Expertise and finance: Mergers motivated by technological change

This paper argues that a large technological innovation may lead to a merger wave by inducing entrepreneurs to seek funds from technologically knowledgeable firms -experts. When a large technological innovation occurs, the ability of non-experts (banks) to discriminate between good and bad quality projects is reduced. Experts can continue to charge a low rate of interest for financing because their expertise enables them to identify good quality projects and to avoid unprofitable investments. On the other hand, non-experts now charge a higher rate of interest in order to screen bad projects. More entrepreneurs, therefore, disclose their projects to experts to raise funds from them. Such experts are, however, able to copy the projects and disclosure to them invites the possibility of competition. Thus the entrepreneur and the expert may merge so as to achieve product market collusion. As well as rationalizing mergers, the model can also explain various forms of venture financing by experts such as corporate investors and business angels.

Conflicts of interest, information provision and competition in banking

In some markets, such as the market for drugs or for financial services, sellers have better information than buyersregarding the matching between the buyer's needs and the good's actual characteristics. Depending on the market structure,this may lead to conflicts of interest and/or the underprovision of information by the seller. This paper studies this issuein the market for financial services. The analysis presents a new model of competition between banks, as banks' pricecompetition influences the ensuing incentives for truthful information revelation. We compare two different firm structures,specialized banking, where financial institutions provide a unique financial product, and one-stop banking, where a financialinstitution is able to provide several financial products which are horizontally differentiated. We show first that, althoughconflicts of interest may prevent information disclosure under monopoly, competition forces full information provision forsufficiently high reputation costs. Second, in the presence of market power, one-stop banks will use information strategicallyto increase product differentiation and therefore will always provide reliable information and charge higher rices thanspecialized banks, thus providing a new justification for the creation of one-stop banks. Finally, we show that, ifindependent financial advisers are able to provide reliable information, this increases product differentiation and thereforemarket power, so that it is in the interest of financial intermediaries to promote external independent financial advice.

La obligatoriedad de la mediación derivada de la voluntad de las partes: las cláusulas de mediación

[spa] La voluntariedad constituye el presupuesto de cualquier análisis sobre la mediación. De entre sus diversas manifestaciones, destacan la libertad de acogerse al procedimiento y la posibilidad de desistir del mismo en cualquier momento. Sin embargo, en relación con su primera manifestación ―libertad de acogerse a la mediación―, el principio de voluntariedad parece admitir ciertas modulaciones, debidas, por una parte, a la exigencia legal, en algunos casos, del uso de la mediación como condición de procedibilidad ante los tribunales (mandatory mediation) y, por otra, a la discutida admisibilidad de las llamadas"cláusulas de mediación". El estudio se centra en estas últimas. En particular, se analiza el debate que éstas han generado, su eficacia ―tanto ordinaria (derivada de su cumplimiento) como extraordinaria (consecuencia de su incumplimiento)― y la cuestión de sus posibles contenidos.

Transitional effects of a pension system change in Spain

This paper studies the output effects, transition costs and the change in pension benefits derived from the substitution of the current unfunded pension system by a fully funded pension system financed through mandatory savings.These effects are estimated by using reduced versions of the neoclassical and endogenous growth frameworks. Because of the greater capital accumulation during the transition phase, final output increases by 23,6% (neoclassicalframework); and a 24,5-31,5% (endogenous growth framework). The initial revenue loss for the government would represent a 4,8% of the GDP, raising very slowly during the transition period. Given the new growth rates, rates of return ofphysical capital, and financial intermediation costs, we have that the capitalization pension benefits obtained by all 30-contribution-year worker would be more than twice than those that guarantee the financial sustainability of thepublic pension system

Transitional effects of a pension system change in Spain

This paper studies the output effects, transition costs and the change in pension benefits derived from the substitution of the current unfunded pension system by a fully funded pension system financed through mandatory savings.These effects are estimated by using reduced versions of the neoclassical and endogenous growth frameworks. Because of the greater capital accumulation during the transition phase, final output increases by 23,6% (neoclassicalframework); and a 24,5-31,5% (endogenous growth framework). The initial revenue loss for the government would represent a 4,8% of the GDP, raising very slowly during the transition period. Given the new growth rates, rates of return ofphysical capital, and financial intermediation costs, we have that the capitalization pension benefits obtained by all 30-contribution-year worker would be more than twice than those that guarantee the financial sustainability of thepublic pension system

Deu anys de seguiment demogràfic i genètic d"Stachys maritima a Catalunya (2001-2010). Implicacions per a un pla de recuperació.

Ten years of demographic and genetic monitoring of Stachys maritima in Catalonia (2001-2010). Implications for a recovery plan.- Stachys maritima is a species typical of the coastal dunes, with a wide distribution within the Mediterranean Basin. In spite of this, the species shows a clear regression. In Catalonia, it has been observed an important reduction of its populations since early 20th century, where it has disappeared from several localities in which it was relatively common (Tarragonès, Barcelonès). Herein we present the results of the demographic monitoring of the species during the last 10 years (2001-2010) in the known localities in Catalonia. Besides corroborating the disappearance (northern Sant Martí d'Empúries), the re-discovering (Llobregat Delta beach) and the detection of new populations (inner dunes of the Montgrí), a large year-to-year fluctuation of the monitored populations is stated; the possible reasons are discussed. In addition, the present work also includes the results of the allozyme diversity analysis of the new detected populations as well as the rediscoveries of the period 2004-2008, which were not included in a former study of genetic diversity carried out in 2002-2003. It is necessary to emphasize that the contribution of the new populations to the genetic diversity of Stachys maritima is very small, which can be attributed to their limited population size and /or to founder effects. Despite that the species is included in the Annex 2 ('En Perill d'Extinció') within the Catàleg de Flora Amenaçada de Catalunya (Catalogue of Endangered Flora of Catalonia), and some 'soft' conservation measures have been applied at local level (signposting of the beach accesses, environmental education, etc.) coupled with other more significant measures (e.g. translocation of individuals discovered in an artificial sandbank), it would be necessary the coordinated action and the scientific support of any initiative of conservation that could be carried out. The general frame to initiate actions of conservation should be the recovery plan of Stachys maritima, whose draft and application is mandatory in accordance to the Catàleg.

Anticonvulsants in the treatment of aggression in the demented elderly: an update

Complex psychopathological and behavioral symptoms, such as delusions and aggression against care providers, are often the primary cause of acute hospital admissions of elderly patients to emergency units and psychiatric departments. This issue resembles an interdisciplinary clinically highly relevant diagnostic and therapeutic challenge across many medical subjects and general practice. At least 50% of the dramatically growing number of patients with dementia exerts aggressive and agitated symptoms during the course of clinical progression, particularly at moderate clinical severity. METHODS: Commonly used rating scales for agitation and aggression are reviewed and discussed. Furthermore, we focus in this article on benefits and limitations of all available data of anticonvulsants published in this specific indication, such as valproate, carbamazepine, oxcarbazepine, lamotrigine, gabapentin and topiramate. RESULTS: To date, most positive and robust data are available for carbamazepine, however, pharmacokinetic interactions with secondary enzyme induction limit its use. Controlled data of valproate do not seem to support the use in this population. For oxcarbazepine only one controlled but negative trial is available. Positive small series and case reports have been reported for lamotrigine, gabapentin and topiramate. CONCLUSION: So far, data of anticonvulsants in demented patients with behavioral disturbances are not convincing. Controlled clinical trials using specific, valid and psychometrically sound instruments of newer anticonvulsants with a better tolerability profile are mandatory to verify whether they can contribute as treatment option in this indication.

Anticonvulsants in the treatment of aggression in the demented elderly: an update

Complex psychopathological and behavioral symptoms, such as delusions and aggression against care providers, are often the primary cause of acute hospital admissions of elderly patients to emergency units and psychiatric departments. This issue resembles an interdisciplinary clinically highly relevant diagnostic and therapeutic challenge across many medical subjects and general practice. At least 50% of the dramatically growing number of patients with dementia exerts aggressive and agitated symptoms during the course of clinical progression, particularly at moderate clinical severity. METHODS: Commonly used rating scales for agitation and aggression are reviewed and discussed. Furthermore, we focus in this article on benefits and limitations of all available data of anticonvulsants published in this specific indication, such as valproate, carbamazepine, oxcarbazepine, lamotrigine, gabapentin and topiramate. RESULTS: To date, most positive and robust data are available for carbamazepine, however, pharmacokinetic interactions with secondary enzyme induction limit its use. Controlled data of valproate do not seem to support the use in this population. For oxcarbazepine only one controlled but negative trial is available. Positive small series and case reports have been reported for lamotrigine, gabapentin and topiramate. CONCLUSION: So far, data of anticonvulsants in demented patients with behavioral disturbances are not convincing. Controlled clinical trials using specific, valid and psychometrically sound instruments of newer anticonvulsants with a better tolerability profile are mandatory to verify whether they can contribute as treatment option in this indication.

Securing dynamic itineraries for mobile agent applications

In this paper we present a novel mechanism for the protection of dynamic itineraries for mobile agent applications. Itineraries that are decided as the agent goes are essential in complex applications based on mobile agents, but no approach has been presented until now to protect them. We have conceived a cryptographic scheme for shielding dynamic itineraries from tampering, impersonation and disclosure. By using trust strategically, our scheme provides a balanced trade-off between flexibility and security. Our protection scheme has been thought always bearing in mind a feasible implementation, and thus facilitates the development of applications that make use of it. An example application based on a real healthcare scenario is also presented to show its operation.

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.

Internet press releases : informative or manipulative?

Una anàlisi de la difusió voluntària de dades o la seva gestió discreta en els Comunicats de Premsa i la importància de la presentació de resultats anuals. L¿exemple del context espanyol: cost de regulació i litigi.

Deu anys de seguiment demogràfic i genètic d’Stachys maritima a Catalunya (2001-2010). Implicacions per a un pla de recuperació

Ten years of demographic and genetic monitoring of Stachys maritima in Catalonia (2001-2010). Implications for a recovery plan.- Stachys maritima is a species typical of the coastal dunes, with a wide distribution within the Mediterranean Basin. In spite of this, the species shows a clear regression. In Catalonia, it has been observed an important reduction of its populations since early 20th century, where it has disappeared from several localities in which it was relatively common (Tarragonès, Barcelonès). Herein we present the results of the demographic monitoring of the species during the last 10 years (2001-2010) in the known localities in Catalonia. Besides corroborating the disappearance (northern Sant Martí d’Empúries), the re-discovering (Llobregat Delta beach) and the detection of new populations (inner dunes of the Montgrí), a large year-to-year fluctuation of the monitored populations is stated; the possible reasons are discussed. In addition, the present work also includes the results of the allozyme diversity analysis of the new detected populations as well as the rediscoveries of the period 2004-2008, which were not included in a former study of genetic diversity carried out in 2002-2003. It is necessary to emphasize that the contribution of the new populations to the genetic diversity of Stachys maritima is very small, which can be attributed to their limited population size and /or to founder effects. Despite that the species is included in the Annex 2 (“En Perill d’Extinció”) within the Catàleg de Flora Amenaçada de Catalunya (Catalogue of Endangered Flora of Catalonia), and some “soft” conservation measures have been applied at local level (signposting of the beach accesses, environmental education, etc.) coupled with other more significant measures (e.g. translocation of individuals discovered in an artificial sandbank), it would be necessary the coordinated action and the scientific support of any initiative of conservation that could be carried out. The general frame to initiate actions of conservation should be the recovery plan of Stachys maritima, whose draft and application is mandatory in accordance to the Catàleg

La terminologia comptable de les Normes internacionals d'informació financera (NIIF)

En una època de crisi econòmica com la que estem patint, la terminologia té una importància cabdal. La majoria dels economistes opinen, quan el que necessitem és que diagnostiquin. I en aquesta fase de la crisi no tenim encara diagnòstics perquè els termes es confonen entre qui parla i qui escolta.

Experimental analysis of optimization techniques on the road passenger transportation problem

Analyzing the state of the art in a given field in order to tackle a new problem is always a mandatory task. Literature provides surveys based on summaries of previous studies, which are often based on theoretical descriptions of the methods. An engineer, however, requires some evidence from experimental evaluations in order to make the appropriate decision when selecting a technique for a problem. This is what we have done in this paper: experimentally analyzed a set of representative state-of-the-art techniques in the problem we are dealing with, namely, the road passenger transportation problem. This is an optimization problem in which drivers should be assigned to transport services, fulfilling some constraints and minimizing some function cost. The experimental results have provided us with good knowledge of the properties of several methods, such as modeling expressiveness, anytime behavior, computational time, memory requirements, parameters, and free downloadable tools. Based on our experience, we are able to choose a technique to solve our problem. We hope that this analysis is also helpful for other engineers facing a similar problem