Age effects, unobserved characteristics and hedonic price indexes: The Spanish car market in the 1990's

This paper computes and compares alternative quality-adjusted price indexes for new cars in Spain in the period 1990-2000. The proposed hedonic approach simultaneously controls for time-invariant unobserved product effects and time-variant unobserved quality changes, that are assumed to be captured by model age effects. The results show that the non-adjusted price index largely overstates the increase in the cost of living induced by changes in car prices and that previous evidence for this market have not measured the real extent of that bias, probably due to the omission of controls for unobservables. It is also shown that omitting age effects can also lead to misleading conclusions. The estimated price indexes give also some insights on what could have been the determinants of price evolution in the Spanish car market. JEL classi…fication numbers: C43, E31, L11, L13, Keywords: Hedonic price indexes, Spanish car market, car prices, CPI, Cost of living

Interferència dels trastorns de personalitat en la capacitat parental. Comparació entre població normal i diagnosticada

En aquesta investigació, hem comparat tres mostres (amb diagnòstic de transtorn de la personalitat, amb trets disfuncionals de la personalitat i sans) per tal de valorar quina disposa d’un funcionament parental més acurat. Dels resultats obtinguts, malgrat el petit tamany de la mostra, podem afirmar que els progenitors sans obtenen millors resultats que els altres dos, i que els que disposen de trets disfuncionals tenen un funcionament més adequats que els que tenen un diagnòstic.

Like milk or wine: Does firm performance improve with age?

Our empirical literature review shows that little is known about how firm performance changes with age, presumably because of the paucity of data on firm age. For Spanish manufacturing firms, we analyse the firm performance related to firm age between 1998 and 2006. We find evidence that firms improve with age, because ageing firms are observed to have steadily increasing levels of productivity, higher profits, larger size, lower debt ratios, and higher equity ratios. Furthermore, older firms are better able to convert sales growth into subsequent growth of profits and productivity. On the other hand, we also found evidence that firm performance deteriorates with age. Older firms have lower expected growth rates of sales, profits and productivity, they have lower profitability levels (when other variables such as size are controlled for), and also that they appear to be less capable to convert employment growth into growth of sales, profits and productivity. Keywords: firm age, firm growth, LAD, financial structure, vector autoregression JEL CODES: L25, L20

Els àngels de la "New Age" : la literatura didàctica i les cartes oracle que tracten d'ensenyar a comunicar-se amb els àngels

Una mirada des dels Estudis Culturals sobre la literatura didàctica i les cartes oracle que tracten d'ensenyar a comunicar-se amb els àngels. Són productes relativament nous en el mercat, comercialitzats per les indústries culturals i generats en el sector dels nous moviments religiosos conegut com New Age.

Hacia una reformulación sistémica del “Síndrome de Alienación Parental”. Estudio de un caso.

El objetivo del presente estudio es realizar una lectura de una situación de alienación parental en un divorcio conflictivo desde un enfoque sistémico-relacional, respondiendo a la falta de modelos de intervención para dicha casuística y considerando poco holístico el planteamiento defendido bajo la categoría Síndrome de Alienación Parental (SAP), descrita por Gardner el año 1985. Se analizan con metodología cualitativa cinco sesiones de psicoterapia de una familia de tres miembros derivada judicialmente por el rechazo de la hija a mantener contacto con la madre. Atendiendo a sus respectivas narrativas en relación a la pareja, los resultados muestran una mitología compartida en el pasado y una ruptura de la misma, en el caso de la madre. Se observa una precaria gestión del cambio, así como un conflicto comunicacional que impide desarrollar nuevas estrategias narrativas tras la separación. Los resultados permiten apoyar la apertura de líneas de investigación que contribuyan a una reformulación del SAP desde una perspectiva más profunda que aprehenda la complejidad de lo llamamos las Prácticas Alienadoras Familiares (PAF).

Innovation and firm growth: Does firm age play a role?

This paper explores the relationship between firm growth, innovation and firm age. We hypothesize that young firms undertake riskier innovation activities and are more oriented towards employment growth than towards harvesting returns in the form of sales growth. Using an extensive sample of Community Innovation Survey for the period 2004-2010, we apply quantile regressions and a Heckman sample selection technique to study the impact of R&D activities on firm growth according to firm age. Our results show that R&D intensity is positively associated with firm growth. However, for young firms R&D shows an increasing influence across the quantiles, while for old firms R&D shows a stable or perhaps decreasing effect over the quantiles. Firm age shows a significant negative impact among young firms, while for the sample of old firms the impact of firm age becomes non-significant. Our Heckman estimations show the evolution of the impact of the R&D on firm growth confirming a significant impact on sales and productivity growth, while the impact is negligible for employment growth. Keywords: firm age, firm growth, innovation, quantile regression. JEL CODES: L25, L20

Parental care time in four European countries: comparing types and contexts

The intensity of parental investments in child care time is expected to vary across families with different norms and time-constraints. Additionally, it should also differ across countries, since the abilities of parents to harmonize family and work vary by national context. In our opinion, however, this question remains inconclusive for two main reasons: 1) only some countries have been studied from a comparative approach; 2) previous studies have not paid enough attention to the analysis of how the conditional effects of education and employment affect parental investments.In this paper we used nationally representative time-use data from Denmark, Flanders, Spain and the United Kingdom (N=4,031) to explore how employment and education predict variations in child care time. IN Britain and Spain employment has a strong negative effect on fathers’ child care, but a weaker one in Flanders and particularly in Denmark. In contrast, maternal employment has a strong negative impact in all four countries. Education increases child care time significantly only among Spanish mothers and fathers, as well as British mothers. Nonetheless, we find that college-educated mothers under similar time-constraints increase substantially their expected child care time in Britain, Flanders and Spain; for fathers we find a more mixed picture. Routine child care activities are more sensitive to both maternal and paternal employment than interactive child care activities. Finally, we observe that working a public sector job generally increases a total time allocated to parental care, controlling for several demographic and socioeconomic variables.

Who benefits from parental leave in Spain? : a life course analysis

This paper analyses the extent to which individual and workplacecharacteristics and regional policies influence the use and duration ofparental leave in Spain. The research is based on a sample of 125,165people, and 6,959 parental leaves stemming from the ‘Sample ofWorking Life Histories’ (SWLH), 2006. The SWLH consists of administrative register data which include information from threedifferent sources: Social Security, Municipality and Income TaxRegisters. We adopt a simultaneous equations approach to analyse theuse (logistic regression) and duration (event history analysis) ofparental leave, which allows us to control for endogeneity and censoredobservations. We argue that the Spanish parental leave scheme increases gender and social inequalities insofar as reinforces genderrole specialization, and only encourages the reconciling of work andfamily life among workers with a good position in the labour market(educated employees with high and stable working status).

Productivities, preferences, and parental child care

We study the interplay of preferences and market productivities on parenting, and show the preferences, when identified, provide a better explanation of caring decisions than has, so far, been demonstrated in the literature. We qualify the standard finding the parental education in a key determinant of care by showing important interaction effects with marital homogamy. We find that homogamy has opposite effects on child care and couple specialization for high and low educated parents. Identification has been made possible by a unique couple-based time diary study for Denmark

Explaining parental dedication to child care in Spain

The quality of the time dedicated to child care has potential positive effects on children’s life chances. However, the determinants of parental time allocation to child care remain largely unexplored, particularly in context undergoing rapid family change such as Spain. We assess two alternative explanations for differences between parents in the amount of time spent with children. The first, based in the relative resources hypothesis, links variation in time spent with children to the relative attributes (occupation, education or income) of one partner to the other. The second, derived from the social status hypothesis, suggests that variation in time spent with children is attributable to the relative social position of the pair (i.e. higher status couples spend more time with children regardless of within-couple difference).To investigate theses questions, we use a sample of adults (18-50) from the Spanish Time Use Survey (STUS) 2002-2003 (n=7,438). Limiting the analysis to adults who are married or in consensual unions, the STUS allows to assess both the quantity and quality of parental time spent with children. We find little support for the “relative resources hypothesis”. Instead, consistent with the “social status hypothesis”, we find that time spent on child care is attributable to the social position of the couple, regardless of between-parent differences in income of education.

Parental investments in children: how bargaining and educational homogamy affect time allocation

This study examines parental time investment in their children, distinguishing between developmental and non-developmental care. Our analyses centre on three influential determinants: educational background, marital homogamy, and spouses' relative bargaining power. We find that the emphasis on quality care time is correlated with parents' education, and that marital homogamy reduces couple specialization, but only among the highly educated. In line with earlier research, we identify gendered parental behaviour. The presence of boys is an important condition for fathers' time dedication, but primarly among lower educated fathers. To the extent that parental stimulation is decisive for child outcomes, our findings suggest the persistence of important inequalities. This emerges through our special attention to behavioural differences across the educational distribution among households.

Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless,there is almost no issuance today. Using hand-collected archival data, we examine thefirst known case of large-scale use of state-contingent sovereign debt in history. Philip IIof Spain entered into hundreds of contracts whose value and due date depended onverifiable, exogenous events such as the arrival of silver fleets. We show that this allowedfor effective risk-sharing between the king and his bankers. The data also stronglysuggest that the defaults that occurred were excusable they were simply contingenciesover which Crown and bankers had not contracted previously.

Wage structures and family economies in the Catalan textile industry in an age of nascent capitalism

This paper deals with changes in managerial practices in Catalonia in anage of nascent capitalism (1830-1925) and adaptive family strategies inorder to face the absence of state welfare. During the 19 t h Century andin the absence of recorded labor contracts, human resources of the firmwere organized by means of implicit contracts and informal labor markets.With the advent of scientific organization of labor, wage per hour workedbegan to be recorded. This is why in the 1920s the perfect competitionmodel applies to our case. On the other hand, in the same period, and inthe absence of state welfare, ideas stemming from cooperative game theoryapply to the pattern of household income formation. Kin related networkswere used to improve the living standards of the household. In thisparticular direction we also show that there was a demonstration effectby means of which migrant s living standards were higher than those ofnatives.

Parental altruism under imperfect information: Theory and evidence

Can we reconcile the predictions of the altruism model of the familywith the evidence on intervivos transfers in the US? This paper expandsthe altruism model by introducing e ?ort of the child and by relaxingthe assumption of perfect information of the parent about the labormarket opportunities of the child. First, I solve and simulate a modelof altruism under imperfect information. Second, I use cross-sectionaldata to test a prediction of the model: Are parental transfers especiallyresponsive to the income variations of children who are very attached tothe labor market? The results suggest that imperfect information accountsfor several patterns of intergenerational transfers in the US.