Conflicts of interest, information provision and competition in banking

In some markets, such as the market for drugs or for financial services, sellers have better information than buyersregarding the matching between the buyer's needs and the good's actual characteristics. Depending on the market structure,this may lead to conflicts of interest and/or the underprovision of information by the seller. This paper studies this issuein the market for financial services. The analysis presents a new model of competition between banks, as banks' pricecompetition influences the ensuing incentives for truthful information revelation. We compare two different firm structures,specialized banking, where financial institutions provide a unique financial product, and one-stop banking, where a financialinstitution is able to provide several financial products which are horizontally differentiated. We show first that, althoughconflicts of interest may prevent information disclosure under monopoly, competition forces full information provision forsufficiently high reputation costs. Second, in the presence of market power, one-stop banks will use information strategicallyto increase product differentiation and therefore will always provide reliable information and charge higher rices thanspecialized banks, thus providing a new justification for the creation of one-stop banks. Finally, we show that, ifindependent financial advisers are able to provide reliable information, this increases product differentiation and thereforemarket power, so that it is in the interest of financial intermediaries to promote external independent financial advice.

The practical application of e-Portfolio at the Open University of Catalonia : assessment of competence based learning

The paper presents the results of the piloting or pilot test in a virtual classroom. This e-portfolio was carried out in the 2005-2006 academic year, with students of the Doctorate in Information Society, at the Open University of Catalonia. The electronic portfolio is a strategy for competence based assessment. This experience shows the types of e-portfolios, where students show their work without interactions, and apply the competence-based learning theories in an interactive portfolio system. The real process of learning is developed in the competency based system, the portfolio not only is a basic bio document, has become a real space for learning with competence model. The paper brings out new ideas and possibilities: the competence-based learning promotes closer relationships between universities and companies and redesigns the pedagogic act.

Stockholder conflicts and dividends

Conflicts of interest between majority and minority stockholders affect a large proportion of firms in any economy, but has received little attention in the empirical literature. We examine the link between the potential for such conflicts and the firm's payout policy on a large sample of Norwegian private firms with controlling stockholders and detailed ownership data. Our evidence shows that the stronger the potential conflict between the stockholders, the higher the proportion of earnings paid out as dividends. This tendency to reduce stockholder conflicts by dividend payout is more pronounced when the minority is diffuse and when a family's majority block is held by a single family member. We also find evidence that a minority-friendly payout policy is associated with higher future minority investment in the firm. These results are consistent with the notion that potential agency costs of ownership are mitigated by dividend policy when the majority stockholder benefits from not exploiting the minority.

Supporting life-long competence development using the TENCompetence infrastructure: a first experiment

This paper describes an experiment to explore the effects of the TENCompetence infrastructure for supporting lifelong competence development which is now in development. This infrastructure provides structured, multi-leveled access to learning materials, based upon competences. People can follow their own learning path, supported by a listing of competences and their components, by competence development plans attached to competences and by the possibility to mark elements as complete. We expected the PCM to have an effect on (1) control of participants of their own learning, and (2) appreciation of their learning route, (3) of the learning resources, (4) of their competence development, and (5) of the possibilities of collaboration. In the experiment, 44 Bulgarian teachers followed a distance learning course on a specific teaching methodology for six weeks. Part of them used the TENCompetence infrastructure, part used an infrastructure which was similar, except for the characterizing elements mentioned above. The results showed that in the experimental condition, more people passed the final competence assess-ment, and people felt more in control of their own learning. No differences between the two groups were found on the amount and appreciation of collaboration and on further measures of competence development.

Excess Entry, Ambiguity Seeking, and Competence: An Experimental Investigation

Excess entry refers to the high failure rate of new entrepreneurial ventures. Economic explanations suggest 'hit and run' entrants and risk-seeking behavior. A psychological explanation is that people (entrepreneurs) are overconfident in their abilities (Camerer & Lovallo, 1999). Characterizing entry decisions as ambiguous gambles, we alternatively suggest following Heath and Tversky (1991) that people seek ambiguity when the source of uncertainty is related to their competence. Overconfidence, as such, plays no role. This hypothesis is confirmed in an experimental study that also documents the phenomenon of reference group neglect. Finally, we emphasize the utility that people gain from engaging in activities that contribute to a sense of competence. This is an important force in economic activity that deserves more explicit attention.

Excess entry, ambiguity seeking and competence: An experimental investigation

Excess entry refers to the high failure rate of new entrepreneurial ventures. Economic explanations suggest 'hit and run' entrants and risk-seeking behavior. A psychological explanation is that people (entrepreneurs) are overconfident in their abilities (Camerer & Lovallo, 1999). Characterizing entry decisions as ambiguous gambles, we alternatively suggest following Heath and Tversky (1991) that people seek ambiguity when the source of uncertainty is related to their competence. Overconfidence, as such, plays no role. This hypothesis is confirmed in an experimental study that also documents the phenomenon of reference group neglect. Finally, we emphasize the utility that people gain from engaging in activities that contribute to a sense of competence. This is an important force in economic activity that deserves more explicit attention.

Returns to Foreign Language Skills in a Developing Country: The Case of Turkey

Foreign language skills represent a form of human capital that can be rewarded in the labor market. Drawing on data from the Adult Education Survey of 2007, this is the first study estimating returns to foreign language skills in Turkey. We contribute to the literature on the economic value of language knowledge, with a special focus on a country characterized by fast economic and social development. Although English is the most widely spoken foreign language in Turkey, we initially consider the economic value of different foreign languages among the employed males aged 25 to 65. We find positive and significant returns to proficiency in English and Russian, which increase with the level of competence. Knowledge of French and German also appears to be positively rewarded in the Turkish labor market, although their economic value seems mostly linked to an increased likelihood to hold specific occupations rather than increased earnings within occupations. Focusing on English, we also explore the heterogeneity in returns to different levels of proficiency by frequency of English use at work, birth-cohort, education, occupation and rural/urban location. The results are also robust to the endogenous specification of English language skills.

Assessment of research competences using e-portfolio

The challenges posed by the assessment of distance learning is a topic that requires, on the one hand, evolution with new trends and, on the other improving evaluative processes, to promote good practices. This demand becomes more imperative when we are dealing with a formativescenario based on distance assessment of competence-based learning.The Open University of Catalonia has begun to work with these formative tools, promoting new practices for online education. A very clear example of these educational practices is the assessment of research competences using the e-portfolio system. To meet this aim a profound and solid process has been developed over recent years, with the intention of making this tool an assessment alternative, and providing the opportunity to use it in a formative context. The objective is to study its strengths and limitations keeping in mind the final goal of offering the higher education community a validated assessment system.

Aplicació per a la creació de guies d'avaluació de competències als treballs de final d'estudis

Aquest projecte neix per facilitar l’ús de la “Guia per a l’avaluació de competències als treballs de final de grau i màster a les enginyeries” elaborada per un grup de professors de sis universitats públiques catalanes, de tres titulacions d’Enginyeria (Enginyeria Informàtica, Enginyeria de Telecomunicacions i Enginyeria Química). Per facilitar l'ús de la Guia s’ha implementat aquesta aplicació web que permet definir de forma senzilla i efectiva els procediments per a realitzar l'avaluació de competències en els Treballs de Fi de Grau (TFG) i de Fi de Màster (TFM).

Concepció, disseny i implantació d'un sistema de proves psicomètriques de rendiment acadèmic per a la matèria d'Història de la Música

Amb aquest projecte s'ha treballat en la direcció de: 1) Implementar un nou recurs en un projecte global de millora de la qualitat docent i d’aplicació de les TIC a l’ensenyament de les diferents assignatures de la matèria d’Història de la Música a la UdL en curs des de fa alguns anys. Concretament, diverses eines per a l’autoavaluació de l’alumnat a través d’un banc de preguntes segons el format de les proves psicomètriques (proves objectives en l’avaluació del rendiment acadèmic dels estudiants o d’elecció múltiple). 2) Arribar a disposar d’un extens banc de preguntes d’elecció múltiple i correcció objectiva en diferents formats, ordenades per blocs, temes, nivells de dificultat, etc., que reuneixin els criteris mínims de fiabilitat, objectivitat i validesa necessaris per a una correcta avaluació del rendiment acadèmic. Entenem que l’avaluació ha de tenir utilitats diferents que van més enllà de la simple puntuació de l’alumnat. Ha de servir també per millorar la docència, per facilitar l’aprenentatge de l’alumne, per assegurar un nivell de competència mínim, per discriminar entre estudiants o per informar la pròpia institució. 3) Aconseguir que l’alumne, a través de l’autoavaluació, entengui que aquest tipus de proves són instruments per continuar aprenent. En aquest sentit les proves d’elecció múltiple permeten tot un seguit d’opcions que ho afavoreixen. 4) Elaborar una eina amb capacitat de generar estadístiques, índex de discriminació i de fer l’anàlisi d’items, tot permetent anar redefinint i millorant els ítems.

Biodièsel: impacte en origen del biodièsel consumit a Catalunya i a Espanya

Actualment la situació del mercat espanyol i català del biodièsel es caracteritza per les grans importacions d’oli de palma africana. Per a produir aquesta matèria primera s’estan establint plantacions a gran escala d’Elaeis guineensis (palma africana) a Indonèsia. El monocultiu d’Elaeis guineensis i la producció de l’oli tenen associats grans impactes ambientals i socials. Per una banda, els impactes ambientals són principalment la desforestació, el canvi d’ús del sòl, la pèrdua de biodiversitat, l’erosió del sòl i la contaminació de l’aire, del sòl de l’aigua. Per altra banda, els impactes socials més destacats són la violació dels drets humans dels pobles indígenes, els conflictes d’adquisició de terres i que es compromet la seguretat alimentària del país. Per tant, l’ús del biodièsel produït amb oli de palma africana redueix les emissions de GEH a Espanya i a Catalunya provocant un gran impacte ambiental i social a Indonèsia.

The credit ratings game

The spectacular failure of top-rated structured finance products has broughtrenewed attention to the conflicts of interest of Credit Rating Agencies (CRAs). We modelboth the CRA conflict of understating credit risk to attract more business, and the issuerconflict of purchasing only the most favorable ratings (issuer shopping), and examine theeffectiveness of a number of proposed regulatory solutions of CRAs. We find that CRAs aremore prone to inflate ratings when there is a larger fraction of naive investors in the marketwho take ratings at face value, or when CRA expected reputation costs are lower. To theextent that in booms the fraction of naive investors is higher, and the reputation risk forCRAs of getting caught understating credit risk is lower, our model predicts that CRAs aremore likely to understate credit risk in booms than in recessions. We also show that, due toissuer shopping, competition among CRAs in a duopoly is less efficient (conditional on thesame equilibrium CRA rating policy) than having a monopoly CRA, in terms of both totalex-ante surplus and investor surplus. Allowing tranching decreases total surplus further.We argue that regulatory intervention requiring upfront payments for rating services (beforeCRAs propose a rating to the issuer) combined with mandatory disclosure of any ratingproduced by CRAs can substantially mitigate the con.icts of interest of both CRAs andissuers.

The credit ratings game

The collapse of so many AAA-rated structured finance products in 2007-2008has brought renewed attention to the causes of ratings failures and the conflicts of interestin the Credit Ratings Industry. We provide a model of competition among Credit RatingsAgencies (CRAs) in which there are three possible sources of conflicts: 1) the CRA conflictof interest of understating credit risk to attract more business; 2) the ability of issuersto purchase only the most favorable ratings; and 3) the trusting nature of some investorclienteles who may take ratings at face value. We show that when combined, these give riseto three fundamental equilibrium distortions. First, competition among CRAs can reducemarket efficiency, as competition facilitates ratings shopping by issuers. Second, CRAs aremore prone to inflate ratings in boom times, when there are more trusting investors, andwhen the risks of failure which could damage CRA reputation are lower. Third, the industrypractice of tranching of structured products distorts market efficiency as its role is to deceivetrusting investors. We argue that regulatory intervention requiring: i) upfront paymentsfor rating services (before CRAs propose a rating to the issuer), ii) mandatory disclosure ofany rating produced by CRAs, and iii) oversight of ratings methodology can substantiallymitigate ratings inflation and promote efficiency.

¿Una xarxa global de moviments socials? Una aproximació al cicle de protestes 2011-2013

Les protestes socials esdevingudes en nombrosos països durant els últims tres anys –des de Tunísia i l’anomenada “Primavera àrab” fins a les recents mobilitzacions a Turquia o Brasil– han fet aflorar un debat sobre la possible dimensió global i transestatal de totes elles. El present article pretén realitzar una aproximació descriptiva i analítica a aquest intens cicle de protestes, reflexionant sobre les diferències i similituds existents entre elles, el paper que Internet i les xarxes socials han tingut en el curs de les diferents mobilitzacions o, entre altres aspectes, el repertori d’accions que han emprat. Més enllà d’aquests trets compartits o no, l’article mira d’emfasitzar la importància d’entendre aquest cicle de mobilitzacions com un procés de repolitització social que combina les contradiccions i conflictes locals de cada context en particular amb l’aparent existència d’una demanda global per major democratització política, regeneració institucional, justícia social i reapropiació d’allò comú.

Conocimiento del catalán y castellano por parte del alumnado inmigrante

A lo largo de la última década en Cataluña, la heterogeneidad identitaria, lingüística, cultural y étnica ha crecido de manera importante. En consecuencia, nuestras escuelas se han transformado en centros donde la pluralidad étnica, religiosa, cultural y lingüística es cada día más evidente. Pero, a diferencia de otros territorios del Estado, una de las características fundamentales de nuestro Sistema Educativo es su organización bajo los parámetros de la educación bilingüe. De esta manera, además de un profundo dominio del catalán, lengua propia de Cataluña y lengua usada como vehicular y de aprendizaje en la enseñanza, se persigue un buen conocimiento de la lengua castellana. En este contexto, diferentes estudios ponen en evidencia el papel clave del dominio de la lengua de la escuela tanto de cara a garantizar el éxito escolar como para la integración y la cohesión social. Con este marco de fondo, nos situamos en el caso del Instituto de Educación Secundaria (IES) de Guissona, en la comarca de la Segarra, donde por circunstancias diversas el fenómeno migratorio ha sido muy importante a lo largo de la última década. El objetivo de nuestra investigación es el análisis de las competencias lingüísticas del alumnado de dicho centro, tomando como referencia el nivel de competencia lingüística de sus iguales autóctonos.En concreto, a partir de una muestra de 28 niños y niñas inmigrantes que fueron comparados con un grupo de 93 escolares autóctonos de su misma edad y nivel escolar, nuestro trabajo analiza el desarrollo de diferentes habilidades en lengua catalana y castellana.