Creative accounting: Some ethical issues of macro- and micro-manipulation

This paper examines two principal categories of manipulative behaviour. The term'macro-manipulation' is used to describe the lobbying of regulators to persuadethem to produce regulation that is more favourable to the interests of preparers.'Micro-manipulation' describes the management of accounting figures to produce abiased view at the entity level. Both categories of manipulation can be viewed asattempts at creativity by financial statement preparers. The paper analyses twocases of manipulation which are considered in an ethical context. The paperconcludes that the manipulations described in it can be regarded as morallyreprehensible. They are not fair to users, they involve an unjust exercise ofpower, and they tend to weaken the authority of accounting regulators.

New evidence on inflation persistence and price stickiness in the Euro area: Implications for macro modelling

This paper evaluates new evidence on price setting practices and inflation persistence in the euro area with respect to its implications for macro modelling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.

Ecología química en el bentos antártico

El estudio de las interacciones entre los organismos mediadas por sustancias químicas, lo que se denomina ecología química, nos da información sobre la biología de las especies implicadas, el funcionamiento de la comunidad en que viven y nos puede proporcionar además el conocimiento de nuevas sustancias que pueden ser útiles para el ser humano. En el marco de nuestros estudios sobre la ecología química de los invertebrados antárticos, en el proyecto ECOQUIM (2003-2006) se recolectaron numerosas muestras biológicas a partir de las cuales se obtuvieron extractos y sustancias naturales de invertebrados antárticos. En el proyecto ACTIQUIM (2007-actualidad), se ha evaluado el papel ecológico de estos extractos y sustancias naturales mediante experimentos de ecología química in situ (repelencia, defensa ante distintos tipos de macro y micro-depredadores, toxicidad, citotoxicidad y actividad antifouling) y también se ha analizado la actividad antitumoral de algunos compuestos obtenidos recientemente. Nuestros resultados demuestran, entre otras cuestiones, que las defensas químicas en los organismos antárticos son elevadas en las esponjas, los cnidarios, los tunicados, los briozoos, los equinodermos y los moluscos y que por lo tanto, estos grupos pueden ser una fuente rica en metabolitos secundarios con bioactividad, tanto a nivel ecológico como farmacológico.

Idiosyncratic Volatility Puzzle: Influence of Macro-Finance Factors

In this paper, we scrutinize the cross-sectional relation between idiosyncratic volatility and stock returns. As a novelty, the idiosyncratic volatility is obtained by conditioning upon macro-finance factors as well as upon traditional asset pricing factors. The macro-finance factors are constructed from a large pool of macroeconomic and financial variables. Cleaning for macro-finance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the effects from macro-finance factors are economically strong. The relation between idiosyncratic volatility and returns does not vary with the NBER business cycles. The empirical results are highly robust. Keywords: Idiosyncratic volatility puzzle; Macro-finance predictors; Factor analysis; Business cycle. JEL Classifications: G12; G14

Comparative effects of macro-sized aluminum oxide and aluminum oxide nanoparticles on erythrocyte hemolysis: influence of cell source, temperature and size

Al2O3 is the most abundantly produced nanomaterial and has been used in diverse fields, including the medical, military and industrial sectors. As there are concerns about the health effects of nanoparticles, it is important to understand how they interact with cells, and specifically with red blood cells. The hemolysis induced by three commercial nano-sized aluminum oxide particles (nanopowder 13 nm, nanopowder <50 nm and nanowire 2-6 nm × 200-400 nm) was compared to aluminum oxide and has been studied on erythrocytes from humans, rats and rabbits, in order to elucidate the mechanism of action and the influence of size and shape on hemolytic behavior. The concentrations inducing 50% hemolysis (HC50) were calculated for each compound studied. The most hemolytic aluminum oxide particles were of nanopowder 13, followed by nanowire and nanopowder 50. The addition of albumin to PBS induced a protective effect on hemolysis in all the nano-forms of Al2O3, but not on Al2O3. The drop in HC50 correlated to a decrease in nanomaterial size, which was induced by a reduction of aggregation Aluminum oxide nanoparticles are less hemolytic than other oxide nanoparticles, and behave differently depending on the size and shape of the nanoparticles. The hemolytic behavior of aluminum oxide nanoparticles differs from that of aluminum oxide.

Comparative effects of macro-sized aluminum oxide and aluminum oxide nanoparticles on erythrocyte hemolysis: influence of cell source, temperature and size

Al2O3 is the most abundantly produced nanomaterial and has been used in diverse fields, including the medical, military and industrial sectors. As there are concerns about the health effects of nanoparticles, it is important to understand how they interact with cells, and specifically with red blood cells. The hemolysis induced by three commercial nano-sized aluminum oxide particles (nanopowder 13 nm, nanopowder <50 nm and nanowire 2-6 nm × 200-400 nm) was compared to aluminum oxide and has been studied on erythrocytes from humans, rats and rabbits, in order to elucidate the mechanism of action and the influence of size and shape on hemolytic behavior. The concentrations inducing 50% hemolysis (HC50) were calculated for each compound studied. The most hemolytic aluminum oxide particles were of nanopowder 13, followed by nanowire and nanopowder 50. The addition of albumin to PBS induced a protective effect on hemolysis in all the nano-forms of Al2O3, but not on Al2O3. The drop in HC50 correlated to a decrease in nanomaterial size, which was induced by a reduction of aggregation Aluminum oxide nanoparticles are less hemolytic than other oxide nanoparticles, and behave differently depending on the size and shape of the nanoparticles. The hemolytic behavior of aluminum oxide nanoparticles differs from that of aluminum oxide.

Sharing the surplus: a just and efficient proposal for environments with externalities

Economic activities, both on the macro and micro level, often entail wide-spread externalities. This in turn leads to disputes regarding the compensation levels to the various parties affected. We propose a general, yet simple, method of deciding upon the distribution of the gains (costs) of cooperation in the presence of externalities. This method is shown to be the unique one satisfying several desirable properties. Furthermore, we illustrate the use of this method to resolve the sharing of benefits generated by international climate control agreements.

A multi-purpose grammar generating a multi-scale integrated analysis of Laos

In this study we propose an application of the MuSIASEM approach which is used to provide an integrated analysis of Laos across different scales. With the term “integrated analysis across scales” we mean the generation of a series of packages of quantitative indicators, characterizing the performance of the socioeconomic activities performed in Laos when considering: (i) different hierarchical levels of organization (farming systems described at the level of household, rural villages, regions of Laos, the whole country level); and (ii) different dimensions of analysis (economic dimension, social dimension, ecological dimension, technical dimension). What is relevant in this application is that the information carried out by these different packages of indicators is integrated in a system of accounting which establishes interlinkages across these indicators. This is a essential feature to study sustainability trade-offs and to build more robust scenarios of possible changes. The multi-scale integrated representation presented in this study is based on secondary data (gathered in a three year EU project – SEAtrans and integrated by other available statistical sources) and it is integrated in GIS, when dealing with the spatial representation of Laos. However, even if we use data referring to Laos, the goal of this study is not that of providing useful information about a practical policy issue of Laos, but rather, to illustrate the possibility of using a multipurpose grammar to produce an integrated set of sustainability indicators at three different levels: (i) local; (ii) meso; (iii) macro level. The technical issue addressed is the simultaneous adoption of two multi-level matrices – one referring to a characterization of human activity over a set of different categories, and another referring to a characterization of land uses over the same set of categories. In this way, it becomes possible to explain the characteristics of Laos (an integrated set of indicators defining the performance of the whole country) in relation to the characteristics of the rural Laos and urban Laos. The characteristics of rural Laos, can be explained using the characteristics of three regions defined within Laos (Northern Laos, Central Laos and Southern Laos), which in turn can be defined (using an analogous package of indicators), starting from the characteristics of three main typologies of farming systems found in the regions.

The Causal effect of education on aggregate income

Empirical studies assume that the macro Mincer return on schooling is con- stant across countries. Using a large sample of countries this paper shows that countries with a better quality of education have on average relatively higher macro Mincer coeficients. As rich countries have on average better educational quality, differences in human capital between countries are larger than has been typically assumed in the development accounting literature. Consequently, factor accumulation explains a considerably larger share of income differences across countries than what is usually found.

Una explicación del conflicto social sobre energía eólica en la comarca de la Terra Alta en Cataluña

El estudio investiga las razones que explican un conflicto sobre la instalación de parques eólicos en Terra Alta, una comarca rural de Cataluña. Identificamos tres razones principales. Primero, y de acuerdo con el marco conceptual de ecología política, el conflicto eólico forma parte de un conflicto más generalizado sobre la ‘macro-concentración’ de instalaciones energéticas en el sur de Cataluña que generan energía y beneficios económicos principalmente para el centro del desarrollo económico catalán. Segundo, el impacto paisajístico de los proyectos eólicos choca con iniciativas locales que impulsan el paisaje como un activo valioso capaz de sustentar la vida en la comarca. Por último, desequilibrios de poder en el sistema formal de toma de decisiones sobre parques eólicos impiden la inclusión de valores locales como criterios en el proceso de toma de decisiones y eso también genera conflicto. Para un desarrollo sostenible de energía eólica, la importancia del potencial eólico como criterio principal de localización debe ser reevaluada, y la negociación de la distribución de beneficios debe hacerse en la forma más abierta posible.

Macroeconomics of extensive margins: a simple model

How do monopolistically competitive industries react to shocks in the context of a New Keynesian macro model? I bridge macroeconomics and trade theory by considering market dynamics. I use an analytically tractable closed-economy model with endogenous entry of firms and show the implications of markets structure for the transmission of real shocks on aggregate variables and welfare. Shock sources become crucial for the results: traditional productivity shocks cause an extensive effect on production; shocks on innovation cause an intensive impact. More patient populations bring the economy to a richer market, although it cushions the extensive effect after an innovation shock.

Teacher training in "multicultural" Sweden

This paper builds on the experience of the on-going, mainly ethnographic, research project called Teacher training in’ multicultural’ Sweden. Class, gender and ethnicity. In this multi-disciplinary project a number of scholars conduct research through participant observation in, and through the study and analysis of documents from, a number of teacher training colleges in Sweden. In this paper I will use empirical material gathered from two teacher training colleges to discuss this basic issue. One college is situated in a suburb outside Stockholm and it consciously portrays itself as a college for ‘multicultural’ students who will later teach in ‘multicultural’ suburbs. The other college is situated in a small town and although ‘multiculturalism’ is seen as important in the educational system students with mainly ‘Swedish’ background are recruited. In the first college ‘differences’ are lauded and students are encouraged to ponder upon and develop their ethnic profile. In the second ‘similarities’ are more taken for granted. I will argue, however, that within these colleges ‘differences’ and ’similarities’ are not only discussed but actually created against a backdrop of macro-constraints which are not much scrutinized within these colleges.

Can You Home Again? Desertion and Control of Hometowns in Civil Wars

What allows an armed group in a civil war to prevent desertion? This paper addresses this question with a focus on control in the rearguard. Most past studies focus on motivations for desertion. They explain desertion in terms of where soldiers stand in relation to the macro themes of the war, or in terms of an inability to provide positive incentives to overcome the collective action problem. However, since individuals decide whether and how to participate in civil wars for multiple reasons, responding to a variety of local conditions in an environment of threat and violence, a focus only on macro-level motivations is incomplete. The opportunities side of the ledger deserves more attention. I therefore turn my attention to how control by an armed group eliminates soldiers’ opportunities to desert. In particular, I consider the control that an armed group maintains over soldiers’ hometowns, treating geographic terrain as an important exogenous indicator of the ease of control. Rough terrain at home affords soldiers and their families and friends advantages in ease of hiding, the difficulty of using force, and local knowledge. Based on an original dataset of soldiers from Santander Province in the Spanish Civil War, gathered from archival sources, I find statistical evidence that the rougher the terrain in a soldier’s home municipality, the more likely he is to desert. I find complementary qualitative evidence indicating that soldiers from rough-terrain communities took active advantage of their greater opportunities for evasion. This finding has important implications for the way observers interpret different soldiers’ decisions to desert or remain fighting, for the prospect that structural factors may shape the cohesion of armed groups, and for the possibility that local knowledge may be a double-edged sword, making soldiers simultaneously good at fighting and good at deserting.

CODAPACK3D. A new version of Compositional Data Package

The statistical analysis of compositional data should be treated using logratios of parts,which are difficult to use correctly in standard statistical packages. For this reason afreeware package, named CoDaPack was created. This software implements most of thebasic statistical methods suitable for compositional data.In this paper we describe the new version of the package that now is calledCoDaPack3D. It is developed in Visual Basic for applications (associated with Excel©),Visual Basic and Open GL, and it is oriented towards users with a minimum knowledgeof computers with the aim at being simple and easy to use.This new version includes new graphical output in 2D and 3D. These outputs could bezoomed and, in 3D, rotated. Also a customization menu is included and outputs couldbe saved in jpeg format. Also this new version includes an interactive help and alldialog windows have been improved in order to facilitate its use.To use CoDaPack one has to access Excel© and introduce the data in a standardspreadsheet. These should be organized as a matrix where Excel© rows correspond tothe observations and columns to the parts. The user executes macros that returnnumerical or graphical results. There are two kinds of numerical results: new variablesand descriptive statistics, and both appear on the same sheet. Graphical output appearsin independent windows. In the present version there are 8 menus, with a total of 38submenus which, after some dialogue, directly call the corresponding macro. Thedialogues ask the user to input variables and further parameters needed, as well aswhere to put these results. The web site http://ima.udg.es/CoDaPack contains thisfreeware package and only Microsoft Excel© under Microsoft Windows© is required torun the software.Kew words: Compositional data Analysis, Software

La práctica médica en el ejercico físico en Barcelona en los principios del siglo XX

La tesis titulada “La práctica médica en el ejercicio físico en la Barcelona de principios del siglo XX” trata de examinar cómo se relacionaba la práctica médica con los ejercicios físicos como la gimnasia y el deporte, y saber si realmente se llegó a formar una especialidad médica llamada medicina del deporte en la Barcelona de los principios del siglo XX. La primera parte se titula “Perspectiva histórica del ejercicio físico y la medicina”, y trata de la relación general entre el ejercicio físico y la medicina desde el punto de macro-vista histórico y regional. La segunda parte se titula “Hacia la formación de la especialización de la medicina del deporte en Barcelona”, y analiza la práctica médica relacionada con el deporte en una ciudad concreta durante un tiempo determinado, es decir, desde un punto de micro-vista. En el fondo de la creación de las especialidades médicas a partir de mediados del siglo XIX existe la formación de una sociedad moderna, simbolizada por el sistema administrativo de la democracia nacional y el sistema económico del capitalismo. Considerando los elementos comprendidos dentro del sistema de la modernidad que provocaron la especialización médica tales como la urbanización, la industrialización, el aumento de la población, el interés estatal, el desarrollo de la prensa, el elevado interés público, el progreso intelectual y tecnológico de la ciencia y la medicina, la creación de un sistema de atención de la salud, la formación y participación en las instituciones internacionales, el cambio de la identidad de los médicos, y la reposición de la medicina holística, investigo integralmente la formación de la especialidad de la medicina del deporte en Catalunya, y lo caracterizo por las iniciativas privadas emprendidas por un sector experto y profano, y la ausencia de un interés estatal suficiente en la dicha especialidad.