Deconstructing Purism: Unconscious Drives and Meta-argumentation in Straight Photography

The thesis investigates the nature of the Purist discourse in photography, with the aim of unveiling its lack of a solid theoretical foundation and its unconscious content. Purism outlines the fact that photography is a unique craft, that may not borrow ideas from painting or any other art forms. What makes the Purist discourse suspect and attracts attention to its possible circular style? The fact that the views expressed by its supporters include a frenzied edge, an unnecessary ardor, a combative tone that discloses that there’s something hidden, something that doesn’t serve the purpose of presenting an unbiased philosophical claim

Why do convertible issuers simultaneously repurchase stock? An arbitrage-based explanation

We examine why firms combine convertible debt offerings with stock repurchases. In 2006, 33% of the convertible issuers in the US simultaneously repurchased stock. These combined transactions are inconsistent with traditional motivations for convertible issuance. We document that convertible arbitrage drives these stock repurchases. Convertible debt arbitrageurs simultaneously buy convertibles and short sell the issuer’s common stock, resulting in downward pressure on the stock price. To prevent such short-selling activity, firms repurchase their stock directly from arbitrageurs. We show that combined transactions exhibit lower short-selling activity and that convertible arbitrage explains both the size and speed of the stock repurchases.

Desequilibri 234Th/238U per a l'estudi del cicle de partícules al Mediterrani nord-occidental

El desequilibri 238U/234Th s’utilitza per traçar el cicle de les partícules a la part més superficial dels oceans. Això és possible degut a les diferències entre els seus períodes de semidesintegració (T1/2 (234Th)=24,1 d; T1/2 (238U)=4,5 10 9 anys) i a les seves característiques biogeoquímiques: el Th presenta una gran afinitat per les partícules mentre que l’U és conservatiu en aigua de mar. En absència de partícules s’esperaria tenir equilibri secular entre ambdós radionúclids, però com que l’oceà no està lliure de partícules, el 234Th és exportat des de les capes més superficials produint-se un dèficit respecte el seu pare, l’238U. El període de semidesintegració del 234Th és molt adequat per traçar processos d’escales temporals de dies a setmanes, del mateix ordre que el desenvolupament de la floració del fitoplàncton i a la posterior exportació de partícules. En aquest treball es presenten dades obtingudes durant dues campanyes oceanogràfiques realitzades en el marc del Projecte FAMOSO (2009) en el Mediterrani nordoccidental, abans i després de la floració de fitoplàncton de primavera a la zona. Una de les peculiaritats d’aquesta regió és el procés de convecció profunda d’hivern, el qual suposa un important mecanisme de fertilització. A partir dels fluxos de 234Th obtinguts a la columna d’aigua es poden establir les pautes temporals que ha seguit el fitoplàncton en les setmanes prèvies al mostreig. Aquesta informació es compara amb els fluxos obtinguts utilitzant trampes de sediment a la deriva instal·lades durant ambdues campanyes.

Organizational form and business performance

This project deals with the generation of profitability and the distribution of its benefits. Inspired by Davis (1947, 1955), we define profitability as the ratio of revenue to cost. Profitability is not as popular a measure of business financial performance as profit, the difference between revenue and cost. Regardless of its popularity, however, profitability is surely a useful financial performance measure. Our primary objective in this project is to identify the factors that generate change in profitability. One set of factors, which we refer to as sources, consists of changes in quantities and prices of outputs and inputs. Individual quantity changes aggregate to the overall impact of quantity change on profitability change, which we call productivity change. Individual price changes aggregate to the overall impact of price change on profitability change, which we call price recovery change. In this framework profitability change consists exclusively of productivity change and price recovery change. A second set of factors, which we refer to as drivers, consists of phenomena such as technical change, change in the efficiency of resource allocation, and the impact of economies of scale. The ability of management to harness these factors drives productivity change, which is one component of profitability change. Thus the term sources refers to quantities and prices of individual outputs and inputs, whose changes influence productivity change or price recovery change, either of which influences profitability change. The term drivers refers to phenomena related to technology and management that influence productivity change (but not price recovery change), and hence profitability change.

La millor comprensió del desenvolupament cardíac i el dany cel•lular en els miòcits ajudarà a definir dianes terapèutiques

En el cor embrional, la senyalització de mort cel•lular apoptòtica iniciada per receptors de mort i les caspases executores 3 i 7 exerceixen un paper important durant el desenvolupament cardíac no relacionat amb la mort cel•lular, i posteriorment són silenciats en l’adult, on les vies independents de caspases estan implicades en la mort cel•lular patològica. Resultats previs del nostre grup han contribuït a entendre com es regula i silencia en el cor l’expressió dels gens de la via apoptòtica depenent de caspases durant el desenvolupament; a més, resultats no publicats demostren que les caspases regulen el procés d’expressió de gens en el cor i, contràriament a la maquinària depenent de caspases, TatD, una nucleasa, ’expressa abundantment al cor postnatal. Es desconeixen les funcions de la senyalització apoptòtica durant el desenvolupament cardíac, tot i que són essencials per al desenvolupament, a més, la senyalització independent de caspases implicada al dany cel•lular en els miòcits només es coneix parcialment, el nostre objectiu és contribuir al coneixement d’ambdós fenòmens. Creiem que les caspases podrien processar proteïnes reguladores de l’expressió de gens musculars alterant la seva activitat, mentre que TatD té un paper rellevant en el dany cel•lular però també en la funció cardíaca normal. Volem caracteritzar la contribució de les caspases 3 i 7 en el desenvolupament cardíac, utilitzant models in vivo (estem finalitzant els creuaments necessaris per a disposar dels animals amb el genotip desitjat) i in vitro (pràcticament hem preparat tot el material i hem optimitzat els protocols per a tirar-ho endavant). També volem caracteritzar la funció de TatD durant el desenvolupament i fisiologia del cor i conèixer-ne la seva funció utilitzant models in vitro i in vivo.

Factor shares, the price markup, and the elasticity of substitution between capital and labor.

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the aggregate price mark-up reflecting the degree of imperfect competition in the product market, and provides estimates of the elasticity of substitution under such product market imperfections. We focus on Spain and the U.S. and show that the elasticity of substitution is above one in Spain and below one in the U.S. We also show that the price markup drives the elasticity of substitution away from one, upwards in Spain, downwards in the U.S. These results are used to explain the declining path of the labor income share, common to both economies, and their contrasted patterns in terms of capital deepening.

El impacto de las TIC en la elección y comercialización del destino turístico de Benidorm

Este trabajo aborda el análisis del impacto de las TIC en la elección y comercialización del destino turístico de Benidorm. El hecho de que el turismo sea el motor de la economía de este destino turístico y uno de los motores de la economía española, así como un sector en el que Internet ha tenido un gran impacto, justifican el análisis del uso de Internet como herramienta de acceso a información turística y de contratación de servicios turísticos y su evolución en el tiempo. La elección de Benidorm como caso de estudio se debe a su notoriedad en el contexto turístico nacional e internacional.

Nuevo disipador para edificación sismorresistente. 2ª parte: comportamiento de estructures duales de un grado de libertad con disipadores

The behaviour of a new elastoplastic shear link dissipator has been analysed in the first part of this paper. The second part describes experimental and numerical studies for a SDOF non-standard dual system protected with shear dissipators. High and intermediate stiff deal systems with this Device have presented smaller values of the shear base force and the interstory drift when compared to linear and elastic systems response. It has been appreciated that most of introduced energy is dissipated when a low ratio between the main frame stiffness and dissipation system stiffness is hold. It has been also observed that a higher ratio between the dissipator yielding force and the total mass drives to a more reduced structural response. Finally is has been appreciated than the absorbed energy might be predicted using the velocity pseudo-spectra and an effective fundamental period, that has been defined by using the minimum secant stiffness of dual system

A general definition and nomenclature for alternative splicing events

Understanding the molecular mechanisms responsible for the regulation of the transcriptome present in eukaryotic cells isone of the most challenging tasks in the postgenomic era. In this regard, alternative splicing (AS) is a key phenomenoncontributing to the production of different mature transcripts from the same primary RNA sequence. As a plethora ofdifferent transcript forms is available in databases, a first step to uncover the biology that drives AS is to identify thedifferent types of reflected splicing variation. In this work, we present a general definition of the AS event along with anotation system that involves the relative positions of the splice sites. This nomenclature univocally and dynamically assignsa specific ‘‘AS code’’ to every possible pattern of splicing variation. On the basis of this definition and the correspondingcodes, we have developed a computational tool (AStalavista) that automatically characterizes the complete landscape of ASevents in a given transcript annotation of a genome, thus providing a platform to investigate the transcriptome diversityacross genes, chromosomes, and species. Our analysis reveals that a substantial part—in human more than a quarter—ofthe observed splicing variations are ignored in common classification pipelines. We have used AStalavista to investigate andto compare the AS landscape of different reference annotation sets in human and in other metazoan species and found thatproportions of AS events change substantially depending on the annotation protocol, species-specific attributes, andcoding constraints acting on the transcripts. The AStalavista system therefore provides a general framework to conductspecific studies investigating the occurrence, impact, and regulation of AS.

A model of shadow banking

We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and indirectly for securitization, ii) intermediary assets and leverage move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational expectations, the shadow banking system is stable and improves welfare. When investors and intermediaries neglect tail risks, however, the expansion of risky lending and the concentration of risks in the intermediaries create financial fragility and fluctuations in liquidity over time.

On payoff heterogeneity in games with strategic complementarities

Payoff heterogeneity weakens positive feedback in binary choice models intwo ways. First, heterogeneity drives individuals to corners where theyare unaffected by strategic complementarities. Second, aggregate behaviouris smoother than individual behaviour when individuals are heterogeneous.However, this smoothing does not necessarily eliminate positive feedbackor guarantee a unique equilibrium. In games with an unbounded, continuouschoice space, heterogeneity may either weaken or strengthen positive feedback,depending on a simple convexity/concavity condition. We conclude that positivefeedback phenomena derived in representative agent models will often be robustto heterogeneity.

A century of global equity market correlations

In this paper, we use a unique long-run dataset of regulatory constraints on capital account openness to explain stock market correlations. Since stock returns themselves are highly volatile, any examination of what drives correlations needs to focus on long runs of data. This is particularly true since some of the short-term changes in co-movements appear to reverse themselves (Delroy Hunter 2005). We argue that changes in the co-movement of indices have not been random. Rather, they are mainly driven by greater freedom to move funds from one country to another. In related work, Geert Bekaert and Campbell Harvey (2000) show that equity correlations increase after liberalization of capital markets, using a number of case studies from emerging countries. We examine this pattern systematically for the last century, and find it to be most pronounced in the recent past. We compare the importance of capital account openness with one main alternative explanation, the growing synchronization of economic fundamentals. We conclude that greater openness has been the single most important cause of growing correlations during the last quarter of a century, though increasingly correlated economic fundamentals also matter. In the conclusion, we offer some thoughts on why the effects of greater openness appear to be so much stronger today than they were during the last era of globalization before 1914.

Partisan competition, growth and the franchise

We present an argument for changes in the franchise in which an elite split along economic interests use the suffrage to influence implemented policies. Through the influence of these policies on the character of industrialization, we analyze the effects of franchise changes on economic growth. We identify in the social structure of society an explanation for the connection between enfranchisement and growth: When (1) there exist an economic conflict among the elite, (2) landed classes are not politically strong, and (3) there exists a critical mass of industrial workers, we observe both growth and democratization. The lack of conditions (1) or (2) resolves in stagnant autocracies while the absence of condition (3) drives growth-deterring democratic expansions. We provide historical support for our argument by analyzing the experience of 11 countries.

The impact of gender composition on team performance and decision-making: Evidence from the field

We investigate whether the gender composition of teams affect theireconomic performance. We study a large business game, played in groups ofthree, where each group takes the role of a general manager. There are twoparallel competitions, one involving undergraduates and the other involvingMBAs. Our analysis shows that teams formed by three women aresignificantly outperformed by any other gender combination, both at theundergraduate and MBA levels. Looking across the performancedistribution, we find that for undergraduates, three women teams areoutperformed throughout, but by as much as 10pp at the bottom and by only1pp at the top. For MBAs, at the top, the best performing group is two menand one woman. The differences in performance are explained bydifferences in decision-making. We observe that three women teams are lessaggressive in their pricing strategies, invest less in R&D, and invest more insocial sustainability initiatives, than any other gender combination teams.Finally, we find support for the hypothesis that it is poor work dynamicsamong the three women teams that drives the results.

Educational opportunity and the college premium

Since World War II, the United States government has made improved accessto higher education a priority. This e¤ort has substantially increasedthe number of people who complete college. We show that by reducing theeffective interest rate on borrowing for education, such policies canactually increase the gap in wages between those with a college educationand those without. The mechanism that drives our results is the signaling role of education first explored by Spence (1973). We argue that financialconstraints on education reduce the value of education as a signal. Wesolve for the reduced form relationship between the interest rate and thewage premium in the steady state of a dynamic asymmetric information model.In addition, we discuss evidence of decreases in borrowing costs for educationfinancing in the U.S.