The contributions of this paper are twofold: On the one hand, the paper analyses the factors determining the growth in car ownership in Spain over the last two decades, and, on the other, the paper provides empirical evidence for a controversial methodological issue. From a methodological point of view, the paper compares the two alternative decision mechanisms used for modelling car ownership:...

We investigate share price reactions to announcements of dividends payable in the common stock of corporations different from the issuing firm. We find that firms that declare these dividends (typically investment companies) experience positive abnormal returns upon announcement. We also find that such dividends are more likely to be declared when the shares to be distributed have peaked in val...

This paper analyses the role of asymmetric information and moral hazard on IPO underpricing and lockups. I document that high information asymmetry is related to underpricing while the lockup length and lockup expiration return is related to moral hazard. Accordingly, lockup length and underpricing work as substitute signals. These results relate to the UK’s unique institutional settings: long ...

Securing electronic documents is an important task. It secures the identity of a document. In this sense, methods (mainly cryptographic methods) have been put in place to guarantee secrecy meaning messages as well signing from certificates. The digital document only defined by its textual content. With rise OCRs, alteration and fraudulent use has increased. work we propose algorithm based on co...

We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than firms in which the state has no ownership stake. In particular, SOEs more capital intensive have a lower average product of non-SOEs. These productivity differences increased between 2002 2009, remain sizeable 2019. Using heterogeneous firm model resource misallocation, we find there ...

Information security is not just to provide an authenticity and integrity to the data, but there is also a need to seek identity, rights of use and origin of information, which may require some degree of process re-engineering. Rarely security technologies like digital signatures can be simply “plugged in” without streamlining the process. In this paper we address the problem of information sec...