Insight toward the first-passage time in a bistable potential with highly colored noise

The exponential coefficient in the first-passage-time problem for a bistable potential with highly colored noise is predicted to be (8/27 by all existing theories. On the other hand, we show herein that all existing numerical evidence seems to indicate that the coefficient is actually larger by about (4/3, i.e., that the numerical factor in the exponent is approximately (32/81. Existing data cover values of ¿V0/D up to ~20, where V0 is the barrier height, ¿ the correlation time of the noise, and D the noise intensity. We provide an explanation for the modified coefficinet, the explanation also being based on existing numerical simulations. Whether the value (8/27 predicted by all large-¿ theories is achieved for even larger values of ¿V0/D is unknown but appears questionable (except perhaps for enormously large, experimentally inaccessible values of this factor) in view of currently available results.

A Methodology to measure shareholder value orientation and shareholder value creation aimed at providing a research basis to investigate the link between both magnitudes

Does shareholder value orientation lead to shareholder value creation? This article proposes methods to quantify both, shareholder value orientation and shareholder value creation. Through the application of these models it is possible to quantify both dimensions and examine statistically in how far shareholder value orientation explains shareholder value creation. The scoring model developed in this paper allows quantifying the orientation of managers towards the objective to maximize wealth of shareholders. The method evaluates information that comes from the companies and scores the value orientation in a scale from 0 to 10 points. Analytically the variable value orientation is operationalized expressing it as the general attitude of managers toward the objective of value creation, investment policy and behavior, flexibility and further eight value drivers. The value creation model works with market data such as stock prices and dividend payments. Both methods where applied to a sample of 38 blue chip companies: 32 firms belonged to the share index IBEX 35 on July 1st, 1999, one company represents the “new economy” listed in the Spanish New Market as per July 1st, 2001, and 5 European multinational groups formed part of the EuroStoxx 50 index also on July 1st, 2001. The research period comprised the financial years 1998, 1999, and 2000. A regression analysis showed that between 15.9% and 23.4% of shareholder value creation can be explained by shareholder value orientation.

On the valuation and incentive effects of executive cash bonus contracts

Executive compensation packages are often valued in an inconsistent manner: while employee stock options (ESOs) are typically valued ex-ante, cash bonuses are valued ex-post. This renders the existing valuation models of employee compensation packages theoretically unsatisfactory and, potentially, empirically distortive. In this paper, we propose an option-based framework for ex-ante valuation of cash bonus contracts. After obtaining closed-form expressions for ex-ante values of several frequently used types of bonus contracts, we utilize them to explore the e¤ects that the shape of a bonus contract has on the executive s attitude toward risk-taking. We, also, study pay-performance sensitivity of such contracts. We show that the terms of a bonus contract can dramatically impact both risk-taking behavior as well as pay-performance incentives. Several testable predictions are made, and venues of future research outlined.

The Social contract with endogenous sentiments

Moral values infuence individual behavior and social interactions. A specially signif- cant instance is the case of moral values concerning work e¤ort. Individuals determine what they take to be proper behaviour and judge the others, and themselves, accordingly. They increase their esteem -and self-esteem- for those who perform in excess of the standard and decrease their esteem for those who work less. These changes in self-esteem result from the self-regulatory emotions of guilt or pride extensively studied in Social Psychology. We examine the interactions between sentiments, individual behaviour and the social contract in a model of rational voting over redistribution where individual self-esteem and relative es-teem for others are endogenously determined. Individuals di¤er in their productivities. The desired extent of redistribution depends both on individual income and on individual attitudes toward others. We characterize the politico-economic equilibria in which sentiments, labor supply and redistribution are simultaneously determined. The model has two types of equilibria. In "cohesive" equilibria, all individuals conform to the standard of proper behav- iour, income inequality is low and social esteem is not biased toward any particular type. Under these conditions equilibrium redistribution increases in response to larger inequality. In a "clustered" equilibrium skilled workers work above the mean while unskilled workers work below. In such an equilibrium, income inequality is large and sentiments are biased in favor of the industrious. As inequality increases, this bias may eventually overtake the egoistic demand for greater taxation and equilibrium redistribution decreases. The type of equilibrium that emerges crucially depends on inequality. We contrast the predictions of the model with data on inequality, redistribution, work values and attitudes toward work and toward the poor for a set of OECD countries.

Europeanization and the Emergence of a European Society

This article examines the European integration process from a sociological perspective, where the main focus is the examination of the social consequences of the integration process. The European Union has advanced significantly in the economic, social, and political integration processes. This has resulted in a rapid Europeanization of behavior. There has hardly been any progress, however, toward the development of European social groups. This article examines the causes of this lag and concludes that it is highly unlikely that in the middle run there be significant progress toward the Europeanization of society.

The new role of the mass media in the construction of sport and Olympic values

This paper was presented in the International Symposium on Toward the Creation of New-Sport Cultures, undertaken in Osaka, Japan, in January 28, 1996. The main purpose is to make an interpretation of the cultural values of sport and Olympism in contemporary society, considering the enormous influence that the media have on them.

Más allá de una distinción dicotómica del apoyo a la democracia: diversos perfiles de no demócratas

El apoyo ciudadano a la democracia constituye un requisito fundamental de los modernos regímenes democráticos, tanto respecto de su estabilidad y consolidación como de la calidad de su funcionamiento. En este marco, la legitimidad democrática pertenece a la dimensión de creencias ciudadanas respecto de que la democracia y sus instituciones son las más apropiadas (de hecho, las únicas aceptables) como régimen de gobierno. Sin perjuicio de lo anterior, no todos los ciudadanos expresan este conjunto de actitudes positivas hacia el régimen democrático. En gran parte de las nuevas democracias un número considerable de personas o bien no entregan un apoyo abierto a la democracia o, expresan actitudes contradictorias hacia los regímenes democráticos. Este grupo de individuos ha sido normalmente tratado por la literatura como un solo grupo homogéneo, que responde sin más consideraciones a la etiqueta de “no demócratas”. Sin embargo, tal como esta investigación pretende demostrar, existen razones teóricas y empíricas para esperar que no haya un único perfil de ciudadanos que no apoya la democracia. Por el contrario, sería posible encontrar y analizar diversos perfiles de “no demócratas”, que explican sus diferencias de acuerdo a distintas objeciones hacia la democracia. Esto es, las razones que se tienen para no entregar un apoyo difuso a la democracia no serían las mismas en todos los casos. De esta forma se derivan las siguientes preguntas de investigación: ¿Cuáles son los argumentos teóricos y empíricos que permiten distinguir diversos tipos de “no demócratas”? ¿Cuáles son las distintas objeciones hacia la democracia (razones) que configuran estos perfiles diversos? Sin embargo, no basta con responder sólo a estas preguntas. Es necesario avanzar en esta línea argumental, preguntándose respecto de la relevancia de distinguir distintos perfiles de “no demócratas”. Así, surge una tercera pregunta: ¿Bajo qué circunstancias tiene relevancia efectuar una distinción entre quienes no apoyan la democracia?

Formació Permanent del professorat a la xarxa : una experiència de treball cooperatiu

Aquest projecte s'insereix en l'àmbit de les TIC. La participació en aquest entorn virtual cooperatiu s'ofereix com a complement a les reunions presencials de formació per a donar continuïtat al treball elaborat. La intervenció psicopedagògica es centra en dos objectius: a) dinamitzar l'entorn virtual per a afavorir el treball cooperatiu entre docents en xarxa oferint-los els medis per a participar-hi; b) dissenyar un entorn de participació que faciliti l'intercanvi i la cooperació entre docents i que, alhora, ajudi els professors a assumir una actitud positiva davant les TIC.

Trajectòries d’èxit dels i les joves marroquines a Catalunya. Una anàlisi qualitativa des d’una perspectiva comparada

Les investigacions mostren que en la majoria dels països hi ha diferències significatives en el rendiment escolar entre els estudiants estrangers i els seus companys nadius. També indiquen que, tot i tenir una actitud més positiva cap a l'escola i aspiracions més elevades, els joves estrangers obtenen pitjors resultats i les seves aspiracions disminueixen amb el temps d'estada. I, especialment entre certs grups, no hi ha una millora en els seus resultats acadèmics. No obstant això, la literatura de recerca sobre migracions i educació també mostra com es distribueixen les oportunitats com les polítiques públiques -educatives - i l'estructura i cultura escolar col•laboren en la construcció de les trajectòries dels i les joves de minories. Ara bé, aquestes tendències no poden invisibilitzar les trajectòries d'èxit escolar i la creixent participació social d'una part considerable de joves (nois i noies) d'ascendència marroquina en la societat catalana. Aquest informe mostra els resultats del projecte de recerca realitzat, que analitza les condicions i possibilitats per a l'èxit acadèmic i la continuïtat educativa entre aquests joves.L'anàlisi reconstrueix els factors centrals que han permès el desenvolupament d'aquestes trajectòries i la consolidació d'aspiracions acadèmiques de llarga durada.

Money, Fame and the Allocation of Talent: Brain Drain, the Matthew Effect and the Institution of Science

The earning structure in science is known to be flat relative to the one in the private sector, which could cause a brain drain toward the private sector. In this paper, we assume that agents value both money and fame and study the role of the institution of science in the allocation of talent between the science sector and the private sector. Following works on the Sociology of Science, we model the institution of science as a mechanism distributing fame (i.e. peer recognition). We show that since the intrinsic performance is less noisy signal of talent in the science sector than in the private sector, a good institution of science can mitigate the brain drain. We also find that providing extra monetary incentives through the market might undermine the incentives provided by the institution and thereby worsen the brain drain. Finally, we study the optimal balance between monetary and non-monetary incentives in science.

Money, fame and the allocation of talent: Brain drain and the institution of science

The earning structure in science is known to be flat relative to the one in theprivate sector, which could cause a brain drain toward the private sector. In thispaper, we assume that agents value both money and fame and study the role ofthe institution of science in the allocation of talent between the science sector andthe private sector. Following works on the Sociology of Science, we model theinstitution of science as a mechanism distributing fame (i.e. peer recognition). Weshow that since the intrinsic performance is less noisy signal of talent in the sciencesector than in the private sector, a good institution of science can mitigate thebrain drain. We also find that providing extra monetary incentives through themarket might undermine the incentives provided by the institution and therebyworsen the brain drain. Finally, we study the optimal balance between monetaryand non-monetary incentives in science.

The gain-loss asymmetry and single-self preferences

Kahneman and Tversky asserted a fundamental asymmetry between gains and losses, namely a reflection effect which occurs when an individual prefers a sure gain of $ pz to anuncertain gain of $ z with probability p, while preferring an uncertain loss of $z with probability p to a certain loss of $ pz.We focus on this class of choices (actuarially fair), and explore the extent to which thereflection effect, understood as occurring at a range of wealth levels, is compatible with single-self preferences.We decompose the reflection effect into two components, a probability switch effect,which is compatible with single-self preferences, and a translation effect, which is not. To argue the first point, we analyze two classes of single-self, nonexpected utility preferences, which we label homothetic and weakly homothetic. In both cases, we characterize the switch effect as well as the dependence of risk attitudes on wealth.We also discuss two types of utility functions of a form reminiscent of expected utility but with distorted probabilities. Type I always distorts the probability of the worst outcome downwards, yielding attraction to small risks for all probabilities. Type II distorts low probabilities upwards, and high probabilities downwards, implying risk aversion when the probability of the worst outcome is low. By combining homothetic or weak homothetic preferences with Type I or Type II distortion functions, we present four explicit examples: All four display a switch effect and, hence, a form of reflection effect consistent a single self preferences.

When in peril, retrench: Testing the portfolio channel of contagion

One plausible mechanism through which financial market shocks may propagate across countriesis through the impact that past gains and losses may have on investors risk aversion and behavior. This paper presents a stylized model illustrating how heterogeneous changes in investors risk aversion affect portfolio allocation decisions and stock prices. Our empirical findings suggest that when funds returns are below average, they adjust their holdings toward the average (or benchmark) portfolio. In so doing, funds tend to sell the assets of countries in which they were overweight , increasing their exposure to countries in which they were underweight. Based on this insight, the paper constructs an index of financial interdependence which reflects the extent to which countries share overexposed funds. The index helps in explain the pattern of stock market comovement across countries. Moreover, a comparison of this interdependence measure to indices of trade or commercial bank linkages indicates that our index can improve predictions about which countries are more likely to be affected by contagion from crisis centers.

Calidad de vida y percepción de la desigualdad de la mujer en la ciudad de Girona = Quality of life and inequality perception’s of women in the city of Girona

La igualdad de oportunidades para las mujeres, como factor clave para avanzar en la consecución de calidad de vida preocupa hoy en día a la sociedad en general y alas instituciones en particular. Antes de la elaboración de programas de intervención social es necesario conocer las percepciones de las propias mujeres acerca de sus problemas y de sus necesidades. Siguiendo esta línea de pensamiento presentamos un trabajo empírico en el que analizamos las percepciones de las mujeres de la ciudad de Girona, centrándonos en dos aspectos de manera particular: la percepción de calidad de vida proporcionada por su ciudad y la percepción de desigualdad de oportunidades y/o de discriminación. Los principales resultados, obtenidos a partir de las respuestas a un cuestionario auto-administrado, y proporcionados por una muestra de mujeres seleccionadas aleatoriamente a partir de un muestreo estratificado geográficamente, indican que en general están satisfechas con su ciudad aunque detectamos las principales causas de insatisfacción. Por otra parte, tas principales fuentes de desigualdad se refieren al mundo laboral (menos salario por el mismo trabajo, dificultades de encontrar trabajo si tienen hijos o si son ya mayores), y en la actitud general de la sociedad en el sentido de tener que cumplir el papel que tradicionalmente se les ha asignado

White under Black. Works from the imperceptible / 1. Blanca Casas Brullet: Make Say

White under Black. Works from the imperceptible / 1. Blanca Casas Brullet: Make Say The large photographs of Espacespages (2009) work to transform the creative space of the blank page toward the enabled space of openness to the world. The image gives prominence to the emptiness of the room, almost a cell, in which an action takes place, dimly illuminated by a pair of windows that makes me think of two eyes that attentively contemplate the interior of a process of creation.