In this paper, we use a unique data set on granted mortgages to investigate whether immigrant and nativeborrowers are treated differently by lenders in the Spanish mortgage market. We observe that immigrantborrowers are charged substantially higher interest rates in their mortgages than their native counterparts.These differentials remain high and significant even after controlling for differences in creditworthiness andother factors. Further analyses based on the decomposition of the native–immigrant interest rate gap revealthat the differences in observable factors only account for 12% of the gap. The empirical evidence we find heresuggests that these differentials are due to discrimination.


The aim of this paper is to provide information for tourist destinationsthrough an analysis of the valuation of the location and the seasonalityimplicit in the price of accommodation. The study data are fromEuropean municipalities on the Mediterranean coast. Using quantileregression (that is, taking into account that demand valuation canvary along the hotel price distribution), the author finds that theeffect of seasonality, although very important, is mainly constantalong the price distribution, with the exception of the greaterseasonality effect in Argelès-sur-Mer at higher percentiles. Withregard to the valuation of location, the fact of the hotel or theapartment being in a French location is valued more highly at higherpercentiles.


This paper examines the scope, types, and degree of corporate social responsibility (CSR) practices currently employed in human resource management (HRM) in Spain, and its determinants. It analyses firm, employee, and job-related characteristics which affect the implementation of CSR in HRM. It also offers an overview of the current situation regarding CSR in HRM for a wide range of economic sectors, employees, job characteristics, and HRM practices. Information is obtained from employees rather than CEOs. Results show that companies do not engage in CSR practices to the same extent. The scope of CSR differs among types of HRM practices. The practices curently applied are grouped more according to type than to degree of responsibility. Another relevant result is that some variables such as a firm’s dimension, have a clear effect on the likelihood that an employee benefits from responsible labour practices, but their effects generally vary for different types of practices


The results presented in this paper provide new evidence to explain the large overvaluationof Spanish real estate assets. The current appraisal mechanism relies on the incentives of banks and appraisal companies. While the average loan to appraisal value was 82%, close to the maximum level recommended by the Bank of Spain, the average ratio of loan to marketprice was around 110%. This divergence is based on the overvaluation bias derived from theuse of appraisal values, which can be explained by two factors: i) the incentives of appraisalcompanies, and ii) the application of the valuation methodology. Official housing pricesincorporated this overvaluation bias, generating spillover effects that exacerbated the housingbubble. A possible solution could be to limit mortgages to 80% of the Registry price.



Although the nautical activity in Spain shows some positive conditions, it lacks a strategic and clear positioning because of the fact that there is no nautical culture and the integration of the product in the country is in an incipient phase. Until now, the economic literature, although developed in analysing efficiency, productivity and seaport competition benchmarking, has taken no care either with the strategic aspect or with the positioning of the seaports with respect to their main activity. The aim of this paper is to offer first evidence regarding the analysis of the determinants of the strategic seaport specialisation as chosen by its users. The paper uses data from a survey to 400 potential users of a Catalan seaport, estimates a multinomial logit model and offers a new benchmarking in order to obtain first evidence regarding the analysis of the determinants of the strategic seaport specialisation.



The database used in this study include a total of 21.517 homes sold during the period2004-2007 by a real estate agency for for which the details concerning the characteristics of the transactions and the location of these are known. Empirical models used in this analysis are, in one hand, hedonic regression, and secondly, decomposition quantílica. The first model determines when the change in the distribution of property prices can be explained by the size, quality and location of the house sold, whether as if there are systematic differences between different cities within the same country . The second model helps answer questions like the evolving distribution of house prices over time or similar. This model examines the effect of covariates on various quantiles of the logistic function of price. Using this model the authors can decompose quantile decomposition changes in the distribution of property prices in the distribution originated by the explanatory variable, on one side, and on the changes induced by the quantilic regression coefficients.n of property prices over time in several Spanish regions. Traditional literature provides very few results and studies on this topic.The aim of this paper is to present a quantilic estimation of housing price index between 2004 and 2007 in several Spanish cities. To perform this analysis, the authors proceed to decompose the change in property prices in parts due to changes in explanatory variables and parts due to coefficients change over time. During the period 2004-2009, the Spanish property price growth of approximately 31.91%. This period can be divided into two smaller sub-sequences: while during 2004-2007 price indices increased approximately 44.31%, in 2007 these prices entered a downward dynamic in which fell about 8.60%. Note that this greater appreciation in the price indices did not occur equally in all Spanish cities. Based on this evidence, the aim of this paper is to understand more satisfactorily the evolution of the distributio

The distribution of prices for homes for sale in Spain in 2007 adopted a less sesgad distribution, with a tendency to move to the right and a smaller kurtosis distribution compared to 2004. All the Spanish cities experienced a change in the distribution of their housing prices, although this change was greater in smaller cities like Valencia or Bilbao compared to Madrid or Barcelona. The difference is greatest in low and high percentiles. We can also determine how much of the difference in the distribution of property prices between 2004 and 2007 is explained by it’s coefficients. The final results suggest that a single price index is not an appropriate measure to measure changes in prices, as the variance of the price index increases over time. Allow assessment ratios vary across quantiles can help us to obtain a more realistic picture of the change in the overall distribution of property prices than an estimator that focuses only on the mean or median. This result comes reinforced by the fact that the variation of the ratio quantile assessment and its components is different between the cities that make up the index.




The choice concerning the method of acquisition of the property (either owned or rented) is closely linked to other individual choices of great importance not only for consumers but also for the country where these consumers live. The article “What are the determinants of the mode of housing tenure?” aims to make a comparison of the various types of approaches that have been used in the economic literature on the analysis of the decision of individual housing tenure . The models used in economics are different and vary from binary choice models to model duration. In this aspect, the determinants of tenure are unclear because depending on the definition of the dependent variable and the estimation method, the determinants of tenure vary.

The study conducted in this study examines the various models that have been used in economic theory to model correctly the analysis of housing tenure. In short, the list of models to consider are: the classical model of tenure (classical model), which describes the probability that an individual homeowner is, at any given time, the model estimated only for those individuals who have made a transition and therefore have already opted for a form of tenure (model recent migrants), sequential bivariate probit model, which estimates the tenure decision and the status of migrants together, the duration model, which reflects the decision to do a transition from an specific state tenure (rental or ownership) to another state at any given moment of time, and finally the transition model, which uses a sample based in the tenure decision, giving this more weight in the sample. The data for this analysis was obtained from the European Community Household Pamel (ECHP), in particular the periods from 1994 to 2001. The ECHP is a standardized survey that is conducted in the European Union. This database contains information about housing characteristics and its inhabitants. From these data, we conducted a sampling on Spanish owners who had been on the panel for more than one period. This estimation had data for about 6778 households, nearly 82% of which were proprietary. In addition, a 40.36% of those had perfomed at least one movement  during the five periods observed. The definition of the dependent variable for all the models in which the dependent variable is the decision between the decision to rent or buy property is as follows: the status of tenure, (variable that has value 1 if the consumer owns or 0 if not), “move”, (in the equation used in the model selection of recent migrants), “stayer” (the second equation for the sequential model), transition (this variable takes values ​​1 for those individuals who make the transition of ownership to property, taking 0 in any other cases), income (estimated permanent income and transitory income based on the current monetary income’s  owner of the of the household head), gender (This dichotomous variable takes values ​​1 if the person providing the main source of income is a man and 0 otherwise) and age, property size (how many people are in the house), marital status, work and education, relative price (this is the price relation-tenant) duration (for those owners who have made a transition) and finally the number of rooms.

The results of this model are obtained by grouping the various models analyzed in terms of the dependent variable and analyzing these based on your top 6 formats. The first group, in which the dependent variable is the state of holding together the neoclassical models, the model of recent migrants and the sequential model. The second group, in which the dependent variable is the transition from rental to home ownership, includes duration and transition models. Overall, the results provide evidence of a better performance in models in which the dependent variable is the transition between renting and home ownership. This higher performance is not only explained by the results observed in terms of goals but also the ability to provide predictive and marginal effects closer than previously predicted. In terms of predictive ability, both models (duration and transition models) show relatively high success rates. To summarize, we conclude that, if we want to describe the profile of consumers who are home owners, permanent income, age, marital status and level of education are the main explanatory variables. All these variables can be considered life cycle, with marital status with a greater impact. On the contrary, if we want to answer the question about what are the determinants of the transition to rental property, we conclude that, in addition to life-cycle variables, variables related to prices and transaction costs are also important determinants. In conclusion, the results underline that the model in which the dependent variable is the fact of owning or not a house underestimate the effects of prices and transaction costs.




A brand is a name, symbol or any other type of marker that distinguishes a product or service from the competition. The territorial branding, such as the so-called “Marca España”, influences the selection of destination by tourists and their future behavior. However, a measurement of the power and influence of this concept in the decision making

The empirical framework developed in this study is an estimation based on linear equations determining the price per room. Different equations are estimated for the different study areas, ie, the resorts of Catalonia, Valencia, the Balearic Islands and Languedoc-Roussillon. The aim of the equation is to analyzed to obtain the price of a hotel room based on their characteristics and the analyzed week in order to control the temporal effect. It applies the conventional Oaxaca-Blinder decomposition to decompose the average gap between the variable outcome between French and Spanish resorts. This type of breakdown is called double decomposition because the difference in the output is divided into two parts. As discussed above, the data from this study was obtained from the price of hotels in coastal towns of the Pyrenees and the Mediterranean area of ​​the Euro Area and the community of Valencia. The chosen regions were: Lloret de Mar and Alto Maresme (Catalonia), Denia and Calpe (Valencia) and Alcudia Calvià (Balearic Islands) and finally Argeles-Sur-Mer and Collioure (Languedoc-Roussillon). They were chosen because they are all located on the coast, have a minimum population and can be considered homogeneous from the point of view of tourism specialization index, ie the ratio of second homes between primary residences. For all selected municipalities, we had a total of 11,910 observations, 11,032 of them being Spanish hotels and the remaining 878 of French hotels. The dependent variable of the study, of course, is the price in euros per night for a room in their logarithmic function. The exploratory variables are: hotel area, it’s category and finally type of hotel.

The results of the study are clear. These highlight the importance of the territorial brand promotion as an explanatory variable for much of the differences in the prices of the services provided to tourists in the resorts analyzed. The estimation obtained in this analysis shows that almost 55% of the gap in prices of hotels between Spanish and French resorts can be attributed to territorial development policies, while only the remaining 45% is explained by differences in the characteristics analyzed. These results can be interpreted as an additional motivation for both public and private authorities to enhance the promotion of the major tourist localities.



Sporting events are a very important promotional tool for many cities, given its national and international impact. Many of these cities already have long supported these events as a way to internationally promote their brand. The economic impact of these sporting events not only depends on the number of participants but also, among other factors, on the duration of their stay in the city that hosts the event. The aim of this study, therefore, is to analyze the determinants that determine the length of stay of these athletes in the venue that hosts the event studied, the International Triathlon Challenge Barcelona-Maresme. This event took place on October 3, 2009. More than 2000 participants from 30 countries attended the competition. The model also quantifies the likelihood that an athlete had been in the venue for “t” days (known as hazard function) depending on “t” conditioned to completing the trip.

The method used is a duration model, also known as hazard  or survival model. Thesemodels estimate the length of time spent in a particular state before transitioning to another state. These regression models allow us to estimate when the duration of a state is correlated with the explanatory variables in the observed period. Given that in our model the proportionality assumption holds, the author decides to use a proportional duration model. Among these selected models, the model chosen is the Weibull. The choice of this model is based, first, on the lack of evidence to reject the proportional hypothesis, as seen in the graph of the survival function, and second, from the proportional duration model, the author must choose the better model in order to avoid problems arising from lack of specification. In this case, when the models are nested, the Wald test rejects the null hypothesis of the exponential model. Once the model used is choose, we proceed to perform the data collection. The model uses information extracted from a survey conducted by the Maresme City Council in 2009 to several participants of the International Triathlon Challenge Barcelona-Maresme. The survey was administered to participants during the days prior to the competition and the day of the competition. A total of 346 valid responses were obtained. The model evaluates the destination, spending, type of accommodation used and type of competitors correlated with the duration of the event.

Of all the variables studied, neither age, or the fact that the participants had visited the city hosting the event seem to have a significant effect. Quantitatively, being a foreign participant, expenditure and evaluation of fate, in this order, emerged as aspects that increase the duration of the event analyzed. The dummy variable “foreign participant” seems to capture the fact that participants from another country travel greater distances than the average Spanish participant and having made the decision to travel a far distance des stay lengthens. The results obtained in this study confirm the hypothesis that the participants in sporting events cannot be considered equal in terms of the effects of different factors in their decisions regarding the duration of the event. In summary, the results of the duration model used in this paper shows that the greatest impact of these sporting events is conditioned on the ability to attract foreign athletes.



Tourists travelling on low –cost airlines (LLCs) in Europe have increased sharply, in contrast to the stagnation of traditional companies.  Local governments and tourists destinations supporting what it is known as LLCs are nowadays really interested in knowing what type of tourists those companies are attracting and so on which kind ofbehavior they have. From those things which want to be known, one aspects that is receiving attention by policy makers involves the determinants of tourist’s length of stay at the chosen destination.

Economic analysis of tourism demand is usually grounded in neoclassical theories involving consumers choice with demand measured as a quantitative variable. Due to the characteristics of the duration choice used in this model, a time restriction is also included. The way tourism demand it’s calculated here does not differ in it’s specification from the demand for other goods and services. But, when using a more stylized formulation of this model, tourists demand is the result of a standard maximization process by the tourist/consumer, of a utility function, the arguments for which are the consumption of tourism and other goods, using a budgetary and time restriction. The data used in this study have been obtained from traffic passengers traffic at Girona-Costa Brava airport. The information for our duration model are taken from a survey conducted during spring and summer of 2005. This survey was given to tourists who stayed in Catalonia and who used low-cost airlines to travel. The dependent variable, number of days stayed is considered to be continuous and takes values from 1 to 31 days. The explanatory variables are sociodemographic characteristics of the tourist, the type of accommodation chosen, the main reason for travel, whether or not the trip was done during summer destination and whether or not it was and organized trip. One of the categories for each variable acts as a reference category. The results of the model estimations will show the effect of each category of the explanatory variable on the likelihood of length of stay with regard to the reference category.

The expected results from the estimation of the empirical model show values according to what could be expected from the theoretical model used: heterogeneity in preferences among LLC users is observed, and so time and income constraints are relevant for duration, and finally the effects of each explanatory variable can differ among tourists according to their country of origin. The conclusions of this study show that, in general, time and income restrictions are relevant factors and the authors found that there was individual heterogeneity. The model also shows that the tourist group with a longer trip duration are non-senior, married, British tourist who travel in summer to a coastal destinations and stay in campsites. The French travel to sun and sand locations in the summer and stay at campsites. German tourist, as well as, also travel to sun and sand locations in summer time, they are senior, and choose to stay at campsite as well. To end, regarding to Italian tourist, longer stays are positively and significantly associated to not being employed, travelling in summer to a sun and sand locations and staying at campsite.