Determinants of the demand for education in Spain

The aim of this paper is to estimate an equation for household demand for both secondary and university education, using an estimation of the opportunity cost associated with the decision to invest in education. Limited dependent variable models are applied to the data provided by the Family Budget Survey 1991 for Spain. The results show that the social and economic status of the family has a comparatively greater impact on household expenditure on secondary education than on university education. The opportunity cost is also shown to be a decisive variable in the decision to invest in secondary education, although the results are less conclusive in the case of university education.     

What do you prefer for a relaxing time at home: reading,watching TV or listening to the radio?

This article studies the determinants of time spent by Spanish consumers on reading, watching TV and listening to the radio. To that end, we estimate a SUR (seemingly unrelated regressions) model with data from the Spanish Time Use Survey for 2009–2010. Our results show that being self-employed has a negative and significant effect on the time dedicated to reading and to watching TV; older individuals spend more time reading, and being male influences the time spent watching TV and listening to the radio, all in a statistically significant and positive way. Additionally, those with a higher level of education spend more time reading, while those with lower levels of education prefer to watch TV. Adults with better health spend less time on both reading and watching TV, and families with larger numbers of children up to age 5 tend to spend less time on all three of our at-home leisure activities. Finally, living in a larger city has a positive effect on the time dedicated to all three options.     

Intra-Industry Capital Structure Dispersion

Why do firms in some industries exhibit very similar debt ratios, while firms in other industries do not? This paper examines the dispersion in leverage ratios among firms within an industry, and relates this dispersion to industry characteristics. We find that more concentrated industries and industries where the use of leasing is more intense exhibit greater intra‐industry dispersion. We also document greater dispersion in industries where firms use less incentive compensation, sit more insiders in their boards, are older, and have larger capital expenditures in relation to their assets.     

Lógica difusa y el riesgo financiero. Una propuesta de clasificación de riesgo financiero al sector cooperativo

Apply fuzzy logic in financial indicators is a proposal not widespread in the accounting field. This methodology allows us to observe the results of financial ratios with a broader perspective, showing not completely true nor completely false results, because they can take an indeterminate truth value within a set of values, applying the theory of fuzzy logic. The aim of this paper is to present the reader with the application of fuzzy logic in indicators of financial risk, using ratios of the cooperatives segment each Ecuador, and thus validate the level of relevance that has this indicator to compared with the standard meta model and CAMEL ratings. To apply these theory linguistic variables were used, which were valued at scales ranges from 0 to 1. It is determined that the diffuse methodologist applied to financial risks presented a higher level of membership to good credit rating by ensuring a level of low risk and very good solvency. However, in periods of low economic activity it would stagnate at this level for the increased risk.     

Fuzzy logic and financial risk. A proposed classification of financial risk to the cooperative sector

Applying fuzzy logic to financial indicators is not a well disseminated proposal in the accounting field. This methodology allows observing the results of financial ratios with a broader perspective, showing neither completely true nor completely false results, since they can take an undetermined truthfulness value within a set of values, applying the fuzzy logic theory. The objective of this work is to introduce the reader to the application of fuzzy logic on financial risk indicators, using the ratios of one of the sector one cooperatives of Ecuador, and thus validate the level of relevance of this indicator when compared to the standardized objective of the CAMEL model and its risk rating. To apply this theory, linguistic variables were used, the ranges of which were evaluated in 0–1 scales. It was determined that the fuzzy methodology, applied to financial risks, presents a greater level of relevance toward a good credit rating, ensuring a low level of risk and a very good solvency. However, in periods of low economic activity it would stagnate in this level due to the increased risk.     

La crisis del concepto prudencia a causa del tránsito de las normas nacionales austriacas de información financiera a las normas internacionales

As a member of the European Union (EU), Austrian nation has gradually incorporated International Financial Reporting Standards (IFRS), Normas Internacionales de Información Financiera (NIIF) in spanish, to its accounting and Disclosure of Financial Information processes in replacement of Local National Standards called Unternehmensgesetzbuch (UGB). During this process of convergence, prudence principle has been in crisis within IFRS conceptual frame because it has been changed by fair value principle. That is way this paper presents the basic principles of national Austrian, UGB, compared with those of the IFRS to analyze, first, the reasons why prudence concept went into crisis and, secondly, if fair value principle is right to replace it.     

The moderating role of past experience in the formation of a tourist destination's image and in tourists’ behavioural intentions

The aim of this work is to understand the moderating effects of tourists’ prior experiences of a given destination on the process of image formation (in both its cognitive and affective dimensions) for that destination and on the influence that the image – together with the tourist's satisfaction – has on their loyalty-driven behaviours as expressed in the intention to recommend. To achieve this aim, a sample of 512 tourists was used and a multi-group analysis performed, distinguishing between first-time and repeat visitors. The findings reveal that experience has a moderating effect on the formation of the cognitive image and on the influence of the tourist's satisfaction on the overall image of the tourist destination. These findings have significant management implications in the context of helping to create and appropriately manage the image of a tourist destination.     

Will a special tax on tobacco reduce lung cancer mortality? Evidence for EU countries

This article carrys out a quantitative evaluation of the effects on the health of smokers of increasing a special tobacco tax, using the mortality rate from lung cancer as an indicator. To that end, it estimates two models that relate tobacco consumption, the mortality rate and this special tax, employing data drawn from a sample made-up of 12 EU countries and covering the years 1983–1993. The results show that increasing the special tax is a useful tool for reducing lung cancer mortality. Specifically, it finds that a 10% increase will reduce the lung cancer mortality rate by 1.21% in the first year, with such a reduction implying the avoidance of 1707 deaths in the sample countries.