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Article
Publication date: 1 January 2002

Javier Estrada and J.Ignacio Peña

Between 1988 and 1994 ten European countries introduced or modified their regulations on insider trading. We evaluate in this article the impact of such regulatory changes on the…

205

Abstract

Between 1988 and 1994 ten European countries introduced or modified their regulations on insider trading. We evaluate in this article the impact of such regulatory changes on the risk, return, and some other characteristics of these ten markets. After extensive testing, we find that the evidence suggests that these regulations have had little (if any) impact on the market characteristics we examine, and briefly speculate about the reasons that justify our findings.

Details

Studies in Economics and Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 1 September 2005

Javier Estrada

The purpose of this study is to compare the performance of a low‐P/E strategy relative to that of two alternative value strategies, one based on the PEG ratio and another on the…

3887

Abstract

Purpose

The purpose of this study is to compare the performance of a low‐P/E strategy relative to that of two alternative value strategies, one based on the PEG ratio and another on the PERG ratio (a magnitude introduced in this article).

Design/methodology/approach

The data used consists of a sample of 100 US companies between January 1975 and September 2002. Portfolios are formed on the basis of different valuation ratios, and their performance is compared in order to determine the best‐performing strategy.

Findings

Portfolios sorted by PERG ratios outperform, on a risk‐adjusted basis, those sorted by both P/E ratios and PEG ratios. This outperformance occurs regardless of whether portfolios are not rebalanced, rebalanced every ten years, or rebalanced every five years.

Research limitations/implications

The sample of stocks is not large. The results could be validated by using a larger sample of US stocks and a longer time period, as well as by using a sample of stocks from several international markets.

Practical implications

The PERG ratio proposed in this article improves on the PEG ratio, adjusting the latter by risk. That, plus the fact that PERG‐based strategies outperform on a risk‐adjusted basis strategies based on both P/Es and PEGs, should make it an attractive tool to add to the arsenal of valuation tools used by analysts.

Originality/value

A new valuation tool is proposed, called the PERG ratio, that adjusts P/E ratios by both growth and risk (or, similarly, PEG ratios by risk).

Details

International Journal of Managerial Finance, vol. 1 no. 3
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 4 April 2016

Diego Monferrer-Tirado, Marta Estrada-Guillén, Juan Carlos Fandos-Roig, Miguel Ángel Moliner-Tena and Javier Sánchez García

The purpose of this paper is to address the aftermath of the crisis that has plagued the Spanish financial sector from a microeconomic and emotional perspective associated to…

1595

Abstract

Purpose

The purpose of this paper is to address the aftermath of the crisis that has plagued the Spanish financial sector from a microeconomic and emotional perspective associated to financial entities’ relationships with their customers.

Design/methodology/approach

The authors build a model of effects with structural equation modelling based on the quality of the relationship between financial entities and their customers. The authors identify the different dimensions of quality in the entity’s service provision (tangible quality, functional quality and staff quality) as essential antecedents of the different dimensions of relationship quality (satisfaction, trust and loyalty). Moreover, the authors develop a multi-group analysis to test the moderator effect of age in the proposed model.

Findings

The work shows that bank customers have been eminently results driven focusing on functional quality which is a determinant cause of customer satisfaction and trust.

Research limitations/implications

Furthermore the authors consider that the dimensions of service quality are interrelated. Functional quality represents an essential quality in customer service, whereas tangible and personnel qualities act to reinforce functional quality. In turn, qualities based on tangible aspects have positive effects on qualities based on intangible aspects.

Practical implications

Moreover, the results confirm the consideration of related variables to conform the construct of relationship quality: satisfaction, trust and loyalty. Finally, age has been found to have a considerable effect as a moderating variable in the relations.

Originality/value

These results represent a significant change in traditional patterns of bank customer behaviour, and fit in with postulates of a new approach based on individual differences in attitudes, with relevant practical implications.

Details

International Journal of Bank Marketing, vol. 34 no. 2
Type: Research Article
ISSN: 0265-2323

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Book part
Publication date: 13 March 2019

Irene Baena-Cuder

The Spanish lycanthrope arrived successfully to Spanish screens with The Mark of the Wolfman (Eguiluz, 1968), introducing iconic actor and scriptwriter Paul Naschy as werewolf…

Abstract

The Spanish lycanthrope arrived successfully to Spanish screens with The Mark of the Wolfman (Eguiluz, 1968), introducing iconic actor and scriptwriter Paul Naschy as werewolf Waldemar Daninsky. This persona would be later developed in more depth in The Werewolf Versus the Vampire Woman (Klimovsky, 1970) and Curse of the Devil (Aured, 1972). Furthermore, Daninsky’s construction responded to the historical repressive context of Francoist Spain, and the strong ideal of masculinity imposed and promoted under the fascist regime (Pulido, 2012).

After a long hiatus in the horror genre, the more recent film Game of Werewolves (Martínez Moreno, 2011) revisits the figure of the Spanish lycanthrope by introducing two different sets of characters embodying two different types of masculinity and, more significantly, by linking the strong, traditional male identity to the myth of the werewolf, paying homage to Waldemar Daninsky.

Thus, through the film’s historically contextualized textual analysis, the chapter seeks to study the myth of the werewolf in twenty-first-century Spain, in relation to the changes in the masculine identity and the historical context to which it refers, exploring the struggle of men to move from the traditional male identity imposed during the dictatorship to a more progressive one.

Details

Gender and Contemporary Horror in Film
Type: Book
ISBN: 978-1-78769-898-7

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Book part
Publication date: 19 February 2020

Javier San Julián Arrupe

Since the early modern age, the debt of the State was a constant source for concern to the Spanish governments. Episodes of defaults caused by enormous expenditure to keep the…

Abstract

Since the early modern age, the debt of the State was a constant source for concern to the Spanish governments. Episodes of defaults caused by enormous expenditure to keep the Empire slowly faded out until a certain reorganization of public finance was attained in the central decades of the nineteenth century. The core idea that finance ministers and economists, in general, had at that time was to balance the public budget controlling expenses, in order to handle the problem of public debt. However, alternative views on government finance existed. Focusing on a crucial period for the consolidation of Spanish liberal regime and its public finance, this chapter shows that, among a predominant concern for reducing public expenditure as the best way to stabilize the economy and promote economic growth, the character of Luis María Pastor emerges to support government expansionary policies financed with credit. Far from fearing deficit, Pastor, one of the leaders of the Spanish liberal school of economic thought, believed that investment in infrastructures financed through debt was the key to economic growth. Through a multiplicative effect, a program of public investment would enhance economic growth, eventually solving the long-term insufficiency of Spanish finance. This gives evidence that ideas on public finance of classical liberal economists were far from uniform, contributing to a more precise view on the body of doctrines of this school.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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Book part
Publication date: 1 January 2007

Jorge Martinez-Vazquez, Jameson Boex and Javier Arze del Granado

Abstract

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Fighting Corruption in the Public Sector
Type: Book
ISBN: 978-1-84950-857-5

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Book part
Publication date: 23 June 2022

Anel Flores Novelo and Oscar Javier Montiel Méndez

Although scarce in the literature of entrepreneurship, the Aztec and Mayas (as well as the Incas), two of the most important civilizations in ancient Latin America, are considered…

Abstract

Although scarce in the literature of entrepreneurship, the Aztec and Mayas (as well as the Incas), two of the most important civilizations in ancient Latin America, are considered by us as entrepreneurs. This is our departing point for understanding where entrepreneurship was born and built in Latin America. Unfortunately, its indigenous communities still are far behind in terms of labor, quality of life, poverty, and economic opportunities. From the ethnic entrepreneurship theory and after a deep literature review, a model is proposed for our region, a starting point to analyze and understand its processes in our region, thus making an impact on the development of public policies that can ultimately alleviate and improve the condition of this communities, and by going back to its roots, give a clearer picture of the reasons behind the present and future condition of entrepreneurship in Latin America.

Details

The Emerald Handbook of Entrepreneurship in Latin America
Type: Book
ISBN: 978-1-80071-955-2

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Book part
Publication date: 1 January 2007

Jorge Martinez-Vazquez, Jameson Boex and Javier Arze del Granado

Abstract

Details

Fighting Corruption in the Public Sector
Type: Book
ISBN: 978-1-84950-857-5

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Article
Publication date: 11 June 2024

Efraín Alfredo Barragán-Perea and Javier Tarango

This paper aims to identify alternatives for citizens to get out of the bubble when interacting with the information provided by the internet through search engines. This…

92

Abstract

Purpose

This paper aims to identify alternatives for citizens to get out of the bubble when interacting with the information provided by the internet through search engines. This situation arises because there is extensive ignorance about the way search engines operate and the way advanced search algorithms operate, both situations based on the specific segmentation of the public, which creates difficulties in obtaining vast information that allows the contrast and development of diverse perspectives, which do not necessarily lead to the use of critical thinking.

Design/methodology/approach

To achieve this contribution, a documentary-type investigation was carried out based on the review of the scientific literature on the subject, and the nature of this investigation, due to its purpose, being descriptive. The study takes as document selection criteria those original articles whose content relevance is linked to the purposes of this research proposal, published in scientific databases (SciELO, RedAlyC, Dialnet, ScienceDirect, WoS and Scopus) mostly between the years 2018 and 2023, in Spanish and English, that described the impact of bubble filters on full access to information and data privacy, for which the topics were addressed: internet search algorithms, bubble filters, search engines, privacy policies in search engines and management of personal data.

Findings

At the beginning, this paper clarifies the concepts of search algorithms on the Internet, bubble filters, search engines and privacy policies in search engines, which made it possible to identify alternatives that would allow the user to face the silent reality of the algorithms and avoid the bias in the information that the algorithm provides, in addition, the need to generate algorithmic literacy mechanisms, training in the use of metasearch engines and education in algorithms is proposed, with which citizens can exercise critical thinking in the way they interact on the internet.

Research limitations/implications

This is a theoretical proposal, in which various inferences are made from theoretical knowledge without fieldwork.

Originality/value

It is considered a document of important value in the training processes of librarians and information professionals in the training of users and in the ways of interaction with technology.

Details

Digital Library Perspectives, vol. 40 no. 3
Type: Research Article
ISSN: 2059-5816

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Book part
Publication date: 23 June 2022

Marisol Morales Rodríguez

The objective of this study focuses on the characterization of the Latin American entrepreneurial profile from a psychological perspective. In order to do this, a journey through…

Abstract

The objective of this study focuses on the characterization of the Latin American entrepreneurial profile from a psychological perspective. In order to do this, a journey through time was carried out in the study of the entrepreneurial subject, from the great classics to the contemporary era, the era of knowledge, innovation, technology, and revolution. In the Latin American context, the role of the entrepreneur is limited due to vulnerable institutions, corruption, populism, and socioeconomic inequity. However, the new information and communication technologies constitute an ideal route for growth in the region. The fundamental element is the psychological profile of the entrepreneur, which is made up of a set of personal characteristics, among which innovation, achievement motivation, self-efficacy, moderate propensity for risk, creativity, perseverance, proactivity, flexibility, locus of control stand out, internal, adaptability, responsibility, ability to recognize opportunities, autonomy, commitment, handling problems and managerial skills. Finally, case studies from countries such as Mexico, Peru, and Chile are presented. It is a documentary study which reflects that Latin American entrepreneurs share the same psychological attributes as those who live in developed countries. However, obstacles arising from the lack of environment and public policies are imposed on entrepreneurial activity. The culture of a country and the formative role of education can become limiting or enhancing factors; therefore, it is necessary to bet on beliefs and convictions attached to innovation, which strengthen the psychological attributes of the entrepreneurial spirit.

Details

The Emerald Handbook of Entrepreneurship in Latin America
Type: Book
ISBN: 978-1-80071-955-2

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