Time scarcity and the market for news

We develop a theory of news coverage in environments of information abundance. News consumersare time-constrained and browse through news items that are available across competingoutlets, choosing which ones to read or skip. Media firms are aware of consumers' preferences andconstraints, and decide on rankings of news items that maximize their profits. We find that, evenwhen readers and outlets are rational and unbiased and when markets are competitive, readersmay read more than they would like to, and the stories they read may be significantly differentfrom the ones they prefer. Next, we derive implications on diverse aspects of new and traditionalmedia. These include a rationale for tabloid news, a theory of optimal advertisement placementin newscasts, and a justification for readers' migration to online media platforms in order to circumventinefficient rankings found in traditional media. We then analyze methods for restoringreader-efficient standards and discuss the political economy implications of the theory.

The effects of monetary policy on stock market bubbles: Some evidence

We estimate the response of stock prices to exogenous monetary policy shocks usinga vector-autoregressive model with time-varying parameters. Our evidence points toprotracted episodes in which, after a a short-run decline, stock prices increase persistently in response to an exogenous tightening of monetary policy. That responseis clearly at odds with the "conventional" view on the effects of monetary policy onbubbles, as well as with the predictions of bubbleless models. We also argue that it isunlikely that such evidence be accounted for by an endogenous response of the equitypremium to the monetary policy shocks.

Market Index Biases and Minimum Risk Indices

Markets, in the real world, are not efficient zero-sum games where hypotheses of the CAPM are fulfilled. Then, it is easy to conclude the market portfolio is not located on Markowitz"s efficient frontier, and passive investments (and indexing) are not optimal but biased. In this paper, we define and analyze biases suffered by passive investors: the sample, construction, efficiency and active biases and tracking error are presented. We propose Minimum Risk Indices (MRI) as an alternative to deal with to market index biases, and to provide investors with portfolios closer to the efficient frontier, that is, more optimal investment possibilities. MRI (using a Parametric Value-at-Risk Minimization approach) are calculated for three stock markets achieving interesting results. Our indices are less risky and more profitable than current Market Indices in the Argentinean and Spanish markets, facing that way the Efficient Market Hypothesis. Two innovations must be outlined: an error dimension has been included in the backtesting and the Sharpe"s Ratio has been used to select the"best" MRI

Aggregate Costs of Gender Gaps in the Labor Market: A Quantitative Estimate

[eng] This paper examines the quantitative effects of gender gaps in entrepreneurship and labor force participation on aggregate productivity and income per capita. We simulate an occupational choice model with heterogeneous agents in entrepreneurial ability, where agents choose to be workers, self-employed or employers. The model assumes that men and women have the same talent distribution, but we impose several frictions on women's opportunities and pay in the labor market. In particular, we restrict the fraction of women participating in the labor market.

Aggregate Costs of Gender Gaps in the Labor Market: A Quantitative Estimate

This paper examines the quantitative effects of gender gaps in entrepreneurship and labor force participation on aggregate productivity and income per capita. We simulate an occupational choice model with heterogeneous agents in entrepreneurial ability, where agents choose to be workers, self-employed or employers. The model assumes that men and women have the same talent distribution, but we impose several frictions on women's opportunities and pay in the labor market. In particular, we restrict the fraction of women participating in the labor market.

Aggregate Costs of Gender Gaps in the Labor Market: A Quantitative Estimate

This paper examines the quantitative effects of gender gaps in entrepreneurship and labor force participation on aggregate productivity and income per capita. We simulate an occupational choice model with heterogeneous agents in entrepreneurial ability, where agents choose to be workers, self-employed or employers. The model assumes that men and women have the same talent distribution, but we impose several frictions on women's opportunities and pay in the labor market. In particular, we restrict the fraction of women participating in the labor market.

Mobile Phone Use among Market Traders at Fairs in Rural Peru

We characterize market traders at two rural fairs in Puno, Peru, based on quantitative and qualitative data gathered in 2008, to gain insight into types of traders and the information needs that influence the degree to which they use mobile phones to make decisions regarding which weekly fairs to attend. Using variables such as origin, type of goods sold, means of transportation to the market, and reliance on networks, we identify traders as full-time traders, part-time traders, or subsistence traders, that is, people trading solely to survive. We find that when traders are already familiar with the technology, regularly rely on endogenous networks to make decisions, and have more to lose from failing to trade (e.g., those selling perishable goods), they are more likely to use mobile phones to decide where to sell.

Material Market

El proyecto está basado en un sistema que denominaremos Material Market a lo largo de todo el trabajo. La idea que subyace detrás de este Market es un sistema que gestiona la compra-venta de materiales por parte de los usuarios del sistema.

Semantic Web applications: a framework for industry and business exploitation – What is needed for the adoption of the Semantic Web from the market and industry

In recent years, Semantic Web (SW) research has resulted in significant outcomes. Various industries have adopted SW technologies, while the ‘deep web’ is still pursuing the critical transformation point, in which the majority of data found on the deep web will be exploited through SW value layers. In this article we analyse the SW applications from a ‘market’ perspective. We are setting the key requirements for real-world information systems that are SW-enabled and we discuss the major difficulties for the SW uptake that has been delayed. This article contributes to the literature of SW and knowledge management providing a context for discourse towards best practices on SW-based information systems.

Post-market environmental monitoring of Bt maize in Spain: Non-target effects of varieties derived from the event MON810 on predatory fauna

The Spanish Government has established post-market environmental monitoring (PMEM) as mandatory for genetically modified (GM) crop varieties cultivated in Spain. In order to comply with this regulation, effects of Bt maize varieties derived from the event MON810 on the predatory fauna were monitored for two years in northeast and central Spain. The study was carried out with a randomized block design in maize fields of 3-4 ha on which the abundance of plant-dwelling predators and the activity-density of soil-dwelling predators in Bt vs. non-Bt near-isogenic varieties were compared. To this end, the plots were sampled by visual inspection of a certain number of plants and pitfall traps 6 or 7 times throughout two seasons. No significant differences in predator densities on plants were found between Bt and non-Bt varieties. In the pitfall traps, significant differences between the two types of maize were found only in Staphylinidae, in which trap catches in non-Bt maize were higher than in Bt maize in central Spain. Based on the statistical power of the assays, surrogate arthropods for PMEM purposes are proposed; Orius spp. and Araneae for visual sampling and Carabidae, Araneae, and Staphylinidae for pitfall trapping. The other predator groups recorded in the study, Nabis sp. and Coccinellidae in visual sampling and Dermaptera in pitfall trapping, gave very poor power results. To help to establish a standardized protocol for PMEM of genetically modified crops, the effect-detecting capacity with a power of 0.8 of each predator group is given.

Energy-momentum tensor for scalar fields coupled to the dilaton in two dimensions

We clarify some issues related to the evaluation of the mean value of the energy-momentum tensor for quantum scalar fields coupled to the dilaton field in two-dimensional gravity. Because of this coupling, the energy-momentum tensor for matter is not conserved and therefore it is not determined by the trace anomaly. We discuss different approximations for the calculation of the energy-momentum tensor and show how to obtain the correct amount of Hawking radiation. We also compute cosmological particle creation and quantum corrections to the Newtonian potential.

European employment strategy and spanish labour market policies

The paper aim is to analyse the influence of the European Employment Strategy (EES)in the implementation of the Spanish labour market policies. The first part of the paper describes the evolution and content of the EES. In the second one, the definition of activation is also explained. In addition to that, the ways how the EES develops and promotes active labour market policies are examined. The evolution of labour market policies in Spain and the current configuration of both active and passive policies are studied in the next three chapters. In these parts, the paper investigates to which extent the provisions of the EES have been implemented in Spain. The paper shows that: i) activation has been rising in the European countries since the implementation of the EES; ii) this fact has also happened in relative terms (comparing the evolution of active to passive policies); iii) Spain has been one of the countries which has led these processes; iv) the EES seems to have been influencing

EMU sovereign debt market crisis: Fundamentals-based or pure contagion?

We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and peripheral countries from January 1999 to December 2012. First we apply a dynamic approach to analyse the evolution of the degree of Grangercausality within the 90 pairs of sovereign bond yield spreads in our sample, in order to detect episodes of significantly increased causality between them (which we associate with contagion) and episodes of significantly reduced interconnection (which we associate with immunisation). We then use an ordered logit model to assess the determinants of the occurrence of the episodes detected. Our results suggest the importance of variables proxying market sentiment and of variables proxying macrofundamentals in determining contagion and immunisation outcomes. Therefore, our findings underline the coexistence of “pure” and “fundamentals-based contagion” during the recent European debt crisis.

EMU sovereign debt market crisis: Fundamentals-based or pure contagion?

We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and peripheral countries from January 1999 to December 2012. First we apply a dynamic approach to analyse the evolution of the degree of Grangercausality within the 90 pairs of sovereign bond yield spreads in our sample, in order to detect episodes of significantly increased causality between them (which we associate with contagion) and episodes of significantly reduced interconnection (which we associate with immunisation). We then use an ordered logit model to assess the determinants of the occurrence of the episodes detected. Our results suggest the importance of variables proxying market sentiment and of variables proxying macrofundamentals in determining contagion and immunisation outcomes. Therefore, our findings underline the coexistence of “pure” and “fundamentals-based contagion” during the recent European debt crisis.

Momentum dependence of the phi-meson nuclear transparency

The production of φ mesons in proton collisions with C, Cu, Ag, and Au targets has been studied via the φ → K + K − decay at an incident beam energy of 2.83 GeV using the ANKE detector system at COSY. For the first time, the momentum dependence of the nuclear transparency ratio, the in-medium φ width, and the differential cross section for φ -meson production at forward angles have been determined for these targets over the momentum range of 0.6-1.6 GeV /c. There are indications of a significant momentum dependence in the value of the extracted φ width, which corresponds to an effective φN absorption cross section in the range of 14-21 mb.