Strategic Interaction and Conventions

The scope of the paper is the literature that employs coordination games to study social norms and conventions from the viewpoint of game theory and cognitive psychology. We claim that those two alternative approaches are complementary, as they provide different insights to explain how people converge to a unique system of self-fulfilling expectations in presence of multiple, equally viable, conventions. While game theory explains the emergence of conventions relying on efficiency and risk considerations, the psychological view is more concerned with frame and labeling effects. The interaction between these alternative (and, sometimes, competing) effects leads to the result that coordination failures may well occur and, even when coordination takes place, there is no guarantee that the convention eventually established will be the most efficient.

The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

Linajes urbanos y Parientes Mayores en Guipúzcoa a finales de la Edad Media (1450-1520)

[ES]Durante el tránsito de la Edad Media a la Edad Moderna los linajes urbanos y los Parientes Mayores siguieron compartiendo intereses comunes y estrechos lazos sanguíneos y económicos, que les permitieron monopolizar el poder de las villas guipuzcoanas y copar la mayor parte de los cargos concejiles, dando lugar a un proceso de oligarquización. El trabajo de investigación se vale de métodos prosopográficos para analizar una serie de fuentes inéditas o escasamente utilizadas hasta la fecha, complementadas por otras suficientemente conocidas, para demostrar que, a pesar de lo que ha venido manteniendo la historiografía, los Parientes Mayores no fueron vencidos y desplazados por los linajes urbanos, si no que se produjo una simbiosis entre ambos, lo que les permitió seguir controlando la vida política local y provincial de forma directa o indirecta.

Elementu anaforikoak eskolako testuetan

[EU]Artikulu honetan, eskolan eukeraz erabiltzen diren azalpenezko testu idatziaetan agetzen diren elementu anaforikoak aztertzen ditu egileak. Natur Zientzietako hiru testuliburetako unitate didaktiko batean erabilitako azalpenak aztertu ondoren, multzo bakoitzean ikusitako ezaugarri nagusienak eta bien artean dauden zenbait ezberdintasuni buruzko hausnarketak bildu dira lan honetan

Los artefactos retocados del nivel C4d1j de Isturitz: estudio arqueopetrológico desde la Tipología Analítica

Homenaje a Georges Laplace, realizado en Vitoria-Gasteiz el 13, 14 y 15 de noviembre de 2012. Edición a cargo de Aitor Calvo, Aitor Sánchez, Maite García-Rojas y Mónica Alonso-Eguíluz.

Solutions for New Terrestrial Broadcasting Systems Offering Simultaneously Stationary and Mobile Services

221 p.

Valoración financiero-actuarial de un plan de pensiones empresarial 2014 A

El objetivo del presente trabajo es realizar un comparativo estudio de la implantación de un plan de pensiones de jubilación por parte de la empresa demandante GEMASA a favor de sus empleados. Para ello, con base en un análisis del colectivo trabajador así como del plan de pensiones diseñado específicamente para la empresa, se medirá la capacidad de motivación de los empleados y su capacidad de generación de beneficios ante mejoras salariales. Mediante la creación de diferentes escenarios, se llevará a cabo un análisis financiero de las cuenta de la compañía.