DEMAND FOR LIFE ANNUITIES FROM MARRIED COUPLES WITH A BEQUEST MOTIVE

This paper will try to explain the “annuities puzzle” in greater depth by introducing the bequest motive, both strategic and altruistic. It will try to determine whether this motive really is a relevant feature influencing the demand for lifetime annuities by married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a lifetime annuity with contingent survivor benefit or a joint survivor life annuity. This will enable us to calculate equivalent wealth in various contexts: the possibility of access to actuarially fair annuity markets, the inclusion of so-called market imperfections, and the assumption that couples already have part of their wealth in pre-existing lifetime annuities. Results are presented for a model specification calibrated to Spain.Capitalization, Pension Funds, Retirement, Utility.

THE BEQUEST MOTIVE AND SINGLE PEOPLE’S DEMAND FOR LIFE ANNUITIES

The main objective of this paper is to go deeper into the “annuity puzzle” by introducing the altruistic and strategic bequest motive and determining whether this really is a relevant factor affecting the theoretical decision to purchase life annuities. With this end in view we develop an optimization model based on that first put forward by Lejárraga et al. [2002], then add to it elements from other models such as Friedman and Warshawsky’s [1990] and Jousten’s [1998 & 2001] which include the bequest motive. We also analyse welfare by calculating the equivalent wealth in different contexts: the possibility of having access to an actuarially fair life annuity or programmed withdrawal market, the incorporation of so-called market imperfections, and the inclusion of the hypothesis that the individuals already have part of their wealth in pre-existing life annuities.Capitalization, Pension Funds, Phased Withdrawal, Retirement, Utility.

Performance of Small and Medium-sized Enterprises in Services Trade: Evidence from French Firms

This paper empirically investigates the key firm- and industry-specific restrictions to the performance of small and medium-sized enterprises (SMEs) in services trade. For this purpose, we use firm-level data from firms in France operating in different services sectors over the time period 1998 to 2007 and formulate two-part models consisting of (i) (dy namic) export equations and (ii) (dynamic) export share equations. Our results confirm the view that a relatively low share of SMEs engage in services trade. In line with the new-new trade theory, our results also corroborate that more productive SMEs have a higher export probability. The key finding of this paper is that the export decisions of SMEs in services sectors are estimated to be extremely persistent, implying that trade pol icy efforts, including the allocation of scarce trade promotion budgets, should be directed at addressing the barriers faced in establishing the first export operation. Finally, our sub-sectoral estimates reveal considerable heterogeneity across different types of services

- LA VIABILIDAD FINANCIERA DEL SISTEMA DE PENSIONES DE REPARTO: APLICACIÓN A LA CONTINGENCIA DE JUBILACIÓN DEL RÉGIMEN GENERAL DE LA SEGURIDAD SOCIAL ESPAÑOLA

The main idea upon which this paper is based is that outlined by Samuelson (1958) -that a pensions system, financed by way of transfers between generations, will only be viable in the long term if the internal rate of return of the system does not exceed the growth rate of salaries plus the stable growth rate of the contributors- .Thisis linked to the debate that has been reopened and carried on with renewed force over the last few years as to the viability and suitablility of Social Security (SS) systems, a phenomenon which is analysed briefly in the introduction. This is followed by a short review of the main literature available on the subject of applying theinternal rate of return to pay-as-you-go systems. After defining the concept of the internal rate of return as applied to a contributor, this is extended to the system as a whole, using the model put forward by Bravo (1996) as a referent. Thus two approximate expressions are obtained, basic and derived, which provide us with a complete idea of the demographic, financial and economic elements and the rules of application that have an influence on this rate of return. Finally, given that the resulting model enables the internal rate of return to be calculated very easily by defining the basic parameters estimated or observed in the system, this is applied to determine the future financial viability of the general Spanish retirement pensions system, using the two basic expressions developed. La proposición de Samuelson (1958) -un sistema de pensiones, financiado a través detransferencias intergeneracionales, sólo será viable en el largo plazo si el TIR del sistema nosupera la tasa de crecimiento de los salarios más la tasa de crecimiento estable de la poblacióncotizante- es la idea principal sobre la que se edifica el trabajo realizado. Enlaza con el debatereabierto, con impulso renovado en los últimos años, sobre la viabilidad y adecuación de lossistemas de Seguridad Social (S.S.); fenómeno que es analizado concisamente en laintroducción. A continuación, se efectúa una breve revisión de la principal literatura disponiblerelacionada con la aplicación del tanto interno de rendimiento (TIR) a los sistemas de reparto.Tras definir el concepto del TIR aplicado a un cotizante, se realiza una extensión del mismo alconjunto del sistema, con el modelo de Bravo (1996) como referente, obteniéndose dosexpresiones aproximadas, básica y derivada, que nos proporciona una visión muy rica de loselementos demográficos, financieros, económicos y reglas de aplicación que influyen en dichotanto. Por último, dado que el modelo resultante permite calcular el TIR con suma facilidad, apartir de la definición de los parámetros básicos estimados u observados en el sistema, se aplicapara determinar la viabilidad financiera futura del sistema de pensiones de jubilación español,régimen general, utilizando las dos expresiones fundamentales desarrolladas.España, Jubilación, Pensiones, Sistema de reparto, Seguridad Social, Tanto interno de rendimiento (TIR) Internal rate of return, Pay-as-you-go systems, Pensions, Retirement, Social Security Spain.

Análisis y revisión del conflicto palestino-israelí desde el enfoque constructivista

El conflicto palestino-israelí se encuentra intrínseco en las raíces Oriente Próximo y Occidente, debido a su importancia religiosa, histórica y geopolítica. Con la Declaración del Estado de Israel en 1948 y una situación de inestabilidad constante, por sus seis guerras y dos Intifadas, se ha intentado intermediar y analizar el conflicto desde diferentes perspectivas, en este caso se optará por la constructivista. Según este enfoque, en el que la realidad es una construcción social; la narrativa sionista ha logrado ser la dominante permitiendo la colonización del territorio, a través de su política estratégica basada en la ocupación y construcción de asentamientos ilegales. Es fundamental revisar el conflicto desde diferentes enfoques para intentar lograr una paz justa y duradera.Grado en Publicidad y Relaciones Pública

Políticas económicas turísticas sostenibles en La Rioja

En este TFG se analizan las políticas económicas turísticas sostenibles en la Rioja. Para lograr este propósito se hace un recorrido por todo el sector: su evolución; principales tipologías; datos estadísticos sobre oferta y demanda y acciones promocionales. El estudio busca comprender la relevancia del turismo en la región, así como profundizar en las diferentes políticas turísticas que lo han conformado. En especial, la sostenibilidad, tendencia que se posiciona como único camino para conformar los nuevos proyectos turísticos en La RiojaGrado en Turism

Sustainability in the Waste Management Sector: An Analysis through the GRI Reports

This work aims to determine if the characteristics of the sustainability reports issued by companies in the waste management sector of the European Union in their GRI reports are influenced by the particularities of these companies. Specifically, we study their location (country), the type of company, whether it is listed on a stock market, and its size and explain the relationships between sustainability GRI reports and these variables. The waste management sector is highly relevant in achieving sustainability objectives. Therefore, this paper is focused on studying the factors that determine the disclosure level of the sustainability reports of European companies in this sector. The background shows how certain factors that characterize the companies that issue sustainability reports influence the level of transparency or voluntary disclosure and the reports’ characteristics. Specifically, much of the research finds evidence that relates these aspects to factors such as the country in which the company is located, its size, its public or private nature, or the fact that the company is listed on a stock exchange, characteristics that are analyzed in this study. A statistical study is carried out on the reports reported in the GRI database for a sample of all the European companies in the waste management sector through the statistical technique of Chi-square contrast on the independence of variables, adjusted standardized residual analysis, and logistic regression model. The factors analyzed have been determined based on the experience of previous studies. This is the case of the country variable that has been characterized based on Hofstede´s dimensions. The results show that the factors analyzed are consistent and influence some of the elements selected for the characterization of the reports. Specifically, the type of report, its level of adherence, the inclusion of the OECD guidelines, the mention of the UNGC pact, or the existence of external verification depends on the company´s characteristics. Furthermore, the explanatory analysis was done by running a logistic regression model, allowing us to add knowledge to the current process of sustainability standardization and to explain the differences in sustainability information in a sector crucial for the circular economy

Sustainability in the waste management sector: an analysis through the gri reports

This paper aims to investigate the conditioning factors of the level and characteristics of the sustainability reports reported by companies in a sector on which, despite its relevance in terms of sustainability, there are hardly any studies that deal with this issue: the management sector waste. The study has been carried out on the basis of the reports reported by the companies in this sector in the GRI database. The background shows how certain factors that characterize the companies that issue sustainability reports influence the level of transparency or the level of voluntary disclosure and the characteristics of the reports issued. Specifically, much of the research finds evidence that relates these aspects to factors such as the country in which the company is located, its size, its public or private nature, or the fact that the company is listed on a stock exchange, characteristics that are analyzed in this study. To achieve the proposed objective, a statistical study is carried out on the reports reported in the GRI database for a sample of all the European companies in the waste management sector, through the statistical technique of Chi-square contrast on the independence of variables. The factors analyzed have been determined based on the experience of previous studies, as in the case of the country variable that has been characterized based on the Hofstede model of dimensions. The results obtained show that all the factors analyzed influence some of the elements selected for the characterization of the reports, specifically in the type of report, its level of adherence, the inclusion of the OECD guidelines, the mention of the UNGC pact or the existence of external verification.ASEPUC2022-2

How do CEF.-UDIMA graduates evaluate sustainability in companies in accounting matters?

Incorporating corporate social responsibility (CSR) and Sustainability in the usual practice of companies is a challenge in today's society. University education is a fundamental pillar to meet this challenge, especially from the accounting area, which is responsible for a large part of measuring and evaluating the degree of implementation of CSR and Sustainability policies in organizations. The objective of this work is to know the opinion of the graduates of the degrees related to the accounting area of the CEF.-UDIMA group on the implications of the commitment to sustainable development strategies by companies and to verify if their assessment may be influenced by certain factors, such as their perception of the training received; the characteristics of the graduates, the degrees they have completed, or the work they do once they have finished their studies, among other aspects. To this end, issues related to CSR and sustainability assessment have been incorporated into the questionnaire of the labor insertion survey that the group issues annually, in this case, addressed to graduates in the last five years. By carrying out non-parametric tests, it will be determined if there is any association between the factors that characterize the graduates and their degree of agreement with the advantages of implementing CSR and sustainability strategies in the company from the point of view of the benefits dimension. Specifically, evaluations of graduates' opinions on the adoption by companies of sustainable development strategies and the advantages or benefits that this entails have been collected. The results of the study conclude that there is no relationship between the training received by the respondents (according to their perception) and the opinion they hold about the benefits provided by sustainable development and CSR strategies in organizations. The respondents' opinions do not change depending on their personal and/or work characteristics, except in the type of contract, since significant differences are observed between self-employed and temporary or those who do not work and among those who have an indefinite contract compared to temporary ones. Labor practices and the involvement and motivation of workers are essential in implementing sustainable development strategies in companies, so it is vital to know employees' opinions concerning the benefits of adopting this type of strategy in organizations to find out if there is any gap between the training they receive in CSR and Sustainability and the reality of the work environment, and to determine what factors can influence the beliefs and perceptions about Sustainability of employees. Most studies focus on employee-employee relations and human resource management policies that companies must follow to motivate employees toward sustainable development. However, other factors that may be influencing the predisposition of employees towards activity focused on Sustainability are not analyzed, so in this work, we intend to cover this gap, incorporating the study of variables such as personal and work characteristics of employees, linking them with the training received in accounting.2022-2

Waste management sector according to GRI: factors influencing sustainability reporting

This study aims to analyze the sustainability reports prepared by companies in the waste management sector following Global Reporting Initiative (GRI) standards. The goal of the study is to determine if the option of the level of application and the scope of application are determined by the country of location, the size of the company, the type of organization and/or whether or not the company is listed on a stock exchange. There are analyzed all the reports included in the GRI database in the 2014-2020 period from European companies operating in the waste management sector, so, a final sample made up of 99 reports. The results, obtained through Pearson's Chi-Square test, show that the characteristics of the information reported by these companies, following the GRI guidelines, are partially influenced by the aforementioned variables. The importance of the waste management sector for the sustainable development of economic growth, and the scarcity of studies related to this specific issue requires a further analysis to shed light on the conditioning factors that can influence the disclosure of this information.2022-2