Corporate governance in banking: the role of board of directors

We test hypotheses on the dual role of boards of directors for a sample of large international commercial banks. We find an inverted U shaped relation between bank performance and board size that justifies a large board and imposes an efficient limit to the board’s size; a positive relation between the proportion of non-executive directors and performance; and a proactive role in board meetings. Our results show that bank boards’ composition and functioning are related to directors’ incentives to monitor and advise management. All these relations hold after we control for bank business, institutional differences, size, market power in the banking industry, bank ownership and investors’ legal protection.

Constrained school choice

Recently, several school districts in the US have adopted or consider adopting the Student-Optimal Stable Mechanism or the Top Trading Cycles Mechanism to assign children to public schools. There is clear evidence that for school districts that employ (variants of) the so-called Boston Mechanism the transition would lead to efficiency gains. The first two mechanisms are strategy-proof, but in practice student assignment procedures impede students to submit a preference list that contains all their acceptable schools. Therefore, any desirable property of the mechanisms is likely toget distorted. We study the non trivial preference revelation game where students can only declare up to a fixed number (quota) of schools to be acceptable. We focus on the stability of the Nash equilibrium outcomes. Our main results identify rather stringent necessary and sufficient conditions on the priorities to guaranteestability. This stands in sharp contrast with the Boston Mechanism which yields stable Nash equilibrium outcomes, independently of the quota. Hence, the transition to any of the two mechanisms is likely to come with a higher risk that students seek legal actionas lower priority students may occupy more preferred schools.

Increasing the scalability and the speedup of a fish school distributed simulator

El present treball fa un anàlisi i desenvolupament sobre les millores en la velocitat i en l’escalabilitat d'un simulador distribuït de grups de peixos. Aquests resultats s’han obtingut fent servir una nova estratègia de comunicació per als processos lògics (LPs) i canvis en l'algoritme de selecció de veïns que s'aplica a cadascun dels peixos en cada pas de simulació. L’idea proposada permet que cada procés lògic anticipi futures necessitats de dades pels seus veïns reduint el temps de comunicació al limitar la quantitat de missatges intercanviats entre els LPs. El nou algoritme de selecció dels veïns es va desenvolupar amb l'objectiu d'evitar treball innecessari permetent la disminució de les instruccions executades en cada pas de simulació i per cadascun del peixos simulats reduint de forma significativa el temps de simulació.

Industrial districts, innovation and I-district

The I-district effect hypothesis establishes the existence of highly intense innovation in Marshallian industrial districts due to the presence of external localization economies. However, industrial districts are characterized by specific manufacturing specializations in such a way that this effect could be due to these dominant specializations. The objective of this research is to test whether the effect is explained by the conditions of the territory or by the industrial specialization and to provide additional evidence of the existence and causes of the highly intense innovation in industrial districts (I-district effect). The estimates for Spain of a fixed effects model interacting territory and industry suggest that the high innovative performance of industrial districts is maintained across sectors whereas the industrial specialization behaves differently depending on the type of local production system in which it is placed. The I-district effect is related to the conditions of the territory more than to the industrial specialization. The territory is a key variable in explaining the processes of innovation and should be considered a basic dimension in the design of innovation and industrial policies.

Constrained school choice: an experimental study

The literature on school choice assumes that families can submit a preference list over all the schools they want to be assigned to. However, in many real-life instances families are only allowed to submit a list containing a limited number of schools. Subjects' incentives are drastically affected, as more individuals manipulate their preferences. Including a safety school in the constrained list explains most manipulations. Competitiveness across schools play an important role. Constraining choices increases segregation and affects the stability and efficiency of the final allocation. Remarkably, the constraint reduces significantly the proportion of subjects playing a dominated strategy.

Women at home, at school and in the factory. The particular discourse of domesticity done by the Spanish Escuela Economista (1861-1909)

The texts by the Spanish Economist School (second half of the 19th century) contain an assessment of the role of women in the economy and society that is transgressor in front of the prevailing discourse that defended a unique and exclusive role for all women: being at home and a mother. Most members of that economic trend defended female work in the factories, basing themselves on wage arguments and even asked for a professional training for those who in many cases could not even write and read for the fact of being a woman. The texts of those economists give new ideas about the economic and social role of women in a Spain dominated by a discourse that denied the necessity of female work for the working families.