Neglected risks, financial innovation and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.

iLOGP: A Simple, Robust, and Efficient Description of n-Octanol/Water Partition Coefficient for Drug Design Using the GB/SA Approach.

The n-octanol/water partition coefficient (log Po/w) is a key physicochemical parameter for drug discovery, design, and development. Here, we present a physics-based approach that shows a strong linear correlation between the computed solvation free energy in implicit solvents and the experimental log Po/w on a cleansed data set of more than 17,500 molecules. After internal validation by five-fold cross-validation and data randomization, the predictive power of the most interesting multiple linear model, based on two GB/SA parameters solely, was tested on two different external sets of molecules. On the Martel druglike test set, the predictive power of the best model (N = 706, r = 0.64, MAE = 1.18, and RMSE = 1.40) is similar to six well-established empirical methods. On the 17-drug test set, our model outperformed all compared empirical methodologies (N = 17, r = 0.94, MAE = 0.38, and RMSE = 0.52). The physical basis of our original GB/SA approach together with its predictive capacity, computational efficiency (1 to 2 s per molecule), and tridimensional molecular graphics capability lay the foundations for a promising predictor, the implicit log P method (iLOGP), to complement the portfolio of drug design tools developed and provided by the SIB Swiss Institute of Bioinformatics.

A retail benchmarking approach to efficient two-way access pricing

We study a retail benchmarking approach to determine access prices for interconnected networks. Instead of considering fixed access charges as in the existing literature, we study access pricing rules that determine the access price that network i pays to network j as a linear function of the marginal costs and the retail prices set by both networks. In the case of competition in linear prices, we show that there is a unique linear rule that implements the Ramsey outcome as the unique equilibrium, independently of the underlying demand conditions. In the case of competition in two-part tariffs, we consider a class of access pricing rules, similar to the optimal one under linear prices but based on average retail prices. We show that firms choose the variable price equal to the marginal cost under this class of rules. Therefore, the regulator (or the competition authority) can choose one among the rules to pursue additional objectives such as consumer surplus, network coverage or investment: for instance, we show that both static and dynamic e±ciency can be achieved at the same time.

Estimación cuantitativa de peces pelagicos frente a huarmey - Salaverry en noviembre 1977 con el método de eco - integración

Analiza los métodos usados por IMARPE para la evaluación acústica de peces pelagicos del proyecto ICANE

Complementarity between technology make and buy in innovation strategies: Evidence from Belgiam manufacturing firms

This paper characterizes the innovation strategy of manufacturing firms andexamines the relation between the innovation strategy and importantindustry-, firm- and innovation-specific characteristics using Belgiandata from the Eurostat Community Innovation Survey. In addition to importantsize effects explaining innovation, we find that high perceived risks andcosts and low appropriability of innovations do not discourage innovation,but rather determine how the innovation sourcing strategy is chosen. Withrespect to the determinants of the decision of the innovative firm toproduce technology itself (Make) or to source technology externally (Buy),we find that small firms are more likely restrict their innovation strategyto an exclusive make or buy strategy, while large firms are more likely tocombine both internal and external knowledge acquisition in their innovationstrategy. An interesting result that highlights the complementary nature ofthe Make and Buy decisions, is that, controlled for firm size, companies forwhich internal information is an important source for innovation are morelikely to combine internal and external sources of technology. We find thisto be evidence of the fact that in-house R&D generates the necessaryabsorptive capacity to profit from external knowledge acquisition. Also theeffectiveness of different mechanisms to appropriate the benefits ofinnovations and the internal organizational resistance against change areimportant determinants of the firm's technology sourcing strategy.

Why are some Spanish regions so much more efficient than others?

This article investigates the main sources of heterogeneity in regional efficiency. We estimate a translog stochastic frontier production function in the analysis of Spanish regions in the period 1964-1996, to attempt to measure and explain changes in technical efficiency. Our results confirm that regional inefficiency is significantly and positively correlated with the ratio of public capital to private capital. The proportion of service industries in the private capital, the proportion of public capital devoted to transport infrastructures, the industrial specialization, and spatial spillovers from transport infrastructures in neighbouring regions significantly contributed to improve regional efficiency.

Employment protection, international specialization and innovation

We develop a model to analyse the implications of firing costs on incentivesfor R&D and international specialization. The Key idea is paying the firingcost, the country with a rigid labor market will tend to produce relativelysecure goods, at a late stage of their product life cycle.Under international trade, an international product cycle emerges where,roughly, new goods are first produced in the low firing cost country willspecialize in 'secondary innovations', that is, improvements in existinggoods, while the low firing cost country will more specialize in 'primaryinnovation', that is, invention of new goods.

Insurance with frequent trading: A dynamic analysis of efficient insurance markets

This paper extends existing insurance results on the type of insurance contracts needed for insurance market efficiency toa dynamic setting. It introduces continuosly open markets that allow for more efficient asset allocation. It alsoeliminates the role of preferences and endowments in the classification of risks, which is done primarily in terms of the actuarial properties of the underlying riskprocess. The paper further extends insurability to include correlated and catstrophic events. Under these very general conditions the paper defines a condition that determines whether a small number of standard insurance contracts (together with aggregate assets) suffice to complete markets or one needs to introduce such assets as mutual insurance.

Eco-rastreo - Marzo 1968

Describe el Eco-rastreo Relámpago efectuado el día 12 de marzo de 1968, que comprendió la zona entre Punta Chérrepe y Punta Camaná. Participaron 15 embarcaciones pertenecientes a ocho compañías pesqueras de los puertos de Chimbote, Huacho, Callao, Tambo de Mora, Pisco y Atico. Asimismo, brinda recomendaciones para las próximas actividades de la flota pesquera dedicada a la pesca de anchoveta, a fin de llegar a zonas de mayor disponibilidad.

Eco-rastreo Agosto 1968

Da a conocer las observaciones tomadas durante el eco-rastreo relámpago, efectuado el día 23 de agosto de 1968, cubriendo las zona comprendida entre Punta Arcana y Punta San Juan hasta 60 y 80 millas de la costa. Brinda, a su vez, recomendaciones para las próximas actividades de la flota pesquera dedicada a la pesca de anchoveta, indicando rumbo y horas de navegación desde diferentes puertos, a fin de llegar a las zonas de mayor disponibilidad del recurso.

Translation to success of surgical innovation.

Contemporary thoracic and cardiovascular surgery uses extensive equipment and devices to enable its performance. As the specialties develop and new frontiers are crossed, the technology needs to advance in a parallel fashion. Strokes of genius or problem-solving brain-storming may generate great ideas, but the metamorphosis of an idea into a physical functioning tool requires a lot more than just a thinking process. A modern surgical device is the end-point of a sophisticated, complicated and potentially treacherous route, which incorporates new skills and knowledge acquisition. Processes including technology transfer, commercialisation, corporate and product development, intellectual property and regulatory routes all play pivotal roles in this voyage. Many good ideas may fall by the wayside for a multitude of reasons as they may not be marketable or may be badly marketed. In this article, we attempt to illuminate the components required in the process of surgical innovation, which we believe must remain in the remit of the modern-day thoracic and cardiovascular surgeon.

Eco-rastreo - Agosto 1969

Presenta los resultados de los ploteos sobre la distribución teórica de las áreas de abundancia o densidad de cardúmenes y compara los resultados encontrados en agosto de años anteriores. A su vez, presenta cuadros y gráficos acerca de las áreas de mayor concentración y disponibilidad del recurso anchoveta con las recomendaciones respectivas para la flota pesquera.

Eco-rastreo - Agosto 1970 Operación Eureka XVII (ERK - 7008)

Resume los resultados de la Operación Eureka XVII, incluyendo datos de las embarcaciones bolicheras e información relevante que puede ser utilizada por la flota anchovetera.

Eco-rastreo - Febrero 1971. Operación Eureka XVIII (ERK - 7102)

Desarrolla dos estapas dentro de la investigación del recurso anchoveta: rastreo relámpago, con el fin de obtener información sinóptica sobre la distribución y grados de concentración de la anchoveta, así como de parámetros ambientales establecidos para este tipo de prospección; y finalmente, operaciones de pesca, basadas en los resultados del rastreo acústico con el fin de identificar las concentraciones, determinar la densidad de los cardúmenes y obtener información sobre la composición de tamaños de la anchoveta.

Eco-rastreo - Agosto 1971. Operación Eureka XIX (ERK - 7108)

Da a conocer información sinóptica sobre la distribución y concentración de la anchoveta y su relación con algunos parámetros ambientales, tales como: la temperatura, salinidad y transparencia del mar.