therefore it is necessary to determine its price from assets that are traded in the market. The previous literature determines the value of the option from the price of future uses of the underlying prices and the future that are not synchronized (Generally closing prices), is limited to value the option, and not discussing the effect that his presence is about market efficiency. The limitations of previous work gave rise to the objectives of this research. In Chapters 2 and 3 are two methods of valuation of the option from the future prices and the prices of options on the future, respectively. The methodology is based solely on the absence of arbitration, and are not introduced hypothesis dynamic character. The assessment from the options on the future with the advantage of the option can be replicated for alternative forms, which allows you to analyze the robustness of the analysis. In Chapter 4 discusses the efficiency of a futures market that presents a choice of quality. The degree of integration between the future and its underlying assets are measured using measures Chen and Knez (1995) and Balbás and Munoz (1998). These measures are not based on concrete strategies for arbitration, but they consider all possible strategies. The contrast with the empirical are performed on the Bund Future negotiated EUREX (Chapters 2 and 4) and the Future Options on the Bund (Chapter 3), and prices are used to buy and sell synchronized for several minutes each meeting.

Author: JAREÑO CEBRIÁN FRANCISCO.
Year: 2006.
University: CASTILLA-LA MANCHA [www.uclm.es].
Place of defense: F.ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES DE ALBACETE.

Summary: This dissertation deeper analysis and quantification of the risk of interest in the portfolios of equities. In particular, it seeks to analyze the impact of different factors on which they depend nominal interest rates (basically expected inflation and real interest rates) in stock returns. The main contributions of this thesis are both empirical and theoretical analysis of the impact of inflation and real interest rates in stock prices, distinguishing between different sectors of the economy. Inputs include the following: First, it develops a new methodology for analyzing the capacity to absorb inflationary shocks by companies, such as contrasting ability to significantly impact on the sensitivity of the securities issued by the companies face changes in interest rates. There is, likewise, how this sensitivity depends substantially sector of the economy. Secondly, the dissertation deals, using analysis techniques events, the impact of inflation and its components in stock prices, distinguishing elements such as inflation, the inflation differential with economies in the area euro or the impact depending on the direction of news and phase of the economic cycle.

Author: RUIZ HERRAN VICENTE.
Year: 2006.
University: PAÍS VASCO [www.ehu.es].
Place of defense: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CC. ECONOMICAS Y EMPRESARIALES.

Summary: The purpose of this research is going to be the efficiency of the Spanish stock market, through the evaluation of different technical indicators and oscillators in order to verify their effectiveness in the intraday market, ie, whether by use, without resorting any other type of additional information, you can get a yield higher than conducting a passive strategy consisting of the purchase and maintenance of assets considered until the end of each session. The effectiveness of the oscillators and indicators analyzed is not going to be confined to verify their behavior according to the tenets of the most widespread versions accepted, but also to evaluate its performance in its calculation considering a wide range of periods, in one of them will proceed to discuss their application with new variants not raised in the conventional analysis. Additionally, it is to check whether having more information, as a result of contributions on its own by the minute, can be counterproductive when there are transaction costs, because the profitability is lower than what is considered a periodicity in the data intradiarios for 5 minutes. Although some analysts believe that, generally speaking, different oscillators and indicators should be used in conjunction with other technical tools (such as graphics and others), this analysis is to ascertain whether the use of individually this technical tool is effective and reliable. To that end, the database consists of the chosen quotes intra index IBEx-35 with a frequency of one minute for a time horizon, covering the years 1998 to 2004, inclusive.

Author: SARASA PÉREZ CRISTINA PILAR.
Year: 2006.
University: POLITÉCNICA DE VALENCIA [www.upv.es].
Place of defense: Dep. Ingenieria Textil y Papelera. U.P.V..
Place of preparation: Universidad Politécnica de Valencia.

Summary: This thesis deals with the management of stock portfolios from two different angles with respect to objectives and methodology. The first angle is to select a model portfolios using biphasic whose filters are: (a) an efficient frontier calculated from a set of opportunity that integrates 125 investment funds and a basket of letters, (b) a marking on the border of potential investors in order to approximate the optimum usefulness as different profiles investors. The recommendations of this model mixtures of assets without risk and risky investment funds provide 14 portfolios desapalancadas. The set of opportunity is starting pre extensive archives with 11,058 funds managed by a German consulting. By correlations of returns with the S & P 500, justified the use of weekly returns superiority over other time periods. The historical horizon for calculating the efficient frontier includes 207 weeks from January 2000 until December 2003. The second angle of the investigation involves an analysis of that monitoring is done with several measures of risk (variance, lower risk ADS), and various modes (historical postselección, monocriterio, bicriterio, n-criterio, exogenous, endogenous). An intermingling between the two perspectives, model bifáisco and analysis monitoring, allows you to analyze the results. The processes calculatorios develop through tables and are illustrated by graphs.

Author: SORIANO FELIPE PILAR.
Year: 2006.
University: VALENCIA [www.uv.es].
Place of defense: FACULTAD DE ECONOMIA.
Place of preparation: FACULTAD DE ECONOMIA.

Summary: The international economic and financial systems are increasingly linked with one another. In fact, one of the most important consequences of globalization is the increase in stock movements of stock prices in different markets. This relationship, of course, increases the vulnerability to shocks from other markets. Thus, the shock that originate in a market can be transmitted or contagious to other financial markets. Some studies argue that these interrelationships could even be destroying the benefits of diversification. This thesis contributes to the debate on how to measure and analyze all these issues. Therefore, the objective of the four chapters of this thesis is to deepen the knowledge of the interrelationships among international stock markets. To that end, in Chapter 1 discusses the different methods available for econometric modeling these dynamics. The three remaining chapters used multivariate models of conditional volatility and relate to the concepts of transmission of volatility (Chapter 2), diversification (Chapter 3) and integration (Chapter 4).

Author: SANTAMARÍA MARISCAL MARCOS.
Year: 2006.
University: BURGOS [www.ubu.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: This thesis aims to analyze the influence of the structure of ownership and control on the profitability and efficiency of the Spanish banks for the period 1996-2004. The approach to law and finance, which is part research, in the legal and institutional framework in each country the genesis of the problem of corporate governance. Thus, the protection and safeguarding less on property rights is the key factor that determines our country hegemony of the banking system compared to capital markets in the allocation of financial resources. Additionally, as a result of poor development of capital markets, the structure of ownership and control of the Spanish banks are concentrated in the hands of shareholders. The last link in this chain of causal relationships culminates with the risk that this use its majority shareholder control position to extract private benefits (loans on highly concessional terms to relatives or friends, the appropriation of cash, the use of inside information, the hiring of family members, etc..). Private Benefits, which ultimately minoran the bank's profitability and efficiency at the expense of the interests of the major contributors of financial resources, that is, minority shareholders and depositors. Therefore, since the approach finance law and the problem of banks' Spanish government adopts a horizontal dimension derived from the conflict between the majority shareholder and minority shareholders. In this context, knowledge of the control structures has been enriched recently with the analysis of the property aimed at identifying the ultimate shareholder. The novelty of this approach is that when the first bank shareholder is a corporation, the analysis continues with the identification of the principal shareholders of the latter. This process is repeated as it descends by the chain of control until it identifies the owner driver Finally, ie the last shareholder who actually has control in the bank. But this methodology not only to discover the existence of cross-shareholdings and control structures pyramid but introduces a new dimension in the study of the structure owned by computing an individual's rights and control rights of the shareholder's cash flow last. Pyramid structures known rule violated the one share, one vote and allow the ultimate controlling shareholder bank (control rights) maintaining a small share their property (rights of cash flow). Indeed, the last shareholder to a lesser extent bear the costs of their actions how many more rights holding control regarding their rights of cash flow, so that the difference between the two rights becomes an indicator of their incentive to extract private benefits. Exposed, the descriptive results of our investigation show that 97% of Spanish banks with a shareholder-last in the 26% of cases this is a family that has, on average, 79% of the rights control while keeping 46% of the rights of cash flow. For its part, the results of the estimation of the model with dynamic panel data show a lower profitability and efficiency of bank participation rises with controlling shareholder rights last and the greater the gap between them and their rights to cash flow. However, the structure of ownership and control not only determines the problem of government adversely affecting the performance of the bank but, simultaneously, it is also an important mechanism to alleviate the problem. In this sense, our results also contrast a positive impact on the efficiency and profitability of the bank resulting from the accumulation of cash flow rights in the hands of the shareholder Finally, the presence of a second shareholder 8 of contr 2fe ol and the power of vote of minority shareholders.

Author: LLORENTE ERVITI LORETO.
Year: 2006.
University: PÚBLICA DE NAVARRA [www.unavarra.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: UNIVERSIDAD PÚBLICA DE NAVARRA.