Three essays on household finance

This dissertation is composed of three papers that shed light on the stock-market participation puzzle. The first article studies different aspects of the participation of Spanish households in the stock market. I start by analyzing the determinants of stockholding in a reduced form setting, quantifying the importance of different socioeconomic variables on the decision to hold stock. This is complemented by a comparison with US stocking-holding behavior, especially that of highly sophisticated households who might be expected to participate fully in the market. The second article develops and estimates a full consumption and portfolio-choice life-cycle model to help explain the behavior uncovered in the first article. This model includes a fixed cost for participation in the stock and produces empirically sensible simulations of households' stock-holding patterns by age. It shows the powerful effect that the fixed cost has in explaining the non-participation issue. Moreover, using data from Spanish households I estimate this fixed cost. The third article, co-authored with Michael Ehrmann, breaks away from classic models and delves into the importance of considering more behavioural or psychological issues to explain this puzzle. In particular, we look at the effect of past macroeconomic experiences on the households' portfolio choice and risk-taking behaviour. We find that the average stock market return experienced by a household through its life time has a significant effect on its decision to hold stock. Moreover, disastrous events such as stock market crashes remain in people's minds and deter them from investing for a long period after the event happened

Characteristics of patients with type 2 diabetes mellitus newly treated with GLP-1 receptor agonists (CHADIG Study): a cross-sectional multicentre study in Spain

Objective: Several glucagon-like peptide-1 (GLP-1) receptor agonists (GLP-1Ra) have been made recently available in Spain for type 2 diabetes mellitus (DM2) treatment. There are no published data on the clinical and sociodemographic profile of patients initiating treatment with GLP-1Ra in Spain. Our objective was to understand these patients' characteristics in a real-world clinical practice setting. Design: Cross-sectional observational study. Setting: Spanish specialist outpatient clinics. Participants: 403 adults with DM2 initiating GLP-1Ra treatment were included. Primary and secondary outcome measures: Sociodemographic and DM2-related clinical data, including treatment at and after GLP-1Ra initiation and comorbidities, were collected. Results: Evaluable patients (n=403; 50.9% female) were included ( July 2013 to March 2014) at 24 centres by 53 specialists (47 endocrinology, 6 internal medicine), with the following profile (value±SD): age (58.3±10.4 years), diabetes duration (9.9±7 years), body mass index (BMI; 36.2±5.5) and glycated haemoglobin (HbA1c; 8.4±1.4%); 14% had HbA1c≤7%. Previous antidiabetic treatment: 53.8% only oral antidiabetic drugs (OADs), 5.2% insulin and 40% insulin and OAD; of those receiving OAD, 35% single drug, 38.2% 2 drugs and 24% 3 drugs. Concomitant to GLP-1Ra, 55.3% were only on OAD, 36.2% on insulin and OAD, and 7.2% only on insulin. Of those receiving OAD, the GLP-1Ra was mainly associated with 1 drug (65%) or 2 drugs (31.8%). GLP-1Ra are frequently added to existing antidiabetic drugs, with dipeptidyl peptidase-4 inhibitors being the OAD most frequently switched (45% receiving 1 before starting GLP-1Ra, only 2.7% receiving it concomitantly). Conclusions: In Spain, GLP-1Ra therapy is usually started in combination with OADs or OADs and insulin. These drugs are used in relatively young patients often not reaching therapeutic goals with other treatment combinations, roughly a decade after diagnosis and with a relatively high BMI. The latter could be explaine

Association between convalescent plasma treatment and mortality in COVID-19: a collaborative systematic review and meta-analysis of randomized clinical trials.

Funder: laura and john arnold foundationBACKGROUND: Convalescent plasma has been widely used to treat COVID-19 and is under investigation in numerous randomized clinical trials, but results are publicly available only for a small number of trials. The objective of this study was to assess the benefits of convalescent plasma treatment compared to placebo or no treatment and all-cause mortality in patients with COVID-19, using data from all available randomized clinical trials, including unpublished and ongoing trials (Open Science Framework, https://doi.org/10.17605/OSF.IO/GEHFX ). METHODS: In this collaborative systematic review and meta-analysis, clinical trial registries (ClinicalTrials.gov, WHO International Clinical Trials Registry Platform), the Cochrane COVID-19 register, the LOVE database, and PubMed were searched until April 8, 2021. Investigators of trials registered by March 1, 2021, without published results were contacted via email. Eligible were ongoing, discontinued and completed randomized clinical trials that compared convalescent plasma with placebo or no treatment in COVID-19 patients, regardless of setting or treatment schedule. Aggregated mortality data were extracted from publications or provided by investigators of unpublished trials and combined using the Hartung-Knapp-Sidik-Jonkman random effects model. We investigated the contribution of unpublished trials to the overall evidence. RESULTS: A total of 16,477 patients were included in 33 trials (20 unpublished with 3190 patients, 13 published with 13,287 patients). 32 trials enrolled only hospitalized patients (including 3 with only intensive care unit patients). Risk of bias was low for 29/33 trials. Of 8495 patients who received convalescent plasma, 1997 died (23%), and of 7982 control patients, 1952 died (24%). The combined risk ratio for all-cause mortality was 0.97 (95% confidence interval: 0.92; 1.02) with between-study heterogeneity not beyond chance (I2 = 0%). The RECOVERY trial had 69.8% and the unpublished evidence 25.3% of the weight in the meta-analysis. CONCLUSIONS: Convalescent plasma treatment of patients with COVID-19 did not reduce all-cause mortality. These results provide strong evidence that convalescent plasma treatment for patients with COVID-19 should not be used outside of randomized trials. Evidence synthesis from collaborations among trial investigators can inform both evidence generation and evidence application in patient care

HOUSEHOLD FINANCE AND

publications feature a motif taken from the €20 banknote. NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Household Finance and Consumption Network This paper contains research conducted within the Household Finance and Consumption Network (HFCN). The HFCN consists of survey specialists, statisticians and economists from the ECB, the national central banks of the Eurosystem and a number of national statistical institutes. The HFCN is chaired by Gabriel Fagan (ECB) and Carlos Sánchez Muñoz (ECB). Michael Haliassos (Goethe University Frankfurt)

A reflection on the impact of IFRSs in earnings of non financial groups included in IBEX-35

The Economic European Area, with the aim of contributing to the international harmonization of accounting language, decided to require UE public groups to prepare their financial statements under IFRS covering periods beginning on or after January 1, 2005. The Spanish experience with the implementation of IFRS in consolidated financial statements has been very positive, but it is necessary to analyze in detail the impact of this historic process in order to facilitate and speed up the application of this new philosophy in companies through «Plan General de Contabilidad» in force since 2008. In this paper, we have focused on the analysis of the main differences the introduction of IFRS has made on one of the two unique figures that groups should reconcile and explain: earnings reflected in last financial statement under Spanish GAAP in non-financial groups included in the IBEX-35. The analysis has covered the 100% of the non financial groups of IBEX- 35 financial statements and the research method applied inductive in the framework of the Positive Accounting Theory

Problemática de la contabilización de productos basados en bienes de colección

En los últimos años, los bienes de colección han cobrado una gran relevancia, no sólo por su carácter coleccionista sino también por su carácter de inversión. Estos bienes se han convertido en los bienes por excelencia a la hora de llevar a cabo diferentes inversiones, así como para poder diversificar el riesgo en las inversiones. A lo largo de este artículo, analizamos el origen del sello, sus características tanto objetivas como subjetivas, los diferentes factores que afectan de manera directa en la valoración de los mismos, así como una pequeña descripción del funcionamiento del mercado filatélico. Finalmente, realizamos el estudio de la problemática contable de los bienes de colección, el sello en este caso, pero desde la consideración de las operaciones comerciales, es decir operaciones de compra y venta de sellos. Relegando el análisis de las operaciones financieras de dicho bien para posteriores estudios

La actividad de las sociedades de inversión filatélica ¿empresas financieras o mercantiles?

Throughout the years, the collectible assets and his market have experienced a very important growth. Especially the philately that had his summit during the 90s, so much in his consideration like a collection�s good or like an investment. But in the last years, the market of the philately has suffered a negative impact in Spain, since there has been questioned the correct functioning of both big Spanish companies dedicated entirely to the purchase and sale of stamps: AFINSA BIENES TANGIBLES, S.A. and FORUM FILATÉLICO. This doubt is based on the consideration of this certain activity as an activity which character is commercial or financial. In this paper we are going to reveal which are the existing attitudes as well as some of the reasons that have each of them to be able to defend his thesis, so that we could present in a clear way both points of view that exist nowadays.A lo largo de los años, los bienes colección y su mercado han experimentado un crecimiento muy importante. En especial la filatelia que ha tenido su auge durante los años 90, tanto en su consideración como un bien de colección en sí mismo como un bien de inversión. Pero en los últimos años, el mercado de la filatelia ha sufrido un gran impacto negativo en España, ya que se ha puesto en duda el correcto funcionamiento de las dos grandes empresas españolas dedicadas íntegramente a la compra y venta de sellos: AFINSA BIENES TANGIBLES, S.A. y FORUM FILATÉLICO. Esta duda está fundamentada en la consideración de esta determinada actividad como una actividad cuyo carácter es mercantil o financiero. En esta ponencia vamos a poner de manifiesto cuales son las posturas existentes (carácter mercantil o financiero), así como algunas de las razones que esgrimen cada una de ellas para poder defender su tesis, de manera que podamos presentar de manera clara los dos puntos de vista que existen actualmente

Comparison of GLP-1 receptor agonists and other Glucose-Lowering agents on cardiovascular outcomes in individuals with type 2 diabetes and Obesity: A Spanish Real-World Population-Based study

[EN] Aims: Assess the impact of glucagon-like peptide receptor agonists (GLP-1RA) compared to other glucose-lowering agents on cardiovascular outcomes in individuals with type 2 diabetes and obesity in a Spanish metropolitan area. Methods: A retrospective population-based type 2 diabetes cohort was identified from the Valencia Clinic-Malvarrosa Department electronic databases (2014-2019). Study groups included GLP-1RA, sodium-glucose co-transporter-2 inhibitors (SGLT2i), Insulin, and Miscellany (other glucose-lowering agents). 1:1:1:1 propensity score matching was conducted. The primary outcome was a composite of major adverse cardiovascular events (4-point MACE) comprising myocardial infarction, stroke, all-cause mortality, and heart failure. Secondary outcomes included individual 4-point MACE components. Hazard ratios were estimated using Cox regression analyses against the Miscellany group. Results: From 26,944 subjects, 1,848 adults were selected per group. GLP-1RA did not show a significant reduction in 4-point MACE risk (HR 1.05 [95%CI 0.82-1.34]). SGLT2i significantly reduced the risk of heart failure (HR 0.16 [95%CI 0.05-0.54]) and atrial fibrillation (HR 0.58, [95%CI 0.35-0.95]). The Insulin group exhibited a higher risk for 4-point MACE and most individual outcomes compared to GLP-1RA and SGLT2i. Conclusions: Our findings do not provide evidence of a reduced cardiovascular risk, as assessed by 4-point MACE, with GLP-1RA. In contrast, SGLT2i demonstrated protective effects against heart failure and atrial fibrillation.Funding We would like to acknowledge the financial support provided by Novo Nordisk for this study. AP's research is supported by a Sara Borrell post-doctoral grant from the Instituto de Salud Carlos III (CD22/00012) .Palanca, A.; Ampudia-Blasco, FJ.; Calderon, JM.; Sauri, I.; Martínez-Hervás, S.; Trillo, JL.; Redón, J.... (2024). Comparison of GLP-1 receptor agonists and other Glucose-Lowering agents on cardiovascular outcomes in individuals with type 2 diabetes and Obesity: A Spanish Real-World Population-Based study. Diabetes Research and Clinical Practice. 207. https://doi.org/10.1016/j.diabres.2023.11107120