Market Transparency, Market Quality and Sunshine Trading

This paper analyzes the implications of pre-trade transpareny on market performance. We find that transparency increases the precision held by agents, however we show that this increase in precision may not be due to prices themselves. In competitive markets, transparency increases market liquidity and reduces price volatility, whereas these results may not hold under imperfect competition. More importantly, market depth and volatility might be positively related with proper priors. Moreover, we study the incentives for liquidity traders to engage in sunshine trading. We obtain that the choice of sunshine/dark trading for a noise trader is independent of his order size, being the traders with higher liquidity needs more interested in sunshine trading, as long as this practice is desirable. Key words: Market Microstructure, Transparency, Prior Information, Market Quality, Sunshine Trading

Contagion or Interdependence in the recent Global Financial Crisis? An application to the stock markets using unconditional cross-market correlations

We consider stock market contagion as a significant increase in cross-market linkages after a shock to one country or group of countries. Under this definition we study if contagion occurred from the U.S. Financial Crisis to the rest of the major stock markets in the world by using the adjusted (unconditional) correlation coefficient approach (Forbes and Rigobon, 2002) which consists of testing if average crossmarket correlations increase significantly during the relevant period of turmoil. We would not reject the null hypothesis of interdependence in favour of contagion if the increase in correlation only suggests a continuation of high linkages in all state of the world. Moreover, if contagion occurs, this would justify the intervention of the IMF and the suddenly portfolio restructuring during the period under study.

Cancer du sein: inhibiteurs de l'aromatase en situation adjuvante, un peu, beaucoup ou pas du tout [Aromatase inhibitors in the adjuvant treatment of postmenopausal patients with early breast cancer: a little, a lot or no way?]

Several large randomized trials showed that tamoxifen alone is no more the standard adjuvant hormonal therapy for menopausal patients. Aromatase inhibitors, given upfront or sequentially after tamoxifen, confirmed their efficacy by improving disease free survival, risk of distant metastasis and overall survival in some situations or subgroups of patients. These drugs are usually well tolerated, but they clearly increase bone mineral density loss as well as the risk of fractures and their long term safety on the cardio-vascular system needs to be followed. Thus, even if the role of the aromatase inhibitors is now evident in the adjuvant therapy of postmenopausal women the benefice/risk ratio should be carefully evaluated for each patient.

Market rewards to patterns on increasing earnings: do cash flow patterns, accruals manipulation and real activities manipulation matter?

This study explores whether firms have differential price-earnings multiples associated with their means of achieving a sequential pattern of increasing positive earnings. Our main findings show that market participants assign higher price-earnings multiples to firms when their pattern of increasing earnings is supported by the same pattern of increasing cash flows. Market participants assign lower price-earnings multiples to firms suspect of having engaged in accrual-based earnings management, sales manipulation, and overproduction to achieve the earnings pattern. We find, however, that market participants do not penalize firms suspect of having achieved the earnings pattern through the opportunistic reduction of discretionary expenses.

Field Evaluation of Elliptical Fiber Reinforced Polymer Dowel Performance, June 2005

Fiber reinforced polymer (FRP) composite materials are making an entry into the construction market in both buildings and pavements. The application to pavements so far has come in the form of joint reinforcement (dowels and tie bars). FRP resistance to salt corrosion in dowels has made it an alternative to standard epoxy-coated steel dowels for pavements. Iowa State University has completed a large amount of laboratory research to determine the diameter, spacing, and durability of FRP dowels. This report documents the performance of elliptical FRP dowels installed in a field situation. Ten joints were monitored in three consecutive test sections, for each of three dowel spacings (10, 12, and 15 inches) including one instrumented dowel in each test section. The modulus of dowel bar support was determined using falling weight deflectometer (FWD) testing and a loaded crawl truck. FWD testing was also used to determine load transfer efficiency across the joint. The long-term performance and durability of the concrete was also evaluated by monitoring faulting and joint opening measurements and performing visual distress surveys at each joint. This report also contains similar information for standard round, medium elliptical, and heavy elliptical steel dowels in a portion of the same highway. In addition, this report provides a summary of theoretical analysis used to evaluate joint differential deflection for the dowels.

Annual Review of the European Football Players' Labour Market / Etude annuelle du marché du travail européen des footballeurs

The key reference on the labour market and the logics of squad formation in the big-5 European leagues. One hundred richly coloured pages, illustrated by graphics, maps, rankings, statistical models and analysis in French and English which inform managers about potential strategies to put their clubs on the road to success help managers of federations and players' unions to understand current trends and to take decisions ... suggest to journalists new lines of investigation likely to interest the general public allow researchers and students to benefit from reliable and comparable sources, developed with the greatest possible rigour ... give fans the possibility to understand in detail the dynamics at work in their favourite sport and club.

Bloodstream infections related to totally implantable venous access port: What is the situation in our hospital?

Port-a-Cath© (PAC) are totally implantable devices that offer an easy and long term access to venous circulation. They have been extensively used for intravenous therapy administration and are particularly well suited for chemotherapy in oncologic patients. Previous comparative studies have shown that these devices have the lowest catheter-related bloodstream infection rates among all intravascular access systems. However, bloodstream infection (BSI) still remains a major issue of port use and epidemiology data for PAC-associated BSI (PABSI) rates differ strongly depending on studies. Also, current literature about PABSI risk factors is scarce and sometimes controversial. Such heterogeneity may depend on type of studied population and local factors. Therefore, the aim of this study was to describe local epidemiology and risk factors for PABSI in adult patients in our tertiary- care university hospital. We conducted a retrospective cohort study in order to describe local epidemiology. We also performed a nested case-control study to identify local risk factors of PABSI. We analyzed medical files of adult patients who had a PAC implanted between January 1st, 2008 and December 31st, 2009 and looked for PABSI occurrence before May 1st, 2011 to define cases. Thirty nine PABSI occurred in this population with an attack rate of 5.8%. We estimated an incidence rate of 0.08/1000 PAC-days using the case-control study. PABSI causative agents were mainly Gram positive cocci (62%). We identified three predictive factors of PABSI by multivariate statistical analysis: neutropenia on outcome date (Odds Ratio [OR]: 4.05; 95% confidence interval [CI]:1.05- 15.66; p=0.042), diabetes (OR: 11.53; 95% CI: 1.07-124.70; p=0.044) and having another infection than PABSI on outcome date (OR: 6.35; 95% CI: 1.50-26.86; p=0.012). Patients suffering from acute or renal failure (OR: 4.26; 95% CI: 0.94-19.21; p=0.059) or wearing another invasive device (OR: 2.99; 95%CI:0.96-9.31; p=0.059) did not have a statistically increased risk for developing a PABSI according to classical threshold (p<0.05) but nevertheless remained close to significance. Our study demonstrated that local epidemiology and microbiology of PABSI in our institution was similar to previous reports. A larger prospective study is required to confirm our results or to test preventive measures.

Field Evaluation of Elliptical Fiber Reinforced Polymer Dowel Performance, June 2003

Fiber composite materials (FRP) are making an entry into the construction market in both buildings and pavements. The application to pavements comes in the form of joint reinforcement (dowels and tie bars) to date. FRP resistance to salt corrosion in dowels has made it an alternative to standard epoxy coated dowels for pavements. Iowa State University has completed a large amount of laboratory research into the determination of diameter, spacing, and durability of FRP dowels. This report documents the installation of a series of FRP elliptical-shaped dowel joints (including instrumented units) in a field situation and the beginning of a two-year study to compare laboratory results to in-service pavements. Ten joints were constructed for each of three dowel spacings of 10, 12, and 15 inches ( 254, 305, and 381 mm) with one instrumented joint in each test section. The instrumented bars will be load tested with a loaded truck and FWD testing.

Inspection Intensity and Market Structure, October 2005

An investigation of financing an inspection policy while allowing the enforcement of a market regulation is described. A simple model shows that the intensity of controls depends on the market structure. Under a given number of firms, the per-firm probability of controls is lower than one, since firms’ incentive to comply with regulation holds under positive profits. In this case, a lump-sum tax is used for limiting distortions coming from financing with a fixed fee. Under free entry, the per-firm probability of controls is equal to one, and only a fixed fee that prevents excess entry is used to finance inspection.

On the Segregation of Genetically Modified, Conventional, and Organic Products in European Agriculture: A Multi-market Equilibrium Analysis, October 2005

Evaluating the possible benefits of the introduction of genetically modified (GM) crops must address the issue of consumer resistance as well as the complex regulation that has ensued. In the European Union (EU) this regulation envisions the “co-existence” of GM food with conventional and quality-enhanced products, mandates the labelling and traceability of GM products, and allows only a stringent adventitious presence of GM content in other products. All these elements are brought together within a partial equilibrium model of the EU agricultural food sector. The model comprises conventional, GM and organic food. Demand is modelled in a novel fashion, whereby organic and conventional products are treated as horizontally differentiated but GM products are vertically differentiated (weakly inferior) relative to conventional ones. Supply accounts explicitly for the land constraint at the sector level and for the need for additional resources to produce organic food. Model calibration and simulation allow insights into the qualitative and quantitative effects of the large-scale introduction of GM products in the EU market. We find that the introduction of GM food reduces overall EU welfare, mostly because of the associated need for costly segregation of non-GM products, but the producers of quality-enhanced products actually benefit.

Do women in female-dominated occupations exit the labour market more? Evidence from Italy, Spain, Denmark and the UK

Literature on sex occupational segregation has typically focused on the micro and macro determinants of it, on mobility patterns over the life course, on implications of segregation and mobility for gender inequalities. Rarely the link between sex-type occupations and women’s risk of labour market interruptions over family formation has been explored. In this piece of work we shall analyse whether women who are working in the female-dominated, male-dominated or integrated occupations have more or less chances to remain attached to the labour market, controlling for qualifications, class, sector and contract positions. By drawing from ECHP, and comparing Italy, Spain, Denmark and the UK, we shall in particular see whether such connection varies across countries with different institutional and cultural configurations.We find that, ceteris paribus, only in the UK the sex-composition of an occupation matters: women in female occupations are more likely to move to inactivity than women in mixed or male occupations. In the other countries considered the main cleavages lie elsewhere. In Italy what matters most is the sector of employment (public vs. private). In Spain the sector is relevant too, but also social class and the type of contract held (permanent vs. temporary). In Denmark women’s transitions to inactivity are largely independent of human capital and job characteristics.

The impact of labour market status on second and higher-order births. A comparative study of Denmark, Italy, Spain and United Kingdom

This paper investigates the effects of women‘s labour force participation on fertility, as well as the effects of the combined labour force participation of both members of a couple. It specifically focuses on such dimensions as unemployment, earnings, temporary contracts and part-time jobs, and it shows that their effects differ in accordance with national institutions and labour market regulations. Event-history methods and a longitudinal sample of the European Community Household Panel are used in the analyses, concerning the years 1993-2000. The results show that labour market insecurity of one or both members of a couple has a particularly strong impact in reducing birth rates in the Southern European countries studied. The more conventional model of men’s employment combined with housewifery has a positive impact on second or higher order births in United Kingdom, Spain and Italy, while in Denmark the effect is the opposite. These differences are consistent with different national models of combining parental responsibilities and participation by gender across the life course.