{"id":3966,"date":"2025-03-25T07:44:27","date_gmt":"2025-03-25T07:44:27","guid":{"rendered":"https:\/\/business.uc3m.es\/\/?page_id=3966"},"modified":"2026-06-15T17:18:19","modified_gmt":"2026-06-15T15:18:19","slug":"workingpapers","status":"publish","type":"page","link":"https:\/\/business.uc3m.es\/es\/workingpapers\/","title":{"rendered":"Documentos de trabajo"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3966\" class=\"elementor elementor-3966\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-72a5068 e-flex e-con-boxed e-con e-parent\" data-id=\"72a5068\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-a339cfa e-con-full e-flex e-con e-child\" data-id=\"a339cfa\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-055701a elementor-widget elementor-widget-heading\" data-id=\"055701a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Documentos de trabajo<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-157a4c1 e-flex e-con-boxed e-con e-parent\" data-id=\"157a4c1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5deca09 e-con-full e-flex e-con e-child\" data-id=\"5deca09\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b836719 elementor-widget elementor-widget-image\" data-id=\"b836719\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/hq.ssrn.com\/login\/pubSignInJoin.cfm?TRN_gID=12&#038;competitorID=311397&#038;runid=70159&#038;sortBy=raw1\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"815\" height=\"75\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/Banner-SSRN_ES.jpg\" class=\"attachment-full size-full wp-image-3972\" alt=\"\" srcset=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/Banner-SSRN_ES.jpg 815w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/Banner-SSRN_ES-300x28.jpg 300w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/Banner-SSRN_ES-768x71.jpg 768w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b03c20c e-flex e-con-boxed e-con e-parent\" data-id=\"b03c20c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a484a24 elementor-widget elementor-widget-heading\" data-id=\"a484a24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Documentos de trabajo<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff81930 elementor-widget-mobile__width-inherit elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ff81930\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-wppapersgrides elementor-widget elementor-widget-shortcode\" data-id=\"wppapersgrides\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><style>.cards-controls{display:flex;flex-wrap:wrap;gap:16px;align-items:center;margin:0 0 24px}.cards-controls .cards-filter{margin:0;flex:1 1 280px}.cards-block .cards-filter{padding:11px 16px;border:2px solid var(--ast-global-color-0,#000948);border-radius:8px;font-size:15px;display:block;background:#fff;max-width:460px}.cards-block .cards-filter:focus{outline:none;box-shadow:0 0 0 3px rgba(0,9,72,.15)}.cards-daterange{display:flex;gap:14px;align-items:center;flex-wrap:wrap}.cards-daterange label{font-size:14px;color:var(--ast-global-color-0,#000948);font-weight:600;display:flex;align-items:center;gap:6px}.cards-daterange select{padding:8px 10px;border:2px solid var(--ast-global-color-0,#000948);border-radius:8px;font-size:14px;background:#fff}.cards-block .cards-noresults{color:#777;font-style:italic;margin-top:16px}.wp-papers-grid>.cards-item{display:flex}.wp-papers-grid>.cards-item>*{width:100%}.wp-papers-grid{display:grid;grid-template-columns:repeat(var(--wpg-cols,3),1fr);gap:24px;align-items:stretch}@media(max-width:1024px){.wp-papers-grid{grid-template-columns:repeat(2,1fr)}}@media(max-width:600px){.wp-papers-grid{grid-template-columns:1fr}}<\/style><script>(function(){if(window.__cardsSearchInit)return;window.__cardsSearchInit=true;function norm(s){return (s||\"\").toLowerCase().normalize(\"NFD\").replace(new RegExp(\"[\"+String.fromCharCode(768)+\"-\"+String.fromCharCode(879)+\"]\",\"g\"),\"\");}function apply(block){var inp=block.querySelector(\".cards-filter\");var q=inp?norm(inp.value):\"\";var yf=block.querySelector(\".cards-year-from\");var yt=block.querySelector(\".cards-year-to\");var from=yf&&yf.value?parseInt(yf.value,10):null;var to=yt&&yt.value?parseInt(yt.value,10):null;var items=block.querySelectorAll(\"[data-search]\");var shown=0;items.forEach(function(it){var tm=q===\"\"||it.getAttribute(\"data-search\").indexOf(q)!==-1;var ym=true;var y=parseInt(it.getAttribute(\"data-year\"),10);if(from!==null){ym=ym&&!isNaN(y)&&y>=from;}if(to!==null){ym=ym&&!isNaN(y)&&y<=to;}var m=tm&&ym;it.style.display=m?\"\":\"none\";if(m)shown++;});var nr=block.querySelector(\".cards-noresults\");if(nr)nr.hidden=shown>0;}function handler(e){var t=e.target;if(!t.closest)return;var hit=t.closest(\".cards-filter\")||t.closest(\".cards-year-from\")||t.closest(\".cards-year-to\");if(!hit)return;var block=hit.closest(\".cards-block\");if(!block)return;apply(block);}document.addEventListener(\"input\",handler);document.addEventListener(\"change\",handler);})();<\/script><div class=\"cards-block\"><div class=\"cards-controls\"><input type=\"search\" class=\"cards-filter\" placeholder=\"Buscar working paper, autor\u2026\" aria-label=\"Buscar working paper, autor\u2026\"><div class=\"cards-daterange\"><label>Desde <select class=\"cards-year-from\"><option value=\"\">\u2014<\/option><option value=\"2010\">2010<\/option><option value=\"2011\">2011<\/option><option value=\"2012\">2012<\/option><option value=\"2013\">2013<\/option><option value=\"2014\">2014<\/option><\/select><\/label><label>Hasta <select class=\"cards-year-to\"><option value=\"\">\u2014<\/option><option value=\"2010\">2010<\/option><option value=\"2011\">2011<\/option><option value=\"2012\">2012<\/option><option value=\"2013\">2013<\/option><option value=\"2014\">2014<\/option><\/select><\/label><\/div><\/div><div class=\"wp-papers-grid\" style=\"--wpg-cols:3\"><div class=\"cards-item\" data-year=\"2014\" data-search=\"information disclosure in optimal auctions a celebrated result in auction theory is that the optimal reserve price in the standard private value setting does not depend on the number of bidders. we modify the framework by considering that the seller controls the accuracy with which bidders learn their valuations, and show that in such a case, the greater the number of bidders the more restrictive the reserve price. we also show that the auctioneer provides more information when using an optimal auction mechanism than when the object is always sold. 14-06 (03) jose s. penalva juan jose ganuza\"><style>.wp-paper{position:relative;background:var(--ast-global-color-5,#fff);border-radius:15px;box-shadow:5px 5px 10px rgba(0,0,0,.15);padding:22px 24px;height:100%;display:flex;flex-direction:column}.wp-paper__head{display:flex;justify-content:space-between;align-items:flex-start;gap:14px;margin-bottom:8px}.wp-paper__ref{flex:none;white-space:nowrap;background:var(--ast-global-color-0,#000948);color:#fff;font-size:13px;font-weight:700;padding:3px 11px;border-radius:20px;margin-top:2px}.wp-paper__title{flex:1;margin:0;font-size:18px;line-height:1.3}.wp-paper__date{font-size:12px;font-weight:600;color:#444;display:flex;align-items:center;gap:6px;margin-bottom:6px;text-transform:uppercase}.wp-paper__dot{width:8px;height:8px;background:#f9bf3b;display:inline-block}.wp-paper .wp-paper__hr{border:0;border-top:2px solid var(--ast-global-color-0,#000948);margin:12px 0 26px}.wp-paper__link{display:inline-flex;align-items:center;gap:7px;border:2px solid var(--ast-global-color-0,#000948);color:var(--ast-global-color-0,#000948);font-weight:600;font-size:13px;padding:6px 14px;border-radius:6px;text-decoration:none;align-self:flex-start;transition:.2s}.wp-paper__link:hover{background:var(--ast-global-color-0,#000948);color:#fff}.wp-paper__resh{margin:16px 0 0;font-weight:700;font-size:14px;color:#908F8F}<\/style><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Information disclosure in optimal auctions<\/h4><span class=\"wp-paper__ref\">14-06 (03)<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 MARZO 2014<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/Working%20Papers%20-%202014%20Series\/indemwp14-02.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><style>.wp-investigadores{display:flex;flex-wrap:wrap;gap:10px;align-items:center;margin-top:10px}.wp-investigadores .wp-inv{position:relative;width:52px;height:52px;display:inline-block;transition:transform .2s}.wp-investigadores .wp-inv img{width:52px;height:52px;border-radius:50%;object-fit:cover;display:block;border:2px solid var(--ast-global-color-1,#000948);background:#e7e8ee}.wp-investigadores .wp-inv:hover{transform:translateY(-3px);z-index:2}.wp-investigadores .wp-inv::after{content:attr(data-name);position:absolute;bottom:118%;left:50%;transform:translateX(-50%) scale(.9);background:#000948;color:#fff;font-size:12px;line-height:1.2;white-space:nowrap;padding:5px 9px;border-radius:6px;opacity:0;pointer-events:none;transition:opacity .15s,transform .15s}.wp-investigadores .wp-inv:hover::after{opacity:1;transform:translateX(-50%) scale(1)}<\/style><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-s-penalva\/\" data-name=\"Jos\u00e9 S. Penalva\" title=\"Jos\u00e9 S. Penalva\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-150x150.png\" alt=\"Jos\u00e9 S. Penalva\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Juan Jose Ganuza\" title=\"Juan Jose Ganuza\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Juan Jose Ganuza\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2014\" data-search=\"board independence, ceo pay, and camouflaged compensation we study how directors&#039; reputational concerns influence executive compensation and the use of camouflaged forms of pay. we show that, in order to signal their independence to investors, boards lower managers&#039; pay, but may also pay managers in hidden ways or structure compensation inefficiently. we also show that independent boards are more likely to make use of hidden compensation than manager-friendly boards. we apply our model to study the costs and benefits of greater pay transparency and of measures, such as say-on-pay initiatives, that increase boards&#039; accountability to shareholders. 14-07 (04) pablo ruiz verdu ravi singh\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Board Independence, CEO Pay, and Camouflaged Compensation<\/h4><span class=\"wp-paper__ref\">14-07 (04)<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 MARZO 2014<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/Working%20Papers%20-%202014%20Series\/wb140704.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/pablo-ruiz-verdu\/\" data-name=\"Pablo Ruiz Verdu\" title=\"Pablo Ruiz Verdu\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/05\/perfil-1448747335-150x150.png\" alt=\"Pablo Ruiz Verdu\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Ravi Singh\" title=\"Ravi Singh\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Ravi Singh\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2014\" data-search=\"a resource pool for environmental innovation this paper reports research on the relationship between sourcing strategy of a firm and its environmental innovation propensity. the data is taken from the spanish technological innovation panel (pitec) survey during the period of 2007-2011. the uniqueness of the spanish innovation structure and the increasing relevance of environmental issues for the spanish economy make it a proper setting to investigate environmental innovation dynamics. the results from 5,352 firms indicate that large firms are more likely to undertake environmental innovation than small- and medium-sized firms (smes). these firms rely quite equally on all four sources of knowledge \u2013 internal, market, institutional and freely-available sources \u2013 when deciding to develop environmental innovation. the broad horizons with respect to knowledge sources are likely to increase firms\u2019 propensity to introduce environmental innovation.  in addition, we provide the evolutionary nature of firm\u2019s innovation search as firms grow in size. small firms rely on both internal and freely-available sources rather equally, while internal source is the most relevant for medium firms, and market is the most important source used by large firms in driving environmental innovation. particularly important is how firms who are already innovators and who receive local funding from the spanish government are more likely to introduce environmental innovation. 14-03 (1) ester martinez-ros rasi kunapatarawong\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">A resource pool for environmental innovation<\/h4><span class=\"wp-paper__ref\">14-03 (1)<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 FEBRERO 2014<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/Working%20Papers%20-%202014%20Series\/wb140301.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/ester-martinez-ros\/\" data-name=\"Ester Mart\u00ednez-Ros\" title=\"Ester Mart\u00ednez-Ros\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1448744196-150x150.png\" alt=\"Ester Mart\u00ednez-Ros\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Rasi Kunapatarawong\" title=\"Rasi Kunapatarawong\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Rasi Kunapatarawong\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2014\" data-search=\"copper price discovery on comex, the lme and the shfe, 2001-2013 over the past two decades, china has come to dominate international commerce in copper. the importance of the shanghai futures exchange (shfe) has increased in response to this development. we look at the distribution of price discovery between the shfe and the two historically important copper futures exchanges, comex and the lme. the results indicate that it is comex, followed by the shfe, not the lme which plays the most important role in copper price discovery. we also highlight a number of problems associated with both the calculation and interpretation of the standard is and pt price discovery measures when used to look at overlapping price change on non-synchronous markets. the results offer a clearer interpretation in terms of trading slots (european, north american and asian trading days) than in terms of exchanges. 14-04 (02) isabel figuerola-ferretti chris l. gilbert jieqin yan\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Copper Price Discovery on Comex, the LME and the SHFE, 2001-2013<\/h4><span class=\"wp-paper__ref\">14-04 (02)<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 FEBRERO 2014<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/Working%20Papers%20-%202014%20Series\/wb140402.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Isabel Figuerola-Ferretti\" title=\"Isabel Figuerola-Ferretti\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Isabel Figuerola-Ferretti\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Chris L. Gilbert\" title=\"Chris L. Gilbert\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Chris L. Gilbert\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Jieqin Yan\" title=\"Jieqin Yan\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Jieqin Yan\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2013\" data-search=\"a nonlinear product differentiation model a la cournot : a new look to the newspapers industry in this work, we develop a new model for competition in markets with differentiated products. in addition, we present a consumer model designed to produce a flexible nonlinear inverse demand system that resembles the classical multinomial logit model, and discuss several extensions. we characterize firms competition in quantities based on the inverse demand system. the model is applied to the spanish newspaper industry. this is a highly competitive two-sided market whose revenues are generated from sales and to a larger extent from advertising driven by its circulation. we then characterize the perfect equilibrium by conditional moment conditions, and estimate the parameters using the generalized method of moments. 13-20 mercedes esteban-bravo jose m. vidal-sanz\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">A nonlinear product differentiation model \u00e0 la Cournot : A new look to the newspapers industry<\/h4><span class=\"wp-paper__ref\">13-20<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JULIO 2013<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/investigacion\/Repositorio%20de%20investigaci%F3n\/workingpaper\/wp2013\/wb132002_Esteban-Bravo-Vidal-Sanz.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2013\" data-search=\"a framework for analyzing perf ormance in higher education drawing on tinto\u2019s dropout intentions model (1975), bean\u2019s socialization model (1985), astin\u2019s involvement theory (1999), and the service marketing literature, this research presents a conceptual framework for analyzing students\u2019 satisfaction, perceived learning outcomes, and dropout intentions. this framework allows for a better understanding of how students assess the university experience and how these perceptions affect future intentions. this article presents four studies testing fragments of the framework using data sets come from three countries and various undergraduate programs (business, economics, geography, and nursing). the models are tested using structural equation modeling with data collected using a questionnaire adapted to the specific contexts. the models have the ability to explain the studies\u2019 dependent variables and offer practical utility for decision making. applicability of the conceptual framework is evaluated in various contexts and with different student populations. one important finding is that student co-creation can be as important as perceived service quality in explaining students\u2019 cognitive learning outcomes, which in turn explain a high percentage of satisfaction and affective learning outcomes. the studies also shed light on the roles of variables such as emotional exhaustion and dropout intentions. 13-24 lola c. duque\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">A framework for analyzing perf ormance in higher education<\/h4><span class=\"wp-paper__ref\">13-24<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JULIO 2013<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/investigacion\/Repositorio%20de%20investigaci%F3n\/workingpaper\/wp2013\/wb132403_Lola_Duque.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/lola-c-duque\/\" data-name=\"Lola C. Duque\" title=\"Lola C. Duque\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1688382967-150x150.png\" alt=\"Lola C. Duque\" loading=\"lazy\"><\/a><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2013\" data-search=\"influences of institutional pressures on corporate social responsibility attitude and corporate soci we study the antecedents that help explaining how firms should deal with csr in this modern economy where there is a heightened demand for firms to behave in a socially responsible manner, and also why some firms succeed with their csr initiatives while others fail. we believe (1) different types of demands from various stakeholder groups, (2) managers\u201f attitude, and (3) disaggregation of csr dimensions to be three important issues playing a role in creating robust csr. our results unveil that external and internal institutional pressures alone do not have significant relationships with both types of csr: firm-benefit csr and mutually-benefiting csr. instead these forces affect csr attitude of managers, which successively, influences the kinds of csr they consider and engage in. 13-03 ester martinez-ros rasi kunapatarawong\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Influences of institutional pressures on corporate social responsibility attitude and corporate soci<\/h4><span class=\"wp-paper__ref\">13-03<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2013<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/investigacion\/Repositorio%20de%20investigaci%F3n\/workingpaper\/wp2013\/wp2013_Rasi%20Kunapatarawong_Ester%20Mart%EDnez-Ros.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/ester-martinez-ros\/\" data-name=\"Ester Mart\u00ednez-Ros\" title=\"Ester Mart\u00ednez-Ros\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1448744196-150x150.png\" alt=\"Ester Mart\u00ednez-Ros\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Rasi Kunapatarawong\" title=\"Rasi Kunapatarawong\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Rasi Kunapatarawong\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"valuing customer portofolios with endogenous mass-and-direct-marketing interventions using a stochas customer relationship management generally uses the value of customers to allocate marketing budget. but marketing interventions generally change the customer behavior, turning upside-down the customers ranking based on their initial valuations and making the budget allocation suboptimal. rational managers should allocate the marketing budget to maximize the expected net present value of future profits drawn from each customer, simultaneously planning mass marketing interventions and direct marketing effort on each individual. this is a large dimensional stochastic dynamic program, which cannot be easily solved due to the curse of dimensionality. this paper propose a new decomposition algorithm to alleviate the curse of dimensionality in sdp problems, which allows forward-looking firms to allocate the marketing budget optimizing the clv of their customer base, simultaneously using customized and mass marketing interventions. 12-13 mercedes esteban-bravo jose m. vidal-sanz gokhan yildirim\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Valuing Customer Portofolios with Endogenous Mass-and-Direct-Marketing Interventions Using a Stochas<\/h4><span class=\"wp-paper__ref\">12-13<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JUNIO 2012<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"#\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Gokhan Yildirim\" title=\"Gokhan Yildirim\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Gokhan Yildirim\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"reconsidering optimal experimental design for conjoint analysis the quality of conjoint analysis estimations heavily depends on the alternatives presented in the experiment. an efficient selection of the experiment design matrix allows more information to be elicited about consumer preferences from a small number of questions, thus reducing experimental cost and respondent&#039;s fatigue. the statistical literature considers approximate optimal design (see kiefer, 1959), and typically selects the same combination of stimuli more than once. however in the context of conjoint analysis, replications do not make sense for individual respondents. in this paper we present a general approach to compute optimal designs for conjoint experiments in a variety of scenarios and methodologies: continuous, discrete and mixed attributes types, customer panels with random effects, and quantile regression models. we do not compute good designs, but the best ones according to the size (determinant or trace) of the information matrix of the associated estimators without repeating profiles as in kiefer&#039;s methodology. we handle efficient optimization algorithms to achieve our goal, avoiding the use of widespread ad-hoc intuitive rules. 12-14 mercedes esteban-bravo jose m. vidal-sanz agata leszkiewicz\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Reconsidering Optimal Experimental Design for Conjoint Analysis<\/h4><span class=\"wp-paper__ref\">12-14<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JUNIO 2012<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"#\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Agata Leszkiewicz\" title=\"Agata Leszkiewicz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Agata Leszkiewicz\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"us advertising expenditure trends: long-run effects and structural changes with new media introducti in this paper we examine the historical time series of us advertising expenditure on different media, using a long-run equilibrium model, and whether the introduction of new media (tv, yellow pages, cable and the internet) created a significant structural change in the advertising industry. we use a multivariate vector error correction model allowing for broken trends. our results show that internet and cable media cause a substantive shift only on the evolution of newspapers and outdoor, respectively, whereas tv and yellow pages entries create fundamental change in the spending levels of all incumbents, except for direct mail. we also find that the longrun elasticity between total advertising expenditures and the gdp is negative, implying that total advertising has counter-cyclical behavior. furthermore, in the long-run, an increase in the internet investment results in a decrease in newspapers as well as magazines\u2019 investment. 12-15 mercedes esteban-bravo jose m. vidal-sanz gokhan yildirim\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">US Advertising Expenditure Trends: Long-run Effects and Structural Changes with New Media Introducti<\/h4><span class=\"wp-paper__ref\">12-15<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JUNIO 2012<\/div><hr class=\"wp-paper__hr\"><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Gokhan Yildirim\" title=\"Gokhan Yildirim\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Gokhan Yildirim\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"monetary policy regimes and the forward bias for foreign exchange this paper provides a theoretical discussion of the forward premium anomaly. we reformulate the well-known  lucas  (1982)  model  by  allowing  for  the  existence  of  monetary  policy  regimes.  the monetary  supply  is  viewed  as  having  two  stochastic  components:  a)  a  persistent  component  that reflects  the  preferences  of  the  central  bank  regarding  the  long-run  money  supply  or  inflation target, and b) a transitory component that represents short-lived interventions. to generate agents forecasts,  we  consider  two  scenarios:  a)  consumers  can  distinguish  the  permanent  and  the transitory components of the money supply, and b) consumers can observe only historical series of the aggregate monetary supply and face a signal-extraction problem. we simulate the model from a carefully estimation for the parameters involved in the model. numerical simulations reveal that, \r\nunder complete information, forward unbiasedness cannot be rejected at conventionally significant levels.  however,  when  learning  about  monetary  policy  is  incorporated,  the  forward  bias  can  be reproduced without artificially assuming an unreasonable degree of risk aversion. 12-01 juan angel lafuente rafaela perez jesus ruiz\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Monetary policy regimes and the forward bias for foreign exchange<\/h4><span class=\"wp-paper__ref\">12-01<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2012<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/wp2012\/wb120101.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Juan \u00c1ngel Lafuente\" title=\"Juan \u00c1ngel Lafuente\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Juan \u00c1ngel Lafuente\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Rafaela P\u00e9rez\" title=\"Rafaela P\u00e9rez\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Rafaela P\u00e9rez\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Jes\u00fas Ruiz\" title=\"Jes\u00fas Ruiz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Jes\u00fas Ruiz\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"\u201ca theoretical analysis of the stages and events expe rienced by  financially distressed firms\u201d this paper analyses the events that start with financial distress and may eventually lead to the liquidation and\/or abandonment of the assets of the firm. it develops a scheme describing the sequence of possible outcomes starting with financial distress based on the existing literature and taking into account the legal environment in terms of liability and priority rules and bankruptcy law. an analysis of the treatment of financial distress in the theoretical financial literature is also performed, showing that there is no consensus in the treatment of financial distress. the common case of assuming simultaneous default and bankruptcy is shown to lead to suboptimal bankruptcy. other theoretical approaches are shown to address this problem in different ways such as separating default from bankruptcy or by including protective covenants. the case of separation between default from bankruptcy or liquidation highlights the importance of the interaction between the different options present in financial distress. the general case of exogenously determined default is shown to represent a special case that implies the existence of financial and credit constraints. 12-03 azad hamoto\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u201cA theoretical analysis of the stages and events expe rienced by  financially distressed firms\u201d<\/h4><span class=\"wp-paper__ref\">12-03<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2012<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/wp2012\/wb120302.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Azad Hamoto\" title=\"Azad Hamoto\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Azad Hamoto\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2012\" data-search=\"political risk and corporate investment decisions this paper analyzes the different definitions and expressions of political risk and proposes a broad  and more inclusive definition regarding its origins and effects. regarding the effects of political risk on corporate investment decisions, this paper shows the multitude of ways by which the different expressions of political risk may influence both positively and negatively the value of investment opportunities and the decisions of firms to invest. finally, it proposes different lines of research addressing some of the weaknesses identified in the existing literature. 12-04 diana restrepo javier poblacion\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Political risk and corporate investment decisions<\/h4><span class=\"wp-paper__ref\">12-04<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2012<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/wp2012\/wb120403.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Diana Restrepo\" title=\"Diana Restrepo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Diana Restrepo\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Javier Poblaci\u00f3n\" title=\"Javier Poblaci\u00f3n\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Javier Poblaci\u00f3n\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"riding successive product diffusion waves : building a tsunami via upgrade-rebate programs we discuss how trade-in rebates can be used to manage product multigenerational innovation diffusion waves, and study the optimal behavior of the firm controlling the prices and rebates associated to product upgrades. we show how this strategy accelerates the diffusion and can lead to profit increments of about 5%. the strategy is profitable even when the rebate subsidizes the upgrades entirely. 11-40 mercedes esteban-bravo jose m. vidal-sanz vardan avagyan\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Riding successive product diffusion waves : building a tsunami via upgrade-rebate programs<\/h4><span class=\"wp-paper__ref\">11-40<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 NOVIEMBRE 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/wb114011.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Vardan Avagyan\" title=\"Vardan Avagyan\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Vardan Avagyan\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"licensing radical product  innovations to speed up  the diffusion inventors can commercialize innovative products by themselves and simultaneously license the technology to other firms. the licensee may cannibalize sales of the licensor, but this can be compensated by gains from royalties. we show in this paper how licenses can be used strategically to speed up the new product diffusion process in two instances of markets: (i) a market with strong intellectual property rights (ipr), and (ii) a market with weak ipr holder and pirate rivals. the main findings suggest that licensing is a beneficial strategy for a licensor in the context of strong ipr, because licensor benefits from the royalties, the advertising investment and positive word-of-mouth effects by licensees. we compare this result with a weak ipr context, where piracy speeds up the product diffusion but this does not compensate ipr holder for the sales loss effect who is willing to license to get some royalties. however, pirates do not generally find interesting the licensing agreement. we present a comparative statics analysis based on numerical simulation. 11-39 mercedes esteban-bravo jose m. vidal-sanz vardan avagyan\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">LICENSING RADICAL PRODUCT  INNOVATIONS TO SPEED UP  THE DIFFUSION<\/h4><span class=\"wp-paper__ref\">11-39<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 NOVIEMBRE 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/wb113910.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Vardan Avagyan\" title=\"Vardan Avagyan\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Vardan Avagyan\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"promotional benefits of 99-ending prices: the moderating role of intuitive and analytical decision s evidence suggests that retailers use 99-ending prices as a promotional technique. this paper explores the consumer perceived benefits of such promotional practices and the information processing conditions under which hedonic benefits are higher (lower) than utilitarian ones. in line with the benefit framework of sales promotion proposed by chandon, wansink, and laurent (2000), 99-ends are not expected to be  strictly associated to monetary savings benefit but also to a more hedonic benefit, fulfilling consumer\u2019s needs for exploration. in addition, the analytic or intuitive consumer decision style (mantel &amp; kardes, 1999) is likely to activate either the utilitarian benefit of savings or the hedonic benefit of exploration with more strength. the analysis of an online survey among 317 shoppers shows that both perceived savings and exploration benefits have a positive impact on proneness to buy 99-ends products with the saving benefits being stronger (weaker) for analytical decision makers (intuitive decision makers). the findings contribute to the better understanding of the image effect of 99ends underlying its individual differences and help retailers and also pricing managers in their use of 99-ends as a promotional technique. 11-38 lola c. duque charlotte gaston-breton\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Promotional benefits of 99-ending prices: The moderating role of intuitive and analytical decision s<\/h4><span class=\"wp-paper__ref\">11-38<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 NOVIEMBRE 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"#\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/lola-c-duque\/\" data-name=\"Lola C. Duque\" title=\"Lola C. Duque\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1688382967-150x150.png\" alt=\"Lola C. Duque\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Charlotte Gaston-Breton\" title=\"Charlotte Gaston-Breton\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Charlotte Gaston-Breton\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"can we curb retail sales volatility through marketing mix actions? sales uncertainty is a central problem for marketing management. marketers tend to focus on expected sales, rather than short-term time-varying oscillations. with long supply-chain streams, the bullwhip effect can turn retail sales volatility into a major problem for upstream companies. while it has been recognized that conditional expected sales change through time (for a review see dekimpe and hanssens, 2000), marketers have not yet started to modeling explicitly time variation of sales&#039; conditional variances. in this paper we focus on this issue, modeling and forecasting time-varying retail sales and marketing mix volatility and their crossed effects within brand, and between competitive brands. we analyze up to 6 product categories sold by dominick&#039;s finer foods, finding volatility and co-volatilities in all of them. we discuss managerial implications for brand management and competitive strategy. 11-24 mercedes esteban-bravo jose m. vidal-sanz gokhan yildirim\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Can we curb retail sales volatility through marketing mix actions?<\/h4><span class=\"wp-paper__ref\">11-24<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 NOVIEMBRE 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/wb112407.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/mercedes-esteban-bravo\/\" data-name=\"Mercedes Esteban-Bravo\" title=\"Mercedes Esteban-Bravo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448741497-150x150.png\" alt=\"Mercedes Esteban-Bravo\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/jose-m-vidal-sanz\/\" data-name=\"Jos\u00e9 M. Vidal-Sanz\" title=\"Jos\u00e9 M. Vidal-Sanz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-1448748849-150x150.png\" alt=\"Jos\u00e9 M. Vidal-Sanz\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"G\u00f6khan Yildirim\" title=\"G\u00f6khan Yildirim\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"G\u00f6khan Yildirim\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u201cestimating us persistent and transitory monetary shocks: implications for monetary policy\u201d this paper proposes an estimation method for persistent and transitory monetary shocks using the monetary policy modeling proposed in andolfatto et al, [journal of monetary economics, 55 (2008), pp.: 406-422]. the contribution of the paper is threefold: a) to deal with non-gaussian innovations, we consider a convenient reformulation of the state-space representation that enables us to use the kalman filter as an optimal estimation algorithm. now the state equation allows expectations play a significant role in explaining the future time evolution of monetary shocks; b) it offers the possibility to perform maximum likelihood estimation for all the parameters involved in the monetary policy, and c) as a consequence, we can estimate the conditional probability that a regime change has occurred in the current period given an observed monetary shock. empirical evidence on us monetary policy making is provided through the lens of a taylor rule, suggesting that the fed\u2019s policy was implemented accordingly with the macroeconomic conditions after the great moderation. the use of the particle filter produces similar quantitative and qualitative findings. however, our procedure has much less computational cost. 11-31 juan angel lafuente rafaela perez jesus ruiz\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u201cEstimating US persistent and transitory monetary shocks: implications for monetary policy\u201d<\/h4><span class=\"wp-paper__ref\">11-31<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JULIO 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"#\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Juan \u00c1ngel Lafuente\" title=\"Juan \u00c1ngel Lafuente\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Juan \u00c1ngel Lafuente\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Rafaela P\u00e9rez\" title=\"Rafaela P\u00e9rez\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Rafaela P\u00e9rez\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Jes\u00fas Ruiz\" title=\"Jes\u00fas Ruiz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Jes\u00fas Ruiz\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u00abon the institutional innovation process: eu regulation through an evolutionary lens\u00bb the focal point of this paper is the study of the process of emergence of novel institutions and the identification of factors that may influence the outcome of this process.  we view instutions as commonly accepted sets of rules that influence actor\u00b4s decisions and focus on state-mandated sets of rules i.e. regulations. we consider regulations as endogenously emerging institutions that evolve in accordance to other socioeconomic factors and analyze the regulatory process at each of its stages adopting an evolutionary approach. evidence shows that the regulatory process resembles the innovation process as it can be viewed as a process of knowledge accumulation and transmission that is facilitated by purposeful actors. the study is empirically contextualized in the european political system, the detergents industry and specific regulations formed at european level. data is drawn by secondary resources and in-depth interviews with different types of public  and private stakeholders participating in the process. 11-13 evita paraskevopoulou\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abOn the institutional innovation process: EU regulation through an evolutionary lens\u00bb<\/h4><span class=\"wp-paper__ref\">11-13<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ABRIL 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/1113.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/evita-paraskevopoulou\/\" data-name=\"Evita Paraskevopoulou\" title=\"Evita Paraskevopoulou\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1486731590-150x150.png\" alt=\"Evita Paraskevopoulou\" loading=\"lazy\"><\/a><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u00abwhat do basel capital accords mean for smes?\u00bb this paper analyses the impact of the new basel capital accords (basel ii and basel iii) on the bank\u2019s capital requirements in a portfolio of small and medium-sized enterprises (smes) when the internal ratings-based (irb) approach is used. to do this, the study uses a large database of spanish firms and covers the period from 2005 to 2009. we also examine the effect on the credit risk premium charged by banks of the guarantee offered by a loan guarantee association (lga) to a sme; and whether this foreseeable decrease in the interest rates applicable to the sme is compensated by the cost of this guarantee. 11-10 clara cardone-riportella antonio trujillo-ponce anahi briozzo\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abWhat do Basel Capital Accords mean for SMEs?\u00bb<\/h4><span class=\"wp-paper__ref\">11-10<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ABRIL 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/1110.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Clara Cardone-Riportella\" title=\"Clara Cardone-Riportella\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Clara Cardone-Riportella\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Antonio Trujillo-Ponce\" title=\"Antonio Trujillo-Ponce\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Antonio Trujillo-Ponce\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Anah\u00ed Briozzo\" title=\"Anah\u00ed Briozzo\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Anah\u00ed Briozzo\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u00abconsumer preferences for 99-ending: the mediating role of price consciouness\u00bb this research addresses the persuasive effect of 99-ending prices and carries out a choice-based conjoint analysis among 318 shoppers. we propose that 99-ending prone consumers engage in a heuristic process either consciously \u2014 they consider a 99-ending as a signal for a \u201cgood deal\u201d\u2014 or unconsciously \u2014 they round down 99-ending prices. this conceptual framework leads to non-intuitive and completely new sets of hypotheses in the examination of the drivers, mediator and moderators of 99-ending preferences. results indicate that consumers who are more price conscious are more likely to choose 99-ending prices. indeed, low involved shoppers (especially those with a low hedonic and symbolic involvement profile), low educated, low income and younger shoppers are prone to choose the 99-ending option. we also demonstrate that the magnitude of this 99-ending effect depends on the price level of the product category and the positioning of the brands. the theoretical contributions to the manner in which consumers process 99-endings has implications for retailers, pricing managers and social welfare. 11-05 charlotte gaston-breton\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abConsumer preferences for 99-ending: The mediating role of price consciouness\u00bb<\/h4><span class=\"wp-paper__ref\">11-05<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ABRIL 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/1105.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Charlotte Gaston-Breton\" title=\"Charlotte Gaston-Breton\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Charlotte Gaston-Breton\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u00abgood deals in markets with frictions\u00bb this paper studies a portfolio choice problem such that the pricing rule may incorporate transaction costs and the risk measure is coherent and expectation bounded. we will prove the necessity of dealing with pricing rules such that there are essentially bounded stochastic discount factors, which must be also bounded from below by a strictly positive value. otherwise good deals will be available to traders, i.e., depending on the selected risk measure, investors can build portfolios whose (risk, return) will be as close as desired to (- infinite, + infinite) or (0, infinite). this pathologic property still holds for vector risk measures (i.e., if we minimize a vector valued function whose components are risk measures). it is worthwhile to point out that essentially bounded stochastic discount factors are not usual in financial literature. in particular, the most famous frictionless, complete and arbitrage free pricing models imply the existence of good deals for every coherent and expectation bounded measure of risk, and the incorporation of transaction costs will no guarantee the solution of this caveat. 11-03 alejandro balbas beatriz balbas raquel balbas\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abGood deals in markets with frictions\u00bb<\/h4><span class=\"wp-paper__ref\">11-03<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 FEBRERO 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/ewp2011\/1103.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/alejandro-balbas\/\" data-name=\"Alejandro Balb\u00e1s\" title=\"Alejandro Balb\u00e1s\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-150x150.jpg\" alt=\"Alejandro Balb\u00e1s\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Beatriz Balb\u00e1s\" title=\"Beatriz Balb\u00e1s\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Beatriz Balb\u00e1s\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Raquel Balb\u00e1s\" title=\"Raquel Balb\u00e1s\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Raquel Balb\u00e1s\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2011\" data-search=\"\u00abpairing market risk with credit risk\u00bb this paper uses an exclusive proprietary data set of european credit derivatives and vix markets, covering a sample of 5 to 7 years, to study the nature of the theoretical link between credit risk and market risk, originally postulated in the work of merton.  this allows us to establish cointegration in the vix and itraxx\/cds markets in a demand and supply framework where arbitrageurs exploit temporary equilibrium mispricing following pairs strategies.  by shorting the outperformer and buying the underperformer asset, arbitrageurs achieve equilibrium price convergence. profits from pairs strategies, represented via vecm parameters, guarantee positive expected profits.  empirical estimates suggest that temporary mispricing exists due to a lead of vix in the discovery process.   we contribute to the existent literature suggesting that vix as an improved predictor of cds spreads.  \r\n\u00a0 11-02 ioannis paraskevopoulos isabel figuerola\u2010ferretti\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abPairing market risk with credit risk\u00bb<\/h4><span class=\"wp-paper__ref\">11-02<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2011<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"#\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Ioannis Paraskevopoulos\" title=\"Ioannis Paraskevopoulos\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Ioannis Paraskevopoulos\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Isabel Figuerola\u2010Ferretti\" title=\"Isabel Figuerola\u2010Ferretti\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Isabel Figuerola\u2010Ferretti\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"are all credit default swap databases equal? the presence of different prices in different databases for the same securities can impair the comparability of research efforts and seriously damage the management decisions based upon such research. in this study we compare the six major sources of corporate credit default swap prices: gfi, fenics, reuters eod, cma, markit and jp morgan, using the most liquid single name 5-year cds of the components of the leading market indexes, itraxx (european firms) and cdx (us firms) for the period from 2004 to 2010. we find systematic differences between the data sets implying that deviations from the common trend among prices in the different databases are not purely random but are explained by idiosyncratic factors as well as liquidity, global risk and other trading factors. the lower is the amount of transaction prices available the higher is the deviation among databases. our results suggest that the cma database quotes lead the price discovery process in comparison with the quotes provided by other databases. several robustness tests confirm these results. 10-46 juan ignacio pena sanchez de rivera\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">Are all credit default swap databases equal?<\/h4><span class=\"wp-paper__ref\">10-46<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 NOVIEMBRE 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1046.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/juan-ignacio-pena\/\" data-name=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\" title=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\" loading=\"lazy\"><\/a><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00abcurrent marketing practices and market orientation in the context of an emerging economy: the case this research explores the link between contemporary marketing practices, market orientation and business performance in uruguay, an emergent country that has recovered from an economic crisis. these approaches seem to be related, but there is no existing evidence to confirm this impression. lessons can be learned from understanding how effective is the adoption of marketing practices under a crisis scenario. using data from interviews with 143 micro and small enterprises\u2019 managers, we identify three clusters dependant on the combination of marketing practices: a multi-marketing cluster, a medium-level relationship marketing cluster and a transactional cluster. a model relating market orientation components and various performance measures is tested for the three clusters, showing that the multi-marketing and transactional clusters are more effective in translating efforts and resources into business outcomes. 10-42 nora lado lola c. duque\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abCurrent marketing practices and market orientation in the context of an emerging economy: The case<\/h4><span class=\"wp-paper__ref\">10-42<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 OCTUBRE 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/lado.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/nora-lado\/\" data-name=\"Nora Lado\" title=\"Nora Lado\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448573410-150x150.jpg\" alt=\"Nora Lado\" loading=\"lazy\"><\/a><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/lola-c-duque\/\" data-name=\"Lola C. Duque\" title=\"Lola C. Duque\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1688382967-150x150.png\" alt=\"Lola C. Duque\" loading=\"lazy\"><\/a><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00absystemic risk measures: the simpler the better\u00bb we compute six different sets of systemic risk measures for a sample of the 20 biggest european and 13 biggest us banks from january 2004 to november 2009. the six measures are based on i) principal components of the bank\u2019s credit default swaps (cdss), ii) interbank interest rate spreads, iii) structural credit risk models, iv) collateralized debt obligations (cdos) indexes and their tranches, v) multivariate densities computed from cds spreads and vi) co-risk measures. we then rank the measures using three different criteria: i) causality tests, ii) price discovery tests and iii) their correlation with an indexof systemic events.  for the european and us markets, the best indicators are the first principal component of the single-name cdss and the libor-ois or libor-tbill spreads, respectively, whereas the least reliable indicators are the co-risk measures and the systemic spreads extracted from the cdo indexes and their tranches. 10-31 juan ignacio pena sanchez de rivera maria rodrigez-moreno\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abSystemic risk measures: The simpler the better\u00bb<\/h4><span class=\"wp-paper__ref\">10-31<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 SEPTIEMBRE 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1031.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/juan-ignacio-pena\/\" data-name=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\" title=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Juan Ignacio Pe\u00f1a Sanchez de Rivera\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Mar\u00eda Rodr\u00edgez-Moreno\" title=\"Mar\u00eda Rodr\u00edgez-Moreno\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Mar\u00eda Rodr\u00edgez-Moreno\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00abhow much should we pay for interconnecting electricity markets? a real options approach\u00bb an interconnector is an asset that gives the owner the option to transmit electricity between two locations. in financial terms, the value of an interconnector is the same as a strip of real options written on the spread between power prices in two markets. we model the spread based on a: seasonal trend, mean-reverting gaussian process, and mean-reverting jump process. we express the value of these real options in closed-form. we apply our valuation tool to five pairs of european neighboring markets to value a hypothetical one-year lease of the interconnector. we show valuations for different assumptions about the seasonal component of the spread, and different liquidity caps which proxy for the depth of the interconnected power markets. we derive no-arbitrage lower bounds for the value of the interconnector in terms of electricity futures contracts. we find that, depending on the depth of the market, the jumps in the spread can account for between 1% and 40% of the total value of the interconnector. the two markets where an interconnector would be most (resp. least) valuable are germany and the netherlands (resp. france and germany). 10-32 carlos gonzalez - pedraz alvaro cartea\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abHow much should we pay for interconnecting electricity markets? A real options approach\u00bb<\/h4><span class=\"wp-paper__ref\">10-32<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 JULIO 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1032.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><span class=\"wp-inv wp-inv--ext\" data-name=\"Carlos Gonz\u00e1lez - Pedraz\" title=\"Carlos Gonz\u00e1lez - Pedraz\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Carlos Gonz\u00e1lez - Pedraz\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"\u00c1lvaro Cartea\" title=\"\u00c1lvaro Cartea\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"\u00c1lvaro Cartea\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00abus market entry by spanish pharmaceutical firms\u00bb this work explores the factors that spur firms\u2019 propensity to enter in international markets. among the whole population of spanish firms active in the pharmaceutical sector (over the period 1995-2004), we identify those firms that have entered the us market by assessing whether they have filed at least a trademark in the us patents and trademarks office.  by means of a hazard model, we empirically estimate which firm\u2019s characteristics affect the probability of entry in the us market in a given year. results show that technological capabilities (breadth and depth of firms\u2019 patent base), and the firm\u2019s cost structure explain the entry in the us market with a branded product. moreover, our evidence shows that entry strategies based on differentiation advantage (technological diversification) and strategies based on cost advantage (scale economies) are exclusive and do not mix well each other. 10-11 ester martinez-ros fabrizio cesaroni marco s. giarratana\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abUS market entry by Spanish pharmaceutical firms\u00bb<\/h4><span class=\"wp-paper__ref\">10-11<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 FEBRERO 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1011.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/ester-martinez-ros\/\" data-name=\"Ester Mart\u00ednez-Ros\" title=\"Ester Mart\u00ednez-Ros\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1448744196-150x150.png\" alt=\"Ester Mart\u00ednez-Ros\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Fabrizio Cesaroni\" title=\"Fabrizio Cesaroni\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Fabrizio Cesaroni\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Marco S. Giarratana\" title=\"Marco S. Giarratana\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Marco S. Giarratana\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00abmarketing for technologies: s-d logic and the open innovation paradigm\u00bb firms have been modifying their innovation management processes to generate, implement and exploit new technological knowledge. a gradual shift from a closed to an open model of innovation has been the recurring pattern of this change. firms have to revise their overall strategic orientation to adapt their managerial procedures according to the open innovation (oi) paradigm. the new service-dominant (s-d) logic can offer a useful guideline to firms in the implementation of an oi model. this paper presents the bases of the oi paradigm by means of the s-d logic mindset. for each of the premises characterizing the s-d logic, instances of firms that have implicitly adopted the oi paradigm are provided. we discuss how the s-d logic can be put in practice within the context of the oi model. 10-07 lola c. duque fabrizio cesaroni\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abMarketing for technologies: S-D logic and the open innovation paradigm\u00bb<\/h4><span class=\"wp-paper__ref\">10-07<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1007.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/lola-c-duque\/\" data-name=\"Lola C. Duque\" title=\"Lola C. Duque\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/perfil-1688382967-150x150.png\" alt=\"Lola C. Duque\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Fabrizio Cesaroni\" title=\"Fabrizio Cesaroni\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Fabrizio Cesaroni\" loading=\"lazy\"><\/span><\/div><\/article><\/div><div class=\"cards-item\" data-year=\"2010\" data-search=\"\u00abstability of the optimal reinsurance with respect to the risk measure\u00bb the optimal reinsurance problem is a classic topic in actuarial mathematics. recent approaches consider a coherent or expectation bounded risk measure and minimize the global risk of the ceding company under adequate constraints. however, there is no consensus about the risk measure that the insurer must use, since every risk measure presents advantages and shortcomings when compared with others.   \r\n\r\nthis paper deals with a discrete probability space and analyzes the stability of the optimal reinsurance with respect to the risk measure that the insurer uses. we will demonstrate that there is a \u201cstable optimal retention\u201d that will show no sensitivity, insofar as it will solve the optimal reinsurance problem for many risk measures, thus providing a very robust reinsurance plan. this stable optimal retention is a stop-loss contract, and it is easy to compute in practice. a fast algorithm will be given and a numerical example presented. 10-02 alejandro balbas beatriz balbas antonio heras\"><article class=\"wp-paper\"><div class=\"wp-paper__head\"><h4 class=\"wp-paper__title\">\u00abStability of the optimal reinsurance with respect to the risk measure\u00bb<\/h4><span class=\"wp-paper__ref\">10-02<\/span><\/div><div class=\"wp-paper__date\"><span class=\"wp-paper__dot\"><\/span>Fecha de publicaci\u00f3n: 01 ENERO 2010<\/div><hr class=\"wp-paper__hr\"><a class=\"wp-paper__link\" href=\"http:\/\/portal.uc3m.es\/portal\/page\/portal\/dpto_economia_empresa\/home\/research\/Research%20documents\/working_papers\/workingpapers2010\/1002.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"fas fa-book\"><\/i> Enlace al art\u00edculo<\/a><div class=\"wp-paper__resh\">Investigadores<\/div><div class=\"wp-investigadores\"><a class=\"wp-inv wp-inv--int\" href=\"https:\/\/business.uc3m.es\/es\/members\/alejandro-balbas\/\" data-name=\"Alejandro Balb\u00e1s\" title=\"Alejandro Balb\u00e1s\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-150x150.jpg\" alt=\"Alejandro Balb\u00e1s\" loading=\"lazy\"><\/a><span class=\"wp-inv wp-inv--ext\" data-name=\"Beatriz Balb\u00e1s\" title=\"Beatriz Balb\u00e1s\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Beatriz Balb\u00e1s\" loading=\"lazy\"><\/span><span class=\"wp-inv wp-inv--ext\" data-name=\"Antonio Heras\" title=\"Antonio Heras\"><img decoding=\"async\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/default_avatar-150x150.jpg\" alt=\"Antonio Heras\" loading=\"lazy\"><\/span><\/div><\/article><\/div><\/div><p class=\"cards-noresults\" hidden>No se han encontrado resultados.<\/p><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Documentos de trabajo Documentos de trabajo<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"disabled","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-3966","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/pages\/3966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/comments?post=3966"}],"version-history":[{"count":0,"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/pages\/3966\/revisions"}],"wp:attachment":[{"href":"https:\/\/business.uc3m.es\/es\/wp-json\/wp\/v2\/media?parent=3966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}