Ex-Dividend Day Returns when Dividend and Capital Gains are Taxed at the Same Rate

Due to the overwhelming international evidence that stock prices drop by less than the dividend paid on ex-dividend days, the ex-dividend day anomaly is considered a stylized fact. Two main approaches have emerged to explain this empirical regularity: the tax-clientele hypothesis and the microstructure of financial markets. Although the most widely accepted explanation for this fact relies on taxes, the ex-dividend day anomaly has been reported even in countries where neither dividends nor capital gains are taxed. The 2006 tax reform in Spain established the same tax rate for dividends and capital gains. This paper investigates stock returns on ex-dividend days in the Spanish stock market after the 2006 tax reform using a random coefficient model. Contrary to previous research, we do not observe an ex-dividend day anomaly. Unlike previous investigations, which are mostly concerned with suggesting explanations as to why this anomaly has occurred, we are in the somewhat strange position of discussing why this anomaly has not occurred. Our findings are robust across companies and stock dividend yields, thus supporting a tax--based explanation for the ex-dividend day anomaly.

Crustacean and aquatic insect assemblages in the Mediterranean coastal ecosystems of Empord`a wetlands (NE Iberian peninsula)

Coastal wetlands are characterized by high biodiversity, which is one of the main criteria considered when establishing protection policies or when proposing adequate management actions. In this study, the crustacean and aquatic insect composition of the Empord`a wetlands is described. These two faunal groups contribute highly to the total biodiversity in these wetlands but are seldom considered when managing natural areas. A selection (84 sampling points) of all water body types present in the Empord`a wetlands were sampled monthly (surber and dip net with a 250 μm mesh). Sampling was carried out during 3 surveys (1991-92, 1996-97 and 1999-2000). A rich fauna of 125 crustacean and 295 aquatic insect taxa was identified. We characterized each water body type using the most abundant species and the relative species richness of the taxonomic groups. A classification of the water body types, according to similarity between inventories, groups the brackish and hyperhaline systems in one cluster and the various freshwater systems in another one. Among freshwater systems, lotic waters and freshwater wetlands have a high similarity, whereas rice fields and freshwater springs have a low similarity

Efficacy of methotrexate to prevent postoperative recurrence of Crohn's disease

BACKGROUND: endoscopic postoperative recurrence (POR) of Crohn’s disease (CD) is the presence of lesions in previously unaffected intestinal segments and occurs in up to 85% of patients one year after bowel resection. Patients at low risk for POR can either remain untreated until lesions recur or receive immediate prevention after surgery with mesalazine, azathioprine (AZA) and/or metronidazole, although with moderate benefit. Out of the postoperative setting, methotrexate (MTX) has been shown to be efficacious for induction and maintenance of remission and has been established as the second-line immunosuppressant for patients with CD unresponsive or intolerant to AZA.AIMS: to determine the efficacy and safety of MTX to prevent endoscopic and clinical POR at 24 weeks after surgery in low risk patientsMETHODS: the study consists on a multicenter, randomized, double-blind and placebo-controlled clinical trial that will enroll 132 patients at low risk for POR (non-smokers, first intestinal resection, non-penetrating behavior). Patients will be randomized to receive subcutaneous MTX at doses of 25 mg/week or an identical placebo, for 24 weeks. Endoscopic and clinical assessment of POR will be performed after 24 weeks (6 months) of treatment. The main outcome is endoscopic POR, defined as a Rutgeerts score of >i2, and secondary outcomes include clinical POR, defined as >i2 lesions plus a Crohn’s Disease Activity Index (CDAI) >150, and description of adverse events

Baixem de les tarimes i connectem: recerca en història medieval i innovació docent

We would like to introduce our group of research, [CONTRA TAEDIUM], created by professionals from different fields, that have contributed in this article. Our purpose is to expose our reflections based on our own experiences, not only in research, but also in teaching. We propose new forms of writing history in order to understand the dairy life of the women and men of the past, from birth to death. We would like to point out that interacting all types of sources is essential to understand our history. But, what really makes sense is to bring our students in the historical methodology and involve them in their education. Moreover, it is necessary to design new teaching materials using the new technologies, although it requires team-work and a great, but satisfying, effort

Hacia la autoformación permanente de los docentes en las comunidades de práctica: los talleres de internet en el Aula

El objetivo principal de este trabajo es determinar si las comunidades virtuales de práctica son un espacio adecuado para la autoformación de los docentes. Con este fin, primero se especifican algunos conceptos clave que ayuden a contextualizar el tema de la formación; en segundo lugar se recogen los rasgos que se consideran hoy necesarios para llevar a cabo la labor docente, dibujándose así el perfil “ideal” del profesor en el contexto actual desde distintos ángulos de vista; y por último, se narran algunas experiencias personales en las redes sociales para ilustrar el funcionamiento de este nuevo paradigma social.

Estudio sobre la construcción autorregulada del portafolio en el grado de Enfermería

Introduction. This study presents the results of the implementation process of portfolio in the course of four consecutive years. The plan includes three phases (initiation, development and consolidation). The sample is 480 students studying the first year of nursing at the University of Girona. The objective is to evaluate the effectiveness of the instrument and achieve its construction in a self-regulated process. Subjects and methods. The proposed methodology is based on the sequential triangulation between methods. The study of the same empirical unit it’s used two investigation strategies, quantitative and qualitative. Study 1: quantitative, descriptive, longitudinal and prospective. The statistical analysis of paired data for continuous variables that follow a normaldistribution is made with t Student-Fisher test. The correlation between two numerical variables is used the Pearson correlation index. Study 2: qualitative, uses the discussion groups and topics. For textual data analysis is used Atlas.ti. Results. The final score for students who prepare the portfolio is higher (7.78) than the score who do not prepare (7) (p ≤ 0.001). A significant correlation exists between the portfolio score and final score (p ≤ 0.001). The trend study showsa greater sensitivity of the instrument assessment. Conclusion. The final design of the portfolio is characterized by mixed, flexible and encourages the student reflection and empowers the reflection on the continuum of learning

Factors affecting foster care breakdown in Spain

La ruptura del acogimiento familiar se ha definido como aquella situación en la que alguna de las partes implicadas causa una terminación de la intervención antes de haber alcanzado los objetivos establecidos en el plan de caso. Este trabajo presenta un estudio llevado a cabo en una muestra española de 318 casos cerrados de niños que fueron acogidos en familia ajena y extensa. Los datos se obtuvieron a través de la revisión exhaustiva de los expedientes de protección y acogimiento, complementada conentrevistas a los técnicos encargados de cada caso. La tasa de ruptura del conjunto de la muestra fue de 26,1%, si bien fuesignificativamente diferente en familia extensa (19,7%) que en familia ajena (31,2%). Los resultados de este estudio indican que las variables relacionadas con la ruptura dependen de la modalidad del acogimiento, en familia ajena o extensa. En el primer caso destacamos las variables relacionadas con las características del niño, especialmente los problemas de conducta y escolares, con especial relevancia en el grupo de 9-12 años, y el haber estado en acogimiento residencial previamente. En cambio, en extensaresulta más importante la problemática en los padres (prisión, salud mental) y el tener una medida de tutela. También el hecho de que se realice el acogimiento tras pasar por hogares de acogida resulta trascendental. Finalmente, la disponibilidad de recursos económicos e incluso los estudios de los acogedores parecen ser variables relacionadas con la ruptura de la acogida

Amenzas a través de la telefonía móvil e internet: perfil psicológico y consecuencias emocionales

En los últimos años se ha producido un incremento del uso de la telefonía móvil e Internet con fines intimidatorios o simplemente para amenazar a los iguales en los centros escolares de nuestro país. Con la voluntad de aportar datos que puedan ayudar a su prevención, se ha realizado un estudio de encuesta en el que se ha obtenido información relativa a las amenazas recibidas a través de los nuevos medios de comunicación, es decir, Internet y la telefonía móvil. Los resultados indican que un 23.3% de los estudiantes de los centros públicos de Enseñanza Secundaria Obligatoria de la ciudad de Girona (Cataluña), durante el curso escolar, han recibido vía Internet o telefonía móvil algún mensaje que, por su contenido, ha supuesto una amenaza para su bienestar. Se analizan las consecuenciasemocionales y las estrategias de afrontamiento utilizadas por parte de estos adolescentes

Argument omissions in preschool Catalan and Spanish speaking children with SLI

El presente artículo describe tres estudios sobre la producción del verbo y la estructura argumental en niños con Trastorno Específico del Lenguaje (TEL) usando diferentes metodologías. El primero es un estudio observacional que usa una muestra de habla espontánea. El segundo usa una tarea experimental de denominación de oraciones como resultado de la observación de videos de acciones. El tercero comprende la tarea de denominación de oraciones con imágenes estáticas en eventos con diferente complejidad argumental. Aunque los datos concretos varían en función de la metodología usada, hay una clara evidencia de que los niños de habla catalana y española con TEL presentan especiales dificultades en la producción de verbos con una alta complejidad en relación a la estructura argumental y cometen errores en la especificación de los argumentos obligatorios. Se concluye quetanto limitaciones en el procesamiento como déficits en la representación semántica de los verbos pueden estar implicados en estas dificultades

Análisis psicométrico de la escala multidimensional de autoconcepto AF5 en una muestra de adolescentes y adultos de Cataluña

Psychometric analysis of the AF5 multidimensional scale of self-concept in a sample of adolescents and adults in Catalonia. The aim of this study is to carry out a psychometric study of the AF5 scale in a sample of 4.825 Catalan subjects from 11 to 63 years-old. They are students from secondary compulsory education (ESO), from high school, middle-level vocational training (CFGM) and from the university. Using a principal component analysis (PCA) the theoretical validity of the components is established and the reliability of the instrument is also analyzed. Differential analyses are performed by gender and normative group using a 2 6 factorial design. The normative group variable includes the different levels classifi ed into 6 sub-groups: university, post-compulsory secondary education (high school and CFGM), 4th of ESO, 3rd of ESO, 2nd of ESO and 1st of ESO. The results indicate that the reliability of the Catalan version of the scale is similar to the original scale. The factorial structure also fi ts with the original model established beforehand. Signifi cant differences by normative group in the four components of self-concept explored (social, family, academic/occupational and physical) are observed. By gender, signifi cant differences appear in the component of physical self-concept, academic and social but not in the family component

Aprendizaje léxico y desarrollo de la gramática: vocabulario verbal, aceleración morfológica y complejidad sintáctica

This paper studies the initial development of certain language components. More precisely, we analyse the relation between three aspects that are closely involved in the grammar of the verb: morphological productivity, syntactic complexity, and verb vocabulary learning. The study is based on data about the relationship between lexical development and grammatical development, and also on proposals that a critical mass of vocabulary is needed in order to develop a grammatical component. The sample comprised six subjects who are monolingual or bilingual in Catalan andlor Spanish. Results show a morphological spurt some time afer the learning of a certain quantity of verbs. Moreover, syntactic complexity is only evident some months after this morphological spurt

Values and their influence on the life satisfaction of adolescents aged 12 to 16: a study of some correlates

In this research we explore several aspects of quality of life in young people, working with factors such as self-esteem, locus of control, perceived social support, values, and so on. We examine the correlations among factors that influence the values and life satisfaction of adolescents aged 12-16. Furthermore, we analyze the data obtained from the children, on the one hand, and their parents, on the other, we explore the relationships between the factors and we consider the agreements and discrepancies between the responses of parents and their offspring

¿Qué coincidencias y discrepancias tienen los jóvenes y sus padres ante los medios?

The results presented in this paper are from a research using a questionnaire about activities and evaluations of boys and girls in relation to different audio-visual media (television, computer, videoconsole, educative CD-Roms, Internet and computer and console games). Results show us that children information about any audio-visual media is systematically overestimated by parents. Generally, the media with more negative concordances is video-games, the one with more positive concordances is the computer and the one with more discrepancies between generations is TV

Relationships between adolescents and parents values and parents answering behaviour

In this paper we set out a confirmatory factor analysis model relating the values adolescents and their parents aspire to for the child’s future. We approach a problem when collecting parents’ answers and analysing paired data from parents and their child: the fact that in some families only one parent answers, while in others both meet to answer together. In order to account for differences between one-parent and two-parent responses we follow a multiple group structural equation modelling approach. Some significant differences emerged between the two and one answering parent groups. We observed only weak relationships between parents’ and children’s values