Leverage and beliefs: Personal experience and risk taking in margin lending

What determines risk-bearing capacity and the amount of leverage in financial markets? Thispaper uses unique micro-data on collateralized lending contracts during a period of financialdistress to address this question. An investor syndicate speculating in English stocks wentbankrupt in 1772. Using hand-collected information from Dutch notarial archives, we examinechanges in lenders' behavior following exposure to potential (but not actual) losses. Before thedistress episode, financiers that lent to the ill-fated syndicate were indistinguishable from therest. Afterwards, they behaved differently: they lent with much higher haircuts. Only lendersexposed to the failed syndicate altered their behavior. The differential change is remarkable sincethe distress was public knowledge, and because none of the lenders suffered actual losses ? allfinanciers were repaid in full. Interest rates were also unaffected; the market balanced solelythrough changes in collateral requirements. Our findings are consistent with a heterogeneousbeliefs-interpretation of leverage. They also suggest that individual experience can modify thelevel of leverage in a market quickly.

Optimal stop-loss reinsurance: a dependence analysis

The stop-loss reinsurance is one of the most important reinsurance contracts in the insurance market. From the insurer point of view, it presents an interesting property: it is optimal if the criterion of minimizing the variance of the cost of the insurer is used. The aim of the paper is to contribute to the analysis of the stop-loss contract in one period from the point of view of the insurer and the reinsurer. Firstly, the influence of the parameters of the reinsurance contract on the correlation coefficient between the cost of the insurer and the cost of the reinsurer is studied. Secondly, the optimal stop-loss contract is obtained if the criterion used is the maximization of the joint survival probability of the insurer and the reinsurer in one period.

Warranties used as a mean to promote commercial FOSS

From a business standpoint, this paper describes the point of view on the question of warranties of a FOSS editor doing business in a risk-averse market segment. It is based on 15-years experience of AdaCore in the safety-critical embedded industry. However, it is not only the point of view of a provider, as it also aims at demonstrating that the interests of providers and users are aligned in this area. From a legal point of view, the enforceability of these warranties will be partly covered, as well as the articulation between the license and the warranties on one hand, and the articulation between the license and the other contracts that can be created in a business relationship on the other hand.

Contracting with free software communities

Industry and large Agencies needs ¿agile¿ programming resources, to reinforce their own development staff and take advantage of innovative approaches produced by ¿fresh minds¿ all over the world. At the same time they may be reluctant to engage in classical software development call for tenders and contracts. Such contracts are often ¿trusted¿ by large ICT firms, which will deliver according to their own rigid frameworks (often based on alliances with proprietary software vendors), may propose comfortable quality assurances, but will cover their (real) risks and liability with high contingency costs and will charge for any change request in case the original specifications have not fixed all possible issues. Introducing FLOSS in business implies a new contracting philosophy, based on incentives rather than penalties and liability. Based on 2011 experience with a large Space Agency, Patrice-Emmanuel Schmitz pictures the needed legal instruments for a novel approach.

Les transformacions de la masoveria gironina en el segle XX

Article que estudia les característiques i les transformacions de la masoveria durant el segle XX a les comarques gironines

Mossos i criats: una radiografia del treball assalariat als masos (Girona, 1946)

L'objectiu d'aquest treball consisteix a analitzar el grup dels assalariats rurals estables a partir d'una relació de masos de la província de Girona elaborada amb finalitats polítiques i policials el 1946 per la 131ª Comandància de la Guardia Civil

La Rabassa morta i els discursos historiogràfics. Una relectura d'Emili Giralt

El 1965, Emili Giralt va escriure el treball titulat "El conflicto rabasaire y la cuestión agraria en Cataluña hasta 1936" . En els prop de quaranta anys transcorreguts, les investigacions d'història agrària i econòmica han corroborat el paper central de la vinya en el desenvolupament català i les d'història social i política han insistit en la importància de les lluites rabassaires en el primer terç del segle XX. Només per aquestes circumstancies el treball d'Emili Giralt mereixeria ser avui reconegut. Però l'article de Giralt va ser innovador i pioner en un altre aspecte que voldria remarcar aquí. Em refereixo a la seva manera d'analitzar les relacions socials agràries, concretades en aquest cas en la figura contractual de la rabassa morta. Parlant-nos d'un procés de "desnaturalització del contracte, posant en evidencia les contradiccions d'algunes sentencies, Giralt aconsegueix donar una vida especial a les escriptures notarials. Potser han calgut quaranta anys de nous estudis per adonar-nos de la frescor i la validesa de la proposta analítica de Giralt. Una manera de reivindicar-la avui és fer un salt qualitatiu important: es tracta d'integrar la recerca i el discurs d'Emili Giralt i altres autors sobre la rabassa morta en el debat historiogràfic sobre el desenvolupament econòmic espanyol

Vessana a Vessana. Reflexions sobre la pràctica dels establiments emfitèutics a la regió de Girona (segles XVIII-XIX)

Tenim documentats més de 30.000 contractes d'establiment emfitèutic (la majoria, amb caràcter de subestabliment) concedits a la regió de Girona (actuals comarques del Baix i de l'Alt Empordà, del Gironès i de La Selva) entre 1768 i 1862, anys en què van ser inscrits en els llibres del Registre d’hipoteques. Sabem que durant aquests mateixos anys se'n concediren molts més, ja que ens manca la informació relativa a l'ofici de Figueres entre 1774 i 1806 i la comarca de l’Alt Empordà va concentrar un 40% dels establiments concedits entre 1806 i 1862. És molt possible, doncs, que el nombre total s'apropés als 35.000. La xifra no és negligible; a mitjan segle XIX vivien a la regió unes cinquanta mil famílies. Es fa necessari, doncs, reflexionar sobre aquesta pràctica

Cuestiones sobre el contrato de servicios diseñado en el Marco Común de Referencia

La reciente publicación del draft del Common Frame of Reference invita a reflexionar sobre la figura del contrato de servicios, tal como ha sido desarrollada por el Study Group on a European Civil Code, y respecto de la que encontramos verdaderas innovaciones en comparación con la teoría tradicional que aún mantienen nuestra doctrina y jurisprudencia. El objeto del trabajo es exponer algunas de las soluciones que propone el derecho contractual europeo, e incidir en la posibilidad y conveniencia de su aplicación en nuestro país, con vistas a la oportuna elaboración de la tan esperada regulación civil sobre el contrato de servicios.

El contrato de servicios y la propuesta de modernización del Código civil español

La Propuesta para la Modernización del Derecho de Obligaciones y Contratos, hecha pública por la Sección Primera, de Derecho Civil, de la Comisión General de Codificación española en 2009, introduce una nueva concepción del contrato civil, de manera especial incorpora el nuevo concepto de cumplimiento contractual que se defiende en los textos legales europeos sobre la compraventa y en el borrador del Commnon Frame of Reference, así como en la normativa europea sobre los Derechos de los consumidores. En este artículo se da cuenta de tales avances en cuanto pueden referirse, no solo al contrato de compraventa, regulado ex novo en la Propuesta, sino también al contrato de servicios. Se propone centrar la mirada también en este contrato y acometer su regulación.

Buenas prácticas textuales e interpretabilidad de la letra pequeña

El examen de una normativa para mejorar la información al consumidor plantea observaciones pragmáticas sobre buenas prácticas textuales. La orden 385/2003 de la Generalitat de Catalunya establece el tamaño mínimo de la letra en contratos para facilitar su legibilidad. La interpretación de esta normativa permite considerar el uso pragmático de la letra pequeña. Y se recoge también el ejemplo publicitario de una empresa energética que paradójicamente utiliza, en la actualidad, como recurso de prestigio la letra pequeña en documentos contractuales. GOOD TEXTUAL PRACTICES AND INTERPRETABILITY OF THE FINE PRINT IN CONTRACTS. The review of legislation to improve consumer information raises pragmatic observations on textual practices. The order 385/2003 of the Autonomous Government of Catalonia (Spain) sets the minimum font size in contracts for readability. The interpretation of these rules allows us to consider the pragmatic use of the fine print. And the paper also includes advertising from an energy company that paradoxically used as a resource for prestige the fine print in contract documents.

The determinants of contractual choice for private involvement in infrastructure projects in the United States

Reliance on private partners to help provide infrastructure investment and service delivery is increasing in the United States. Numerous studies have examined the determinants of the degree of private participation in infrastructure projects as governed by contract type. We depart from this simple public/private dichotomy by examining a rich set of contractual arrangements. We utilize both municipal and state-level data on 472 projects of various types completed between 1985 and 2008. Our estimates indicate that infrastructure characteristics, particularly those that reflect stand alone versus network characteristics, are key factors influencing the extent of private participation. Fiscal variables, such as a jurisdiction’s relative debt level, and basic controls, such as population and locality of government, increase the degree of private participation, while a greater tax burden reduces private participation.

Urban transport governance reform in Barcelona

The unusual mixed public-private structure of the urban bus market in the metropolitan area of Barcelona provides an interesting context in which to analyze the management challenges and opportunities of the partial privatization of public services. Initiatives used by the public regulator to promote competition for contracts, such as short term concessions to private contractors and the removal of entry barriers, have considerable potential for improving efficiency and quality. The growth in the share of routes managed by private firms in recent years shows that privatization is a credible threat that may well stimulate improved performance among public managers. The type of reform implemented in Barcelona is of interest to all metropolitan areas large enough to operate under constant returns to scale regimes, and suitable for potential concessions of routes in segregated areas inside the metropolitan area, so as not to miss out on the benefits of economies of density.

Ownership, Incentives and Hospitals

This article analyzes hospital privatization by comparing costs and quality between different ownership forms. We put the attention on the distinction between public hospitals and private hospitals with public funding. Using information about Spanish hospitals, we have found that private hospitals provide services at a lower cost at expenses of lower quality. We observe that property rights theory is fulfilled at least for the Spanish hospital market. The way that Heath Authorities finance publicly funded hospitals may be responsible for the differences in incentives between public and private centers. We argue that the trade-off between costs and quality could be minimized by designing financing contracts with fixed and variable components.

Mentoring in the acquisition of professional skills through practices in companies by degree students

Abstract This work has had as objective to analyze the skills acquired through internships in business companies by students of the Faculty of Economics and Business at the University Pompeu Fabra. The internship is a basic item in order to obtain a hard connection between the University and social-economic world where University and Enterprises develop their activity. In this study we want to know about two aspects. The first one, we want to know the profit that is obtained from the Student as a consequence of internship and mentoring. Also, we want to study about the importance of mentoring as a principal element that establishes the relationship between the Student and the Company. Moreover, it has sought to analyze if certain factors such as the size of the company where the practices has been performed, the study rank level that was achieved or the fact of being a man or a woman, were among the determining factors at the time of acquiring the skills. The results presented here indicate that the size of the company that have been making the practices and the gender of the student are related to the acquisition of certain skills. There was not a statistically significant relationship related to the rank level have by the students in the practice. In the future we are going to study if the labor market Integration is easier if the Student has performed work placement. Keywords Skills; employability; internship; meatoring.