Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Internet au service du patrimoine. Cartographie dynamique de l'inventaire des géotopes d'importance nationale

L'inventaire des géotopes d'importance nationale, aujourd'hui proche de son état final, est le fruit d'un long travail de sélection, de documentation ainsi que de définition et de numérisation des périmètres des sites initié dans les années 1990 par le groupe de travail pour la protection des géotopes en Suisse (Strasser et al. 1995, Berger et al. 2008). Il représente un outil au service de la diffusion et à la promotion du géopatrimoine suisse, auprès de la population en général et des professionnels des géosciences en particulier, dans un but de valorisation patrimoniale et de protection et par une sensibilisation à la valeur particulière et à la vulnérabilité des géotopes.¦C'est dans cet objectif qu'a été développée une interface cartographique rendant accessible sur Internet le contenu de cet inventaire. L'outil de web mapping utilisé - GoogleMaps API - permet en effet d'enrichir une interface de navigation intuitive de diverses fonctions additionnelles offertes par la cartographie sur internet (Kraak 2004, Plewe 2007). La carte n'est donc pas seulement une représentation de la réalité permettant la localisation de différents objets, mais également un outil de recherche thématique et spatiale ainsi qu'un index reliant chaque objet cartographié à diverses informations.¦Porte d'accès aux données des site à une échelle individuelle ou globale, mais aussi outil d'exploration, cette interface propose plusieurs niveaux d'utilisation, correspondant aux diverses interactions possibles avec ces données : naviguer et découvrir les sites, réaliser des sélections multiples, comparer les géotopes à d'autres données, comme l'inventaire fédéral des paysages. L'utilisateur peut ainsi produire à chaque fois la carte qui répond à ses besoins et à ses questions. En donnant à tous accès au contexte et aux particularités de chaque site par delà la globalité abstraite de l'inventaire, cette application se veut avant tout un outil au service de la médiation du géopatrimoine.

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.

Trans-Atlantic Pedagogy for Teaching Pre-Service Teachers ICT: Bringing forward cultural issues

Projecte de recerca elaborat a partir d’una estada a la Universitat de Toronto, Canadà, des d’octubre del 2006 a febrer del 2007. El projecte Barchito és un projecte Interrnacional que va involucrar tres universitats: La Universitat Autònoma de Barcelona, la Universitat de Toronto (Canadà) i la Universitat de Roosevelt (USA). El seu objectiu principal era posar en contacte estudiants de les tres universitats (de tres cursos diferents) per discutir al voltant de temes com ara l'ensenyament/aprenentatge i elements culturals de cada país. Aquest projecte presenta la natura de l'experiència des de la visió dels participants: alumnat i professorat. Superant diferències inicials de llengua, els participants van aprendre d'altra cultura, van aprendre sobre altres maneres d'ensenyar i van aprendre, en definitiva, sobre ells mateixos. L'eina d'aprenentatge col.laboratiu els va ajudar a sobrepassar el context immediat, emprant per això, l'eina tecnològica anomenada: Knowledge Forum.

Scheduled service versus personal transportation: the role of distance

This paper analyzes both theoretically and empirically the relationship between distance and frequency of scheduled transportation services. We study the interaction between a monopoly firm providing high-speed scheduled service and personal trans- portation (i.e., car). Most interestingly, the carrier chooses to increase frequency of service on longer routes when competing with personal transportation because provid- ing a higher frequency (at extra cost) it can also charge higher fares that can boost its profits. However, when driving is not a relevant option, frequency of service de- creases for longer flights consistently with prior studies. An empirical application of our analysis to the European airline industry con?rms the predictions of our theoretical model.

Stock market integration between new EU member states and the Euro-zone

This paper measures the degree in stock market integration between five Eastern European countries and the Euro-zone. A potentially gradual transition in correlations is accommodated by smooth transition conditional correlation models. We find that the correlation between stock markets has increased from 2001 to 2007. In particular, the Czech and Polish markets show a higher correlation to the Euro-zone. However, this is not a broad-based phenomenon across Eastern Europe. We also find that the increase in correlations is not a reflection of a world-wide phenomenon of financial integration but appears to be specific to the European market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; New EU Members.

Le suicide comme langage de l'oppression. Ethnographie d'un service d'urgences psychiatriques

Ce travail s'intéresse à la problématique du suicide à partir de l'émergence en Suisse, vers la fin des années '90, de la prévention du suicide comme préoccupation sociale et politique. Au début, ce sont les milieux associatifs qui ont soulevé à cette question en percevant le suicide comme le reflet d'une souffrance d'origine sociale. Par la suite, la prévention du suicide est progressivement devenue une problématique de santé publique appréhendée essentiellement sous le registre médical comme étant le symptôme d'une pathologie psychiatrique. Après une première partie consacrée aux processus sociopolitiques et aux transformations morales touchant le suicide et sa prévention, ce travail approfondit, au travers d'un terrain ethnographique, la prise en charge des personnes présentant des problématiques suicidaires au sein d'un service d'urgences psychiatriques.Malgré une approche se voulant biopsychosociale, l'analyse des discours et des pratiques soignantes montre que la dimension sociale est largement négligée, conduisant à une médicalisation de situations de détresse qui sont principalement de nature sociale. En effet, parmi la population qui fréquente le service, on observe une surreprésentation de personnes issues des classes sociales défavorisées présentant souvent des trajectoires biographiques particulièrement difficiles. Au fil des entretiens avec les patients émerge une analyse voyant la souffrance psychique et la prise en charge psychiatrique comme étant aujourd'hui une manière d'obtenir une reconnaissance sociale et symbolique. Les problématiques suicidaires peuvent ainsi être interprétées comme une forme d'expression, un langage au travers duquel s'exprime la position sociale défavorisée.En adoptant une posture militante construite à partir de la réalité ethnographique, les problématiques suicidaires sont analysées comme l'expression d'une condition d'oppression liée à un cadre social et économique de plus en plus contraignant, à des rapports de pouvoir inégaux ainsi qu'à une lecture individualisante, médicalisante et pathologisante des problèmes sociaux.The present thesis discusses suicide prevention in Switzerland, which emerged as a social and political issue at the end of the '90s. At first, this question was taken up by associations considering suicide as a reflection of social suffering. Thereafter, suicide prevention gradually became a public health matter conceived with a medical approach as a symptom of a psychiatric disease. The first part of this work analyzes the sociopolitical process and moral transformations concerning suicide and its prevention. The second part is based on an ethnographic fieldwork conducted in a psychiatric emergency unit that attends people who have tried to attempt their life or consider doing it. Through the analysis of discourses and practices of the medical staff, this research shows that the social aspect of suicide is widely neglected, leading to a medicalization of social problems. In fact, amongst patients attending the emergency unit, there is an over-­-representation of people from disadvantaged classes having very difficult life stories. Interviews with patients also revealed that psychic suffering and psychiatric treatment is nowadays a way to get social and symbolical recognition. Suicidal problems can be understood as a language expressing a disadvantaged social position. By adopting a militant position constructed from the ethnographic reality, suicide is analyzed as the expression of an oppressed condition related to a more and more restricted social and economic situation, to unequal power relations as well as to an individualistic, medical and pathological interpretation of social problems.

The long run relationship between stock prices and goods prices: new evidence from panel cointegration

We examine the long run relationship between stock prices and goods prices to gauge whether stock market investment can hedge against inflation. Data from sixteen OECD countries over the period 1970-2006 are used. We account for different inflation regimes with the use of sub-sample regressions, whilst maintaining the power of tests in small sample sizes by combining time-series data across our sample countries in a panel unit root and panel cointegration econometric framework. The evidence supports a positive long-run relationship between goods prices and stock prices with the estimated goods price coefficient being in line with the generalized Fisher hypothesis.

Choice of Contracts in the British National Health Service: An Empirical Study

Following major reforms of the British National Health Service (NHS) in 1990, the roles of purchasing and providing health services were separated, with the relationship between purchasers and providers governed by contracts. Using a mixed multinomial logit analysis, we show how this policy shift led to a selection of contracts that is consistent with the predictions of a simple model, based on contract theory, in which the characteristics of the health services being purchased and of the contracting parties influence the choice of contract form. The paper thus provides evidence in support of the practical relevance of theory in understanding health care market reform.

The Effect of Activity-Based Payment on Dentists’ Activity: Evidence from a Natural Experiment in the UK National Health Service

The extent to which remuneration systems affect the behaviour of health care professionals is of considerable importance in the administration of publicly funded heath care systems. Using data across two jurisdictions in the United Kingdom, in only one of which remuneration was changed, we compare the extent of measured dental activity at the dentist level in order to ascertain the impact of moving to activity-based remuneration. We find that there are large and statistically significant increases in activity as dentists moved to the activity-based system and that a dentist’s previous form of contract is an important determinant of the magnitude of the effect. We also explore the extent to which dentists’ professional attitudes can explain differences in their activity and find that some aspects of self-reported attitudes are associated with observable differences in activity.

Analysing the impact of public capital stock using the NEG wage equation: a panel data approach

This paper examines the relationship between the level of public infrastructure and the level of productivity using panel data for the Spanish provinces over the period 1984-2004, a period which is particularly relevant due to the substantial changes occurring in the Spanish economy at that time. The underlying model used for the data analysis is based on the wage equation, which is one of a handful of simultaneous equations which when satisfied correspond to the short-run equilibrium of New Economic Geography theory. This is estimated using a spatial panel model with fixed time and province effects, so that unmodelled space and time constant sources of heterogeneity are eliminated. The model assumes that productivity depends on the level of educational attainment and the public capital stock endowment of each province. The results show that although changes in productivity are positively associated with changes in public investment within the same province, there is a negative relationship between productivity changes and changes in public investment in other regions.

Un groupe d'accueil pour la fratrie lors d'une naissance à risque dans un service de néonatalogie

Cet article a pour objectif de décrire l'expérience d'un groupe d'accueil pour les frères et soeurs d'enfants hospitalisés en néonatoloyie. Cet événement représente un facteur de stress et suscite d'importantes angoisses chez les parents. Sensibles et perméables au vécu parental, les frères et soeurs peuvent éprouver une difficulté à se représenter ce qui se déroule autour d'eux. Leur offrir un lieu de parole avec leurs parents se révèle important et permet de préparer la rencontre avec le nouveau-né hospitalisé. Il s'agit d'un espace permettant de nouvelles représentations du bébé, pour la fratrie et pour les parents.