Publications and Working Papers

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• Published and Forthcoming Papers
1. The Predictive Power of the Term Spread revisited: A Change in the Sign of the Predictive Relationship . Applied Financial Economics, forthcoming.
2. Exchange rate and inflation dynamics in dollarized economies (with Luis Carranza and José Enrique Galdón Sánchez). Journal of Development Economics, forthcoming.
3. Financial liberalization, stock market volatility and outliers in emerging economies (with Juncal Cuñado and Fernando Pérez de Gracia). Applied Financial Economics, forthcoming.
4. Accounting measures and international pricing models: justifying accounting homogeneity (with Germán López). Journal of Accounting and Public Policy, forthcoming.
5. The influence of differences in accounting standards on empirical pricing models (with Germán López). Journal of Multinational Financial Management, forthcoming
6. Changes in the informational content of term spreads: is monetary policy becoming less effective? Journal of Economics and Business, forthcoming.
7. Changes in the Dynamic Behavior of Emerging Market Volatility: Revisiting the Effects of Financial Liberalization (with Juncal Cuñado and Fernando Pérez de Gracia), Emerging Markets Review 7 (2006), 261-278.
8. Exchange Rate Behavior and Exchange Rate Puzzles: Why the XVIII Century Might Help (with Rafael Torres and Fernando Pérez de Gracia), Revista de Historia Económica XXIII, 143-174.
9. Nonparametric Estimation of Convergence of Interest Rates: Effects on Bond Pricing (with Teresa Corzo), Spanish Economic Review 7:3 (2005), 167-190.
10. Structural Changes in Volatility and Stock Market Development: Evidence for Spain: Evidence for Spain (with Juncal Cuñado and Fernando Perez de Gracia),  Journal of Banking and Finance 28:7 (2004), 1745-1773.
11. Stock Market Development and Stock Market Cycles in Spain (with Fernando Perez de Gracia), Spanish Economic Review 6:2 (2004), 127-151.
12. Stock Market Cycles, Financial Liberalization and Volatility (with Sebastian Edwards and Fernando Perez de Gracia), Journal of International Money and Finance 22:7 (2003), 925-955.
13. Role of the Internationalization Process in the Performance of Newly Internationalizing Firms (with George S. Yip and Joe S. Monti), Journal of International Marketing 8 (2000), pp. 10-35. (This paper has been awarded the 2000 Hans B. Thorelli Best Paper Award for the "Most significant contribution to international marketing theory or thought" given at the AMA Meetings in Washington, August 2001).
14. Nonparametric Estimation of Interest Rates Processes in Europe (with Teresa Corzo), Revista de Economia Aplicada 27 (2001), pp. 83-101.

• Other Published Papers
1. Rationality and Economics: An essay on Methodology and Psychology  Boletin de Estudios Economicos 170 (August-2000), pp. 303-332.
2. Stock Market Volatility and The Great Moderation: New Evidence Based on the G-7 Economies, in Emma J. Fuchs and Finn Braun (eds.) Emerging Topics in Banking and Finance. Nova Science Publishers.

• Submitted to journals

1. Financial Development and the Asymmetry of Monetary Policy (with Luis Carranza and José E. Galdón-Sánchez). Submitted.
2. Monetary policy and structural changes in the volatility of US interest rates (with Juncal Cuñado and Fernando Perez de Gracia, WP FUNCAS nº 325, May 2007). Revise and resubmit.
3. The accounting dimension in financial integration: International pricing under different accounting standards (with Germán López). Submitted.
4. Learning about the relationship between Financial development and Monetary Policy Effectiveness (with Luis Carranza and José E. Galdon-Sanchez). Submitted.
5. The relationship between investment and large exchange rate depreciations in dollarized economies (with Luis Carranza and José E. Galdon-Sanchez). Submitted.
6. Money demand accomodation: 1970-2000 (with Antonio Moreno and Fernando Pérez de Gracia). Submitted.

• In progress
1. Fundamentals and the accruals puzzle (with German Lopez Espinosa)
2. Methodological aspects of cointegration (with Javier Hualde)
3. High Liability Dollarization and Stock market performance (with Fernando Pérez de Gracia)

• Research Related Sites

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