Governance mechanisms in Spanish financial intermediaries

This paper examines the governance of Spanish Banks around two main issues. First, does a poor economic performance activate those governance interventions that favor the removal of executive directors and the merger of non-performing banks? And second, does the relationship between governance intervention and economic performance vary with the ownership form of the bank? Our results show that a bad performance does activate governance mechanisms in banks, although for the case of Savings Banks intervention is confined to a merger or acquisition. Nevertheless, the distinct ownership structure of Savings Banks does not fully protect non-performing banks from disappearing. Product-market competition compensates for those weak internal governance mechanisms that result from an ownership form which gives voice to several stakeholder groups.

The Cost of ownership in the governance of interfirm collaborations

This paper investigates the selection of governance forms in interfirm collaborations taking into account the predictions from transaction costs and property rights theories. Transaction costs arguments are often used to justify the introduction of hierarchical controls in collaborations, but the ownership dimension of going from “contracts” to “hierarchies” has been ignored in the past and with it the so called “costs of ownership”. The theoretical results, tested with a sample of collaborations in which participate Spanish firms, indicate that the cost of ownership may offset the benefits of hierarchical controls and therefore limit their diffusion. Evidence is also reported of possible complementarities between reputation effects and forms of ownership that go together with hierarchical controls (i.e. joint ventures), in contrast with the generally assumed substitutability between the two.

Corporate governance in banking: the role of board of directors

We test hypotheses on the dual role of boards of directors for a sample of large international commercial banks. We find an inverted U shaped relation between bank performance and board size that justifies a large board and imposes an efficient limit to the board’s size; a positive relation between the proportion of non-executive directors and performance; and a proactive role in board meetings. Our results show that bank boards’ composition and functioning are related to directors’ incentives to monitor and advise management. All these relations hold after we control for bank business, institutional differences, size, market power in the banking industry, bank ownership and investors’ legal protection.

Applying RADIC in Open MPI: the methodology used to implement RADIC over a Message Passing Library

Fault tolerance has become a major issue for computer and software engineers because the occurrence of faults increases the cost of using a parallel computer. RADIC is the fault tolerance architecture for message passing systems which is transparent, decentralized, flexible and scalable. This master thesis presents the methodology used to implement the RADIC architecture over Open MPI, a well-know large-used message passing library. This implementation kept the RADIC architecture characteristics. In order to validate the implementation we have executed a synthetic ping program, besides, to evaluate the implementation performance we have used the NAS Parallel Benchmarks. The results prove that the RADIC architecture performance depends on the communication pattern of the parallel application which is running. Furthermore, our implementation proves that the RADIC architecture could be implemented over an existent message passing library.

Memòria de recerca: paral·lelització dels diccionaris de la Standard Template Library de C++

Estudi elaborat a partir d’una estada a la Universität Karlsruhe entre gener i maig del 2007. Les biblioteques d’estructures de dades defineixen interfícies i implementen algorismes i estructures de dades fonamentals. Un exemple n’és la Satandard Template Library (STL ), que forma part del llenguatge de programació C++. En el marc d’una tesi, s’està treballant per obtenir implementacions més eficients i/o versàtils d’alguns components de la STL. Per a fer-ho s’utilitzen tècniques de la enginyeria d’algorismes. En particular, s’integra el coneixement de la comunitat algorítmica i es té en consideració la tecnologia existent. L’acció durant l’estada s’ha emmarcat en el desenvolupament la Multi Core STL (MCSTL ). La MCSTL és una implementació paral•lela de la STL per a màquines multi-core. Les màquines multi-core són actualment l’únic tipus de màquina disponible al mercat. Per tant, tot i que el paral•lelisme obtingut no sigui òptim, és preferible a tenir els processadors esperant, ja que , la tendència és que el nombre de processadors per computador augmenti.

Private Governance of Financial Markets: the US Regulatory Regime on Hedge Funds

The article investigates the private governance of financial markets by looking at the evolution of the regulatory debate on hedge funds in the US market. It starts from the premise that the privatization of regulation is always the result of a political decision and analyzes how this decision came about and was implemented in the case of hedge funds. The starting point is the failure of two initiatives on hedge funds that US regulators launched between 1999 an 2004, which the analysis explains by elaborating the concept of self-capture. Facing a trade off between the need to tackle publicly demonized issues and the difficulty of monitoring increasingly sophisticated and powerful private markets, regulators purposefully designed initiatives that were not meant to succeed, that is, they “self-captured” their own activity. By formulating initiatives that were inherently flawed, regulators saved their public role and at the same time paved the way for the privatization of hedge fund regulation. This explanation identifies a link between the failure of public initiatives and the success of private ones. It illustrates a specific case of formation of private authority in financial markets that points to a more general practice emerging in the regulation of finance.

Conflict prevention and decentralized governance: some remarks about the state of the art in theory and practice

Is there a link between decentralized governance and conflict prevention? This article tries to answer the question by presenting the state of the art of the intersection of both concepts. Provided that social conflict is inevitable and given the appearance of new threats and types of violence, as well as new demands for security based on people (human security), our societies should focus on promoting peaceful changes. Through an extensive analysis of the existing literature and the study of several cases, this paper suggests that decentralized governance can contribute to these efforts by transforming conflicts, bringing about power-sharing and inclusion incentives of minority groups. Albeit the complexity of assessing its impact on conflict prevention, it can be contended that decentralized governance might have very positive effects on the reduction of causes that bring about conflicts due to its ability to foster the creation of war/violence preventors. More specifically, this paper argues that decentralization can have a positive impact on the so-called triggers and accelerators (short- and medium-term causes).

The Barcelona Forum: on decentralized governance and conflict prevention 6-8 july 2009

The Barcelona Forum aimed to generate both a theoretical and practical discussion on decentralized governance and its capacity to promote peace, prevent conflict, advance human security and ensure greater governmental accountability. The Forum intended to review the theoretical strength of decentralization as a political tool and discuss how it can be properly implemented. Eight case studies were selected to be covered during the two days in order to draw conclusions and offer proposals for the future implementation of decentralization. The case of Catalonia and the decentralized experience of Spain was given special attention, as an example of successful decentralization. The other cases presented achievements and challenges and prompted discussions on both the validity and universality of decentralization as a way to promote and preserve peace. Topics such as ethnic and territorial divisions, democratic accountability, financial decentralization and distribution, resource sharing, and external implementation of decentralization through peace processes were discussed.

ParroCha : low-level C# library that wraps libparrot

Parrocha es un envoltorio simple realizado para las plataformas de desarrollo basadas en el estándar CLI de la biblioteca libparrot. Libparrot es una biblioteca de funciones implementada en C, que puede compilarse sobre varias plataformas y en la que se implementa la plataforma de desarrollo Parrot.

Virtual library, a real library?

Les possibilitats ofertes per la virtualitat tenen una gran importància en l'esfera educativa i en tots els aspectes referents a ella. Evidentment, les biblioteques i els centres de documentació no són estranys a aquest nou ambient virtual facilitat pel canvi social, econòmic i, sobretot, tecnològic que ha permès que els bibliotecaris-documentalistes accedeixin a gran quantitat d'informació i de documentació, permetent que actuïn com a agents intermediaris entre aquesta nova situació i l'ús que se'n poden fer pels diversos tipus d'usuaris.

Virtual Library Services for a Virtual University : User-Oriented Virtual Sites in an Open Library

La llegada de las tecnologías de la información, y su uso cada vez mayor y generalizado que se está haciendo de ellas, ha permitido para que una nueva situación aparezca que, a su vez, ha originado - de hecho, que ha precipitado - una serie de cambios de gran importancia en todos los niveles, pero especialmente en los niveles sociales, económicos y culturales. Este nueva escena ha tenido una gran influencia en el entorno pedagógico. De hecho, la aparición de nuevos modelos educativos como resultado de este cambio ha estado sucediendo de una manera continuada e ininterrumpida durante la década pasada. Estos cambios recientes en los sistemas actuales de enseñanza y de aprendizaje han significado un aumento y un cambio en el tipo de demandas hechas desde las bibliotecas y los centros de documentación.

Virtual Library Services for a Virtual University

Es presenta el concepte de biblioteca virtual tal com es desenvolupa a la Universitat Oberta de Catalunya una institució d'educació a distància que proporciona educació universitària. La UOC basa l'organització del seu model educatiu en l'explotació del paradigma del Campus Virtual i en l'ús de les darreres tecnologies disponibles en telemàtica, ordinadors personals i multimèdia. En aquest context, la Biblioteca Virtual de la UOC s'ofereix com un nou model del servei de biblioteca, flexible i dissenyat de manera que els usuaris puguin aprofitar-se de les noves tecnologies de la informació i accedir a les dades registrades i emmagatzemades a qualsevol lloc del món.