This paper explores the existence of network effects in migrants' remittance behavior. In this study, networks are defined as groups of immigrants from the same country that live in the same locality. Using the National Immigrant Survey, a unique database for Spain, immigrants are found to be...

This paper addresses the implications of transitory changes in labor market conditions for low versus high educated workers on the decision to acquire education. To identify this effect, I use the improvement in the labor market prospects of low educated workers motivated by the increases in...

This paper frames and summarises the main contributions of a book-length project that aims to explain the recent rise of Spain’s firms in complex service sectors, and the parallel fall in skill- and capital-intensive manufacturing sectors, through an analysis of the institutional structure...

The paper explores the fit properties of a class of multivariate Lévy processes, which are characterized as time-changed correlated Brownian motions. The time-change has a common and an idiosyncratic component, to re ect the properties of trade, which it represents. The resulting process may...

This paper constructs a class of multivariate Gaussian marked Poisson processes to model asset returns. The model proposed accommodates the cross section properties of trades, allows for returns to be correlated conditional on trading activity, and preserves the economic intuition of normality...

This article investigates the relationship between educational attainment, in terms of both level and field of education, and the probability of being childless in Spain. Findings demonstrate that there is a significant difference in childlessness by education level among women aged 34-50, while...

The traditional multivariate Lévy process constructed by subordinating a Brownian motion through a univariate subordinator presents a number of drawbacks, including the lack of independence and a limited range of dependence. In order to face these, we investigate multivariate subordination,...

Time-changed Brownian motions are extensively applied as mathematical models for asset returns in Finance. Time change is interpreted as a switch to trade-related business time, different from calendar time. Time-changed Brownian motions can be generated by infinite divisible normal mixtures....