An empirical analysis of wealth taxation: equity Vs.tax compliance

Capital taxation is currently under debate, basically due to problems of administrative control and proper assessment of the levied assets. We analyze both problems focusing on a capital tax, the annual wealth tax (WT), which is only applied in five OECD countries, being Spain one of them. We concentrate our analysis on top 1% adult population, which permits us to describe the evolution of wealth concentration in Spain along 1983-2001. On average top 1% holds about 18% of total wealth, which rises to 19% when tax incompliance and under-assessment is corrected for housing, the main asset. The evolution suggests wealth concentration has risen. Regarding WT, we analyze whether it helps to reduce wealth inequality or, on the contrary, it reinforces vertical inequity (due to especial concessions) and horizontal inequity (due to the de iure and to de facto different treatment of assets). We analyze in detail housing and equity shares. By means of a time series analysis, we relate the reported values with reasonable price indicators and proxies of the propensity to save. We infer net tax compliance is extremely low, which includes both what we commonly understand by (gross) tax compliance and the degree of under-assessment due to fiscal legislation (for housing). That is especially true for housing, whose level of net tax compliance is well below 50%. Hence, we corroborate the difficulties in taxing capital, and so cast doubts on the current role of the WT in Spain in reducing wealth inequality.

Recent human evolution has shaped geographical differences in susceptibility to disease

Background: Searching for associations between genetic variants and complex diseases has been a very active area of research for over two decades. More than 51,000 potential associations have been studied and published, a figure that keeps increasing, especially with the recent explosion of array-based Genome-Wide Association Studies. Even if the number of true associations described so far is high, many of the putative risk variants detected so far have failed to be consistently replicated and are widely considered false positives. Here, we focus on the world-wide patterns of replicability of published association studies.Results: We report three main findings. First, contrary to previous results, genes associated to complex diseases present lower degrees of genetic differentiation among human populations than average genome-wide levels. Second, also contrary to previous results, the differences in replicability of disease associated-loci between Europeans and East Asians are highly correlated with genetic differentiation between these populations. Finally, highly replicated genes present increased levels of high-frequency derived alleles in European and Asian populations when compared to African populations. Conclusions: Our findings highlight the heterogeneous nature of the genetic etiology of complex disease, confirm the importance of the recent evolutionary history of our species in current patterns of disease susceptibility and could cast doubts on the status as false positives of some associations that have failed to replicate across populations.

Why do we ignore risk in schooling decisions?

While uncertainty abounds in almost any decision on investment in schooling, it is mostly ignored in research and virtually absent in labour economics tekst books. This paper documents the scope for risk, discusses the tough disentanglement of heterogeneity and risk, surveys the analytical models, laments the absence of a good workhorse model and points out the challenges worth tackling: document ex ante risk that investors face, develop a tractable and malleable analytical model and integrate the option of consumption smoothing in analytical and empirical work. Hedging labour market risk in the stock market can be safely ignored.

Taxonomy of the genus Chamaesyce S.F. Gray in the Iberian Peninsula and the Balearic Islands

A taxonomic study is undertaken of the ten taxa (nine of them specific) belonging to the genus Chamaesyce S.F. Gray (Euphorbiaceae) which are present in the Iberian Peninsula and the Balearic Islands and a dichotomic key is provided. The taxonomic chacarcteristics of ecology are given. The presence of Chamaesyce humifusa (Willd.) Prokh. in the Iberian Peninsula is confirmed and Chamaesyce humistrata (Gray) Small is recorded for the first time from Europe.

Study and implementation of some quantitative trading models

Quantitative or algorithmic trading is the automatization of investments decisions obeying a fixed or dynamic sets of rules to determine trading orders. It has increasingly made its way up to 70% of the trading volume of one of the biggest financial markets such as the New York Stock Exchange (NYSE). However, there is not a signi cant amount of academic literature devoted to it due to the private nature of investment banks and hedge funds. This projects aims to review the literature and discuss the models available in a subject that publications are scarce and infrequently. We review the basic and fundamental mathematical concepts needed for modeling financial markets such as: stochastic processes, stochastic integration and basic models for prices and spreads dynamics necessary for building quantitative strategies. We also contrast these models with real market data with minutely sampling frequency from the Dow Jones Industrial Average (DJIA). Quantitative strategies try to exploit two types of behavior: trend following or mean reversion. The former is grouped in the so-called technical models and the later in the so-called pairs trading. Technical models have been discarded by financial theoreticians but we show that they can be properly cast into a well defined scientific predictor if the signal generated by them pass the test of being a Markov time. That is, we can tell if the signal has occurred or not by examining the information up to the current time; or more technically, if the event is F_t-measurable. On the other hand the concept of pairs trading or market neutral strategy is fairly simple. However it can be cast in a variety of mathematical models ranging from a method based on a simple euclidean distance, in a co-integration framework or involving stochastic differential equations such as the well-known Ornstein-Uhlenbeck mean reversal ODE and its variations. A model for forecasting any economic or financial magnitude could be properly defined with scientific rigor but it could also lack of any economical value and be considered useless from a practical point of view. This is why this project could not be complete without a backtesting of the mentioned strategies. Conducting a useful and realistic backtesting is by no means a trivial exercise since the \laws" that govern financial markets are constantly evolving in time. This is the reason because we make emphasis in the calibration process of the strategies' parameters to adapt the given market conditions. We find out that the parameters from technical models are more volatile than their counterpart form market neutral strategies and calibration must be done in a high-frequency sampling manner to constantly track the currently market situation. As a whole, the goal of this project is to provide an overview of a quantitative approach to investment reviewing basic strategies and illustrating them by means of a back-testing with real financial market data. The sources of the data used in this project are Bloomberg for intraday time series and Yahoo! for daily prices. All numeric computations and graphics used and shown in this project were implemented in MATLAB^R scratch from scratch as a part of this thesis. No other mathematical or statistical software was used.

Dimensions of national culture and the accounting environment -The Spanish case-

Gray (1988) has put forward a hypothesis on how a national accountingenvironment might reflect the cultural dimensions identified by Hofstede (1980, 1983). A number of studies have tested Gray's hypothesis, including one by Pourjalali and Meek (1995) which identified a match between changes in cultural dimensions and the accounting environment in Iran following the revolution. In this paper we replicate this work in the context of Spain following the death of Franco in 1975 and the emergence of a democratic constitution in 1978. Specifically, we: 1) Consider Gray's hypothesis built on Hofstede's cultural dimensions and review some empirical tests of the hypotheses.2) Building on the work of Hofstede and Gray, we: put forward some hypotheses on how we would expect cultural dimensions to change in Spain with the transition to democracy.3) Review developments in accounting in Spain following the transition to democracy, in order to identify how well these fit with our hypotheses.

Adaptive dynamics and the implementation problem with complete information

This paper studies the equilibrating process of several implementationmechanisms using naive adaptive dynamics. We show that the dynamics convergeand are stable, for the canonical mechanism of implementation in Nash equilibrium.In this way we cast some doubt on the criticism of ``complexity'' commonlyused against this mechanism. For mechanisms that use more refined equilibrium concepts,the dynamics converge but are not stable. Some papers in the literatureon implementation with refined equilibrium concepts have claimed that themechanisms they propose are ``simple'' and implement ``everything'' (incontrast with the canonical mechanism). The fact that some of these ``simple''mechanisms have unstable equilibria suggests that these statements shouldbe interpreted with some caution.

Anti-Hellenism and Anti-Classicism in Oscar Wilde's Works. The Second Pole of a Paradoxical Mind.

Thanks to a powerful intellectual weapon, paradox, Oscar Wilde also discovers the dark side of both Classicism and Hellenism. An accurate analysis of his works from the point of view of the Classical Tradition shows an Oscar Wilde who is quite different from the usual Philhellenic one and, above all, from the Platonic one. The aim of this article is to approach a theme which has been hardly studied by classical philologists, that is, anti-classicism and anti-hellenism as an intellectual urge.

Vortices and extreme black holes: The question of flux expulsion

It has been claimed that extreme black holes exhibit a phenomenon of flux expulsion for Abelian Higgs vortices, irrespective of the relative width of the vortex to the black hole. Recent work by two of the authors showed a subtlety in the treatment of the event horizon, which cast doubt on this claim. We analyze in detail the vortexextreme black hole system, showing that, while flux expulsion can occur, it does not do so in all cases. We give analytic proofs for both expulsion and penetration of flux, in each case deriving a bound for that behavior. We also present extensive numerical work backing up, and refining, these claims, and showing in detail how a vortex can end on a black hole in all situations. We also calculate the back reaction of the vortex on the geometry, and comment on the more general vortexblack hole system.

Cuando Frankenstein encontró a Dorian Gray: dandysmo, post-identidad y sujetos virtuales

The appearance and popularization of the internet has created new forms of writing, which compel us to think anew about identity and subjectivity. Webjournals or blogs are specially interesting because they are a massive phenomenon that use autobiographical writing in a peculiar way. These forms of writing stress a particular paradox of the genre: the coexistence between a purpose of private, confessional and spontaneous writing and a public image, carefully built, as a result of its writing. The technology is new, but, in fact, the paradox is old. This paper tries to explore this old paradox, our eternal condition of cyborgs, our use of technologies in order to construct a public, unique and recognizably identity. In oder to do so, I will try to show the virtual condition of any written individual ¿this issue has already been dealt with by autobiographical studies¿, focusing on blogs, and especially on concrete example (Lord Whimsy¿s Journal). I will pay attention to gender as a technology that constructs identity and, at the same time, is deconstructed by the autobiographical narratives analyzed. In short, I attempt to show that virtual and autobiographical discourse do not bring forth a new kind of subject but the permanence of an old phenomenon "clearly developed by dandyism, for instance¿: the use of tehnologies to re-invent, re-formulate and re-construct us as multiple, hybrid and mixed subjects."

Demonstration and partial characterization of the interferon-gamma receptor on human mononuclear phagocytes.

Radioiodinated recombinant human interferon-gamma (IFN gamma) bound to human monocytes, U937, and HL60 cells in a specific, saturable, and reversible manner. At 4 degrees C, the different cell types bound 3,000-7,000 molecules of IFN gamma, and binding was of comparable affinity (Ka = 4-12 X 10(8) M-1). No change in the receptor was observed after monocytes differentiated to macrophages or when the cell lines were pharmacologically induced to differentiate. The functional relevance of the receptor was validated by the demonstration that receptor occupancy correlated with induction of Fc receptors on U937. Binding studies using U937 permeabilized with digitonin showed that only 46% of the total receptor pool was expressed at the cell surface. The receptor appears to be a protein, since treatment of U937 with trypsin or pronase reduced 125I-IFN gamma binding by 87 and 95%, respectively. At 37 degrees C, ligand was internalized, since 32% of the cell-associated IFN gamma became resistant to trypsin stripping. Monocytes degraded 125I-IFN gamma into trichloroacetic acid-soluble counts at 37 degrees C but not at 4 degrees C, at an approximate rate of 5,000 molecules/cell per h. The receptor was partially characterized by SDS-polyacrylamide gel electrophoresis analysis of purified U937 membranes that had been incubated with 125I-IFN gamma. After cross-linking, the receptor-ligand complex migrated as a broad band that displayed an Mr of 104,000 +/- 18,000 at the top and 84,000 +/- 6,000 at the bottom. These results thereby define and partially characterize the IFN gamma receptor of human mononuclear phagocytes.

Cuando Frankenstein encontró a Dorian Gray: dandysmo, post-identidad y sujetos virtuales

The appearance and popularization of the internet has created new forms of writing, which compel us to think anew about identity and subjectivity. Webjournals or blogs are specially interesting because they are a massive phenomenon that use autobiographical writing in a peculiar way. These forms of writing stress a particular paradox of the genre: the coexistence between a purpose of private, confessional and spontaneous writing and a public image, carefully built, as a result of its writing. The technology is new, but, in fact, the paradox is old. This paper tries to explore this old paradox, our eternal condition of cyborgs, our use of technologies in order to construct a public, unique and recognizably identity. In oder to do so, I will try to show the virtual condition of any written individual ¿this issue has already been dealt with by autobiographical studies¿, focusing on blogs, and especially on concrete example (Lord Whimsy¿s Journal). I will pay attention to gender as a technology that constructs identity and, at the same time, is deconstructed by the autobiographical narratives analyzed. In short, I attempt to show that virtual and autobiographical discourse do not bring forth a new kind of subject but the permanence of an old phenomenon "clearly developed by dandyism, for instance¿: the use of tehnologies to re-invent, re-formulate and re-construct us as multiple, hybrid and mixed subjects."

Reversible and high capacity data hiding in medical images

In this paper we introduce a highly efficient reversible data hiding system. It is based on dividing the image into tiles and shifting the histograms of each image tile between its minimum and maximum frequency. Data are then inserted at the pixel level with the largest frequency to maximize data hiding capacity. It exploits the special properties of medical images, where the histogram of their nonoverlapping image tiles mostly peak around some gray values and the rest of the spectrum is mainlyempty. The zeros (or minima) and peaks (maxima) of the histograms of the image tiles are then relocated to embed the data. The grey values of some pixels are therefore modified.High capacity, high fidelity, reversibility and multiple data insertions are the key requirements of data hiding in medical images. We show how histograms of image tiles of medical images can be exploited to achieve these requirements. Compared with data hiding method applied to the whole image, our scheme can result in 30%-200% capacity improvement and still with better image quality, depending on the medical image content. Additional advantages of the proposed method include hiding data in the regions of non-interest and better exploitation of spatial masking.

Threshold Selection Criteria for Quantification of Lumbosacral Cerebrospinal Fluid and Root Volumes from MRI

BACKGROUND AND PURPOSE: The high variability of CSF volumes partly explains the inconsistency of anesthetic effects, but may also be due to image analysis itself. In this study, criteria for threshold selection are anatomically defined. METHODS: T2 MR images (n = 7 cases) were analyzed using 3-dimentional software. Maximal-minimal thresholds were selected in standardized blocks of 50 slices of the dural sac ending caudally at the L5-S1 intervertebral space (caudal blocks) and middle L3 (rostral blocks). Maximal CSF thresholds: threshold value was increased until at least one voxel in a CSF area appeared unlabeled and decreased until that voxel was labeled again: this final threshold was selected. Minimal root thresholds: thresholds values that selected cauda equina root area but not adjacent gray voxels in the CSF-root interface were chosen. RESULTS: Significant differences were found between caudal and rostral thresholds. No significant differences were found between expert and nonexpert observers. Average max/min thresholds were around 1.30 but max/min CSF volumes were around 1.15. Great interindividual CSF volume variability was detected (max/min volumes 1.6-2.7). CONCLUSIONS: The estimation of a close range of CSF volumes which probably contains the real CSF volume value can be standardized and calculated prior to certain intrathecal procedures

DWI and complex brain network analysis predicts vascular cognitive impairment in spontaneous hypertensive rats undergoing executive function tests

The identification of biomarkers of vascular cognitive impairment is urgent for its early diagnosis. The aim of this study was to detect and monitor changes in brain structure and connectivity, and to correlate them with the decline in executive function. We examined the feasibility of early diagnostic magnetic resonance imaging (MRI) to predict cognitive impairment before onset in an animal model of chronic hypertension: Spontaneously Hypertensive Rats. Cognitive performance was tested in an operant conditioning paradigm that evaluated learning, memory, and behavioral flexibility skills. Behavioral tests were coupled with longitudinal diffusion weighted imaging acquired with 126 diffusion gradient directions and 0.3 mm(3) isometric resolution at 10, 14, 18, 22, 26, and 40 weeks after birth. Diffusion weighted imaging was analyzed in two different ways, by regional characterization of diffusion tensor imaging (DTI) indices, and by assessing changes in structural brain network organization based on Q-Ball tractography. Already at the first evaluated times, DTI scalar maps revealed significant differences in many regions, suggesting loss of integrity in white and gray matter of spontaneously hypertensive rats when compared to normotensive control rats. In addition, graph theory analysis of the structural brain network demonstrated a significant decrease of hierarchical modularity, global and local efficacy, with predictive value as shown by regional three-fold cross validation study. Moreover, these decreases were significantly correlated with the behavioral performance deficits observed at subsequent time points, suggesting that the diffusion weighted imaging and connectivity studies can unravel neuroimaging alterations even overt signs of cognitive impairment become apparent.