Imperfect competition and market liquidity with a supply informed trader

We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.

L'estudi dels incendis en el món mediterrani

This article discusses briefly the evolution of fire in the Mediterranean biome and reviews afterwards the main research themes that geographers, ecologists and botanists have developed around forest fires issues in the Mediterranean

Frederic Rahola Trèmols y el centenario de independencias hispanoamericanas: el diseño de la celebración en Barcelona

En el marco de la celebración del centenario de independencias de Hispanoamérica, el catalán Frederic Rahola Trèmols jugó un rol esencial en calidad de director y autor de las portadas de la Revista Comercial Iberoamericana Mercurio; responsable de la "misión oficial" diseñada en 1903 como parte de la primera visita oficial hecha desde Barcelona a la República Argentina; director de la Casa de América inaugurada en Barcelona en abril de 1911; y en especial, la producción de textos vinculados a la reorganización del vínculo económico, mercantil y cultural con los espacios rioplatenses.