Bundling electronic journals and competition among publishers

Site licensing of e-journals has been revolutionizing the way academicinformation is distributed. However, many librarians are concerned aboutthe possibility that publishers might abuse site licensing by practicingbundling. In this paper, we analyze the private and social incentives forthe publishers to use bundling in the context of STM electronic journalmarket. In the short run in which the number of journals is exogenouslygiven, we find a strong conflict between the two incentives: each publisherfinds bundling optimal and bundling increases the industry profit butreduces social welfare. However, in the long run we find that publishersmight have higher incentives to introduce new journals under bundlingthan without bundling and, in this case, bundling can reduce the industryprofit while increasing social welfare. Finally, we examine publishers incentive to provide links to the websites of the rival publishers underbundling and show that even asymmetric publishers have incentive tointerconnect.

When in peril, retrench: Testing the portfolio channel of contagion

One plausible mechanism through which financial market shocks may propagate across countriesis through the impact that past gains and losses may have on investors risk aversion and behavior. This paper presents a stylized model illustrating how heterogeneous changes in investors risk aversion affect portfolio allocation decisions and stock prices. Our empirical findings suggest that when funds returns are below average, they adjust their holdings toward the average (or benchmark) portfolio. In so doing, funds tend to sell the assets of countries in which they were overweight , increasing their exposure to countries in which they were underweight. Based on this insight, the paper constructs an index of financial interdependence which reflects the extent to which countries share overexposed funds. The index helps in explain the pattern of stock market comovement across countries. Moreover, a comparison of this interdependence measure to indices of trade or commercial bank linkages indicates that our index can improve predictions about which countries are more likely to be affected by contagion from crisis centers.

Bundling and competition for slots: On the portfolio effects of bundling

We consider competition among sellers when each of them sells a portfolio ofdistinct products to a buyer having limited slots. We study how bundling affectscompetition for slots. Under independent pricing, equilibrium often does not existand hence the outcome is often inefficient. When bundling is allowed, each sellerhas an incentive to bundle his products and an efficient equilibrium always exists.Furthermore, in the case of digital goods, all equilibria are efficient if slotting contracts are prohibited. We also identify portfolio effects of bundling and analyze theconsequences on horizontal mergers. Finally, we derive clear-cut policy implications.

Portfolio choice beyond the traditional approach

This paper surveys asset allocation methods that extend the traditional approach. An important feature of the the traditional approach is that measures the risk and return tradeoff in terms of mean and variance of final wealth. However, there are also other important features that are not always made explicit in terms of investor s wealth, information, and horizon: The investor makes a single portfolio choice based only on the mean and variance of her final financial wealth and she knows the relevant parameters in that computation. First, the paper describes traditional portfolio choice based on four basic assumptions, while the rest of the sections extend those assumptions. Each section will describe the corresponding equilibrium implications in terms of portfolio advice and asset pricing.

Electronic titling: Potential and risks

Initiatives in electronic conveyancing and registration show the potential of new technologies to transform such systems, reducing costs and enhancing legal security. However,they also incur substantial risks of transferring costs and risks among registries, conveyancersand rightholders, instead of reducing them; entrenching the private interests of conveyancers,instead of increasing competition and disintermediating them; modifying the allocation of tasksin a way that leads in the long term to the debasement of registries of rights with indefeasibletitle into mere recordings of deeds; and empowering conveyancers instead of transactors andrightholders, which increases costs and reduces security. Fulfilling the promise of newtechnologies in both costs and security requires strengthening registries incentives andempowering rightholders in their interaction with registries.

Towards storage and access of electronic theses: A proposal of its organisation for the Consortium of Catalan Libraries

Els objectius d'aquest informe són realitzar un estudi de la tècnica en la digitalització, l'emmagatzematge i l'accés a les tesis doctorals electròniques, per tal de fer una proposta d’organització al Consorci de Biblioteques Universitàries de Catalunya (CBUC). Actualment, tot i que existeixen diverses iniciatives a Europa, és als EUA on la digitalització de tesis doctorals s’ha desenvolupat més amb la creació de la Networked Digital Library for Theses and Dissertation (NDLTD), i ha estat qui ha definit els estàndards en aquest camp. En el següent informe es planteja i es recomana al CBUC l’adhesió institucional a l’NDLTD per poder gaudir de la seva experiència.

Informe sobre el segon DLM-Forum on electronic records

El DLM-Forum on Electronic Records és un fòrum internacional multidisciplinari, organitzat per la Comissió Europea, que té per objectiu impulsar els projectes per a la millora de la gestió dels documents electrònics en les organitzacions i per a la conservació d'aquests a llarg termini. Al mateix temps, el DLM-Forum esdevé un punt de referència bàsic per a la coordinació de les polítiques de gestió dels documents electrònics que es porten a terme als estats membres de la Unió Europea, per a l'establiment d'estàndards de gestió i de conservació a escala comunitària, i per a la implicació dels agents del sector privat en la recerca de solucions a la problemàtica dels documents electrònics. El present informe exposa l'origen d'aquesta iniciativa, en descriu les dues edicions celebrades fins ara i les perspectives de futur del fòrum.

Electronic thesis and dissertations conference, University of Pittsburgh, 10-12 de junio de 2009

El pasado mes de junio se celebró en Pittsburgh, EE.UU., el duodécimo simposio internacional sobre tesis electrónicas: Electronic Thesis and Dissertations Conference (ETD2009). Fue organizado por Networked Digital Library of Theses and Dissertations (NDLTD). La mayoría de los ponentes explicaron las experiencias de su propia universidad. Además, hubo expertos invitados entre los cuales se pueden destacar Stevan Harnad (Univ. Southampton), Karla Hahn (Association of Research Libraries) y Deanna Marcum (Library of Congress). Estos simposios pretenden promover la adopción, creación, uso, difusión y preservación de las tesis electrónicas. De hecho, el éxito ha sido tal, que algunas universidades ya prescinden de la copia en papel para el depósito y preservación del documento. Un caso reciente es el de la University of Albany cuya nueva política, anunciada durante el simposio, consiste en que a partir de setiembre del 2009 ya no requiere el depósito de una copia impresa de las tesis aprobadas en aquella universidad.

Electronic journals, scholarly communication and libraries

The recent surge in scientific electronic journals began when libraries began having access to the WWW in the mid-1990s. The shift from paper to digital has affected the traditional alignment and role of the primary "stakeholders" -mainly authors, publishers, universities and libraries. The author offers a brief review of the history of the scholarly journal followed by the evolution of e-journals in during the past two decades. The article then focuses on the implications that these have had on traditional library processes and services such as selection, acquisitions, cataloguing, storage, preservation and user services. In the conclusion the author speculates on the long term effect of Web-based publishing on the format of the traditional scholarly journal as it has existed for over 300 years.

Librarians' perceptions on the use of electronic resources at Catalan academic libraries: results of a focus group

The aim of this paper is to expand on previous quantitative and qualitative research into the use of electronic information resources and its impact on the information behaviour of academics at Catalan universities.

A qualitative study of the impact of electronic journals on scholarly information behavior

A qualitative study of the impact of electronic journals on the information behavior of academics at Catalan universities shows that academics now read more, and more widely. However, their reading is becoming more superficial; they are compelled to improve their discrimination skills in order to decide what to read in more depth. The electronic accessibility of journals means that academics now make fewer library visits. Web browsing and TOC e-mail alerts are replacing physical browsing, and searching is a very popular option for keeping up to date with developments. Internet search engines, especially Google and Google Scholar, are becoming important sources of information for academics. However, they face problems in managing their personal scientific information.

Informe sobre el tercer DLM-Forum on Electronic Records (Barcelona, 6¿8 de maig de 2002)

Del 6 al 8 de maig de 2002 es va celebrar a Barcelona la tercera edició del DLM-Forum on Electronic Records, el fòrum internacional multidisciplinari que té per objectiu la millora de la gestió dels documents electrònics a les organitzacions i conservació a llarg termini. Aquesta edició ha estat marcada per una participació més activa de la indústria de les tecnologies de la informació i de les comunicacions, i per la presentació dels resultats d'iniciatives del DLM-Forum 1996. El present informe descriu la gènesi i el desenvolupament del DLM-Forum de Barcelona, i n'indica els assoliments més remarcables.

The relationship of capitalization period length with market portfolio composition and betas

Beta coefficients are not stable if we modify the observation periods of the returns. The market portfolio composition also varies, whereas changes in the betas are the same, whether they are calculated as regression coefficients or as a ratio of the risk premiums. The instantaneous beta, obtained when the capitalization frequency approaches infinity, may be a useful tool in portfolio selection.

Discrete analysis of dividend payments in a non-life insurance portfolio

The process of free reserves in a non-life insurance portfolio as defined in the classical model of risk theory is modified by the introduction of dividend policies that set maximum levels for the accumulation of reserves. The first part of the work formulates the quantification of the dividend payments via the expectation of their current value under diferent hypotheses. The second part presents a solution based on a system of linear equations for discrete dividend payments in the case of a constant dividend barrier, illustrated by solving a specific case.

The aggregate claims distribution of a life insurance portfolio with a pairwise positive dependence structure

The individual life model has always been considered as the one closest to the real situation of the total claims of a life insurance portfolio. It only makes the ¿nearly inevitable assumption¿ of independence of the lifelenghts of insured persons in the portfolio. Many clinical studies, however, have demonstrated positive dependence of paired lives such as husband and wife. In our opinion, it won¿t be unrealistic expecting a considerable number of married couples in any life insurance portfolio (e.g. life insurance contracts formalized at the time of signing a mortatge) and these dependences materially increase the values for the stop-loss premiums associated to the aggregate claims of the portfolio. Since the stop-loss order is the order followed by any risk averse decison maker, the simplifying hypothesis of independence constitute a real financial danger for the company, in the sense that most of their decisions are based on the aggregated claims distribution. In this paper, we will determine approximations for the distribution of the aggregate claims of a life insurance portfolio with some married couples and we will describe how to make safe decisions when we don¿t know exactly the dependence structure between the risks in each couple. Results in this paper are partly based on results in Dhaene and Goovaerts (1997)