http://www.sefofuncas.com Last articles of SEFO issue 2025 budget http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Economic-Indicators-15-1 febrero - 2026 IPO markets remain subdued in Europe despite strong secondary-market performance and private equity dynamism. Structural fragmentation, compliance burdens, and limited liquidity windows constrain the pipeline even in the face of reforms that seek to lower execution risk and expand issuer participation. Patricia Muñoz González-Úbeda and Irene Peña Cuenca Corporate finance http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Rebuilding-momentum-in-Europes-IPO-pipeline febrero - 2026 Letter from the Editors 2025 budget http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Investment-and-productivity-in-an-era-of-change-and-uncertainty febrero - 2026 Artificial intelligence promises major efficiency gains but may also reinforce industrial concentration, labour market polarization, and stock market overvaluation. The current AI-driven market boom raises questions about the growing disconnect between technological expectations and real-economy fundamentals. Funcas Finance and Digitalization Area AI impact http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/AIs-impact-on-productivity-and-market-dynamics febrero - 2026 2025 budget http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Social-Indicators-15-1 febrero - 2026 Six years of rate fluctuation reveal distinct asset-liability management strategies across Spanish banks. Funding costs drove margin gains during tightening, while asset yields regained primacy as rates normalised, with significant divergence between SIs and LSIs. Marta Alberni, Ángel Berges and Laura Ciriza Spanish Banks http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Spanish-banks- across-the-2020–2025-rate-cycle-Divergent-margin-drivers-between-SIs-and-LSIs febrero - 2026 2025 budget http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Financial-Indicators-15-1 febrero - 2026 Funcas Economic Trends and Statistics Department 2025 budget http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Spanish-economic-forecasts-panel-January-2026-15-1 febrero - 2026 Generative AI is reshaping labour markets primarily by reorganizing tasks within occupations rather than eliminating jobs outright, with uneven effects on wages, employment, and access to entry-level roles. These outcomes depend not only on technical capabilities, but also on human agency, institutional choices, and how education systems adapt to shifting expertise thresholds. Antonio Cabrales Generative AI http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/Generative-AI-and-the-future-of-work-and-education febrero - 2026 Spanish business profitability has recovered to pre-crisis levels in line with the economic cycle, but remains deeply uneven across firms, sectors, and regions. Differences in productivity, firm size, and exposure to competition are some of the factors that explain the disparities in profitability levels. Joaquín Maudos Business profitability http://www.sefofuncas.com/Investment-and-productivity-in-an-era-of-change-and-uncertainty/The-drivers-of-business-profitability-in-Spain-Size-sector-and-regional-dynamics febrero - 2026