Francisco González-Gómez Andrés J. Picazo-Tadeo Miguel Á. García-Rubio

DO WE SACK THE MANAGER... OR IS IT BETTER NOT TO?
EVIDENCE FROM SPANISH PROFESSIONAL FOOTBALL
FRANCISCO GONZÁLEZ-GÓMEZ
ANDRÉS J. PICAZO-TADEO
MIGUEL Á. GARCÍA-RUBIO
FUNDACIÓN DE LAS CAJAS DE AHORROS

DOCUMENTO DE TRABAJO
Nº 510/2010
De conformidad con la base quinta de la convocatoria del Programa
de Estímulo a la Investigación, este trabajo ha sido sometido a eva-
luación externa anónima de especialistas cualificados a fin de con-
trastar su nivel técnico.
ISSN: 1988-8767
La serie DOCUMENTOS DE TRABAJO incluye avances y resultados de investigaciones dentro de los pro-
gramas de la Fundación de las Cajas de Ahorros.
Las opiniones son responsabilidad de los autores.
DO WE SACK THE MANAGER... OR IS IT BETTER NOT TO?
EVIDENCE FROM SPANISH PROFESSIONAL FOOTBALL
Francisco González-Gómez*
Andrés J. Picazo-Tadeo**
Miguel Á. García-Rubio***
Abstract
Sports club executives are eager for their teams’ to perform well in sports competitions. In team
sports, the manager takes important decisions that affect the sporting performance of the team. Al-
though the manager is contracted for a period of at least one season, clubs frequently change manag-
ers halfway through that period. Before taking that decision, the Board of Directors probably ask them-
selves: Do we sack the manager… or is it better not to? The aim of this paper is to evaluate the impact
of a mid-season change of manager on the sporting performance of Spanish professional football
teams. In doing so, program efficiency is assessed with Data Envelopment Analysis techniques. The
main result is that a mid-season change of manager improves sporting performance, but does not
allow a team to perform as well as others that have not changed managers halfway through the sea-
son.
Keywords: Sports; performance; managerial change; Data Envelopment Analysis; program efficiency;
Spanish professional football.
JEL Classification: C14, C61, L83
*
Corresponding author. Universidad de Granada. Dpto. Economía Aplicada. Facultad de Ciencias Políticas y
Sociología. C/ Rector López Argüeta s/n. 18071 Granada (Spain). Email: [email protected]
**
Universidad de Valencia. Dpto. Economía Aplicada II. Facultad de Economía. Campus dels Tarongers. 46022
Valencia (Spain). Email: [email protected]
***
Universidad de Granada. Dpto. Economía Aplicada. Facultad de Ciencias Económicas y Empresariales.
Campus de Cartuja. 18071 Granada (Spain). Email: [email protected]
1
1. INTRODUCTION
Maintaining a good level of sporting performance is essential for the interests and financial situa-
tion of sports clubs. Income through members, ticket sales and commercial rights are closely linked to
teams’ sporting results. One small difference in the end-of-season result can entail a significant differ-
ence in the club’s ability to generate income, particularly if the club is relegated or fails to qualify for
international competitions (Tena & Forrest, 2007). Therefore, sports club executives are obviously
interested in their teams performing well in sporting competitions.
In most sports, a manager’s job is vital for achieving good sporting results. This is particularly true
in the case of team sports such as football, basketball, rugby or hockey, where the manager is re-
sponsible for making crucial decisions that affect the performance of the team. In these sports, man-
agers help executives to design the club’s transfer strategy in order to build a balanced squad in all
positions. They work with the trainers to plan and regulate players’ work rate throughout the season.
They decide which players will start each match and the tactics to be employed based on their own
team and the quality of the opposing side. They make changes in tactics and players during the
course of matches and may even act as psychologists in the dressing room.
However, a manager’s job is probably the most vulnerable at any sports club. It is true that man-
agers are admired when their teams achieve good results, but when results are not favourable, all
eyes are on them. At such times, the fact that managers are responsible for the decisions made and
their constant public exposure in the media make them prime targets for heavy criticism that can lead
to their dismissal. In this sense, the manager is just another employee of the club which, like any other
company, hires workers to achieve certain goals. In sports, the squad, including players and the man-
ager, is designed to last for at least one complete season. As a result, any change during the season
is unforeseen and can affect the sporting results of the team.
Do we sack the manager… or is it better not to? This is surely the first question that football club
executives ask themselves when, for one reason or another, they are considering changing managers
halfway through the season. An executive team that behaves rationally would decide to change man-
agers if they thought such a move would improve the sporting performance of the team. However, a
change of manager mid-season is not an easy decision. It implies reconsidering all the pre-season
planning and work carried out and that is a risky strategy. Likewise, it is difficult to predict the impact of
changing managers on the sporting performance of the team.
The literature on leader succession and organizational performance (Grusky, 1963) allows us,
however, to outline some arguments as regards the theoretical relationship between mid-season
manager changes and teams’ sporting performance. According to the common-sense theory, the de-
cision to change managers is normally taken following a series of negative sporting results. It is there-
fore logical to expect the new manager to be able to improve the sporting performance of the team
(Kesner & Sebora, 1994). Conversely, the vicious-circle theory upholds that a change of manager
disrupts the team and has a negative impact on sporting performance. The main reason is that a
change of manager halfway through the season involves a change in strategy, which the team needs
time to adapt to and learn (Rowe et al., 2005). Finally, the ritual spacegoating theory states that the
2
role of a manager is not relevant when it comes to explaining the sporting performance of teams
(Gamson & Scotch, 1964). Manager dismissals are simply a strategy on behalf of club executives to
appease members and fans following a series of bad sporting results. However, the sporting perform-
ance of the team will remain unchanged, as this is primarily determined by the quality of the players. In
other words, the manager is nothing more than a scapegoat for the team’s poor results.
This paper studies the relationship between a mid-season change of manager and the sporting
performance of the teams that played in the First Division of La Liga Española de Fútbol Profesional
(Spanish Professional Football League, hereafter referred to as La Liga) in the seasons running from
2001/02 to 2008/09. Unlike the previous studies carried out in this line of research, which mostly use
parametric analysis techniques, we use Data Envelopment Analysis (DEA). Likewise, as far as we are
aware, this is the first study performed on professional football teams in Spain and, as such, our re-
sults could be of interest to club executives. Some of the questions that our assessment of perform-
ance could answer include: Are the dismissal of the manager and the sporting performance of the
team related in any way? Are the teams that change managers seen to perform significantly differently
to those which do not? What changes in team efficiency occur when a manager is dismissed? The
main result is that changing managers halfway through the season improves sporting performance.
The remainder of the paper is organized as follows. Section 2 briefly reviews the literature on this
field of research. Section 3 deals with methodological issues. Section 3 describes the data and the
empirical model and discusses the results. Finally, section 4 summarizes and concludes.
2. BRIEF REVIEW OF THE LITERATURE
Numerous studies have analyzed the importance of the manager for a team to achieve good
sporting results. Several papers have assessed the performance of teams, including the performance
of the manager. Moreover, other papers have searched for evidence of the relationship between a
team’s sporting results and certain characteristics of the manager, including experience, matches won
in past seasons, salary and whether or not the manager had been a player or assistant manager for
the same team. Empirical studies have been carried out on several sports including baseball (Smart et
al., 2008), basketball (Fizel & D’Itri, 1996), rugby (Carmichael & Thomas, 1995) and also football
(Dawson et al., 2000a, 2000b; Dawson & Dobson, 2002).
Furthermore, several papers have analyzed the influence of a mid-season change of coach on
teams’ sporting performance. While empirical research has been published in the case of basketball
(Fizel & D’Itri, 1997, 1999; Giambatista, 2004), hockey (Audas et al., 2006) and baseball (Fabianic,
1994), the sport that has received the most attention is football. This sporting discipline includes re-
search on the Premier League in England (Audas et al., 1997, 1999, 2002), the Eredivisie in the Neth-
erlands (Bruinshoofd and ter Weel, 2003; Koning, 2003; Ter Weel, 2005), La Liga in Spain (Tena &
Forrest, 2007), the German Bundesliga (Salomo and Teichmann, 2000) and the Calcio in Italy (De
Paola & Scoppa, 2008).
3
As regards methodology, most of the papers that have studied the impact of a mid-season change
of manager on sporting performance have employed parametric approaches. Ordered probit models
have mostly been used (Tena & Forrest, 2007; Flores et al., 2008), although ordinary least square
regressions (Cannella & Rowe, 1995; Rowe et al., 2005), two stages least square regressions (De
Paola & Scoppa, 2008), conditional logit models (Maximiano, 2006) and random effect panel data
models (Brown, 1982) have also been used. Finally, some papers have carried out statistical analyses
of simple indicators (Audas et al., 1997), while only a few have employed non-parametric approaches
based on DEA techniques and combined with parametric probit regressions, jointly aimed at ascertain-
ing the determinants of managerial efficiency (Fizel & D’Itri, 1997, 1999).
As mentioned in the introduction, taking the decision to change managers is not easy, as it is diffi-
cult to predict what impact it will have on the team’s performance. In accordance with this, empirical
research on manager changes and teams’ sporting performance is inconclusive. While a few papers
find empirical evidence supporting the idea that mid-season manager dismissals improve sporting
performance (Fabianic, 1984; McTeer et al. 1995), many papers conclude that changing managers
damages a team’s sporting performance (Brown, 1982; Audas et al., 1997, 2002; Rowe et al., 2005;
Audas et al., 2006). Furthermore, some studies find that changing managers has little effect on the
sporting performance of teams (Koning, 2003; Bruinshoofd & Weel, 2003).
Nevertheless, a review of the literature does reveal a couple of issues of vital importance that
should be taken into account when studying the impact of changing managers halfway through a sea-
son on sporting performance. The first refers to the sporting situation of the team when the decision to
dismiss the manager is taken, and the second to the difference in potential of the opposing teams that
the former and new manager face.
As regards the sporting situation of the team before the manager is dismissed, it is reasonable to
believe that dismissal occurs following a series of negative results. Therefore, the sporting perform-
ance of the team under the new manager can be expected to improve. It will simply be difficult for the
new manager to obtain worse results than his/her predecessor. However, this does not necessarily
mean that the change of manager will be positive, as we will never know how the team would have
performed if the club had stuck with the same manager until the end of the season. The literature has
attempted to solve this problem in two different ways. Both cases require researchers to predict how
the team would have performed had the manager not been dismissed. On the one hand, some papers
have compared the sporting results of the team after the change of manager to a control group, nor-
mally made up of teams that perform at a similar level, but which have stuck with the same manager
all season (Brown, 1982; Bruinshoofd & Weel, 2003).
On the other hand, another approach has been to compare the performance of the team after the
change of manager to the performance of the same team over longer periods of time, instead of the
matches leading up to the dismissal (Audas et al., 2006; Tena & Forrest, 2007). The idea is to assess
the sporting performance of the team after the change of manager to how the team would have per-
formed on the basis of their long term performance. The main drawback of this approach is, however,
4
that when the team has been significantly revamped during the period of reference (change of players,
managers or even Board of Directors) the comparison becomes entirely meaningless.
The second problem for researchers is related to the difference in quality of opposing teams.
When the results of the old and new manager are compared, researchers must take into account the
difference in quality of the teams that the two managers have had to play against. In order to solve this
problem, most studies have introduced variables that represent the potential or quality of the opposing
teams that each manager has faced (Rowe et al., 2005; Tena & Forrest, 2007).
3. METHODOLOGY
3.1. Assessing technical efficiency with Data Envelopment Analysis: A brief comment
Data Envelopment Analysis techniques were introduced by Charnes et al. (1978) in a paper that
used mathematical programming to pursue Farrell’s approach to technical efficiency measurement
(Farrell, 1957). This contribution to a then new body of literature has, to date, produced a wealth of
contributions in multiple fields of research (Gattoufi et al., 2004, review the empirical literature). In
essence, DEA is a non-parametric approach to efficiency measurement that evaluates the perform-
ance of peer units allowing the construction of a surface over the data, the so-called technological
frontier, which permits the observed behaviour of a decision-making unit (DMU henceforth) to be com-
pared with best observed practices. One important advantage of this approach to performance meas-
urement is flexibility, as it allows the frontier to be constructed without imposing a parametric functional
form on technology or on deviations from it (inefficiencies). Further details on DEA can be found in
Cooper et al. (2007).
Regarding the main insights of our production model, let us start by considering that we observe a
sample of n DMUs, each DMUj (j=1,…,n) using m inputs xij (i=1,…,m) to produce s outputs yrj
(r=1,…,s). Moreover, we assume that the technology employed to transform inputs into outputs satis-
fies the standard properties initially suggested by Shephard (1970). Under this set of assumptions,
technical performance can be assessed through the model known as the BCC model after the paper
by Banker, Charnes & Cooper (1984). Using DEA, the BCC output-oriented score of technical effi-
ciency for DMU0 can be formally computed from the following mathematical program:
BCC output-oriented efficiency  Max j ,  0 0

n
subject to:  x
j 1
j ij  xi 0 i  1,..., m (i)
n
 y
j 1
j rj  0 y r 0 r  1,..., s (ii) (1)
j  0 j  1,..., n (iii )
n
j 1
j 1 (iv )
xi0 and yr0 standing for the observed values of input i and output r on DMU0, respectively. Moreover, j
is an intensity variable representing the weighting of DMUj in the composition of the efficient frontier
that represents best observed practices. Also, variable returns to scale are assumed.
5
The solution obtained from program (1) for DMU0, namely the parameter  0* , is restricted to be
equal to or greater than one and measures the maximal feasible proportional increase of all outputs
that this unit could achieve without increasing its use of productive resources. Thus it assesses Far-
rell-Debreu-type technical efficiency (Farrell, 1957), also called weak efficiency. A score of efficiency
equal to one indicates that DMU0 is technically efficient, while the greater the distance from this figure,
the higher the technical inefficiency.
However, once Farrell-Debreu efficiency has been reached, additional increases might be still pos-
sible in some output directions, as well as further reductions in some input directions, bringing DMU0
into a Pareto-Koopmans or strongly efficient status (Koopmans, 1951). The problem is that the BBC-
model only identifies weakly efficient DMUs, thus failing to discover input excesses and output short-
falls. Identifying slacks in both input and output directions requires the following program to be worked
out in a second stage (Ali & Seiford, 1993):
m s
Max , s  , s  s0   si0   sr0
j i0 r0
i 1 r 1
n
subject to:  x
j 1
j ij  si0  xi 0 i  1,..., m (i)
n
 y
j 1
j rj  sr0  0* y r 0 r  1,..., s (ii) (2)
j  0 j  1,..., n (iii )
n

j 1
j 1 (iv )
si0 and sr0 being, respectively, the slacks in input i and output r of DMU0.
Summarizing, this two-stage approach to assessing technical performance calculates, in the first
stage, proportional increases in outputs necessary for every DMUj in the sample achieving Farrell-
Debreu or weak efficiency. Then, in the second stage, additional improvements for particular inputs
and/or outputs required for DMUj to attain Pareto-Koopmans or strong efficiency are computed.
3.2. Estimating program efficiency
The methodological approach to evaluate program efficiency was developed in one of the first
empirical papers on DEA by Charnes et al. (1981). This paper suggests that groups of DMUs belong-
ing to different programs might have different technological frontiers due to program differences. The
technical efficiency of DMUs operating under different programs is assessed by distinguishing be-
tween managerial efficiency and program efficiency. While the former assesses the performance of
DMUs when they are compared to the frontier of the group or program they belong to, program effi-
ciency identifies differences in performance between programs.
Computing program efficiency requires four steps to be followed. In the first step, the sample is di-
vided into two or more subsamples or groups, one for each of the different programs considered.
Then, mathematical programs (1) and (2) need to be applied to each subsample in order to compute
6
managerial or intra-program efficiency, which assesses the performance of each DMU when it is com-
pared to the best observed practices within its own program.
In the second place, the production plans of the inefficient DMUs in each group must be projected
onto the technological frontier of their own group. The objective is to eliminate intra-program ineffi-
ciency by making all the units in one same program appear as strongly or Pareto-Koopmans efficient.
As a result, the potential improvement in DMU0 would be the result of a proportional increase plus a
specific increase in its outputs and a specific decrease in each of its inputs. Formally, the values for
inputs and outputs projected onto the efficient frontier would be as follows:
xˆ i 0  xi 0  si0* i  1,..., m , and (3)
yˆ r 0  0* y r 0  sr0* r  1,..., s , (4)
where, let us remember,  0* is the solution obtained for DMU0 from mathematical program (1), while
si0* and sr0* are, respectively, the optimal slacks in input i and output r of this productive unit obtained
from the solution to program (2).
The third step consists of solving the mathematical program (1) once again for all the DMUs in the
sample, using the adjusted data obtained in the previous step. That is, the values of inputs and out-
puts that are derived from expressions (3) and (4). Therefore, inter-program efficiency is estimated,
allowing us to assess the difference in efficiency between programs, once individual or inter-program
inefficiencies have been eliminated. The fourth and final step requires the use of several tests aimed
at evaluating the statistical significance of the differences in efficiency among programs.
Figure 1.- Managerial and program efficiency
In order to further illustrate the concept of program efficiency, Figure 1 provides graphic intuition of
the difference between managerial efficiency and program efficiency. Let us keep things as simple as
possible by assuming that we observe nine DMUs labelled A to I, which are all using a single input x to
7
produce a single output y. In addition, DMUs A, B, C, D and E (represented in the picture by dots)
operate under a common program (program 1), while DMUs F, G, H and I (represented by crosses)
operate under program 2. The segment ABCD, i.e. observations on efficient units A, B, C and D and
their convex linear combinations, and the horizontal extension from point D give shape to the techno-
logical frontier of units operating under the first program, while the segment FGH and the x-axis paral-
lel extension from the latter shape the frontier of DMUs within the second program. In addition, the
frontier considering all DMUs together or joint frontier is shaped by observations on efficient units A, B
and C, all belonging to program 1, in addition to unit H, which belongs to program 2.
Let us focus our attention on production units E and I, which are unmistakably inefficient. The pro-
jection of DMUE onto the technological frontier of its own program, i.e. the comparison of its production
plan with best observed practices within program 1, locates point E at point E’, showing that DMUE
incurs in a certain degree of managerial or intra-program inefficiency. In other words, this unit could
increase output y without additional use of input x. Furthermore, once managerial inefficiency has
been eliminated by transforming data on input and output according to expressions (3) and (4), projec-
tion of the resulting point E’ onto the joint frontier reveals that no intra-program inefficiency exists or, in
other words, DMUE is operating under the best performing program.
What happens when we compare the production plan of DMUI with best observed practices within
its own program? Projection onto the technological frontier of program 2 yields point I’, showing that
DMUI is not using the best managerial practices. However, projection of DMUI onto the joint frontier
after eliminating managerial inefficiency yields point I’’, which shows that once the best performance
that the technology of program 2 allows is achieved, additional improvements could still be possible by
moving to the best performing program. In other words, DMUI is affected by program inefficiency.
Summarizing, while managerial efficiency applies to DMUs operating under a common program, pro-
gram efficiency deals with the efficiency gains that can be secured by moving DMUs from their current
program to that which performs the best.
4. DATA, MODEL SPECIFICATION AND RESULTS
4.1. Data and model specification
From the pioneering paper by Rottenberg (1956), which introduces the notion of sport production
function applied to baseball, and the first experimental work by Scully (1974), it has been common
practice to consider sport as a production process. Using this as a basis, a large number of papers
have studied the performance of football teams, mostly by analyzing their results on the pitch. The
production process of a football team can be summarized as having to achieve the best sporting result
possible in all competitions making use of the resources it has.
This article studies the sporting performance of Spanish football teams that played in La Liga in
the seasons dating from 2001/02 to 2008/09, both inclusive. Data come from the annual reports pub-
lished by the Professional Football League and the yearbook of Marca, the leading sports newspaper
8
in Spain according to market share. All observations are pooled in a single data set that includes 160
observations, which refer to 20 teams participating in each of the 8 seasons studied.1
Over this period, a total of 56 teams changed managers halfway through a season, which is an
average of 7 manager changes per season. Moreover, one same team changed managers twice in
one season on 14 occasions. These figures do not include temporary changes, that is, when another
member of the club’s coaching staff provisionally takes over the management of the team until a new
manager is hired. Normally, such provisional managers only carry out the technical role of a manager
for one match.
In order to analyze the relationship between a change of manager and the sporting performance
of Spanish football teams, three models have been considered, namely MODEL1, MODEL2 and
MODEL3. Using the methodology described in Section 3, DEA techniques are employed in all three
models to calculate the program efficiency of different groups of football clubs, depending on whether
they have changed manager mid-season or stuck with the same manager the entire season. Similarly,
we assume the existence of variable returns to scale (Barros & Leach, 2006) and employ output-
oriented measures of performance, as the input variables used in the analysis are not controlled by
the manager. Table 1 summarizes the features of the production process in each model, while Table 2
presents descriptive statistics of the input and output variables used.
Table 1. Summary of model specifications
MODEL1 MODEL2 MODEL3

Inputs
BUDGET X X X
SPECTATORS X
SPECTATORSC X X
Outputs
POINTS X
POINTSC X
QI-POINTSC X
EXTRA-GAMES X
EXTRA-GAMESC X X
MODEL1 aims to verify whether any differences in efficiency exist between the group of teams that
have changed manager halfway through the season and those which have stuck by the same man-
ager for the entire season. As a result, two programs are defined, namely programYES for the teams
that changed manager mid-season and programNO for the teams that maintained the same manager
for the entire season. The production process is portrayed by two outputs, namely the points obtained
in La Liga at the end of the season (POINTS) and the extra matches played in other competitions (EX-
TRA-GAMES), and two inputs, namely the team budget (BUDGET) and the number of spectators that go
to the ground to watch home matches (SPECTATORS).
1
Every season three teams are relegated and therefore no longer play in La Liga, while another three are pro-
moted from a lower division. As a result, the teams included in the sample are different every season.
9
Table 2. Sample descriptive statistics
Mean Standard Minimum Maximum

deviation
Inputs
BUDGET 67,819 83,677 4,140 407,000
SPECTATORS 28,366 16,945 7,884 76,279
SPECTATORSC 27,441 16,805 7,675 76,279
Outputs
POINTS 0.4558 0.1153 0.2105 0.76315
POINTSC 0.4281 0.1415 0.0476 0.76315
QI-POINTSC 0.4270 0.1421 0.0441 0.76315
EXTRA-GAMES 7.8437 6.1812 1 26
EXTRA-GAMESC 0.1852 0.1689 0 0.6842
Following several previous studies (Espitia-Escuer & García-Cebrián, 2006; Barros & Leach,
2006; Barros et al., 2008), our first output, variable POINTS, is a measure of the points obtained by a
team in La Liga expressed as a percentage of the maximum number of points that could have been
obtained by winning all the games played in a season. Although La Liga is normally the main regular
competition in which football teams participate, they may also take part in other competitions at either
national or international level. As pointed out by Picazo-Tadeo and González-Gómez (2010), football
teams are multi-output enterprises, so omitting games played in competitions other than La Liga might
well lead to biased estimates of performance.
In Spain, all professional teams playing in the La Liga participate in La Copa del Rey (King’s Cup,
hereafter referred to as La Copa) and some of them also play European competitions such as the
Champions League or the Europa League, known as the UEFA Cup until the 2008/09 season. How-
ever, isolating a measure for output in La Copa, the Champions League and the Europa League leads
to serious difficulties in our production model. The reason is twofold. On the one hand, the qualification
system differs considerably from one competition to another and, moreover, several modifications
have been introduced over the period studied in this paper. On the other hand, one team can jump
from the Champions League to the Europa League in the middle of the season, which makes it ex-
tremely difficult to isolate a different measure of output for these competitions. In order to homogenize
the measurement of output in these competitions, we have computed the variable EXTRA-GAMES as the
number of games played in competitions other than La Liga (González-Gómez & Picazo-Tadeo,
2010). Other considerations aside, given the qualifying system a higher number of games played
means a team has gone further in the competition thus achieving a better sporting result.
Concerning inputs, the variable BUDGET represents the annual budget of the club measured in
thousands of € at 2009 prices and is intended to be a proxy of the quality of the team. The clubs with
the highest level of income can afford to sign the most coveted players2 and managers on the market,
who will foreseeably have more skills and know-how. In other productive activities, it is often assumed
2
Nobody doubts the indisputable quality of Cristiano Ronaldo. However, even though all the teams would like him
to play for them, very few could afford the 94 million € that Real Madrid paid for him in 2009.
10
that there are no significant differences in factor prices or productivity. But in football, player and man-
ager wage costs vary hugely and are justified by individual characteristics that are seen to influence
sporting results. The relationship between the sporting quality of a team and its financial capacity has
been analyzed by Szymanski and Smith (1997). Furthermore, Forrest and Simmons (2002) and Haas
(2003) have studied the relationship between expenditure and teams’ sporting success.
SPECTATORS has been calculated as the average attendance at home games each season and is
intended to proxy one of the dimensions of the so-called home-field effect: the crowd factor (Nevill et
al., 2002). Team performance improves3 when backed by the support and cheering of their fans at
home games, mainly due to social psychology factors (Edwards & Archambault, 1989). Apart from
giving the home team heart, a large crowd at a football ground could intimidate the players of the visit-
ing team and have an effect on the decisions made by referees and linesmen4 (Nevill et al., 2002;
González-Gómez & Picazo-Tadeo, 2010).
In MODEL2 we assess program efficiency distinguishing three programs. One program for teams
that do not change manager mid-season, namely programNo, and two programs for teams that dis-
missed the manager halfway through the season, namely programYES1, which includes data for the
period the first manager was in charge of the team and programYES2, including data referring to the
period the second manager is in charge.5 The variables BUDGET and SPECTATORSC are used as inputs,
the latter having been calculated as the average number of spectators at home matches during the
period the manager in question was in charge of the team. Outputs are measured by the variables
POINTSC, calculated as a ratio of points obtained under the direction of each manager over maximum
points possible, and EXTRA-GAMESC, obtained from the number of extra matches played over matches
played in La Liga under each manager. This last variable is also included as a ratio to homogenize the
information, as the time the first and second manager are in charge of the team may not necessarily
coincide.
Finally, MODEL3 controls the results obtained from MODEL2 bearing in mind the difference in qual-
ity of the opposing teams during each manager’s period in charge of the side. The only difference with
respect to the previous model is that now POINTSC is replaced by QI-POINTSC, which is a measure of the
points obtained in La Liga by the team under the orders of each manager over maximum points possi-
ble, adjusted by an index of quality of opposing teams.
The quality index has been constructed as the coefficient between the average quality of opposing
teams played against under the direction of each manager and the average quality of opposing teams
that are faced throughout the entire season. At the same time, the quality of a team is proxied by the
3
In fact, in the football world, the home crowd is commonly known as the “twelfth man”.
4
In football circles there was talk for a long time about the “stage fright” that the Santiago Bernabeu stadium
caused the rivals of Real Madrid. Nowadays, people talk about the enormous pressure that the Liverpool home
crowd exert on rivals at Anfield Road.
5
This program also includes the time that the third manager held the post in the case of those teams which
changed managers twice in the same season. That is, the data from the second and third manager have been
aggregated as if they were one sole manager. One alternative to this would have been to consider a further pro-
gram for the period the third manager was in charge. However, this option led to a dimensionality problem in DEA
programs due to the small number of cases observed.
11
average number of points per match it has obtained at the end of the season. Formally, the quality
index of the opposing teams faced by manager m is calculated as follows:
Average points per game of the rivals of manager m

Quality index of rivals of manager m  (5)
Average points per game of all rivals in the season
A quality index score of more (less) than one indicates that the manager has faced higher (lower)
quality rivals than the average. The indicator will be equal to one in the case of the teams that main-
tain the same manager throughout the entire season. Obviously, the quality index will also be equal to
one if the change of manager occurs precisely halfway through the season, as both managers will
face the same teams.
4.2. Results
This section discusses the results obtained regarding the program efficiency of the various models
and programs specified in Section 4.1. We have not included the results of managerial efficiency, as
our interest lies in analyzing the differences in efficiency between the group of teams that changed
manager halfway through the season and the group that stuck by the same manager for the entire
season. Notwithstanding, both aggregated and individual results for intra-program or managerial effi-
ciency are available upon request.
Table 3 presents the averages and other descriptive statistics of program efficiency for the various
programs under consideration in each of the three models. In order to assess the statistical signifi-
cance of differences in efficiency between programs, following the recommendations in the literature
(Brockett & Golany, 1996), we have employed a simple t-test for equality of means and the non-
parametric Mann-Whitney ranksum test (MW test henceforth) for programs in MODEL1 and the
Kruskal-Wallis test (KW test henceforth), which generalizes the MW test for three or more groups in
the case of MODEL2 and MODEL3. Results are in Tables 4, 5 and 6.
Table 3. Estimates of program efficiency for models 1,2 and 3
Mean Standard Minimum Maximum Observations

deviation
ProgramNO 1.00048 0.00303 1 1.02428 104

MODEL1
ProgramYES 1.09906 0.06399 1 1.25717 56
ProgramNO 1.00991 0.02074 1 1.13551 104

MODEL2 ProgramYES1 1.16023 0.08741 1 1.43561 56
ProgramYES2 1.03820 0.07142 1 1.46077 56
ProgramNO 1.01248 0.02251 1 1.14512 104

MODEL3 ProgramYES1 1.15919 0.08279 1 1.31269 56
ProgramYES2 1.03127 0.06928 1 1.46953 56
12
Table 4. Results for t-test and Mann-Whitney test for programs in MODEL1
ProgramNO ProgramYES
Mean efficiency 1.00048 1.09906

t-test for equality
of means a Difference of means -0.0985
t-statistic (p-value) -11.5213 (0.0000)
Mann-Whitney Mean of ranks 54.56 128.68

test b Z-statistic (p-value) 9.6518 (0.0000)
a
The null hypothesis is that the difference of means is equal to zero.
b
The null hypothesis is that the two samples are drawn from the same population.
Table 5. Results for the Kruskal-Wallis test a for programs in MODEL2
ProgramNO ProgramYES1 ProgramYES2
Mean of ranks 69.80 179.52 109.36

H-statistic (p-value) 112.20 (0.0001)
a
The null hypothesis is that the three samples are drawn from the same population.
Table 6. Results for the Kruskal-Wallis test a for programs in MODEL3
ProgramNO ProgramYES1 ProgramYES2
Mean of ranks 74.52 179.75 100.36

H-statistic (p-value) 104.48 (0.0001)
a
The null hypothesis is that the three samples are drawn from the same population.
Before discussing the results, let us comment on how our methodological approach tackles the
first of the problems mentioned in Section 2 concerning the poor sporting results of teams usually ob-
served before taking the decision to dismiss the manager. On the one hand, when comparing the
sporting performance of teams under the orders of the first and second manager, we resort to a solu-
tion used frequently in the literature that consists of introducing the teams that did not change manag-
ers as a control group and which are used to construct the joint technological frontier.
On the other hand, the approach to program efficiency employed in this research also allows us to
account for this problem. While it is true that the decision to change managers is normally taken fol-
lowing a series of negative results, this may not always be the case. Discrepancies between the man-
ager and the Board of Directors or the players themselves can be, on occasions, what really triggers
the change, even when the sporting performance of the team has not declined, at least not exces-
13
sively.6 Such teams will more than likely be part of the efficient frontier of the group of teams under the
orders of the first manager. Under the program efficiency approach, when inefficient teams are pro-
jected onto the frontier of best practices of their group, managerial or intra-program inefficiency is be-
ing eliminated, forcing teams under the orders of the first manager to perform efficiently under the
constraint of being part of their own program. In less technical words, the starting point of our com-
parison to assess inter-program efficiency is not the observed sporting performance of teams with the
first coach, but rather the performance that these teams could have achieved by reaching best prac-
tices within their own program or group.
Going back to the results, MODEL1 shows that the teams which do not change managers (pro-
gramNO) perform, on average, better than the teams that have dismissed their manager mid-season
(programYES). Furthermore, according to the results of the t-test and the MW test, the difference is
statistically significant. However, MODEL1 does not allow us to verify whether the change of manager
improves or worsens the sporting performance of the team. This is precisely the objective of MODEL2
and MODEL3.
Let us recall, as detailed in Section 3, that MODEL2 includes a program for teams that do not
change managers halfway through the season (programNO), and two different programs for the teams
that do, one for the first manager (programYES1) and another for the second manager (progra-
mYES2). According to the results for the KW test, we reject the null hypothesis that the three samples
are drawn from the same population (see Table 5), so that we can accept that differences in program
efficiency among these programs are statistically significant. In addition to this, we have performed
bilateral comparisons between programs within MODEL2 using the simple two-sample t-test for equality
of means and the MW test. Results are presented in Table A1 in the Appendix and show that the
teams which do not change manager mid-season are more efficient than those which do, under both
the first and the second manager. Furthermore, the bilateral comparison of the efficiency averages of
programYES1 and programYES2 confirms that changing managers does improve the efficiency of the
team. In all cases the relationships are statistically significant at standard confidence levels.
The foregoing results could change when the quality of the opposing teams faced by the two dif-
ferent managers in the same season is considered. The purpose of MODEL3 is precisely to account for
these differences in quality. As explained in Section 4.1, in MODEL3 the output variable POINTS is re-
placed by QI-POINTS, which rewards the managers who have faced above average teams in terms of
quality and penalizes the managers who have played against below average teams. The differences in
efficiency between the three programs can also be accepted as being statistically significant in this
model. Here we have also performed bilateral comparisons between programs using the simple two-
sample t-test for equality of means and the MW test. The results obtained are in Table A2 in the Ap-
pendix and confirm the conclusions drawn from MODEL2. Again, we find that, following a mid-season
change of manager, team performance under the second manager is better than under the first. Not-
6
As an example, this could be the case of Real Madrid in the 2008/09 season, when German manager Bernd
Schuster was replaced by Spaniard Juande Ramos.
14
withstanding, although changing managers does result in an improvement, sporting performance does
not reach the level obtained by the teams that do not change managers.
In short, poor team planning at the beginning of the season can result in teams performing worse,
triggering the dismissal of the manager. The results of our research show that changing managers
halfway through the season improves a team’s sporting performance, but under no circumstances
allows it to reach the level of performance displayed by the teams that planned the season better and
found it unnecessary to change managers.
5. SUMMARY AND CONCLUSIONS
Sports clubs are eager to record positive sporting results, as this guarantees the support of fans
and makes it easier to generate income. When the sporting performance of a team fails to meet the
expectations of the executive team, the latter is forced to take action. On many occasions, the man-
ager bears the brunt of the criticism and is sacked. Although the manager is hired as part of the plan
for the entire season, mid-season manager changes are not uncommon. Do we sack the manager...
or is it better not to? is more than likely the first question that the Board of Directors asks before mak-
ing a decision.
This research is aimed at shedding further light on the current debate regarding the relationship
between dismissing the manager and sporting performance. We analyze the impact that changing
managers has on the sporting performance of the teams that played in La Liga in the seasons dating
from 2001/02 to 2008/09, both inclusive. Our main contribution to the existing literature in this field of
research is the use of Data Envelopment Analysis techniques and the assessment of so-called pro-
gram efficiency. This approach allows us to separate the inefficiency that can be attributed to the
management of the club, from program efficiency, due to a given group or production program which,
in this case, is established depending on whether or not a team has changed managers mid-season.
Our primary results are as follows: first, a club normally changes managers halfway through a
season when the team is not performing well. Second, changes of manager have improved the sport-
ing performance of Spanish football teams. Third, although sporting performance improves after a
change of manager, the team is unable to record the same level of performance as the teams that
have not changed managers. These results suggest that changing managers can be the right decision
in order to improve a team’s sporting performance, but under no circumstances will this move be as
successful as correctly planning the squad and the team of specialists at the beginning of the season.
In comparison to the results of previous research on the effect of changing managers on sporting
performance, our findings do not support the vicious-circle or ritual spacegoating theories, but rather
appear to contribute empirical substance to the common-sense theory. That is, deciding to change
managers can improve the sporting performance of football teams. This result might be of interest to
club executives: when a team is not performing well, deciding to change managers mid-season can
improve the situation and not only appease fans and the media. Consequently, as regards the ques-
tion that was the reason behind this study, we would have to respond that changing managers can be
15
a good move when a team is not performing well. However, the executive team would be recom-
mended to plan the season well beforehand to avoid finding themselves in a situation where they must
change managers halfway through.
References
Ali, A., and Seiford, L. (1993). The mathematical programming approach to efficiency analysis. In
Fried, H., Lovell, C.A.K. and Schmidt, S. (Editors), The measurement of productive efficiency:
Techniques and applications, Oxford University Press, Oxford.
Anwandter, L., and Osuna, T. (2002). Can public sector reforms improve the efficiency of public water
utilities? Environment and Development Economics, 7(4), 687-700.
Audas, R.; Dobson, S., and Goddard, J. (1997). Team performance and managerial change in the
English football league. Economic Affairs, 17, 30–36.
Audas, R.; Dobson, S., and Goddard, J. (1999). Organizational performance and managerial turnover.
Managerial and Decision Economics, 20, 305–318.
Audas, R.; Dobson, S., and Goddard, J. (2002). The impact of managerial change on team perform-
ance in professional sports. Journal of Economics and Business, 54, 633–651.
Audas, R.; Goddard, J., and Rowe, G. (2006). Modelling Employment Durations of NHL Head
Coaches: Turnover and Post-succession Performance. Managerial and Decision Economics,
27, 293-306.
Banker, R.D., Charnes, A., and Cooper, W.W. (1984). Some models for estimating technical and scale
inefficiencies in Data Envelopment Analysis. Management Science, 30, 1078-1092.
Barros, C.P., and Leach, S. (2006). Performance evaluation of the English Premier Football League
with data envelopment analysis. Applied Economics, 38, 1449-1458.
Barros, C.P., del Corral, J., and García-del-Barrio, P. (2008). Identification of segments of soccer
clubs in the Spanish League First Division with a latent class model. Journal of Sports Econom-
ics, 9, 451-469.
Brockett, P., and Golany, B. (1996). Using rank statistics for determining programmatic efficiency dif-
ferences in Data Envelopment Analysis. Management Science, 42(3), 466-472.
Brown, M. (1982). Administrative succession and organizational performance: The succession effect.
Administrative Science Quarterly, 27, 1–16.
Bruinshoofd, A., and ter Weel, B. (2003). Manager to go? Performance dips reconsidered with evi-
dence from Dutch football. European Journal of Operational Research, 148, 233–246.
Cannella Jr., A.A., and Rowe, W.G. (1995). Leader capabilities, succession and competitive context: A
baseball study. The Leadership Quarterly, 1, 69–88.
16
Carmichael, F., and Thomas, D. (1995). Production and efficiency in team sports: an investigation of
rugby league football. Applied Economics, 27, 859-869.
Charnes, A., Cooper, W.W., and Rhodes, E. (1978). Measuring the efficiency of decision making units.
European Journal of Operational Research, 2, 429-444.
Charnes, A., Cooper, W.W., and Rhodes, E. (1981). Evaluating program and managerial efficiency:
An application to Data Envelopment Analysis to program follow through. Management Science,
27, 668-697.
Cooper, W.W., Seiford, L., and Tone, K. (2007). Data envelopment analysis: a comprehensive text
with models, applications, references and DEA-Solver software. Springer Verlag, Boston.
Dawson, P., and Dobson, S. (2002). Managerial efficiency and human capital: an application to Eng-
lish Association Football. Managerial and Decision Economics, 23, 471-486.
Dawson, P., Dobson, S., and Gerrad, B. (2000a). Estimating coaching efficiency in professional team
sports: Evidence from English association football. Scottish Journal of Political Economy, 47,
(4), 399-421.
Dawson, P., Dobson, S., and Gerrad, B. (2000b). Stochastic frontiers and the temporal structure of
managerial efficiency in English soccer. Journal of Sports Economics, 1 (4), 341-362.
De Paola, M., and Scoppa, V. (2008). The Effects of Managerial Turnover: Evidence from Coach Dis-
missals in Italian Soccer Teams. Munich Personal RePEc Archive, MPRA. Paper No. 11030.
Edwards, J., and Archambault, D. (1989). The home field advantage. In Goldstein, J. (Editor), Sports,
games, and play: Social and psychological viewpoints (2nd edition, pp. 333-370). Hillsdale, NJ:
Lawrence Erlbaum.
Espitia-Escuer, M., and García-Cebrián, L.I. (2006). Performance in sports teams. Results and poten-
tial in the professional soccer league in Spain. Management Decision, 44, 1020-1030.
Fabianic, D. (1984). Organizational effectiveness and managerial succession. Journal of Sport Behav-
iour, 7, 139–152.
Fabianic, D. (1994). Managerial change and organizational effectiveness in Major League Baseball:
findings for the eighties. Journal of Sport Behaviour, 17, 135–147.
Farrell, M.J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Soci-
ety, Series A, 120(3), 235-290.
Fizel, J.L., and D’itri, M. (1996). Estimating managerial efficiency: the case of college basketball
coaches. Journal of Sport Management, 10, 435–445.
Fizel, J.L., and D’itri, M. (1997). Managerial efficiency, managerial succession and organizational per-
formance. Managerial and Decision Economics, 18, 295-308.
Fizel, J.L., and D’itri, M. (1999). Firing and hiring of managers: does efficiency matter? Journal of
Management, 25 (4), 567-585.
17
Flores, R., Forrest, D., and Tena, J.D. (2008). Decision taking with external pressure: evidence on
football manager dismissals in Argentina and their consequences. Documentos de Trabajo
FUNCAS, nº411.
Forrest, D., and Simmons, R. (2002). Team salaries and playing success in sports: a comparative
perspective. Zeitschrift für Betriebswirtschaft, 62, 221–37.
Gamson, W.A., and Scotch, N.A. (1964). Scapegoating in baseball. American Journal of Sociology,
70, 69–72.
Gattoufi, S., Oral, M., and Reisman, A. (2004). Data Envelopment Analysis literature: a bibliography
update (1951-2001). Socio-Economic Planning Sciences, 38, 159-229.
Giambatista, R.C. (2004). Jumping through hoops: A longitudinal study of leader life cycles in the
NBA. The Leadership Quarterly, 15, 607-624.
González-Gómez, F., and Picazo-Tadeo, A.J. (2010). Can we be satisfied with our football team?
Evidence from Spanish professional football. Journal of Sports Economics, in press;
doi:10.1177/1527002509341020.
Grusky, O. (1963). Managerial succession and organizational effectiveness. American Journal of So-
ciology, 69, 21–31.
Haas, D.J. (2003). Technical efficiency in Major League Soccer. Journal of Sports Economics, 4, 203-
215.
Kesner, F., and Sebora, T. (1994). Executive succession: Past, present and future. Journal of
Management, 20, 327-372.
Koning, R. (2003). An econometric evaluation of the effect of firing a coach on team performance.
Applied Economics, 35, 555–564.
Koopmans, T. (1951). Analysis of production as an efficient combination of activities. In Koopmans, T.

(Editor) Activity analysis of production and allocation. John Willey and Sons, New York.
McTeer, W., White, P.G., and Persad, S. (1995). Manager/coach mid-season replacement and team
performance in professional team sport. Journal of Sport Behaviour, 18, 58–68.
Maximiano, S. (2006). Does replacing a manager improve performance? University of Chicago. De-
partment of Economics. Mimeo.
Nevill, A., Balmer, N., and Williams, A. (2002). The influence of crowd noise and experience upon
refereeing decisions in association football. Psychology of Sport and Exercise, 3, 261-272.
Picazo-Tadeo, A.J., and González-Gómez, F. (2010). Does playing several competitions influence a
team’s league performance? Evidence from Spanish professional football. Central European
Journal of Operations Research, in press; doi: 10.1007/s10100-009-0117-z.
Rottenberg S. (1956). The baseball player’s labor-market, Journal of Political Economy. 64, 242–58.
18
Rowe, G., Cannella, A., Rankin. D., and Gorman. D. (2005). Leader succession and organizational
performance: Integrating the common-sense, ritual scapegoating, and vicious-circle succession
theories. The Leadership Quarterly, 16, 197–219.
Salomo, S., and Teichmann, K. (2000). The Relationship of Performance and Managerial Succession
in the German Premier Soccer League. European Journal for Sport Management, 7, 99–119.
Scully, G.W. (1974). Pay and performance in Major League Baseball. American Economic Review, 64,
915-930.
Shephard, R.W. (1970). Theory of cost and production functions. Princeton University Press, Prince-
ton.
Smart, D., Winfree, J., and Wolfe, R. (2008). Major league baseball managers: Do they matter? Jour-
nal of Sport Management, 22, 303-321.
Szymanski, S., and Smith, R. (1997). The English football industry: profit, performance and industrial
structure. International Review of Applied Economics, 11, 135-153.
Tena, J.D., and Forrest, D. (2007). Within-season dismissal of football coaches: Statistical analysis of
causes and consequences. European Journal of Operational Research, 181, 362–373.
Ter Weel, B. (2005). Does manager turnover improve performance? New evidence using information
from Dutch soccer, 1986-2004, MERIT working paper.
19
Appendix
Table A1. Results for t-test and Mann-Whitney test for bilateral comparisons of programs in MODEL2
ProgramYES1 vs. Progra-

ProgramNO vs. ProgramYES1 ProgramNO vs. ProgramYES2
mYES2
t-test for equality Difference of means -0.15031 -0.02829 0.12202

of means a
t-statistic (p-value) -12.67711 (0.0000) -2.89925 (0.0000) 8.08906 (0.0000)
Mann-Whitney Mean of ranks 54.41 128.95 67.88 103.93 79.07 33.93

test b Z-statistic (p-value) 9.70547 (0.0000) 4.69354 (0.0000) -7.35547 (0.0000)
a
b
Table A2. Results for t-test and Mann-Whitney test for bilateral comparisons of programs in MODEL3
ProgramYES1 vs. Progra-

ProgramNO vs. ProgramYES1 ProgramNO vs. ProgramYES2
mYES2
t-test for equality Difference of means -0.14671 -0.018787 0.12792

of means a
t-statistic (p-value) -13.00349 (0.0000) -1.97378 (0.0265) 8.86685 (0.0000)
Mann-Whitney Mean of ranks 54.82 128.20 72.20 95.91 80.05 32.95

test b Z-statistic (p-value) 9.55522 (0.0000) 3.08729 (0.0017) -7.67552 (0.0000)
a
b
20
FUNDACIÓN DE LAS CAJAS DE AHORROS
DOCUMENTOS DE TRABAJO
Últimos números publicados
159/2000 Participación privada en la construcción y explotación de carreteras de peaje

Ginés de Rus, Manuel Romero y Lourdes Trujillo
160/2000 Errores y posibles soluciones en la aplicación del Value at Risk

Mariano González Sánchez
161/2000 Tax neutrality on saving assets. The spahish case before and after the tax reform
Cristina Ruza y de Paz-Curbera
162/2000 Private rates of return to human capital in Spain: new evidence

F. Barceinas, J. Oliver-Alonso, J.L. Raymond y J.L. Roig-Sabaté
163/2000 El control interno del riesgo. Una propuesta de sistema de límites

riesgo neutral
164/2001 La evolución de las políticas de gasto de las Administraciones Públicas en los años 90
Alfonso Utrilla de la Hoz y Carmen Pérez Esparrells
165/2001 Bank cost efficiency and output specification

Emili Tortosa-Ausina
166/2001 Recent trends in Spanish income distribution: A robust picture of falling income inequality
Josep Oliver-Alonso, Xavier Ramos y José Luis Raymond-Bara
167/2001 Efectos redistributivos y sobre el bienestar social del tratamiento de las cargas familiares en
el nuevo IRPF
Nuria Badenes Plá, Julio López Laborda, Jorge Onrubia Fernández
168/2001 The Effects of Bank Debt on Financial Structure of Small and Medium Firms in some Euro-
pean Countries
Mónica Melle-Hernández
169/2001 La política de cohesión de la UE ampliada: la perspectiva de España
Ismael Sanz Labrador
170/2002 Riesgo de liquidez de Mercado

171/2002 Los costes de administración para el afiliado en los sistemas de pensiones basados en cuentas
de capitalización individual: medida y comparación internacional.
José Enrique Devesa Carpio, Rosa Rodríguez Barrera, Carlos Vidal Meliá
172/2002 La encuesta continua de presupuestos familiares (1985-1996): descripción, representatividad

y propuestas de metodología para la explotación de la información de los ingresos y el gasto.
Llorenc Pou, Joaquín Alegre
173/2002 Modelos paramétricos y no paramétricos en problemas de concesión de tarjetas de credito.

Rosa Puertas, María Bonilla, Ignacio Olmeda
174/2002 Mercado único, comercio intra-industrial y costes de ajuste en las manufacturas españolas.
José Vicente Blanes Cristóbal
175/2003 La Administración tributaria en España. Un análisis de la gestión a través de los ingresos y

de los gastos.
Juan de Dios Jiménez Aguilera, Pedro Enrique Barrilao González
176/2003 The Falling Share of Cash Payments in Spain.

Santiago Carbó Valverde, Rafael López del Paso, David B. Humphrey
Publicado en “Moneda y Crédito” nº 217, pags. 167-189.
177/2003 Effects of ATMs and Electronic Payments on Banking Costs: The Spanish Case.
Santiago Carbó Valverde, Rafael López del Paso, David B. Humphrey
178/2003 Factors explaining the interest margin in the banking sectors of the European Union.
Joaquín Maudos y Juan Fernández Guevara
179/2003 Los planes de stock options para directivos y consejeros y su valoración por el mercado de
valores en España.
Mónica Melle Hernández
180/2003 Ownership and Performance in Europe and US Banking – A comparison of Commercial, Co-
operative & Savings Banks.
Yener Altunbas, Santiago Carbó y Phil Molyneux
181/2003 The Euro effect on the integration of the European stock markets.
Mónica Melle Hernández
182/2004 In search of complementarity in the innovation strategy: international R&D and external
knowledge acquisition.
Bruno Cassiman, Reinhilde Veugelers
183/2004 Fijación de precios en el sector público: una aplicación para el servicio municipal de sumi-
nistro de agua.
Mª Ángeles García Valiñas
184/2004 Estimación de la economía sumergida es España: un modelo estructural de variables latentes.

Ángel Alañón Pardo, Miguel Gómez de Antonio
185/2004 Causas políticas y consecuencias sociales de la corrupción.

Joan Oriol Prats Cabrera
186/2004 Loan bankers’ decisions and sensitivity to the audit report using the belief revision model.
Andrés Guiral Contreras and José A. Gonzalo Angulo
187/2004 El modelo de Black, Derman y Toy en la práctica. Aplicación al mercado español.

Marta Tolentino García-Abadillo y Antonio Díaz Pérez
188/2004 Does market competition make banks perform well?.

Mónica Melle
189/2004 Efficiency differences among banks: external, technical, internal, and managerial
Santiago Carbó Valverde, David B. Humphrey y Rafael López del Paso
190/2004 Una aproximación al análisis de los costes de la esquizofrenia en españa: los modelos jerár-
quicos bayesianos
F. J. Vázquez-Polo, M. A. Negrín, J. M. Cavasés, E. Sánchez y grupo RIRAG
191/2004 Environmental proactivity and business performance: an empirical analysis

Javier González-Benito y Óscar González-Benito
192/2004 Economic risk to beneficiaries in notional defined contribution accounts (NDCs)

Carlos Vidal-Meliá, Inmaculada Domínguez-Fabian y José Enrique Devesa-Carpio
193/2004 Sources of efficiency gains in port reform: non parametric malmquist decomposition tfp in-
dex for Mexico
Antonio Estache, Beatriz Tovar de la Fé y Lourdes Trujillo
194/2004 Persistencia de resultados en los fondos de inversión españoles

Alfredo Ciriaco Fernández y Rafael Santamaría Aquilué
195/2005 El modelo de revisión de creencias como aproximación psicológica a la formación del juicio
del auditor sobre la gestión continuada
Andrés Guiral Contreras y Francisco Esteso Sánchez
196/2005 La nueva financiación sanitaria en España: descentralización y prospectiva

David Cantarero Prieto
197/2005 A cointegration analysis of the Long-Run supply response of Spanish agriculture to the com-
mon agricultural policy
José A. Mendez, Ricardo Mora y Carlos San Juan
198/2005 ¿Refleja la estructura temporal de los tipos de interés del mercado español preferencia por la li-
quidez?
Magdalena Massot Perelló y Juan M. Nave
199/2005 Análisis de impacto de los Fondos Estructurales Europeos recibidos por una economía regional:
Un enfoque a través de Matrices de Contabilidad Social
M. Carmen Lima y M. Alejandro Cardenete
200/2005 Does the development of non-cash payments affect monetary policy transmission?
Santiago Carbó Valverde y Rafael López del Paso
201/2005 Firm and time varying technical and allocative efficiency: an application for port cargo han-
dling firms
Ana Rodríguez-Álvarez, Beatriz Tovar de la Fe y Lourdes Trujillo
202/2005 Contractual complexity in strategic alliances

Jeffrey J. Reuer y Africa Ariño
203/2005 Factores determinantes de la evolución del empleo en las empresas adquiridas por opa
Nuria Alcalde Fradejas y Inés Pérez-Soba Aguilar
204/2005 Nonlinear Forecasting in Economics: a comparison between Comprehension Approach versus

Learning Approach. An Application to Spanish Time Series
Elena Olmedo, Juan M. Valderas, Ricardo Gimeno and Lorenzo Escot
205/2005 Precio de la tierra con presión urbana: un modelo para España
Esther Decimavilla, Carlos San Juan y Stefan Sperlich
206/2005 Interregional migration in Spain: a semiparametric analysis

Adolfo Maza y José Villaverde
207/2005 Productivity growth in European banking

Carmen Murillo-Melchor, José Manuel Pastor y Emili Tortosa-Ausina
208/2005 Explaining Bank Cost Efficiency in Europe: Environmental and Productivity Influences.
Santiago Carbó Valverde, David B. Humphrey y Rafael López del Paso
209/2005 La elasticidad de sustitución intertemporal con preferencias no separables intratemporalmente: los

casos de Alemania, España y Francia.
Elena Márquez de la Cruz, Ana R. Martínez Cañete y Inés Pérez-Soba Aguilar
210/2005 Contribución de los efectos tamaño, book-to-market y momentum a la valoración de activos: el

caso español.
Begoña Font-Belaire y Alfredo Juan Grau-Grau
211/2005 Permanent income, convergence and inequality among countries

José M. Pastor and Lorenzo Serrano
212/2005 The Latin Model of Welfare: Do ‘Insertion Contracts’ Reduce Long-Term Dependence?
Luis Ayala and Magdalena Rodríguez
213/2005 The effect of geographic expansion on the productivity of Spanish savings banks
Manuel Illueca, José M. Pastor and Emili Tortosa-Ausina
214/2005 Dynamic network interconnection under consumer switching costs

Ángel Luis López Rodríguez
215/2005 La influencia del entorno socioeconómico en la realización de estudios universitarios: una aproxi-
mación al caso español en la década de los noventa
Marta Rahona López
216/2005 The valuation of spanish ipos: efficiency analysis

Susana Álvarez Otero
217/2005 On the generation of a regular multi-input multi-output technology using parametric output dis-
tance functions
Sergio Perelman and Daniel Santin
218/2005 La gobernanza de los procesos parlamentarios: la organización industrial del congreso de los di-
putados en España
Gonzalo Caballero Miguez
219/2005 Determinants of bank market structure: Efficiency and political economy variables
Francisco González
220/2005 Agresividad de las órdenes introducidas en el mercado español: estrategias, determinantes y me-
didas de performance
David Abad Díaz
221/2005 Tendencia post-anuncio de resultados contables: evidencia para el mercado español
Carlos Forner Rodríguez, Joaquín Marhuenda Fructuoso y Sonia Sanabria García
222/2005 Human capital accumulation and geography: empirical evidence in the European Union
Jesús López-Rodríguez, J. Andrés Faíña y Jose Lopez Rodríguez
223/2005 Auditors' Forecasting in Going Concern Decisions: Framing, Confidence and Information Proc-
essing
Waymond Rodgers and Andrés Guiral
224/2005 The effect of Structural Fund spending on the Galician region: an assessment of the 1994-1999
and 2000-2006 Galician CSFs
José Ramón Cancelo de la Torre, J. Andrés Faíña and Jesús López-Rodríguez
225/2005 The effects of ownership structure and board composition on the audit committee activity: Span-
ish evidence
Carlos Fernández Méndez and Rubén Arrondo García
226/2005 Cross-country determinants of bank income smoothing by managing loan loss provisions
Ana Rosa Fonseca and Francisco González
227/2005 Incumplimiento fiscal en el irpf (1993-2000): un análisis de sus factores determinantes

Alejandro Estellér Moré
228/2005 Region versus Industry effects: volatility transmission

Pilar Soriano Felipe and Francisco J. Climent Diranzo
229/2005 Concurrent Engineering: The Moderating Effect Of Uncertainty On New Product Development
Success
Daniel Vázquez-Bustelo and Sandra Valle
230/2005 On zero lower bound traps: a framework for the analysis of monetary policy in the ‘age’ of cen-
tral banks
Alfonso Palacio-Vera
231/2005 Reconciling Sustainability and Discounting in Cost Benefit Analysis: a methodological proposal
M. Carmen Almansa Sáez and Javier Calatrava Requena
232/2005 Can The Excess Of Liquidity Affect The Effectiveness Of The European Monetary Policy?
Santiago Carbó Valverde and Rafael López del Paso
233/2005 Inheritance Taxes In The Eu Fiscal Systems: The Present Situation And Future Perspectives.
Miguel Angel Barberán Lahuerta
234/2006 Bank Ownership And Informativeness Of Earnings.

Víctor M. González
235/2006 Developing A Predictive Method: A Comparative Study Of The Partial Least Squares Vs Maxi-
mum Likelihood Techniques.
Waymond Rodgers, Paul Pavlou and Andres Guiral.
236/2006 Using Compromise Programming for Macroeconomic Policy Making in a General Equilibrium
Framework: Theory and Application to the Spanish Economy.
Francisco J. André, M. Alejandro Cardenete y Carlos Romero.
237/2006 Bank Market Power And Sme Financing Constraints.
Santiago Carbó-Valverde, Francisco Rodríguez-Fernández y Gregory F. Udell.
238/2006 Trade Effects Of Monetary Agreements: Evidence For Oecd Countries.

Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano.
239/2006 The Quality Of Institutions: A Genetic Programming Approach.

Marcos Álvarez-Díaz y Gonzalo Caballero Miguez.
240/2006 La interacción entre el éxito competitivo y las condiciones del mercado doméstico como deter-
minantes de la decisión de exportación en las Pymes.
Francisco García Pérez.
241/2006 Una estimación de la depreciación del capital humano por sectores, por ocupación y en el
tiempo.
Inés P. Murillo.
242/2006 Consumption And Leisure Externalities, Economic Growth And Equilibrium Efficiency.
Manuel A. Gómez.
243/2006 Measuring efficiency in education: an analysis of different approaches for incorporating

non-discretionary inputs.
Jose Manuel Cordero-Ferrera, Francisco Pedraja-Chaparro y Javier Salinas-Jiménez
244/2006 Did The European Exchange-Rate Mechanism Contribute To The Integration Of Peripheral
Countries?.
Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano
245/2006 Intergenerational Health Mobility: An Empirical Approach Based On The Echp.

Marta Pascual and David Cantarero
246/2006 Measurement and analysis of the Spanish Stock Exchange using the Lyapunov exponent with
digital technology.
Salvador Rojí Ferrari and Ana Gonzalez Marcos
247/2006 Testing For Structural Breaks In Variance Withadditive Outliers And Measurement Errors.
Paulo M.M. Rodrigues and Antonio Rubia
248/2006 The Cost Of Market Power In Banking: Social Welfare Loss Vs. Cost Inefficiency.
Joaquín Maudos and Juan Fernández de Guevara
249/2006 Elasticidades de largo plazo de la demanda de vivienda: evidencia para España (1885-2000).
Desiderio Romero Jordán, José Félix Sanz Sanz y César Pérez López
250/2006 Regional Income Disparities in Europe: What role for location?.

Jesús López-Rodríguez and J. Andrés Faíña
251/2006 Funciones abreviadas de bienestar social: Una forma sencilla de simultanear la medición de la
eficiencia y la equidad de las políticas de gasto público.
Nuria Badenes Plá y Daniel Santín González
252/2006 “The momentum effect in the Spanish stock market: Omitted risk factors or investor behaviour?”.
Luis Muga and Rafael Santamaría
253/2006 Dinámica de precios en el mercado español de gasolina: un equilibrio de colusión tácita.

Jordi Perdiguero García
254/2006 Desigualdad regional en España: renta permanente versus renta corriente.
José M.Pastor, Empar Pons y Lorenzo Serrano
255/2006 Environmental implications of organic food preferences: an application of the impure public
goods model.
Ana Maria Aldanondo-Ochoa y Carmen Almansa-Sáez
256/2006 Family tax credits versus family allowances when labour supply matters: Evidence for Spain.
José Felix Sanz-Sanz, Desiderio Romero-Jordán y Santiago Álvarez-García
257/2006 La internacionalización de la empresa manufacturera española: efectos del capital humano

genérico y específico.
José López Rodríguez
258/2006 Evaluación de las migraciones interregionales en España, 1996-2004.

María Martínez Torres
259/2006 Efficiency and market power in Spanish banking.

Rolf Färe, Shawna Grosskopf y Emili Tortosa-Ausina.
260/2006 Asimetrías en volatilidad, beta y contagios entre las empresas grandes y pequeñas cotizadas en la
bolsa española.
Helena Chuliá y Hipòlit Torró.
261/2006 Birth Replacement Ratios: New Measures of Period Population Replacement.

José Antonio Ortega.
262/2006 Accidentes de tráfico, víctimas mortales y consumo de alcohol.

José Mª Arranz y Ana I. Gil.
263/2006 Análisis de la Presencia de la Mujer en los Consejos de Administración de las Mil Mayores Em-
presas Españolas.
Ruth Mateos de Cabo, Lorenzo Escot Mangas y Ricardo Gimeno Nogués.
264/2006 Crisis y Reforma del Pacto de Estabilidad y Crecimiento. Las Limitaciones de la Política Econó-
mica en Europa.
Ignacio Álvarez Peralta.
265/2006 Have Child Tax Allowances Affected Family Size? A Microdata Study For Spain (1996-2000).
Jaime Vallés-Giménez y Anabel Zárate-Marco.
266/2006 Health Human Capital And The Shift From Foraging To Farming.
Paolo Rungo.
267/2006 Financiación Autonómica y Política de la Competencia: El Mercado de Gasolina en Canarias.

Juan Luis Jiménez y Jordi Perdiguero.
268/2006 El cumplimiento del Protocolo de Kyoto para los hogares españoles: el papel de la imposición
sobre la energía.
Desiderio Romero-Jordán y José Félix Sanz-Sanz.
269/2006 Banking competition, financial dependence and economic growth

Joaquín Maudos y Juan Fernández de Guevara
270/2006 Efficiency, subsidies and environmental adaptation of animal farming under CAP
Werner Kleinhanß, Carmen Murillo, Carlos San Juan y Stefan Sperlich
271/2006 Interest Groups, Incentives to Cooperation and Decision-Making Process in the European Union
A. Garcia-Lorenzo y Jesús López-Rodríguez
272/2006 Riesgo asimétrico y estrategias de momentum en el mercado de valores español

Luis Muga y Rafael Santamaría
273/2006 Valoración de capital-riesgo en proyectos de base tecnológica e innovadora a través de la teoría

de opciones reales
Gracia Rubio Martín
274/2006 Capital stock and unemployment: searching for the missing link
Ana Rosa Martínez-Cañete, Elena Márquez de la Cruz, Alfonso Palacio-Vera and Inés Pérez-
Soba Aguilar
275/2006 Study of the influence of the voters’ political culture on vote decision through the simulation of a
political competition problem in Spain
Sagrario Lantarón, Isabel Lillo, Mª Dolores López and Javier Rodrigo
276/2006 Investment and growth in Europe during the Golden Age

Antonio Cubel and Mª Teresa Sanchis
277/2006 Efectos de vincular la pensión pública a la inversión en cantidad y calidad de hijos en un
modelo de equilibrio general
Robert Meneu Gaya
278/2006 El consumo y la valoración de activos
Elena Márquez y Belén Nieto
279/2006 Economic growth and currency crisis: A real exchange rate entropic approach
David Matesanz Gómez y Guillermo J. Ortega
280/2006 Three measures of returns to education: An illustration for the case of Spain
María Arrazola y José de Hevia
281/2006 Composition of Firms versus Composition of Jobs
Antoni Cunyat
282/2006 La vocación internacional de un holding tranviario belga: la Compagnie Mutuelle de Tram-
ways, 1895-1918
Alberte Martínez López
283/2006 Una visión panorámica de las entidades de crédito en España en la última década.
Constantino García Ramos
284/2006 Foreign Capital and Business Strategies: a comparative analysis of urban transport in Madrid and
Barcelona, 1871-1925
285/2006 Los intereses belgas en la red ferroviaria catalana, 1890-1936

286/2006 The Governance of Quality: The Case of the Agrifood Brand Names
Marta Fernández Barcala, Manuel González-Díaz y Emmanuel Raynaud
287/2006 Modelling the role of health status in the transition out of malthusian equilibrium
Paolo Rungo, Luis Currais and Berta Rivera
288/2006 Industrial Effects of Climate Change Policies through the EU Emissions Trading Scheme
Xavier Labandeira and Miguel Rodríguez
289/2006 Globalisation and the Composition of Government Spending: An analysis for OECD countries
Norman Gemmell, Richard Kneller and Ismael Sanz
290/2006 La producción de energía eléctrica en España: Análisis económico de la actividad tras la liberali-
zación del Sector Eléctrico
Fernando Hernández Martínez
291/2006 Further considerations on the link between adjustment costs and the productivity of R&D invest-
ment: evidence for Spain
Desiderio Romero-Jordán, José Félix Sanz-Sanz and Inmaculada Álvarez-Ayuso
292/2006 Una teoría sobre la contribución de la función de compras al rendimiento empresarial

Javier González Benito
293/2006 Agility drivers, enablers and outcomes: empirical test of an integrated agile manufacturing model
Daniel Vázquez-Bustelo, Lucía Avella and Esteban Fernández
294/2006 Testing the parametric vs the semiparametric generalized mixed effects models
María José Lombardía and Stefan Sperlich
295/2006 Nonlinear dynamics in energy futures

Mariano Matilla-García
296/2006 Estimating Spatial Models By Generalized Maximum Entropy Or How To Get Rid Of W
Esteban Fernández Vázquez, Matías Mayor Fernández and Jorge Rodriguez-Valez
297/2006 Optimización fiscal en las transmisiones lucrativas: análisis metodológico

Félix Domínguez Barrero
298/2006 La situación actual de la banca online en España

Francisco José Climent Diranzo y Alexandre Momparler Pechuán
299/2006 Estrategia competitiva y rendimiento del negocio: el papel mediador de la estrategia y

las capacidades productivas
Javier González Benito y Isabel Suárez González
300/2006 A Parametric Model to Estimate Risk in a Fixed Income Portfolio

Pilar Abad and Sonia Benito
301/2007 Análisis Empírico de las Preferencias Sociales Respecto del Gasto en Obra Social de las Cajas de
Ahorros
Alejandro Esteller-Moré, Jonathan Jorba Jiménez y Albert Solé-Ollé
302/2007 Assessing the enlargement and deepening of regional trading blocs: The European Union case
Salvador Gil-Pareja, Rafael Llorca-Vivero y José Antonio Martínez-Serrano
303/2007 ¿Es la Franquicia un Medio de Financiación?: Evidencia para el Caso Español

Vanesa Solís Rodríguez y Manuel González Díaz
304/2007 On the Finite-Sample Biases in Nonparametric Testing for Variance Constancy

Paulo M.M. Rodrigues and Antonio Rubia
305/2007 Spain is Different: Relative Wages 1989-98

José Antonio Carrasco Gallego
306/2007 Poverty reduction and SAM multipliers: An evaluation of public policies in a regional framework
Francisco Javier De Miguel-Vélez y Jesús Pérez-Mayo
307/2007 La Eficiencia en la Gestión del Riesgo de Crédito en las Cajas de Ahorro

Marcelino Martínez Cabrera
308/2007 Optimal environmental policy in transport: unintended effects on consumers' generalized price
M. Pilar Socorro and Ofelia Betancor
309/2007 Agricultural Productivity in the European Regions: Trends and Explanatory Factors
Roberto Ezcurra, Belen Iráizoz, Pedro Pascual and Manuel Rapún
310/2007 Long-run Regional Population Divergence and Modern Economic Growth in Europe: a Case
Study of Spain
María Isabel Ayuda, Fernando Collantes and Vicente Pinilla
311/2007 Financial Information effects on the measurement of Commercial Banks’ Efficiency

Borja Amor, María T. Tascón and José L. Fanjul
312/2007 Neutralidad e incentivos de las inversiones financieras en el nuevo IRPF

Félix Domínguez Barrero
313/2007 The Effects of Corporate Social Responsibility Perceptions on The Valuation of Common Stock
Waymond Rodgers , Helen Choy and Andres Guiral-Contreras
314/2007 Country Creditor Rights, Information Sharing and Commercial Banks’ Profitability Persistence
across the world
Borja Amor, María T. Tascón and José L. Fanjul
315/2007 ¿Es Relevante el Déficit Corriente en una Unión Monetaria? El Caso Español
Javier Blanco González y Ignacio del Rosal Fernández
316/2007 The Impact of Credit Rating Announcements on Spanish Corporate Fixed Income Performance:
Returns, Yields and Liquidity
Pilar Abad, Antonio Díaz and M. Dolores Robles
317/2007 Indicadores de Lealtad al Establecimiento y Formato Comercial Basados en la Distribución del

Presupuesto
Cesar Augusto Bustos Reyes y Óscar González Benito
318/2007 Migrants and Market Potential in Spain over The XXth Century: A Test Of The New Economic
Geography
Daniel A. Tirado, Jordi Pons, Elisenda Paluzie and Javier Silvestre
319/2007 El Impacto del Coste de Oportunidad de la Actividad Emprendedora en la Intención de los Ciu-
dadanos Europeos de Crear Empresas
Luis Miguel Zapico Aldeano
320/2007 Los belgas y los ferrocarriles de vía estrecha en España, 1887-1936

321/2007 Competición política bipartidista. Estudio geométrico del equilibrio en un caso ponderado
Isabel Lillo, Mª Dolores López y Javier Rodrigo
322/2007 Human resource management and environment management systems: an empirical study
Mª Concepción López Fernández, Ana Mª Serrano Bedia and Gema García Piqueres
323/2007 Wood and industrialization. evidence and hypotheses from the case of Spain, 1860-1935.
Iñaki Iriarte-Goñi and María Isabel Ayuda Bosque
324/2007 New evidence on long-run monetary neutrality.

J. Cunado, L.A. Gil-Alana and F. Perez de Gracia
325/2007 Monetary policy and structural changes in the volatility of us interest rates.
Juncal Cuñado, Javier Gomez Biscarri and Fernando Perez de Gracia
326/2007 The productivity effects of intrafirm diffusion.

Lucio Fuentelsaz, Jaime Gómez and Sergio Palomas
327/2007 Unemployment duration, layoffs and competing risks.

J.M. Arranz, C. García-Serrano and L. Toharia
328/2007 El grado de cobertura del gasto público en España respecto a la UE-15

Nuria Rueda, Begoña Barruso, Carmen Calderón y Mª del Mar Herrador
329/2007 The Impact of Direct Subsidies in Spain before and after the CAP'92 Reform
Carmen Murillo, Carlos San Juan and Stefan Sperlich
330/2007 Determinants of post-privatisation performance of Spanish divested firms

Laura Cabeza García and Silvia Gómez Ansón
331/2007 ¿Por qué deciden diversificar las empresas españolas? Razones oportunistas versus razones
económicas
Almudena Martínez Campillo
332/2007 Dynamical Hierarchical Tree in Currency Markets

Juan Gabriel Brida, David Matesanz Gómez and Wiston Adrián Risso
333/2007 Los determinantes sociodemográficos del gasto sanitario. Análisis con microdatos individuales
Ana María Angulo, Ramón Barberán, Pilar Egea y Jesús Mur
334/2007 Why do companies go private? The Spanish case

Inés Pérez-Soba Aguilar
335/2007 The use of gis to study transport for disabled people

Verónica Cañal Fernández
336/2007 The long run consequences of M&A: An empirical application

Cristina Bernad, Lucio Fuentelsaz and Jaime Gómez
337/2007 Las clasificaciones de materias en economía: principios para el desarrollo de una nueva
clasificación
Valentín Edo Hernández
338/2007 Reforming Taxes and Improving Health: A Revenue-Neutral Tax Reform to Eliminate Medical
and Pharmaceutical VAT
Santiago Álvarez-García, Carlos Pestana Barros y Juan Prieto-Rodriguez
339/2007 Impacts of an iron and steel plant on residential property values

Celia Bilbao-Terol
340/2007 Firm size and capital structure: Evidence using dynamic panel data
Víctor M. González and Francisco González
341/2007 ¿Cómo organizar una cadena hotelera? La elección de la forma de gobierno
Marta Fernández Barcala y Manuel González Díaz
342/2007 Análisis de los efectos de la decisión de diversificar: un contraste del marco teórico “Agencia-
Stewardship”
Almudena Martínez Campillo y Roberto Fernández Gago
343/2007 Selecting portfolios given multiple eurostoxx-based uncertainty scenarios: a stochastic goal pro-
gramming approach from fuzzy betas
Enrique Ballestero, Blanca Pérez-Gladish, Mar Arenas-Parra and Amelia Bilbao-Terol
344/2007 “El bienestar de los inmigrantes y los factores implicados en la decisión de emigrar”
Anastasia Hernández Alemán y Carmelo J. León
345/2007 Governance Decisions in the R&D Process: An Integrative Framework Based on TCT and Know-
ledge View of The Firm.
Andrea Martínez-Noya and Esteban García-Canal
346/2007 Diferencias salariales entre empresas públicas y privadas. El caso español

Begoña Cueto y Nuria Sánchez- Sánchez
347/2007 Effects of Fiscal Treatments of Second Home Ownership on Renting Supply

Celia Bilbao Terol and Juan Prieto Rodríguez
348/2007 Auditors’ ethical dilemmas in the going concern evaluation

Andres Guiral, Waymond Rodgers, Emiliano Ruiz and Jose A. Gonzalo
349/2007 Convergencia en capital humano en España. Un análisis regional para el periodo 1970-2004
Susana Morales Sequera y Carmen Pérez Esparrells
350/2007 Socially responsible investment: mutual funds portfolio selection using fuzzy multiobjective pro-
gramming
Blanca Mª Pérez-Gladish, Mar Arenas-Parra , Amelia Bilbao-Terol and Mª Victoria Rodríguez-
Uría
351/2007 Persistencia del resultado contable y sus componentes: implicaciones de la medida de ajustes por
devengo
Raúl Iñiguez Sánchez y Francisco Poveda Fuentes
352/2007 Wage Inequality and Globalisation: What can we Learn from the Past? A General Equilibrium
Approach
Concha Betrán, Javier Ferri and Maria A. Pons
353/2007 Eficacia de los incentivos fiscales a la inversión en I+D en España en los años noventa
Desiderio Romero Jordán y José Félix Sanz Sanz
354/2007 Convergencia regional en renta y bienestar en España

Robert Meneu Gaya
355/2007 Tributación ambiental: Estado de la Cuestión y Experiencia en España

Ana Carrera Poncela
356/2007 Salient features of dependence in daily us stock market indices

Luis A. Gil-Alana, Juncal Cuñado and Fernando Pérez de Gracia
357/2007 La educación superior: ¿un gasto o una inversión rentable para el sector público?
Inés P. Murillo y Francisco Pedraja
358/2007 Effects of a reduction of working hours on a model with job creation and job destruction
Emilio Domínguez, Miren Ullibarri y Idoya Zabaleta
359/2007 Stock split size, signaling and earnings management: Evidence from the Spanish market
José Yagüe, J. Carlos Gómez-Sala and Francisco Poveda-Fuentes
360/2007 Modelización de las expectativas y estrategias de inversión en mercados de derivados

Begoña Font-Belaire
361/2008 Trade in capital goods during the golden age, 1953-1973

Mª Teresa Sanchis and Antonio Cubel
362/2008 El capital económico por riesgo operacional: una aplicación del modelo de distribución de
pérdidas
Enrique José Jiménez Rodríguez y José Manuel Feria Domínguez
363/2008 The drivers of effectiveness in competition policy

Joan-Ramon Borrell and Juan-Luis Jiménez
364/2008 Corporate governance structure and board of directors remuneration policies:

evidence from Spain
Carlos Fernández Méndez, Rubén Arrondo García and Enrique Fernández Rodríguez
365/2008 Beyond the disciplinary role of governance: how boards and donors add value to Spanish founda-
tions
Pablo De Andrés Alonso, Valentín Azofra Palenzuela y M. Elena Romero Merino
366/2008 Complejidad y perfeccionamiento contractual para la contención del oportunismo en los acuerdos
de franquicia
Vanesa Solís Rodríguez y Manuel González Díaz
367/2008 Inestabilidad y convergencia entre las regiones europeas

Jesús Mur, Fernando López y Ana Angulo
368/2008 Análisis espacial del cierre de explotaciones agrarias

Ana Aldanondo Ochoa, Carmen Almansa Sáez y Valero Casanovas Oliva
369/2008 Cross-Country Efficiency Comparison between Italian and Spanish Public Universities in the
period 2000-2005
Tommaso Agasisti and Carmen Pérez Esparrells
370/2008 El desarrollo de la sociedad de la información en España: un análisis por comunidades autónomas

María Concepción García Jiménez y José Luis Gómez Barroso
371/2008 El medioambiente y los objetivos de fabricación: un análisis de los modelos estratégicos para su
consecución
Lucía Avella Camarero, Esteban Fernández Sánchez y Daniel Vázquez-Bustelo
372/2008 Influence of bank concentration and institutions on capital structure: New international evidence
Víctor M. González and Francisco González
373/2008 Generalización del concepto de equilibrio en juegos de competición política

Mª Dolores López González y Javier Rodrigo Hitos
374/2008 Smooth Transition from Fixed Effects to Mixed Effects Models in Multi-level regression Models
María José Lombardía and Stefan Sperlich
375/2008 A Revenue-Neutral Tax Reform to Increase Demand for Public Transport Services
Carlos Pestana Barros and Juan Prieto-Rodriguez
376/2008 Measurement of intra-distribution dynamics: An application of different approaches to the Euro-

pean regions
Adolfo Maza, María Hierro and José Villaverde
377/2008 Migración interna de extranjeros y ¿nueva fase en la convergencia?

María Hierro y Adolfo Maza
378/2008 Efectos de la Reforma del Sector Eléctrico: Modelización Teórica y Experiencia Internacional
Ciro Eduardo Bazán Navarro
379/2008 A Non-Parametric Independence Test Using Permutation Entropy

Mariano Matilla-García and Manuel Ruiz Marín
380/2008 Testing for the General Fractional Unit Root Hypothesis in the Time Domain
Uwe Hassler, Paulo M.M. Rodrigues and Antonio Rubia
381/2008 Multivariate gram-charlier densities

Esther B. Del Brio, Trino-Manuel Ñíguez and Javier Perote
382/2008 Analyzing Semiparametrically the Trends in the Gender Pay Gap - The Example of Spain
Ignacio Moral-Arce, Stefan Sperlich, Ana I. Fernández-Saínz and Maria J. Roca
383/2008 A Cost-Benefit Analysis of a Two-Sided Card Market

Santiago Carbó Valverde, David B. Humphrey, José Manuel Liñares Zegarra and Francisco Rod-
riguez Fernandez
384/2008 A Fuzzy Bicriteria Approach for Journal Deselection in a Hospital Library

M. L. López-Avello, M. V. Rodríguez-Uría, B. Pérez-Gladish, A. Bilbao-Terol, M. Arenas-Parra
385/2008 Valoración de las grandes corporaciones farmaceúticas, a través del análisis de sus principales
intangibles, con el método de opciones reales
Gracia Rubio Martín y Prosper Lamothe Fernández
386/2008 El marketing interno como impulsor de las habilidades comerciales de las pyme españolas:
efectos en los resultados empresariales
Mª Leticia Santos Vijande, Mª José Sanzo Pérez, Nuria García Rodríguez y Juan A. Trespalacios
Gutiérrez
387/2008 Understanding Warrants Pricing: A case study of the financial market in Spain
David Abad y Belén Nieto
388/2008 Aglomeración espacial, Potencial de Mercado y Geografía Económica: Una revisión de la litera-
tura
Jesús López-Rodríguez y J. Andrés Faíña
389/2008 An empirical assessment of the impact of switching costs and first mover advantages on firm
performance
Jaime Gómez, Juan Pablo Maícas
390/2008 Tender offers in Spain: testing the wave

Ana R. Martínez-Cañete y Inés Pérez-Soba Aguilar
391/2008 La integración del mercado español a finales del siglo XIX: los precios del trigo entre 1891 y
1905
Mariano Matilla García, Pedro Pérez Pascual y Basilio Sanz Carnero
392/2008 Cuando el tamaño importa: estudio sobre la influencia de los sujetos políticos en la balanza de
bienes y servicios
Alfonso Echazarra de Gregorio
393/2008 Una visión cooperativa de las medidas ante el posible daño ambiental de la desalación
Borja Montaño Sanz
394/2008 Efectos externos del endeudamiento sobre la calificación crediticia de las Comunidades Autóno-
mas
Andrés Leal Marcos y Julio López Laborda
395/2008 Technical efficiency and productivity changes in Spanish airports: A parametric distance func-
tions approach
Beatriz Tovar & Roberto Rendeiro Martín-Cejas
396/2008 Network analysis of exchange data: Interdependence drives crisis contagion

David Matesanz Gómez & Guillermo J. Ortega
397/2008 Explaining the performance of Spanish privatised firms: a panel data approach
Laura Cabeza Garcia and Silvia Gomez Anson
398/2008 Technological capabilities and the decision to outsource R&D services

Andrea Martínez-Noya and Esteban García-Canal
399/2008 Hybrid Risk Adjustment for Pharmaceutical Benefits

Manuel García-Goñi, Pere Ibern & José María Inoriza
400/2008 The Team Consensus–Performance Relationship and the Moderating Role of Team Diversity
José Henrique Dieguez, Javier González-Benito and Jesús Galende
401/2008 The institutional determinants of CO2 emissions: A computational modelling approach using Arti-
ficial Neural Networks and Genetic Programming
Marcos Álvarez-Díaz , Gonzalo Caballero Miguez and Mario Soliño
402/2008 Alternative Approaches to Include Exogenous Variables in DEA Measures: A Comparison Using
Monte Carlo
José Manuel Cordero-Ferrera, Francisco Pedraja-Chaparro and Daniel Santín-González
403/2008 Efecto diferencial del capital humano en el crecimiento económico andaluz entre 1985 y 2004:
comparación con el resto de España
Mª del Pópulo Pablo-Romero Gil-Delgado y Mª de la Palma Gómez-Calero Valdés
404/2008 Análisis de fusiones, variaciones conjeturales y la falacia del estimador en diferencias

Juan Luis Jiménez y Jordi Perdiguero
405/2008 Política fiscal en la uem: ¿basta con los estabilizadores automáticos?

Jorge Uxó González y Mª Jesús Arroyo Fernández
406/2008 Papel de la orientación emprendedora y la orientación al mercado en el éxito de las empresas

Óscar González-Benito, Javier González-Benito y Pablo A. Muñoz-Gallego
407/2008 La presión fiscal por impuesto sobre sociedades en la unión europea

Elena Fernández Rodríguez, Antonio Martínez Arias y Santiago Álvarez García
408/2008 The environment as a determinant factor of the purchasing and supply strategy: an empirical ana-
lysis
Dr. Javier González-Benito y MS Duilio Reis da Rocha
409/2008 Cooperation for innovation: the impact on innovatory effort

Gloria Sánchez González and Liliana Herrera
410/2008 Spanish post-earnings announcement drift and behavioral finance models

Carlos Forner and Sonia Sanabria
411/2008 Decision taking with external pressure: evidence on football manager dismissals in argentina and
their consequences
Ramón Flores, David Forrest and Juan de Dios Tena
412/2008 Comercio agrario latinoamericano, 1963-2000: aplicación de la ecuación gravitacional para flujos
desagregados de comercio
Raúl Serrano y Vicente Pinilla
413/2008 Voter heuristics in Spain: a descriptive approach elector decision

José Luís Sáez Lozano and Antonio M. Jaime Castillo
414/2008 Análisis del efecto área de salud de residencia sobre la utilización y acceso a los servicios sanita-
rios en la Comunidad Autónoma Canaria
Ignacio Abásolo Alessón, Lidia García Pérez, Raquel Aguiar Ibáñez y Asier Amador Robayna
415/2008 Impact on competitive balance from allowing foreign players in a sports league: an analytical
model and an empirical test
Ramón Flores, David Forrest & Juan de Dios Tena
416/2008 Organizational innovation and productivity growth: Assessing the impact of outsourcing on firm
performance
Alberto López
417/2008 Value Efficiency Analysis of Health Systems

Eduardo González, Ana Cárcaba & Juan Ventura
418/2008 Equidad en la utilización de servicios sanitarios públicos por comunidades autónomas en España:
un análisis multinivel
Ignacio Abásolo, Jaime Pinilla, Miguel Negrín, Raquel Aguiar y Lidia García
419/2008 Piedras en el camino hacia Bolonia: efectos de la implantación del EEES sobre los resultados
académicos
Carmen Florido, Juan Luis Jiménez e Isabel Santana
420/2008 The welfare effects of the allocation of airlines to different terminals

M. Pilar Socorro and Ofelia Betancor
421/2008 How bank capital buffers vary across countries. The influence of cost of deposits, market power
and bank regulation
Ana Rosa Fonseca and Francisco González
422/2008 Analysing health limitations in spain: an empirical approach based on the european community
household panel
Marta Pascual and David Cantarero
423/2008 Regional productivity variation and the impact of public capital stock: an analysis with spatial
interaction, with reference to Spain
Miguel Gómez-Antonio and Bernard Fingleton
424/2008 Average effect of training programs on the time needed to find a job. The case of the training
schools program in the south of Spain (Seville, 1997-1999).
José Manuel Cansino Muñoz-Repiso and Antonio Sánchez Braza
425/2008 Medición de la eficiencia y cambio en la productividad de las empresas distribuidoras de electri-

cidad en Perú después de las reformas
Raúl Pérez-Reyes y Beatriz Tovar
426/2008 Acercando posturas sobre el descuento ambiental: sondeo Delphi a expertos en el ámbito interna-
cional
Carmen Almansa Sáez y José Miguel Martínez Paz
427/2008 Determinants of abnormal liquidity after rating actions in the Corporate Debt Market
Pilar Abad, Antonio Díaz and M. Dolores Robles
428/2008 Export led-growth and balance of payments constrained. New formalization applied to Cuban
commercial regimes since 1960
David Matesanz Gómez, Guadalupe Fugarolas Álvarez-Ude and Isis Mañalich Gálvez
429/2008 La deuda implícita y el desequilibrio financiero-actuarial de un sistema de pensiones. El caso del

régimen general de la seguridad social en España
José Enrique Devesa Carpio y Mar Devesa Carpio
430/2008 Efectos de la descentralización fiscal sobre el precio de los carburantes en España

Desiderio Romero Jordán, Marta Jorge García-Inés y Santiago Álvarez García
431/2008 Euro, firm size and export behavior

Silviano Esteve-Pérez, Salvador Gil-Pareja, Rafael Llorca-Vivero and José Antonio
Martínez-Serrano
432/2008 Does social spending increase support for free trade in advanced democracies?
Ismael Sanz, Ferran Martínez i Coma and Federico Steinberg
433/2008 Potencial de Mercado y Estructura Espacial de Salarios: El Caso de Colombia

Jesús López-Rodríguez y Maria Cecilia Acevedo
434/2008 Persistence in Some Energy Futures Markets

Juncal Cunado, Luis A. Gil-Alana and Fernando Pérez de Gracia
435/2008 La inserción financiera externa de la economía francesa: inversores institucionales y nueva

gestión empresarial
Ignacio Álvarez Peralta
436/2008 ¿Flexibilidad o rigidez salarial en España?: un análisis a escala regional

Ignacio Moral Arce y Adolfo Maza Fernández
437/2009 Intangible relationship-specific investments and the performance of r&d outsourcing agreements
Andrea Martínez-Noya, Esteban García-Canal & Mauro F. Guillén
438/2009 Friendly or Controlling Boards?

Pablo de Andrés Alonso & Juan Antonio Rodríguez Sanz
439/2009 La sociedad Trenor y Cía. (1838-1926): un modelo de negocio industrial en la España del siglo
XIX
Amparo Ruiz Llopis
440/2009 Continental bias in trade

Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez Serrano
441/2009 Determining operational capital at risk: an empirical application to the retail banking
Enrique José Jiménez-Rodríguez, José Manuel Feria-Domínguez & José Luis Martín-Marín
442/2009 Costes de mitigación y escenarios post-kyoto en España: un análisis de equilibro general para
España
Mikel González Ruiz de Eguino
443/2009 Las revistas españolas de economía en las bibliotecas universitarias: ranking, valoración del
indicador y del sistema
Valentín Edo Hernández
444/2009 Convergencia económica en España y coordinación de políticas económicas. un estudio basado

en la estructura productiva de las CC.AA.
Ana Cristina Mingorance Arnáiz
445/2009 Instrumentos de mercado para reducir emisiones de co2: un análisis de equilibrio general para
España
Mikel González Ruiz de Eguino
446/2009 El comercio intra e inter-regional del sector Turismo en España

Carlos Llano y Tamara de la Mata
447/2009 Efectos del incremento del precio del petróleo en la economía española: Análisis de cointegración
y de la política monetaria mediante reglas de Taylor
Fernando Hernández Martínez
448/2009 Bologna Process and Expenditure on Higher Education: A Convergence Analysis of the EU-15
T. Agasisti, C. Pérez Esparrells, G. Catalano & S. Morales
449/2009 Global Economy Dynamics? Panel Data Approach to Spillover Effects

Gregory Daco, Fernando Hernández Martínez & Li-Wu Hsu
450/2009 Pricing levered warrants with dilution using observable variables

Isabel Abínzano & Javier F. Navas
451/2009 Information technologies and financial prformance: The effect of technology diffusion among
competitors
Lucio Fuentelsaz, Jaime Gómez & Sergio Palomas
452/2009 A Detailed Comparison of Value at Risk in International Stock Exchanges

Pilar Abad & Sonia Benito
453/2009 Understanding offshoring: has Spain been an offshoring location in the nineties?
Belén González-Díaz & Rosario Gandoy
454/2009 Outsourcing decision, product innovation and the spatial dimension: Evidence from the Spanish
footwear industry
José Antonio Belso-Martínez
455/2009 Does playing several competitions influence a team’s league performance? Evidence from
Spanish professional football
Andrés J. Picazo-Tadeo & Francisco González-Gómez
456/2009 Does accessibility affect retail prices and competition? An empirical application
Juan Luis Jiménez and Jordi Perdiguero
457/2009 Cash conversion cycle in smes

Sonia Baños-Caballero, Pedro J. García-Teruel and Pedro Martínez-Solano
458/2009 Un estudio sobre el perfil de hogares endeudados y sobreendeudados: el caso de los hogares
vascos
Alazne Mujika Alberdi, Iñaki García Arrizabalaga y Juan José Gibaja Martíns
459/2009 Imposing monotonicity on outputs in parametric distance function estimations: with an

application to the spanish educational production
Sergio Perelman and Daniel Santin
460/2009 Key issues when using tax data for concentration analysis: an application to the Spanish
wealth tax
José Mª Durán-Cabré and Alejandro Esteller-Moré
461/2009 ¿Se está rompiendo el mercado español? Una aplicación del enfoque de feldstein –horioka
Saúl De Vicente Queijeiro, José Luis Pérez Rivero y María Rosalía Vicente Cuervo
462/2009 Financial condition, cost efficiency and the quality of local public services
Manuel A. Muñiz & José L. Zafra
463/2009 Including non-cognitive outputs in a multidimensional evaluation of education production: an

international comparison
Marián García Valiñas & Manuel Antonio Muñiz Pérez
464/2009 A political look into budget deficits.The role of minority governments and oppositions
Albert Falcó-Gimeno & Ignacio Jurado
465/2009 La simulación del cuadro de mando integral. Una herramienta de aprendizaje en la materia de
contabilidad de gestión
Elena Urquía Grande, Clara Isabel Muñoz Colomina y Elisa Isabel Cano Montero
466/2009 Análisis histórico de la importancia de la industria de la desalinización en España

Borja Montaño Sanz
467/2009 The dynamics of trade and innovation: a joint approach

Silviano Esteve-Pérez & Diego Rodríguez
468/2009 Measuring international reference-cycles

Sonia de Lucas Santos, Inmaculada Álvarez Ayuso & Mª Jesús Delgado Rodríguez
469/2009 Measuring quality of life in Spanish municipalities

Eduardo González Fidalgo, Ana Cárcaba García, Juan Ventura Victoria & Jesús García García
470/2009 ¿Cómo se valoran las acciones españolas: en el mercado de capitales doméstico o en el europeo?
Begoña Font Belaire y Alfredo Juan Grau Grau
471/2009 Patterns of e-commerce adoption and intensity. evidence for the european union-27
María Rosalía Vicente & Ana Jesús López
472/2009 On measuring the effect of demand uncertainty on costs: an application to port terminals
Ana Rodríguez-Álvarez, Beatriz Tovar & Alan Wall
473/2009 Order of market entry, market and technological evolution and firm competitive performance
Jaime Gomez, Gianvito Lanzolla & Juan Pablo Maicas
474/2009 La Unión Económica y Monetaria Europea en el proceso exportador de Castilla y León (1993-
2007): un análisis de datos de panel
Almudena Martínez Campillo y Mª del Pilar Sierra Fernández
475/2009 Do process innovations boost SMEs productivity growth?

Juan A. Mañez, María E. Rochina Barrachina, Amparo Sanchis Llopis & Juan A. Sanchis Llopis
476/2009 Incertidumbre externa y elección del modo de entrada en el marco de la inversión directa en el
exterior
Cristina López Duarte y Marta Mª Vidal Suárez
477/2009 Testing for structural breaks in factor loadings: an application to international business cycle
José Luis Cendejas Bueno, Sonia de Lucas Santos, Inmaculada Álvarez Ayuso & Mª Jesús Del-
gado Rodríguez
478/2009 ¿Esconde la rigidez de precios la existencia de colusión? El caso del mercado de carburantes en
las Islas Canarias
Juan Luis Jiménez y Jordi Perdiguero
479/2009 The poni test with structural breaks

Antonio Aznar & María-Isabel Ayuda
480/2009 Accuracy and reliability of Spanish regional accounts (CRE-95)

Verónica Cañal Fernández
481/2009 Estimating regional variations of R&D effects on productivity growth by entropy econometrics
Esteban Fernández-Vázquez y Fernando Rubiera-Morollón
482/2009 Why do local governments privatize the provision of water services? Empirical evidence from
Spain
Francisco González-Gómez, Andrés J. Picazo-Tadeo & Jorge Guardiola
483/2009 Assessing the regional digital divide across the European Union-27
María Rosalía Vicente & Ana Jesús López
484/2009 Measuring educational efficiency and its determinants in Spain with parametric distance functions
José Manuel Cordero Ferrera, Eva Crespo Cebada & Daniel Santín González
485/2009 Spatial analysis of public employment services in the Spanish provinces

Patricia Suárez Cano & Matías Mayor Fernández
486/2009 Trade effects of continental and intercontinental preferential trade agreements

Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez-Serrano
487/2009 Testing the accuracy of DEA for measuring efficiency in education under endogeneity
Salvador Gil-Pareja, Rafael Llorca-Vivero & José Antonio Martínez-Serrano
488/2009 Measuring efficiency in primary health care: the effect of exogenous variables on results
José Manuel Cordero Ferrera, Eva Crespo Cebada & Luis R. Murillo Zamorano
489/2009 Capital structure determinants in growth firms accessing venture funding
Marina Balboa, José Martí & Álvaro Tresierra
490/2009 Determinants of debt maturity structure across firm size

Víctor M. González
491/2009 Análisis del efecto de la aplicación de las NIIF en la valoración de las salidas a bolsa
Susana Álvarez Otero y Eduardo Rodríguez Enríquez
492/2009 An analysis of urban size and territorial location effects on employment probabilities: the spanish
case
Ana Viñuela-Jiménez, Fernando Rubiera-Morollón & Begoña Cueto
493/2010 Determinantes de la estructura de los consejos de administración en España

Isabel Acero Fraile y Nuria Alcalde Fradejas
494/2010 Performance and completeness in repeated inter-firm relationships: the case of franchising
Vanesa Solis-Rodriguez & Manuel Gonzalez-Diaz
495/2010 A Revenue-Based Frontier Measure of Banking Competition

Santiago Carbó, David Humphrey & Francisco Rodríguez
496/2010 Categorical segregation in social networks

Antoni Rubí-Barceló
497/2010 Beneficios ambientales no comerciales de la directiva marco del agua en condiciones de escasez:
análisis económico para el Guadalquivir
Julia Martin-Ortega, Giacomo Giannoccaro y Julio Berbel Vecino
498/2010 Monetary integration and risk diversification in eu-15 sovereign debt markets
Juncal Cuñado & Marta Gómez-Puig
499/2010 The Marshall Plan and the Spanish autarky: A welfare loss analysis
José Antonio Carrasco Gallego
500/2010 The role of learning in firm R&D persistence

Juan A. Mañez, María E. Rochina-Barrachina, Amparo Sanchis-Llopis & Juan A. Sanchis-Llopis
501/2010 Is venture capital more than just money?

Marina Balboa, José Martí & Nina Zieling
502/2010 On the effects of supply strategy on business performance: do the relationships among generic
competitive objectives matter?
Javier González-Benito
503/2010 Corporate cash holding and firm value

Cristina Martínez-Sola, Pedro J. García-Teruel & Pedro Martínez-Solano
504/2010 El impuesto de flujos de caja de sociedades: una propuesta de base imponible y su aproximación
contable en España
Lourdes Jerez Barroso y Joaquín Texeira Quirós
505/2010 The effect of technological, commercial and human resources on the use of new technology
Jaime Gómez & Pilar Vargas
506/2010 ¿Cómo ha afectado la fiscalidad a la rentabilidad de la inversión en vivienda en España?
Un análisis para el periodo 1996 y 2007
Jorge Onrubia Fernández y María del Carmen Rodado Ruiz
507/2010 Modelización de flujos en el análisis input-output a partir de la teoría de redes

Ana Salomé García Muñiz
508/2010 Export-led-growth hypothesis revisited. a balance of payments approach for Argentina, Brazil,
Chile and Mexico
David Matesanz Gómez & Guadalupe Fugarolas Álvarez-Ude
509/2010 Realised hedge ratio properties, performance and implications for risk management: evidence
from the spanish ibex 35 spot and futures markets
David G McMillan & Raquel Quiroga García
510/2010 Do we sack the manager... or is it better not to? Evidence from Spanish professional football
Francisco González-Gómez, Andrés J. Picazo-Tadeo & Miguel Á. García-Rubio

Francisco González-Gómez Andrés J. Picazo-Tadeo Miguel Á. García-Rubio

Uploaded by

Document Informationclick to expand document information

Document Informationclick to expand document information

Copyright:

Available Formats

Francisco González-Gómez Andrés J. Picazo-Tadeo Miguel Á. García-Rubio

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Francisco González-Gómez Andrés J. Picazo-Tadeo Miguel Á. García-Rubio

Uploaded by

Copyright:

Available Formats

DO WE SACK THE MANAGER... OR IS IT BETTER NOT TO?

EVIDENCE FROM SPANISH PROFESSIONAL FOOTBALL

FUNDACIÓN DE LAS CAJAS DE AHORROS

JEL Classification: C14, C61, L83

2. BRIEF REVIEW OF THE LITERATURE

BCC output-oriented efficiency  Max j ,  0 0

3.2. Estimating program efficiency

xˆ i 0  xi 0  si0* i  1,..., m , and (3)

yˆ r 0  0* y r 0  sr0* r  1,..., s , (4)

Figure 1.- Managerial and program efficiency

4. DATA, MODEL SPECIFICATION AND RESULTS

4.1. Data and model specification

Table 1. Summary of model specifications

MODEL1 MODEL2 MODEL3

Mean Standard Minimum Maximum

Average points per game of the rivals of manager m

Table 3. Estimates of program efficiency for models 1,2 and 3

Mean Standard Minimum Maximum Observations

ProgramNO 1.00048 0.00303 1 1.02428 104

ProgramNO 1.00991 0.02074 1 1.13551 104

ProgramNO 1.01248 0.02251 1 1.14512 104

Mean efficiency 1.00048 1.09906

Mann-Whitney Mean of ranks 54.56 128.68

Table 5. Results for the Kruskal-Wallis test a for programs in MODEL2

ProgramNO ProgramYES1 ProgramYES2

Mean of ranks 69.80 179.52 109.36

Table 6. Results for the Kruskal-Wallis test a for programs in MODEL3

ProgramNO ProgramYES1 ProgramYES2

Mean of ranks 74.52 179.75 100.36

5. SUMMARY AND CONCLUSIONS

Koopmans, T. (1951). Analysis of production as an efficient combination of activities. In Koopmans, T.

ProgramYES1 vs. Progra-

t-test for equality Difference of means -0.15031 -0.02829 0.12202

Mann-Whitney Mean of ranks 54.41 128.95 67.88 103.93 79.07 33.93

ProgramYES1 vs. Progra-

t-test for equality Difference of means -0.14671 -0.018787 0.12792

Mann-Whitney Mean of ranks 54.82 128.20 72.20 95.91 80.05 32.95

Últimos números publicados

159/2000 Participación privada en la construcción y explotación de carreteras de peaje

160/2000 Errores y posibles soluciones en la aplicación del Value at Risk

162/2000 Private rates of return to human capital in Spain: new evidence

163/2000 El control interno del riesgo. Una propuesta de sistema de límites

165/2001 Bank cost efficiency and output specification

170/2002 Riesgo de liquidez de Mercado

172/2002 La encuesta continua de presupuestos familiares (1985-1996): descripción, representatividad

173/2002 Modelos paramétricos y no paramétricos en problemas de concesión de tarjetas de credito.

175/2003 La Administración tributaria en España. Un análisis de la gestión a través de los ingresos y

176/2003 The Falling Share of Cash Payments in Spain.

184/2004 Estimación de la economía sumergida es España: un modelo estructural de variables latentes.

185/2004 Causas políticas y consecuencias sociales de la corrupción.

187/2004 El modelo de Black, Derman y Toy en la práctica. Aplicación al mercado español.

188/2004 Does market competition make banks perform well?.

191/2004 Environmental proactivity and business performance: an empirical analysis

192/2004 Economic risk to beneficiaries in notional defined contribution accounts (NDCs)

194/2004 Persistencia de resultados en los fondos de inversión españoles

196/2005 La nueva financiación sanitaria en España: descentralización y prospectiva

202/2005 Contractual complexity in strategic alliances