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The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.

Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.

The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.

This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.

este trabajo analiza la exposición económica al riesgo cambiario en Latinoamérica por parte del sector empresarial español entre 2010 y 2016. Asimismo, evalúa la efectividad de la cobertura con productos derivados en su reducción.

la exposición económica es estimada a través del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un análisis individualizado para las principales divisas que sustentan la actividad entre España y Latinoamérica, a saber, Peso mexicano, Real brasileño, Peso argentino, Peso chileno, y Peso colombiano. Respecto al análisis de la cobertura, se estiman modelos dinámicos con datos de panel a través del método generalizado de momentos.

los resultados muestran que el número de empresas con exposición económica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La única excepción es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor número de empresas con exposición significativa.

este trabajo aporta evidencia inédita sobre la exposición económica al riesgo cambiario en Latinoamérica en un período reciente caracterizado por dos aspectos principales: i) una importante depreciación de algunas divisas latinoamericanas respecto al euro; ii) una potenciación de la actividad empresarial española en esa región para favorecer su crecimiento durante la reciente recesión de la economía española.

This paper aims to study the determinants of hotel performance, especially the role of location, in the Spanish hotel market.

The sample is composed of 1,034 hotels located in 97 tourist destinations in Spain during the period 2005-2011. The estimations were made by generalised least squares using panel data.

Overall, the results show that hotel attributes are the main determinant of performance. In particular, there is a minimum efficient scale in the hotel business. Location is the second most important determinant. This paper confirms that geographical location models, agglomeration models and competition models are relevant in the study of the effect of location on hotel performance. Regarding management practices, the performance is positively affected by good asset management.

Hotel managers can improve the total net revenue per available room by individually making decisions regarding its characteristics and management practices, especially size and asset efficiency. Moreover, they can collaborate with others (managers and policymakers) to manage tourist destination factors, particularly, demand level, accessibility, negative externalities and market concentration.

This research includes hotel characteristics, management practices and location as determinants of performance, by providing a broader framework of analysis than in previous studies. Regarding location, the empirical analysis considers simultaneously geographical location models, agglomeration models and competition models. The paper studies the Spanish hotel market, which is very important worldwide and which has heterogeneous tourist destinations, thereby making it a good context to analyse the relationship between location and performance.

The purpose of this paper is to analyse the determinants of hotel profitability through the application of a least squares path modelling (PLS) and to deepen the study of their heterogeneity through clustering techniques.

An eclectic model that incorporates the dimensions identified as determinants of profitability in the previous literature is estimated by means of PLS. Subsequently, in a second stage the hotels are classified using clustering techniques to study which combination of hotel characteristics, location, competitive environment and tourist destination achieve higher profitability.

The results show that hotel characteristics, hotel location, competitive environments and tourist destination factors impact on the hotel performance. Also, the results highlight that the eclectic model proposed have to be further developed in future studies, incorporating more theoretical constructs and variables.

The results contribute to identify and quantify the determinants of profitability in the hotel sector and which combination of them achieve higher profitability. Moreover, this paper provides new evidence to support an eclectic theory of profitability determinants in the hotel sector. Consequently, this paper claims the need of a deeper integration of different areas of expertise to analyse hotel profitability.

This research is the first empirical evidence that proposes an eclectic model and uses clustering techniques in the study of profitability differences considering simultaneously hotel characteristics and its location. The variables used allow to measure different aspects of the attributes of the hotel and its location.

本论文旨在借助偏最小二乘回归（PLS）方法来分析酒店盈利性的决定因素, 以及通过聚类分析来研究决定因素的多样性。

本论文首先借助现有文献中盈利性各种决定因素来构建折衷模型, 并采用PLS来估算这个折衷模型。然后, 本论文通过聚类分析法将酒店分类, 从而研究决定哪种组合, 包括酒店特点、地理位置、竞争环境、和旅游目的地等特性, 达到最高盈利。

酒店特点、地理位置、竞争环境、和旅游目的地影响了酒店整体绩效。此外, 本论文还指出这个折衷模型应该进一步发展, 建议未来研究中应该囊括更多理论结构和变量。

本论文结果对于酒店行业盈利性决定因素的确立和量化做出贡献, 本论文还对确立酒店盈利性组合成分做出贡献。此外, 本论文结果对于酒店行业盈利性决定因素的折衷理论做出更多实践性验证。因此, 本论文提出酒店盈利性课题有必要进一步跨领域深入研究。

本研究是首篇论文提出和验证折衷模型并利用聚类分析法以研究酒店盈利性和同时考虑酒店特点和地理位置。本论文测量的变量评估了酒店及其地理位置的各项特性。

地点, 偏最小二乘法, 旅馆, 盈利能力

研究论文

The purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature.

Based on a sample of the Spanish population over the period 2008–2015, this paper estimates probit and tobit models, using 165,791 observations. The driving forces of private retirement savings comprise demographic, financial and socio-economic characteristics.

This paper confirms the impact of socio-demographic and economic variables on participation and monetary contributions to pension plans. It also confirms that income plays a non-negligible role. Moreover, empirical evidence reveals that the effect of gender is related to the income stratum to which the individual belongs.

Retirement planning plays a key role in retirees’ future income and several countries have emphasised the importance of private individual savings to supplement the minimum provided by public pension schemes. The previous literature has concluded that those who plan their retirement end their working lives with three times the wealth of non-planners. Consequently, analysis of whether people are saving enough for their retirement can contribute to avoiding future wealth inequalities among retirees. Spain is one of the countries with the greatest inequality in income distribution, so this issue is of even greater interest.

This paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance.

The sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is that a greater similarity is guaranteed in terms of benchmark, assets available for investment and currency. All the data have been retrieved from the Morningstar Direct database.

The paper reveals that the degree of concentration and value for money are important determinants of performance. In this sense, the strategies of investing in concentrated portfolios that differ from the benchmark and with undervalued assets in terms of price earnings ratio (PER)-return on assets (ROA) achieve better results.

This is one of the few papers that shows the effect of active management and value investing strategies’ on the performance of pension funds.

本文旨在分析、我們能否根據退休基金的積極管理及其基本原理, 找到就風險調整表現而言之最優勝產品.

我們的樣本包括於2000年至2017年期間活躍於歐元區內投資活動的所有退休基金。這意味著、樣本確保了相關之退休基金就基準、可供投資的資產及貨幣而言、均擁有較大的相似性。所有數據均從晨星基金資料庫檢索得來的。.

本文顯示、集中程度和價值比率是決定表現的重要因素。在這個意義上說，如投資在與基準不同的及附有就本益比 – 資產收益率 (PER - ROA) 而言被低估的資產的那些集中投資組合上, 這會是效果較佳的策略.

探討積極管理和價值投資策略如何影響退休基金表現的學術研究為數不多, 本文乃屬這類研究。.

The purpose of this paper is to design an algorithm to predict hotel profitability by means of deep learning techniques.

The methodology consists of a multi-layered neural network that includes a lag of profitability as the input. Furthermore, other input variables are related to hotel and tourist destinations; the raw data for hotel and tourist destinations were collected from multiple public access data sources.

The results show that the proposed model has a high predictive capacity of hotel profitability in all the years studied (2005-2011), according to the performance metrics evaluated within the sample. Thus, the authors can conclude that deep learning algorithms can be a useful tool to evaluate hotel performance.

The algorithm designed in this research could be of interest to improve decision-making processes related to profitability, for example, in evaluating the creation of new hotels. Moreover, the model provides a quick and efficient analyses that could be of interest to investors and lenders. In particular, they could compare investment alternatives in the hotel sector. Also, according to the results, the location variables are important determinants of hotel profitability, and consequently, hotel managers should collaborate with the tourist destination managers to improve profitability. From an internal perspective, hotel managers should focus on the management of human resources.

This paper is the first empirical study that predicts hotel profitability using deep learning techniques. In addition, this methodology is applied to analyse hotel profitability, for the first time, in the Spanish market. This market is an ideal analytical framework because of its heterogeneity with respect to hotel supply in terms of seasonality and coastal characteristics, among others.

本论文旨在设计一种数算制度通过深度学习的机制来预测酒店盈利性。

本论文采用多层神经网络、以盈利时间区间作为单位, 来进行计算。此外, 其他关于酒店和旅游目的地的数据因子也包含在研究范围内；研究样本包括酒店和旅游目的地的原数据, 这些数据通过多方公开数据渠道获得。

研究结果表明提出的数算制度模型对于所有年份（2005-2011）的酒店盈利性研究有显著预测功效。此判定是由数据样本的效益矩阵得出。因此, 我们能够形成结论：深度学习的数算制度可以作为衡量酒店效益的有力工具。

本论文设计的数算制度对于提高盈利性的决策过程有很大意义, 比如评估新酒店建成后效益等。此外, 本论文设计的模型对于投资者和贷款方做出快速和有效分析有着显著意义。特别是这个模型能够使得他们在酒店业中对多个投资方案做横向比较。此外, 根据结果表明地理位置因素对于酒店盈利性占据重要位置, 因此, 酒店经理应该与旅游目的地经理协作来提高酒店盈利性。从酒店内部管理角度出发, 酒店经理应该着重人力资源的管理。

本论文是首个实证研究通过深度学习技术来预测酒店盈利性。此外, 这种研究方法也是首次在西班牙市场实证分析酒店盈利性。西班牙市场是理想的分析样本, 因为其由于季节性和海岸特点的酒店市场的多样性。

The purpose of this paper is to adopt a behavioural approach to explain how the internet use influences stock market participation (SMP) decisions.

Drawing on the literature on sociability and SMP, this paper analyses whether virtual sociability affects SMP decision in a sample of 34,715 individuals in 14 European countries.

The results show that internet users are more likely to be stockowners. However, the obtained evidence does not support either an informational effect or a social multiplier effect of the virtual sociability. After controlling by the country’s SMP rates, a positive effect of internet usage on SMP decision remains, suggesting that contextual factors matter rather than internet usage per se. Thus, in countries where individuals are “used” to being stockholders, the habit of using internet increases SMP, but the “breeding ground” is a necessary condition.

The massive use of the internet provides a valuable opportunity to find evidence of the frictional costs which would act as inhibitors of the SMP, as economic theory hypothesised. After some promising results, the differences in the evolution of both the SMP and internet usage rates have not confirmed the initial enthusiasm. In addition, the question of why the SMP rates systematically differ across countries still remains open.

This paper aims to investigate whether individuals’ planning horizon influences their decision to save privately for their retirement.

Focussing on Spain, this empirical research uses the fifth wave of the Survey of Health, Ageing and Retirement in Europe (SHARE)[1]. Logit models are estimated considering variables related to demographic characteristics, economic situation, education and cognitive abilities and psychological and social factors.

The results confirm that the planning horizon significantly influences the decision to save for retirement. Long-term planners are more likely to save for retirement than short-term planners.

Although previous literature has identified the planning horizon as a relevant variable in the decision to save for retirement, few empirical studies have evaluated their impact. This paper shows that it is important to develop habits of financial planning in societies, especially in societies with a prominent orientation towards the present.

Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt.

Using a sample of 100 Spanish companies with a significant social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data.

Our results showed that the main determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to tax loss carry‐forwards and long‐term economic sectors, and on the other, that it is related negatively to information asymmetries and growth opportunities. Results were mixed for foreign currency exposure.

The limitations of this paper are associated to the availability of information from annual reports and the SABI database, especially the variables in relation to operational hedging. Therefore, as a future line of research, we propose gathering of data on these internal hedging practices in order to obtain more accurate evidence about its use in companies and their relationship with financial hedging.

This paper makes three major contributions to the existing literature. First, it contributes by illustrating currency hedging practices used by Spanish firms – which are important in Latin markets – to manage exchange rate exposure in. Second, we used more variables for the empirical analyses to contrast the hedging theories than previous studies had. Finally, we used a data panel because it allows the control of unobservable heterogeneity and endogeneity problems. Previous studies only used cross‐section estimations.

Este trabajo analiza la cobertura cambiaria con deuda en divisa utilizando las teorías de cobertura.

Se estimaron modelos probit para datos de panel usando una muestra de 100 empresas españolas con un papel económico‐social relevante en Latinoamérica durante el período 2004‐2007.

Los resultados muestran que esta cobertura se relaciona principalmente con las economías de escala y el uso de derivados. Asimismo, existe una relación positiva con la convexidad impositiva y la localización empresarial en sectores orientados al largo plazo, y negativa con las asimetrías informativas y oportunidades de crecimiento. No existe evidencia concluyente para la exposición cambiaria.

La investigación tuvo como limitación la disponibilidad de algunos datos en los informes anuales de las empresas y la base de datos SABI, en especial, aquellos referidos a la cobertura operativa. En consecuencia, una línea de trabajo futura es la mejora de la información sobre esta cobertura, lo cual permitiría aportar mayor evidencia sobre su utilización y su relación con la cobertura financiera.

Esta investigación realiza tres contribuciones a la literatura existente: a) permite un mejor conocimiento de la cobertura cambiaria en empresas españolas internacionales que ejercen un papel relevante en los mercados latinoamericanos; b) utiliza un conjunto de variables más amplio para contrastar las teorías de cobertura que el aplicado en estudios precedentes; c) emplea la metodología de datos de panel y no estimaciones en sección cruzada como presentan los trabajos previos, lo cual permite controlar la heterogeneidad inobservable y posibles problemas de endogeneidad.