Implicit collusion on wide spreads

Recent empirical findings suggest that spreads quoted in dealershipmarkets might be uncompetitive. This paper analyzes theoretically if pricecompetition between risk--averse market--makers leaves room for implicitcollusive behavior. We compare the spread and risk--sharing efficiencyarising in several market structures differing in terms of i) the priorityrule followed in case of ties, and ii) the type of schedules market makersmay use, namely: general schedules, linear schedules, or limit orders. Ingeneral, competitive pricing does not arise in equilibrium, and there isa conflict between risk sharing efficiency and the tightness of the spread.This conflict can be mitigated by an appropriate market structure design.The limit order market is the only market structure in which the competitiveequilibrium is the unique equilibrium.

La première génération d’écrivains d’origine amazighe dans la littérature catalane: Laila Karrouch (Nador, 1977) et Najat El Hachmi (Nador, 1979). Leur signification et valeur.

La Catalogne a accueilli entre la fin du XXe siècle et le début du XXIe siècle une importante vague d’immigrés aux origines les plus diverses. Les Marocains ont constitué le premier flot de cette vague et ont donné naissance, par le biais des oeuvres de Laila Karrouch et de Najat El Hachmi, à une littérature pionnière construite dans la tension entre deux mondes, le Maghreb et la Catalogne. Cette littérature, faite d’expériences vécues profondes, va permettre à beaucoup d’autres, à la fois, de garder leur identité et de se sentir citoyens de leur nouveau pays.

Filamin depletion blocks endoplasmic spreading and destabilizes force-bearing adhesions

Cell motility is an essential process that depends on a coherent, cross-linked actin cytoskeleton that physically coordinates the actions of numerous structural and signaling molecules. The actin cross-linking protein, filamin (Fln), has been implicated in the support of three-dimensional cortical actin networks capable of both maintaining cellular integrity and withstanding large forces. Although numerous studies have examined cells lacking one of the multiple Fln isoforms, compensatory mechanisms can mask novel phenotypes only observable by further Fln depletion. Indeed, shRNA-mediated knockdown of FlnA in FlnB¿/¿ mouse embryonic fibroblasts (MEFs) causes a novel endoplasmic spreading deficiency as detected by endoplasmic reticulum markers. Microtubule (MT) extension rates are also decreased but not by peripheral actin flow, because this is also decreased in the Fln-depleted system. Additionally, Fln-depleted MEFs exhibit decreased adhesion stability that appears in increased ruffling of the cell edge, reduced adhesion size, transient traction forces, and decreased stress fibers. FlnA¿/¿ MEFs, but not FlnB¿/¿ MEFs, also show a moderate defect in endoplasm spreading, characterized by initial extension followed by abrupt retractions and stress fiber fracture. FlnA localizes to actin linkages surrounding the endoplasm, adhesions, and stress fibers. Thus we suggest that Flns have a major role in the maintenance of actin-based mechanical linkages that enable endoplasmic spreading and MT extension as well as sustained traction forces and mature focal adhesions.

Bombolles financeres i confusió informativa. Relació entre la informació econòmica als mitjans de comunicació i la presa de decisions d’inversió

La Teoria Econòmica està construïda sobre la hipòtesis de racionalitat dels agents econòmics. La racionalitat de l’homo economicus consisteix en què maximitza la seva utilitat tractant d’obtenir els majors beneficis amb el menor esforç, si bé l’aplicació d’aquesta hipòtesi a l’ésser humà no és plena ja que la seva motivació no sempreés biològica i de vegades actua empès per aspectes culturals difícils d’associar a un benefici1. Tanmateix, la hipòtesi de racionalitat s’ha considerat una bona representació dels aspectes essencials del comportamenteconòmic de l’ésser humà. El problema es presenta quan la Teoria Econòmica no és capaç d’explicar ni resoldre satisfactòriament problemes tan rellevants com les bombolles especulatives i la causa d’aquesta mancança s’atribueix a una construcció inadequada d’aquesta Teoria...

Filamin depletion blocks endoplasmic spreading and destabilizes force-bearing adhesions

Cell motility is an essential process that depends on a coherent, cross-linked actin cytoskeleton that physically coordinates the actions of numerous structural and signaling molecules. The actin cross-linking protein, filamin (Fln), has been implicated in the support of three-dimensional cortical actin networks capable of both maintaining cellular integrity and withstanding large forces. Although numerous studies have examined cells lacking one of the multiple Fln isoforms, compensatory mechanisms can mask novel phenotypes only observable by further Fln depletion. Indeed, shRNA-mediated knockdown of FlnA in FlnB¿/¿ mouse embryonic fibroblasts (MEFs) causes a novel endoplasmic spreading deficiency as detected by endoplasmic reticulum markers. Microtubule (MT) extension rates are also decreased but not by peripheral actin flow, because this is also decreased in the Fln-depleted system. Additionally, Fln-depleted MEFs exhibit decreased adhesion stability that appears in increased ruffling of the cell edge, reduced adhesion size, transient traction forces, and decreased stress fibers. FlnA¿/¿ MEFs, but not FlnB¿/¿ MEFs, also show a moderate defect in endoplasm spreading, characterized by initial extension followed by abrupt retractions and stress fiber fracture. FlnA localizes to actin linkages surrounding the endoplasm, adhesions, and stress fibers. Thus we suggest that Flns have a major role in the maintenance of actin-based mechanical linkages that enable endoplasmic spreading and MT extension as well as sustained traction forces and mature focal adhesions.

La première génération d’écrivains d’origine amazighe dans la littérature catalane: Laila Karrouch (Nador, 1977) et Najat El Hachmi (Nador, 1979). Leur signification et valeur.

La Catalogne a accueilli entre la fin du XXe siècle et le début du XXIe siècle une importante vague d’immigrés aux origines les plus diverses. Les Marocains ont constitué le premier flot de cette vague et ont donné naissance, par le biais des oeuvres de Laila Karrouch et de Najat El Hachmi, à une littérature pionnière construite dans la tension entre deux mondes, le Maghreb et la Catalogne. Cette littérature, faite d’expériences vécues profondes, va permettre à beaucoup d’autres, à la fois, de garder leur identité et de se sentir citoyens de leur nouveau pays.