Prof. Borja Encinas

Enrique Devesa

Mar Devesa

Trinomial: Return-Risk and Sustainability: Is Sustainability Valued by Investors? A Choice Experiment for Spanish Investors Applied to SDG 12

12 August 2023 in Risks

Journal Article

Carlos Díaz-Caro

Eva Crespo-Cebada

Ángel Sabino Mirón Sanguino

Traditionally, finance has paid attention to the risk-return trade-off. Recently, given the incorporation of the 2030 Agenda and climate change, a third pillar has been incorporated into the investment decision: sustainability. Socially responsible investment is an instrument that can incorporate all three pillars. This paper aims to assess sustainability by Spanish investors using a choice experiment by applying the Bayesian approach with Markov chain Monte Carlo sampling and obtain the willingness to pay (invest) for each attribute. The results show that profitability remains the most important factor, although risk is at the same level as sustainability.

5 June 2017 in Social Indicators Research

Journal Article

From the Replacement Rate to the Synthetic Indicator: A Global and Gender Measure of Pension Adequacy in the European Union

Juan-José Alonso-Fernandez

Enrique Devesa-Carpio

Mar Devesa-Carpio

Towards an adequate and sustainable replacement rate in defined benefit pension systems: The case of Spain

1 January 2018 in International Social Security Review

Journal Article

Juan José Alonso Fernández

Enrique Devesa

Mar Devesa

The minimum pension and its effect on the gender gap in retirement pensions in Spain

The main objective of this article is to determine, based on internal data, replacement rates for a defined benefit pension system, with two aims: the adequacy of pensions – measured in terms of the expenditure of retirees – and the sustainability of the system. For this purpose two instruments are used: the internal rate of return, and techniques based on systems of notional accounts. These figures, derived from internal data, will serve, by comparison with the replacement rate of the system, to assess whether the system tends more towards adequacy or sustainability. The system studied is that of Spain.

17 March 2021 in Journal of Gender Studies

Journal Article

Enrique Devesa

The Public Pension Systems and the Economic Crisis

The gender gap in pensions is greater than the gender gap in wages in the majority of countries in the European Union. Similarly, more women live on a minimum pension than do men. Therefore, the measures that are implemented for minimum benefits must be analysed from a gender perspective to avoid further increasing the gender gap in wages. This study analysed an unexplored aspect in both the academic and judicial spheres, namely, the regulation of the minimum pension in Spain after the 2011 reform and its effect on women’s pensions. The analysis highlights indirect sex discrimination in the aforementioned regulations. Therefore, modification measures are proposed to help reduce the gender gap in pensions.

21 March 2020

Book Chapter