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Working paper
Inflation Expectation Indicators Based on Financial Instrument Prices
In: Banco de Espana Article 16/17
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The Evolution of Inflation Expectations in Euro Area Markets
In: Banco de Espana Working Paper No. 1627
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Working paper
Flight-to-Liquidity Flows in the Euro Area Sovereign Debt Crisis
In: Banco de Espana Working Paper No. 1429
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Working paper
The role of a green factor in stock prices: when Fama and French go green
In: Journal of Credit Risk, Band 19, Heft 4
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Tradición e inteligencia artificial: oportunidades y retos del machine learning para los servicios financieros
In: Información comercial española: revista de economía ; ICE, Heft 926
ISSN: 2340-8790
Los métodos basados en la inteligencia artificial están transformando multitud de sectores al permitir automatizar tareas rutinarias e importantes mejoras en el análisis de la información. El sector financiero no es ajeno a esta tendencia y está tratando de aprovechar las oportunidades de estas técnicas al tiempo que debe ser consciente y actuar ante los riesgos y limitaciones que implican.
The Role of a Green Factor in Stock Prices. When Fama & French Go Green
In: Banco de Espana Working Paper No. 2207
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Making Room for the Needy: The Credit-Reallocation Effects of the ECB's Corporate QE
In: Banco de Espana Working Paper No. 1743
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Working paper
Extraction of Inflation Expectations from Financial Instruments in Latin America
In: Banco de Espana Working Paper No. 1819
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Working paper
Disentangling Discrimination on Spanish Boards of Directors
In: Corporate Governance: An International Review, Band 19, Heft 1, S. 77-95
Disentangling discrimination on spanish boards of directors
In: Corporate Governance: An International Review, Band 19, Heft 1, S. 77-95
Manuscript Type: Empirical
Research Question/Issue: This study seeks to find evidence of discrimination behind the scarce presence women on Spanish boards of directors through factors within firms linked with different theories of discrimination.
Research findings/Insights: Using data on the boards of directors from the top 1000 Spanish companies in 2005 and 2008, we identify some signals of discrimination. We find that women directors are scarcer in those sectors where there are less female managers or where the directors are mainly draw on the firm's executive staff. There is also evidence of the dynamics of Becker's theory of discrimination, since time and competition are determinants of the women's presence on Spanish boards. We also find a positive relationship between the number of women already on the board and the likelihood of adding a woman. This could signal some kind of underestimation of women's skills and preconceptions about their attitudes (such as risk-aversion).
Theoretical/Academic Implications: This study provides empirical support for the prediction of Becker's theory of discrimination. The study also furnishes evidence of false preconceptions concerning the skills and risk attitudes of female managers.
Practitioner/Policy Implications: Education and mentoring initiatives to improve the training of the female candidates helps to reduce discrimination before reaching the board, as well as better work- and family-life balance. Once they are in the pool of candidates, transparency and objectivity in selection procedures and/or even the establishment of a women's quota on boards may contribute to dismiss employers' negative beliefs about their capabilities in the long run.
Key words: Corporate Governance; Board of Directors; Gender Discrimination; Glass Ceiling.
Classification JEL: G34, J16, M14, C35.
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Working paper
CONVERGENCIA Y ESTABILIDAD DE LOS TIPOS DE CAMBIO EUROPEOS: UNA APLICACIÓN DE EXPONENTES DE LYAPUNOV
In: Cuadernos de economía, Band 44, Heft 129
ISSN: 0717-6821
Evaluating Central Bank Asset Purchases in a Term Structure Model With a Forward-looking Supply Factor
In: Banco de Espana Working Paper No. 2303
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