Debt enforcement and relational contracting

We examine how third-party debt enforcement affects the emergence and performance ofrelational contracts in credit markets. We implement an experiment with finitely repeatedcredit relationships in which borrowers can default. In the weak enforcement treatmentdefaulting borrowers can keep their funds invested. In the strong enforcement treatmentdefaulting borrowers have to liquidate their investment. Under weak enforcement fewerrelationships emerge in which loans are extended and repaid. When such relationships doemerge they exhibit a lower credit volume than under strong enforcement. These findingssuggest that relational contracting in credit markets requires a minimum standard of thirdpartydebt enforcement.

Nucleotide, cytogenetic and expression impact of the human chromosome 8p23.1 inversion polymorphism

Background: The human chromosome 8p23.1 region contains a 3.8–4.5 Mb segment which can be found in different orientations (defined as genomic inversion) among individuals. The identification of single nucleotide polymorphisms (SNPs) tightly linked to the genomic orientation of a given region should be useful to indirectly evaluate the genotypes of large genomic orientations in the individuals. Results: We have identified 16 SNPs, which are in linkage disequilibrium (LD) with the 8p23.1 inversion as detected by fluorescent in situ hybridization (FISH). The variability of the 8p23.1 orientation in 150 HapMap samples was predicted using this set of SNPs and was verified by FISH in a subset of samples. Four genes (NEIL2, MSRA, CTSB and BLK) were found differentially expressed (p<0.0005) according to the orientation of the 8p23.1 region. Finally, we have found variable levels of mosaicism for the orientation of the 8p23.1 as determined by FISH. Conclusion: By means of dense SNP genotyping of the region, haplotype-based computational analyses and FISH experiments we could infer and verify the orientation status of alleles in the 8p23.1 region by detecting two short haplotype stretches at both ends of the inverted region, which are likely the relic of the chromosome in which the original inversion occurred. Moreover, an impact of 8p23.1 inversion on gene expression levels cannot be ruled out, since four genes from this region have statistically significant different expression levels depending on the inversion status. FISH results in lymphoblastoid cell lines suggest the presence of mosaicism regarding the 8p23.1 inversion.

Impact of antenna correlation on the capacity of multiantenna channels

This paper applies random matrix theory to obtain analytical characterizations of the capacity of correlated multiantenna channels. The analysis is not restricted to the popular separable correlation model, but rather it embraces a more general representation that subsumesmost of the channel models that have been treated in the literature. For arbitrary signal-to-noise ratios (SNR), the characterization is conducted in the regime of large numbers of antennas. For the low- and high-SNR regions, in turn, we uncover compact capacity expansions that are valid for arbitrary numbers of antennas and that shed insight on how antenna correlation impacts the tradeoffs between power, bandwidth and rate.

The impact of labour market status on second and higher-order births. A comparative study of Denmark, Italy, Spain and United Kingdom

This paper investigates the effects of women‘s labour force participation on fertility, as well as the effects of the combined labour force participation of both members of a couple. It specifically focuses on such dimensions as unemployment, earnings, temporary contracts and part-time jobs, and it shows that their effects differ in accordance with national institutions and labour market regulations. Event-history methods and a longitudinal sample of the European Community Household Panel are used in the analyses, concerning the years 1993-2000. The results show that labour market insecurity of one or both members of a couple has a particularly strong impact in reducing birth rates in the Southern European countries studied. The more conventional model of men’s employment combined with housewifery has a positive impact on second or higher order births in United Kingdom, Spain and Italy, while in Denmark the effect is the opposite. These differences are consistent with different national models of combining parental responsibilities and participation by gender across the life course.

The impact of women's educational and economic resources on fertility: Spanish birth cohorts 1901-1950

In this chapter we portray the effects of female education and professional achievement on fertility decline in Spain over the period 1920-1980 (birth cohorts of 1901-1950).A longitudinal econometric approach is used to test the hypothesis that the effects of women’s education in the revaluing of their time had a very significant influence on fertility decline. Although in the historical context presented here improvements in schooling were on a modest scale, they were continuous (with the interruption of the Civil War) and had a significant impact in shaping a model of low fertility in Spain. We also stress the relevance of this result in a context such as the Spanish for which liberal values were absent, fertility control practices were forbidden, and labour force participation of women was politically and socially constrained.

The Impact of Trade on Technology and Skill Upgrading Evidence from Argentina

In the last 20 years, wage inequality has increased in many developing countries. Most research on this topic focuses on two alternative causes: trade or skill-biased technical change. Several empirical studies in both developed and developing countries document increases in skill intensity within all sectors, favoring the technological change explanation over trade. Instead, I present and test a model where bilateral trade liberalization increases exporting revenues inducing more firms to enter the export market and to adopt skilled-biased new technologies. I find that the increase in the relative demand of skilled labor does not come from labor reallocation across sectors or firms but from skill upgrading within firms. Firms that upgrade technology faster also upgrade skill faster. Finally, firms entering the export market after liberalization become more skill and technology-intensive than non exporters.