A note on bargaining power and managerial delegation in multimarket oligopolies

In a two-stage delegation game model with Nash bargaining between a manager and an owner, an equivalence result is found between this game and Fershtman and Judd's strategic delegation game (Fershtman and Judd, 1987). Interestingly, although both games are equivalent in terms of profits under certain conditions, managers obtain greater rewards in the bargaining game. This results in a redistribution of profits between owners and managers.

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Polymer-Optical-Fiber Lasers and Amplifiers Doped with Organic Dyes

Polymer optical fibers (POFs) doped with organic dyes can be used to make efficient lasers and amplifiers due to the high gains achievable in short distances. This paper analyzes the peculiarities of light amplification in POFs through some experimental data and a computational model capable of carrying out both power and spectral analyses. We investigate the emission spectral shifts and widths and on the optimum signal wavelength and pump power as functions of the fiber length, the fiber numerical aperture and the radial distribution of the dopant. Analyses for both step-index and graded-index POFs have been done.

Variable structure control for maximum wind power extraction

EuroPES 2009

Design, analysis and implementation of a versatile low level radio frequency system for accelerating cavities

179 p.