Multirating decision model validation: the relevance of the quality of the securitization issues

Rating enables the information asymmetry existing in the issuer-investor relationship to be reduced, particularly for issues with a high degree of complexity, as is the case of securitizations. However, there may be a serious conflict of interest between the issuer’s choice and remuneration of the agency and the credit rating awarded, resulting in lower quality and information power of the published rating. In this paper, we propose an explicative model of the number of ratings requested, by analyzing the relevance of the number of ratings to measure the reliability, where multirating is shown to be associated to the quality, size, liquidity and the degree of information asymmetry relating to the issue. Thus, we consider that the regulatory changes that foster the widespread publication of simultaneous ratings could help to alleviate the problem of rating model arbitrage and the crisis of confidence in credit ratings in general and in the securitization issues, in particular.

Analysis and Use of Information and Communication Tools in Economics of Climate Change

16 p.

The Relevance of Relative Position in Ultimatum Games

This paper investigates the effect of focal points and initial relative position in the outcome of a bargaining process. We conduct two on-line experiments. In the first experiment we attempt to replicate Güth, Huck and Müller's (2001) results about the relevance of equal splits. In our second experiment, we recover the choices of participants in forty mini-ultimatum games. This design allows us to test whether the equal split or any other distribution or set of distributions are salient. Our data provide no support for a focal-point explanation but we find support for an explanation based on relative position. Our results confirm that there is a norm against hyper-fair offers. Proposers are expected to behave selfishly when the unselfish distribution leads to a change in the initial relative position.

Bilingual Lexicography:Relevance of Corpora. The Example of German-Basque as Language Pair

Presentation for the 5th International Conference on Corpus Linguistics (CILC 2013), V Congreso Internacional de Lingüistica de Corpus.

Design of tailored strategies for preservation and re-use of information about heritage

[EN] This paper is an outcome of the following dissertation: