Not all university degrees yield the same return: private and social returns to higher education for males in Spain

In this paper we use micro data from the Spanish Family Expenditure Survey for 1990 to estimate, for the first time, the private and social rates of return of different university degrees in Spain. We compute internal rates of return and include investment on higher education financed by the public purse to estimate social rates of return. Our main finding is that, as presumed, there is large heterogeneity in rates of return amongst different university

Leontief versus Ghosh: two faces of the same coin

In this paper we explore the sectoral and aggregate implications of some endogeneization rules (i.e. on value-added and final demand) which have been common in the Leontief model and have been recently proposed in the Ghosh model. We detect that these rules may give rise in both models to some allegedly pathological behavior in the sense that sectoral or aggregate output, very often, may not follow the logical and economically expected direct relationship with some underlying endogenous variables—namely, output and value-added in the Ghosh model and output and consumption in the Leontief model. Because of the common mathematical structure, whatever is or seems to be pathological in the Ghosh model also has a symmetric counterpart in the Leontief model. These would not be good news for the inner consistency of these linear models. To avoid such possible inconsistencies, we propose new and simple endogeneization rules that have a sound economic interpretation.

All assignment games with the same core have the same nucleolus

There exist coalitional games with transferable utility which have the same core but different nucleoli. We show that this cannot happen in the case of assignment games. Whenever two assignment games have the same core, their nucleoli also coincide. To show this, we prove that the nucleolus of an assignment game coincides with that of its buyer-seller exact representative

All assignment games with the same core have the same nucleolus

There exist coalitional games with transferable utility which have the same core but different nucleoli. We show that this cannot happen in the case of assignment games. Whenever two assignment games have the same core, their nucleoli also coincide. To show this, we prove that the nucleolus of an assignment game coincides with that of its buyer-seller exact representative

Degradation of pheromone and plant volatile components by a same Odorant-Degrading Enzyme in the cotton leafworm, Spodoptera littoralis

Background: Odorant-Degrading Enzymes (ODEs) are supposed to be involved in the signal inactivation step within the olfactory sensilla of insects by quickly removing odorant molecules from the vicinity of the olfactory receptors. Only three ODEs have been both identified at the molecular level and functionally characterized: two were specialized in the degradation of pheromone compounds and the last one was shown to degrade a plant odorant. Methodology: Previous work has shown that the antennae of the cotton leafworm Spodoptera littoralis , a worldwide pest of agricultural crops, express numerous candidate ODEs. We focused on an esterase overexpressed in males antennae, namely SlCXE7. We studied its expression patterns and tested its catalytic properties towards three odorants, i.e. the two female sex pheromone components and a green leaf volatile emitted by host plants. Conclusion: SlCXE7 expression was concomitant during development with male responsiveness to odorants and during adult scotophase with the period of male most active sexual behaviour. Furthermore, SlCXE7 transcription could be induced by male exposure to the main pheromone component, suggesting a role of Pheromone-Degrading Enzyme. Interestingly, recombinant SlCXE7 was able to efficiently hydrolyze the pheromone compounds but also the plant volatile, with a higher affinity for the pheromone than for the plant compound. In male antennae, SlCXE7 expression was associated with both long and short sensilla, tuned to sex pheromones or plant odours, respectively. Our results thus suggested that a same ODE could have a dual function depending of it sensillar localisation. Within the pheromone-sensitive sensilla, SlCXE7 may play a role in pheromone signal termination and in reduction of odorant background noise, whereas it could be involved in plant odorant inactivation within the short sensilla.

Assignment markets with the same core

[spa] En el contexto de los juegos de asignación bilaterales, estudiamos el conjunto de matrices asociadas a mercados de asignación con el mismo nucleo. Se proporcionan condiciones sobre las entradas de la matriz que aseguran que los juegos de asignación asociados tienen el mismo núcleo. Se prueba que este conjunto de matrices que dan lugar al mismo núcleo forman un semirretículo con un número finito de elementos minimales y un único máximo. Se da una caracterización de estos elementos minimales. También se proporciona una condición suficiente para obtener un retículo.

Assignment markets with the same core

[spa] En el contexto de los juegos de asignación bilaterales, estudiamos el conjunto de matrices asociadas a mercados de asignación con el mismo nucleo. Se proporcionan condiciones sobre las entradas de la matriz que aseguran que los juegos de asignación asociados tienen el mismo núcleo. Se prueba que este conjunto de matrices que dan lugar al mismo núcleo forman un semirretículo con un número finito de elementos minimales y un único máximo. Se da una caracterización de estos elementos minimales. También se proporciona una condición suficiente para obtener un retículo.

Ex-Dividend Day Returns when Dividend and Capital Gains are Taxed at the Same Rate

Due to the overwhelming international evidence that stock prices drop by less than the dividend paid on ex-dividend days, the ex-dividend day anomaly is considered a stylized fact. Two main approaches have emerged to explain this empirical regularity: the tax-clientele hypothesis and the microstructure of financial markets. Although the most widely accepted explanation for this fact relies on taxes, the ex-dividend day anomaly has been reported even in countries where neither dividends nor capital gains are taxed. The 2006 tax reform in Spain established the same tax rate for dividends and capital gains. This paper investigates stock returns on ex-dividend days in the Spanish stock market after the 2006 tax reform using a random coefficient model. Contrary to previous research, we do not observe an ex-dividend day anomaly. Unlike previous investigations, which are mostly concerned with suggesting explanations as to why this anomaly has occurred, we are in the somewhat strange position of discussing why this anomaly has not occurred. Our findings are robust across companies and stock dividend yields, thus supporting a tax--based explanation for the ex-dividend day anomaly.