The macroeconomic effects of German unification: Real adjustments and the welfare state

We study the effects of German unification in a model with capital accumulation, skill differences and a welfare state. We argue that this event is similar to a mass migration of low-skilled agents holding no capital into a foreign country. Absent a welfare state, we observe an investment boom, depressed output and employment conditions. Capital owners and high-skilled agents are willing to give up to 4% of per-capita consumption to favor unification. When a welfare state exists the investment boom disappears and the recession is prolonged. Now, with unification, capital owners and high-skilled agents lose 4% of per-capita consumption.

Earnings management and audit adjustments: An empirical study of IBEX 35 constituents

Doubts about the reliability of a company's qualitative financial disclosure increase market participant expectations from the auditor's report. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings. Empirical research confirms that it could be an efficient device under some circumstancesand recognizes that our estimates of the informativeness of audit reports are unavoidably biased (e.g., because of a client's anticipation of the auditing process). This empirical study supports the significant role of auditors in the financial market, in particular in the prevention of earnings management practice. We focus on earnings misstatements, which auditors correct with anadjustment, using a sample of past and current constituents of the benchmark market index in Spain, IBEX 35, and manually collected audit adjustments reported over the 1997-2004 period (42 companies, 336 annual reports, 75 earnings misstatements). Our findings confirm that companies more often overstate than understate their earnings. An investor may foresee earningsmisreporting, as manipulators have a similar profile (e.g., more leveraged and with lower sales). However, he may receive valuable information from the audit adjustment on the size of earnings misstatement, which can be significantly large (i.e., material in almost all cases). We suggest that the magnitude of an audit adjustment depends, other things constant, on annual revenues and free cash levels. We also examine how the audit adjustment relates to the observed market price, trading volume and stock returns. Our findings are that earnings manipulators have a lower price and larger trading volume compared to their rivals. Their returns are positively associated with the magnitude of earnings misreporting, which is not consistent with the possible pricing of audit information.

Action Dominates Valence in Anticipatory Representations in the Human Striatum and Dopaminergic Midbrain

The acquisition of reward and the avoidance of punishment could logically be contingent on either emitting or withholding particular actions. However,the separate pathways inthe striatumfor go and no-go appearto violatethis independence, instead coupling affect and effect. Respect for this interdependence has biased many studies of reward and punishment, so potential action- outcome valence interactions during anticipatory phases remain unexplored. In a functional magnetic resonance imaging study with healthy human volunteers, we manipulated subjects" requirement to emit or withhold an action independent from subsequent receipt of reward or avoidance of punishment. During anticipation, in the striatum and a lateral region within the substantia nigra/ventral tegmental area (SN/VTA), action representations dominated over valence representations. Moreover, we did not observe any representation associated with different state values through accumulation of outcomes, challenging a conventional and dominant association between these areas and state value representations. In contrast, a more medial sector of the SN/VTA responded preferentially to valence, with opposite signs depending on whether action was anticipatedto be emitted or withheld. This dominant influence of action requires an enriched notion of opponency between reward and punishment.

Correcció postural esportiva utilitzant un sensor Kinect

Aquest projecte s’emmarca dins de l’àmbit de la visió per computador, concretament en la utilització de dades de profunditat obtingudes a través d’un emissor i sensor de llum infraroja.El propòsit principal d’aquest projecte és mostrar com adaptar aquestes tecnologies, a l’abast de qualsevol particular, de forma que un usuari durant la pràctica d’una activitat esportiva concreta, rebi informació visual continua dels moviments i gestos incorrectes que està realitzant, en base a uns paràmetres prèviament establerts.L’objectiu d’aquest projecte consisteix en fer una lectura constant en temps real d’una persona practicant una selecció de diverses activitats esportives estàtiques utilitzant un sensor Kinect. A través de les dades obtingudes pel sensor Kinect i utilitzant les llibreries de “skeleton traking” proporcionades per Microsoft s’haurà d’interpretar les dades posturals obtingudes per cada tipus d’esport i indicar visualment i d’una manera intuïtiva els errors que està cometent en temps real, de manera que es vegi clarament a quina part del seu cos realitza un moviment incorrecte per tal de poder corregir-lo ràpidament. El entorn de desenvolupament que s’utilitza per desenvolupar aquesta aplicació es Microsoft Viusal Studio 2010.El llenguatge amb el qual es treballarà sobre Microsoft Visual Studio 2010 és C#

Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit. This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature. I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001. Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms. KEYWORDS: aggregation, industry dynamics, panel data, symmetry, simultaneity. JEL CLASSIFICATION: C33, C52, L60, L11

Impacto redistributivo desagregado del IVA actual en España: posibles vías de reforma

The VAT is the most revenue tax in the Spanish economy in the year 2000. The aim of this research is to develop an analysis dissintegrated of the distributional effect of the current VAT in Spain, that is to say, this paper assesses the capacity of redistribution of the tax treatment of each expenditure category. It proposes different approaches for the analysis of the redistributive impact differential of each expenditure concept, and it desires to advocate the method of total decomposition of isolated contribution to the global distributional effect of the VAT. In this sense, this study shows the possibilities to identify the guidelines for possible fiscal adjustments of the Value Added Tax to contribute positively to the objectives of social justice, and its respective consequences on the population's welfare.

Performance analysis and tuning in multicore environments

Performance analysis is the task of monitor the behavior of a program execution. The main goal is to find out the possible adjustments that might be done in order improve the performance. To be able to get that improvement it is necessary to find the different causes of overhead. Nowadays we are already in the multicore era, but there is a gap between the level of development of the two main divisions of multicore technology (hardware and software). When we talk about multicore we are also speaking of shared memory systems, on this master thesis we talk about the issues involved on the performance analysis and tuning of applications running specifically in a shared Memory system. We move one step ahead to take the performance analysis to another level by analyzing the applications structure and patterns. We also present some tools specifically addressed to the performance analysis of OpenMP multithread application. At the end we present the results of some experiments performed with a set of OpenMP scientific application.

Public policy for entrepreneurship and innovation: impact in managed and entrepreneurial economies

Many of the most advanced economies of the world have undergone significant transformation in the last few decades. Globalization and technological changes, especially developments in information technologies, have helped to stimulate this transformation. These have contributed to changing institutional frameworks in many respects within the economies including adjustments to economic policies. The results of these transformations take many different forms and are manifested in different areas of an economy. At the heart of these changes however, has been the increasingly important role of entrepreneurship in the economy. The transformed ("new") economy stimulates and supports activities in innovation and entrepreneurship and is labelled the entrepreneurial economy. The "old" economy on the other hand restricts such activities and is referred to as the managed economy (Audretsch & Thurik, 2001).

Oil price shocks and labor market fluctuations

We examine the impact of real oil price shocks on labor market flows in the U.S. We first use smooth transition regression (STR) models to investigate to what extent oil prices can be considered as a driving force of labor market fluctuations. Then we develop and calibrate a modified version of Pissarides' (2000) model with energy costs, which we simulate in response to shocks mimicking the behavior of the actual oil price shocks. We find that (i) these shocks are an important driving force of job market flows; (ii) the job finding probability is the main transmission mechanism of such shocks; and (iii) they bring a new amplification mechanism for the volatility and should thus be seen as complementary of labor productivity shocks. Overall we conclude that shocks in oil prices cannot be neglected in explaining cyclical labor adjustments in the U.S.

Flexible employment and cross- regional adjustment

Employment flexibility is commonly associated to greater labour mobility and thus faster cross-regional adjustments. The literature however offers very little hard evidence on this and quite limited theoretical guidance. This paper examines empirically the relationship between employment flexibility and cross-regional adjustment (migration) at the regional and local levels in the UK. Employment flexibility is associated to higher labour mobility (but only at a rather localised scale) and at the same time seems to reduce the responsiveness of migration to unemployment. This suggest that rising flexibility may be linked to higher persistence in spatial disparities, as intra-regional adjustments are strengthened while extraregional adjustments weakened. Keywords: Employment flexibility, regional migration, labour market adjustment JEL Codes: R11, R23, J08, J61

Alteraciones posturográficas en fases agudas del latigazo cervical.

L’objectiu del treball és evidenciar l’existència d’alteracions posturogràfiques en la primera fase posterior a l’accident. Es realitzà un estudi prospectiu a 14 pacients utilitzant una plataforma dinamomètrica fixa. Predominà el sexe femení (79.9%) amb edat mitja de 29 anys. La mitjana del temps fins realitzar la valoració fou de 14 hores. Obtenim un patró de disfunció somatosensorial en 7 pacients (50%), 2 presentaren disfunció vestibular i 5 patró normal o compensat. La prova Romberg d’ulls tancats s’observaren les majors diferències. Conclusions : La postugrafia permet trobar diferències objectivables del control postural respecte la població normal.

Iniciativas de promoción del acceso abierto en RiuNet, Repositorio Institucional de la Universidad Politécnica de Valencia

La comunicació tracta de les diferents iniciatives de promoció basades en adaptacions tècniques de la plataforma original realitzades des de la Biblioteca, amb el suport tècnic de l'Àrea de Sistemes d'Informació i Comunicació, per impulsar l'accés obert a la Universitat Politècnica de València, a través d' RiuNet, el seu dipòsit institucional. Per aconseguir promocionar l'accés obert s'han obert diverses vies de treball que permetin als membres de la comunitat universitària difondre la seva producció intel¿lectual de forma directa i senzilla. En primer lloc s'ha pretès fer de RiuNet una aplicació "pròpia" de la Universitat Politècnica de València, personalitzant la interfície per aconseguir una integració visual amb la web de la institució i permetent l'autenticació i l'accés a través de la Intranet. En segon lloc es faciliten al màxim les tasques de autoarxivament als autors de contingut, mitjançant la integració de l'aplicació de gestió de les tesis amb RiuNet, el foment, a través del programa Docència en xarxa, de la generació d'objectes d'aprenentatge, la personalització del formulari de autoarxivament, per facilitar als alumnes la càrrega dels seus projectes de fi de carrera i tesines de màster i l'elaboració de l'Acord marc, contracte únic mitjançant el qual els autors autoritzen a la Universitat a difondre tota la seva producció en RiuNet . En tercer lloc s'han realitzat les tasques tècniques necessàries per permetre la integració amb altres aplicacions per a la docència i la recerca (PoliBuscador, PoliformaT, Polimedia, Politube, l'aplicació de gestió de l'activitat de recerca). Finalment s'està posant en marxa un Bloc sobre accés obert que permet difondre aquest moviment a la Universitat. Totes aquestes "petites" accions estan aconseguint, a poc a poc, que RiuNet sigui reconegut com una eina de difusió de la producció científica i acadèmica pròpia i, per tant, que sigui utilitzat cada vegada més per la comunitat universitària.

Seasonal changes of whole root system conductance by a drought-tolerant grape root system

The role of root systems in drought tolerance is a subject of very limited information compared with above-ground responses. Adjustments to the ability of roots to supply water relative to shoot transpiration demand is proposed as a major means for woody perennial plants to tolerate drought, and is often expressed as changes in the ratios of leaf to root area (AL:AR). Seasonal root proliferation in a directed manner could increase the water supply function of roots independent of total root area (AR) and represents a mechanism whereby water supply to demand could be increased. To address this issue, seasonal root proliferation, stomatal conductance (gs) and whole root system hydraulic conductance (kr) were investigated for a drought-tolerant grape root system (Vitis berlandieri×V. rupestris cv. 1103P) and a non-drought-tolerant root system (Vitis riparia×V. rupestris cv. 101-14Mgt), upon which had been grafted the same drought-sensitive clone of Vitis vinifera cv. Merlot. Leaf water potentials (ψL) for Merlot grafted onto the 1103P root system (–0.91±0.02 MPa) were +0.15 MPa higher than Merlot on 101-14Mgt (–1.06±0.03 MPa) during spring, but dropped by approximately –0.4 MPa from spring to autumn, and were significantly lower by –0.15 MPa (–1.43±0.02 MPa) than for Merlot on 101-14Mgt (at –1.28±0.02 MPa). Surprisingly, gs of Merlot on the drought-tolerant root system (1103P) was less down-regulated and canopies maintained evaporative fluxes ranging from 35–20 mmol vine−1 s−1 during the diurnal peak from spring to autumn, respectively, three times greater than those measured for Merlot on the drought-sensitive rootstock 101-14Mgt. The drought-tolerant root system grew more roots at depth during the warm summer dry period, and the whole root system conductance (kr) increased from 0.004 to 0.009 kg MPa−1 s−1 during that same time period. The changes in kr could not be explained by xylem anatomy or conductivity changes of individual root segments. Thus, the manner in which drought tolerance was conveyed to the drought-sensitive clone appeared to arise from deep root proliferation during the hottest and driest part of the season, rather than through changes in xylem structure, xylem density or stomatal regulation. This information can be useful to growers on a site-specific basis in selecting rootstocks for grape clonal material (scions) grafted to them.

The Labor Market Effects of Technology Shocks

We analyze the labor market effects of neutral and investment-specific technology shocks along the intensive margin (hours worked) and the extensive margin (unemployment). We characterize the dynamic response of unemployment in terms of the job separation and the job finding rate. Labor market adjustments occur along the extensive margin in response to neutral shocks, along the intensive margin in response to investment specific shocks. The job separation rate accounts for a major portion of the impact response of unemployment. Neutral shocks prompt a contemporaneous increase in unemployment because of a sharp rise in the separation rate. This is prolonged by a persistent fall in the job finding rate. Investment specific shocks rise employment and hours worked. Neutral shocks explain a substantial portion of the volatility of unemployment and output; investment specific shocks mainly explain hours worked volatility. This suggests that neutral progress is consistent with Schumpeterian creative destruction, while investment-specific progress operates as in a neoclassical growth model.

The drift of public spending towards the elderly: A generational analysis of the trend of public policies in Spain

The tendency for public welfare spending to be increasingly aimed at the elderly has been pointed out for the US and other developed countries. While population ageing is a common trend, it is not obvious why the shift in spending exceeds the trend in ageing, or why per capita spending on the elderly increases.We show that this is the case in Spain, identify the losers from this development, discuss the policies that underlie this trend, and propose adjustments based on Musgrave s fixed proportions rule as an inter-generationally fair distribution.