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Market Power and Multimarket Contact: Some Evidence from the Spanish Hotel Industry

  • Marín, Pedro L.
  • Fernández, N.
This is the accepted version of the following article: Fernández, N. and Marín, P. L. (1998), Market Power and Multimarket Contact: Some Evidence from the Spanish Hotel Industry. The Journal of Industrial Economics, 46(3),301–315, which has been published in final form at: http://dx.doi.org/10.1111/1467-6451.00073, This paper analyses the effect of multimarket contact on firms' behaviour. According to Bernheim and Whinston [1990], firms that meet in several markets for an infinite number of periods may find it profitable to redistribute market power among markets where they are operating. We present evidence supporting this prediction by using data from the Spanish hotel industry. Moreover, we also find that the omission of variables measuring multimarket contact creates a downward bias on the effect of concentration on prices. This result questions previous conclusions about the role of competition in industries where multimarket behaviour is expected., Pedro L. Marín gratefully acknowledges financial support from Generalitat Valenciana (GV-3140/95), Publicado
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Strategic Bidding in Electricity Pools with Short-Lived Bids: An Application to the Spanish Market

  • Marín, Pedro L.
  • García-Díaz, A.
We generalize von der Fehr and Harbord’s [Econ. J. 103 (1993) 531] multi-unit auction model for the case of a deterministic demand allowing for any technology mix and elastic demand in order to account for demand-side bidding. We obtain a general characterization of the equilibrium and show that this is bounded above by the Cournot equilibrium. We simulate the Spanish electricity pool and show that price–cost margins substantially increased with the 1996 merger that took the industry from a six-firm structure to its current four-firm structure. Our results show that, in terms of market power, this is similar to a nearly symmetric duopoly. The introduction of demand-side bidding is not likely to change this situation., Publicado
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An Empirical Evaluation of the Determinants of Research Joint Venture Formation

  • Hernán, R.
  • Marín, Pedro L.
  • Siotis, Georgios
This is the accepted version of the following article: Hernán, R., Marín, P. L. and Siotis, G. (2003), An empirical evaluation of the determinants of Research Joint Venture Formation. The Journal of Industrial Economics, 51(1), 75–89, which has been published in final form at: http://dx.doi.org/10.1111/1467-6451.00192, This paper empirically analyses the determinants of firm participation in Research Joint Ventures (RJVs). A review of the theoretical literature highlights the difficulty of identifying testable hypotheses. Using a large database of European RJVs, we estimate a participation equation at the firm level using the logit procedure. We find that sectorial R&D intensity, industry concentration, firm size, technological spillovers, and past RJV participation positively influence the probability of forming RJVs. By contrast, patents' effectiveness reduce the likelihood of RJV formation. Last, country fixed effects suggest that firms from larger countries are less likely to participate in cross-border RJVs., This paper is part of the STEP TO RJV project, funded by the TSER programme of the European Commission, whose financial support is gratefully acknowledged, Publicado
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Exclusive Contracts and Market Power: Evidence from Ocean Shipping

  • Marín, Pedro L.
  • Sicotte, R.
This is the accepted version of the following article: Marín, P. L. and Sicotte, R. (2003), Exclusive Contracts And Market Power: Evidence From Ocean Shipping. The Journal of Industrial Economics, 51(2), 193–214, which has been published in final form at: http://dx.doi.org/10.1111/1467-6451.00198, There is a substantial theoretical literature on the potential effects of loyalty contracts, but relatively little empirical work. We employ the event study methodology to examine the competitive effects of exclusionary contracts in the ocean shipping industry, where they were the subject of an extended legal and political struggle. We find that some of the most important events in this conflict caused significant changes in shipping firms' stock returns, indicating exclusive contracts increased their profits. We then examine the effect of these events on net exporting industries' stock returns, and provide evidence that these contracts contributed to carriers' market power., The research was supported by Spanish MCYT project SEC1999-1236-C02-02 and the Newcomen Society., Publicado
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A Nonparametric Decomposition of the Mexican American Wage Gap

  • Mora, Ricardo
This paper shows that average wage gap decompositions between any two groups of workers can be carried out using nonparametric wage structures. It also proposes an algorithm to correct for sample selection in nonparametric models known as tree structures. This paper studies the wage gap between third-generation Mexican American and non-Hispanic white workers in the southwest. It is shown that the decomposition heavily depends on functional assumptions, and that different aproaches to flexibility may render sufficiently good and similar results., Publicado
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A theoretical model of nations, regions and fiscal integration

  • Ortuño, Ignacio
  • Sempere, J.
This paper analyzes how the incentives of regions differ from those of nations when choosing a supranational fiscal arrangement. Two types of fiscal arrangements are studied: a Union of nations and a Federation of nations. Under the Union, there is full fiscal integration, and under the Federation, there is only partial fiscal integration and partial insurance against local risks. We show that the claim that regions have stronger incentives than nations to form a supranational Union rather than a Federation might be true only in the case where regions have strong incentives to be part of a centralized nation., Ortuno-Ortin gratefully acknowledges financial support from Spanish Ministry of Science and Technology, Project SEJ2004-00968, Fundacion BBVA-3-04x and CAM 06/HSE/0157/2004, Publicado
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Outliers in multivariate Garch models

  • Grané, Aurea
  • Martín-Barragán, Belén
  • Veiga, Helena
Outliers of moderate magnitude cause large changes in financial time series of prices and returns and affect both the estimation of parameters and volatilities when fitting a GARCH-type model. The multivariate setting is still to be studied, but similar biases and impacts on correlation dynamics are believed to exist. The accurate estimation of the correlation structure is crucial in many applications, such as portfolio allocation and risk management. This paper ocuses on these issues by studding the impact of additive outliers (isolated, patches and volatility outliers) on the estimation of correlations when fitting well known multivariate GARCH models and by proposing a general detection algorithm based on wavelets that can be applied to a large class of multivariate volatility models. This procedure can be also interpreted as a model miss-specification test since it is based on residual diagnostics. The effectiveness of the new proposal is evaluated by an intensive Monte Carlo study before it is applied to daily stock market indices. The simulation studies show that correlations are highly affected by the presence of outliers and that the new method is both effective and reliable, since it detects very few false outliers., Work partially supported by Financial Research Center/UNIDE, FEDER funds, Spanish Ministry of Science and Innovation (MTM2010-17323, MTM2012-36163-C06-03, ECO2012-32401 and ECO2011-25706) and Junta de Andalucía (FQM-329)
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El "valor" de la cultura: diversidad, democracia y mercado [book review]

  • Beceiro Ribela, María Sagrario
Este artículo reseña: Informe sobre la cultura española y su proyección global [ICE-2011]. Enrique Bustamante (coord.) Madrid: Fundación Alternativas; Marcial Pons, 2011
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Los recursos intangibles corporativos [book review]

  • Beceiro Ribela, María Sagrario
Este artículo reseña: Villafañe, Justo (Dir.). La comunicación empresarial y la gestión de los intangibles en España y Latinoamérica. 2005 Informe anual. Madrid: Pirámide, 2005
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La información como espectáculo televisivo [book review]

  • Beceiro Ribela, María Sagrario
Este artículo reseña: Cebrián Herreros, Mariano. La información en televisión. Obsesión mercantil y política. Barcelona: Gedisa, 2004
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