Ecologies of Value in a Wall Street Trading Room

Our task in this paper is to analyze the organization of trading in the era of quantitative finance. To do so, we conduct an ethnography of arbitrage, the trading strategy that best exemplifies finance in the wake of the quantitative revolution. In contrast to value and momentum investing, we argue, arbitrage involves an art of association-the construction of equivalence (comparability) of properties across different assets. In place of essential or relational characteristics, the peculiar valuation that takes place in arbitrage is based on an operation that makes something the measure of something else-associating securities to each other. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spatial and socio-technical configurations of the trading room. Calculation is distributed across persons and instruments as the trading room organizes interaction among diverse principles of valuation.

Crises and growth: A re-evaluation

We address the question of whether growth and welfare can be higher in crisis prone economies. First, we show that there is a robust empirical link between per-capita GDP growth and negative skewness of credit growth across countries with active financial markets. That is, countries that have experienced occasional crises have grown on average faster than countries with smooth credit conditions. We then present a two-sector endogenous growth model in which financial crises can occur, and analyze the relationship between financial fragility and growth. The underlying credit market imperfections generateborrowing constraints, bottlenecks and low growth. We show that under certain conditions endogenous real exchange rate risk arises and firms find it optimal to take on credit risk in the form of currency mismatch. Along such a risky path average growth is higher, but self-fulfilling crises occur occasionally. Furthermore, we establish conditions under which the adoption of credit risk is welfare improving and brings the allocation nearer to the Pareto optimal level. The design of the model is motivated by several features of recent crises: credit risk in the form of foreign currency denominated debt; costly crises that generate firesales and widespread bankruptcies; and asymmetric sectorial responses, wherethe nontradables sector falls more than the tradables sector in the wake of crises.

How to recognize opportunities: Heterarchical search in a Wall Street trading room

Our task in this paper is to analyze the organization of trading in the era of quantitativefinance. To do so, we conduct an ethnography of arbitrage, the trading strategy that bestexemplifies finance in the wake of the quantitative revolution. In contrast to value andmomentum investing, we argue, arbitrage involves an art of association - the constructionof equivalence (comparability) of properties across different assets. In place of essentialor relationa l characteristics, the peculiar valuation that takes place in arbitrage is based on an operation that makes something the measure of something else - associating securities to each other. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spatial and socio-technical configurations of the trading room. Calculation is distributed across persons and instruments as the trading room organizes interaction among diverse principles of valuation.

Maintaining unlinkability in group based P2P environments

In the wake of the success of Peer-to-Peer (P2P) networking, security has arisen as one of its main concerns, becoming a key issue when evaluating a P2P system. Unfortunately, some systems' design focus targeted issues such as scalabil-ity or overall performance, but not security. As a result, security mechanisms must be provided at a later stage, after the system has already been designed and partially (or even fully) implemented, which may prove a cumbersome proposition. This work exposes how a security layer was provided under such circumstances for a specic Java based P2P framework: JXTA-Overlay.

Securing a Java P2P framework: The JXTA-Overlay case

In the wake of the success of Peer-to-Peer (P2P) networking, security has arisen as one of its main concerns, becoming a key issue when evaluating a P2P system. Unfortunately, some systems' design focus targeted issues such as scalabil-ity or overall performance, but not security. As a result, security mechanisms must be provided at a later stage, after the system has already been designed and partially (or even fully) implemented, which may prove a cumbersome proposition. This work exposes how a security layer was provided under such circumstances for a specic Java based P2P framework: JXTA-Overlay.

Infrastructure and Economic Growth in Spain, 1845-1935

Between the mid-nineteenth century and the outbreak of the Spanish Civil War in 1936, Spain undertook a sustained process of economic growth and structural change, but was unable to converge with the core European economies.1 The reasons behind Spain"s failure to converge have been a subject of debate among historians for decades. 2 This dissertation aims to analyze the role played by infrastructure in Spanish economic growth during that period, and tries to find out to what extent the potential shortage or inadequacy of the Spanish infrastructure endowment was one of the factors to blame for the country"s nonconvergence. The dissertation draws on recent research on the economic impact of infrastructure, and on the numerous attempts to measure that impact which have been undertaken in the wake of David Aschauer"s work on the United States.

The Evolution of the European Regulatory Framework for Electronic Communications

The paper reviews the historical transformation of the European regulatory framework for electronic communications from the era dominated by state-owned enterprises to the presence of regulated competition. In the course of these developments, the vision of the roles of the public and private sectors in electronic communications changed in expected and unexpected ways. While the period is characterized by a shift toward less direct state intervention, the intensity of regulation has increased in many areas. Most recently, in the wake of the financial crisis, new forms of state intervention can be observed, including public investment in communications infrastructure and public-private partnerships. As a result of the reforms, Europe has been able to achieve major successes but it also suffered unanticipated setbacks compared to other regions. The European Union emerged as the global leader in mobile communications during the 1990s and was able to roll-out first-generation broadband access networks more rapidly than many of its peers. Recently, however, Europe as a whole has not performed as well in deploying next-generation networks and advanced mobile communications services. The paper offers a political-economic explanation for these developments and assesses their effects on the performance of the European electronic communications sector and the economy. From this analysis, the European model emerges as a unique institutional arrangement with peculiar advantages and disadvantages. Once these are recognized, sensible next steps to build the strengths while avoiding the weaknesses of the model can be seen more clearly.

La educación en valores democráticos en los manuales de la asignatura Educación para la Ciudadanía

Este artículo aporta los resultados de un estudio sobre legislación educativa y manuales de Educación para la Ciudadanía con el objeto de visibilizar la presencia de la educación en valores democráticos y su evolución en el contexto de los cambios sociales y políticos recientes. En la primera parte, nos adentramos en la reflexión sobre la moral y la vivencia de los valores en nuestras realidades, con el objeto de analizar la dimensión ética de la sociedad. Abordamos el debate de la crisis de valores y se realizan propuestas sobre la dimensión teleológica y axiológica de la educación en y para la democracia. En la segunda parte, se aporta la síntesis del estudio de la presencia de la educación en valores en algunas leyes educativas aprobadas a partir de la Constitución Española de 1978. Se describe cómo se ha incorporado la educación en valores a la normativa y qué formas ha ido adoptando. Se dedica especial atención al área de Educación para la Ciudadanía propuesta en la loe como espacio de formación ética y política. En el último apartado sobre educación en valores y manuales de ciudadanía se presentan, en primer lugar, diferentes significados y principios de ciudadanía para enmarcar teóricamente la investigación. A continuación, se visualizan los resultados del análisis de contenido de los valores presentes en una muestra de manuales de Educación para la Ciudadanía editados en el marco de desarrollo de la loe. Nuestro interés ha sido mostrar cómo los libros de texto traducen la legislación, qué valores de la democracia priorizan y cómo los conceptualizan. Se finaliza el artículo con las conclusiones que recogen un conjunto de apuntes en los que se considera la crisis como posibilidad y se propone seguir avanzando en proyectos de democracia, ciudadanía y educación en valores innovadores.

Review of Rewriting Terror: The 9/11 Terrorists in American Fiction (Juanjo Bermúdez de Castro, 2012)

In the wake of the terrorist attacks of September 11, 2001, many authors of fiction, filmmakers, journalists, public figures and scholars have attempted to narrate, recreate, explain, reflect on, and theorize about the event and its aftermath.