Areas of expertise
On account of the expertise gained from the research projects conducted, the CREFC has become a research centre specialising in banking, financial management, financial markets, market microstructure, econometrics, risk and probability, and accounting.
BANKING
Research in this area is focussed on the behaviour of banking institutions, the structure of the banking market, banking regulations and the macroeconomic implications of operations within the sector.
Latest project: “Institutions and Financial Assets in Asymmetric Information” (2005-2008)
FINANCIAL MANAGEMENT
This area deals with all research issues regarding corporate finance. In particular, it analyses the structure of liabilities, agency problems related to this structure, the implications for investment decisions and their risk level, as well as the issue of corporate governance.
Latest project: "Financial Decisions in Imperfect Information” (2002-2005)
FINANCIAL MARKETS
The aim of this area is to identify the stochastic behaviour of financial assets, such as shares, obligations and similar instruments, from the standpoint of the theoretical modelling of such behaviour as well as from the perspective of empirical evidence. L
atest project: “Institutions and Financial Assets in Asymmetric Information” (2005-2008)
MARKET MICROSTRUCTURE
This area examines decisions made by agents regarding the purchase and sale of assets in asymmetric information situations. This makes it possible to determine the difference between the bid and the ask price of a financial asset and to compare it with empirical evidence in markets. It also makes it possible to analyse the bearing of privileged information (insider trading).
Latest project: “Inequality and development: from the local approach to the international perspective?” (2008-2012)
ECONOMETRICS
Research in this area addresses the empirical behaviour shown by various financial variables (asset prices, interest rates, transaction sizes, etc.). Such studies are undergoing major expansion, since data on financial markets are plentiful at present, enabling a detailed analysis to be conducted on the behaviour of financial agents using live data, day-to-day data and data provided over the long-term.
Latest project: "Pattern Analysis, Statistical Modelling and Computational Learning Network of Excellence" (2004-2007)
RISK AND PROBABILITY
Research projects in this area look into the behaviour shown by financial assets from the viewpoint of their stochastic structure, placing emphasis on discussion processes unfolding in continuous time.
Latest project: "Statistical and probability methods in learning, games and finance" (2006-2009)
ACCOUNTING
Researchers in this area focus on the ethical aspects of accounting; management accounting (indicator systems, gauging intangible assets, etc.); and an economic and financial analysis of economic sectors.
Prominent project: "Economic and financial analysis of Catalan companies", published yearly by the Ministry of Economy and Finance of the Generalitat Government of Catalonia.
