O conhecimento e inovação como factor de sucesso de uma organização : o caso Sport Lisboa e Benfica

Mestrado em Gestão e Empreendedorismo

The globalisation in the clothing sector and its implications for work organisation: a view from the Portuguese case

The clothing sector in Portugal is still seen, in many aspects as a traditional sector with some average characteristics, such as: low level of qualifications, less flexible labour legislation and stronger unionisation, very low salaries and low capability of investment in innovation and new technology. Is, nevertheless, a very important sector in terms of labour market, with increased weight in the exporting structure. Globalisation and delocalisation are having a strong impact in the organisation of work and in occupational careers in the sector. With the pressure of global competitiveness in what concerns time and prices, very few companies are able to keep a position in the market without changes in organisation of work and workers. And those that can perform good responses to such challenges are achieving a better economical stability. The companies have found different ways to face this reality according to size, capital and position. We could find two main paths: one where companies outsource a part or the entire production to another territory (for example, several manufacturing tasks), close and/or dismissal the workers. Other path, where companies up skilled their capacities investing, for example, in design, workers training, conception and introduction of new or original products. This paper will present some results from the European project WORKS – Work organisation and restructuring in the knowledge society (6th Framework Programme), focusing the Portuguese case studies in several clothing companies in what concern implications of global context for the companies in general and for the workers in particular, in a comparative analysis with some other European countries.

Management Structure and Work Team Processes; Responsibilities and Responsiveness

This paper explores the management structure of the team-based organization. First it provides a theoretical model of structures and processes of work teams. The structure determines the team’s responsibilities in terms of authority and expertise about specific regulation tasks. The responsiveness of teams to these responsibilities are the processes of teamwork, in terms of three dimensions, indicating to what extent teams indeed use the space provided to them. The research question that this paper addresses is to what extent the position of responsibilities in the team-based organization affect team responsiveness. This is done by two hypotheses. First, the effect of the so-called proximity of regulation tasks is tested. It is expected that the responsibility for tasks positioned higher in the organization (i.e. further from the team) generally has a negative effect on team responsiveness, whereas tasks positioned lower in the organization (i.e. closer to the team) will have a positive effect on the way in which teams respond. Second, the relationship between the number of tasks for which the team is responsible with team responsiveness is tested. Theory suggests that teams being responsible for a larger number of tasks perform better, i.e. show higher responsiveness. These hypotheses are tested by a study of 109 production teams in the automotive industry. The results show that, as the theory predicts, increasing numbers of responsibilities have positive effects on team responsiveness. However, the delegation of expertise to teams seems to be the most important predictor of responsiveness. Also, not all regulation tasks show to have effects on team responsiveness. Most tasks do not show to have any significant effect at all. A number of tasks affects team responsiveness positively, when their responsibility is positioned lower in the organization, but also a number of tasks affects team responsiveness positively when located higher in the organization, i.e. further from the teams in the production. The results indicate that more attention can be paid to the distribution of responsibilities, in particular expertise, to teams. Indeed delegating more expertise improve team responsiveness, however some tasks might be located better at higher organizational levels, indicating that there are limitations to what responsibilities teams can handle.

The hidden value behind capital structure decisions

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

How do current term structure model behave beyond the last liquid point?: A comparison of the DNS and Smith-Wilson methods

A Work Project, presented as part of the requirements for the Award of a Master’s Double Degree in Finance from Maastricht University and NOVA – School of Business and Economics

Organisation structurale du noyau et de microtubules de cellules de mammifères observés par cryo-microscopie électronique de sections hydratées

RESUME L'architecture nucléaire ainsi que l'ultrastructure des microtubules ont été abondamment étudiées par des méthodes cytochimiques utilisant des échantillons fixés chimiquement, enrobés dans des résines ou fixés à basse température. Les échantillons fixés à basse température pouvant aussi avoir été substitués, déshydratés et enrobés dans des résines pour la plupart hydrophiles. Ici, nous avons étendu ces études en utilisant la microscopie électronique effectuée sur des sections hydratées (CEMOVIS) permettant d'observer les échantillons dans un état le plus proche de leur état natif. De plus, nous avons effectué de la tomographie électronique sur des sections hydratées (TOVIS) afin d'obtenir une vision tridimensionnelle de : 1) la périphérie du noyau et de la région périchromatinienne et 2) de la lumière des microtubules. Concernant l'architecture nucléaire Nos observations montrent que le nucléole et la chromatine condensée sont facilement visualisés grâce à la texture spécifique qu'ils arborent. Au contraire, la visualisation de domaines nucléaires importants et spécialement ceux qui contiennent des ribonucléoprotéines, est rendue difficile, à cause du faible contraste qui caractérise l'espace interchromatinien. Ceci est essentiellement dû à la quantité d'information présente dans le volume de la section qui semble être superposée, lorsque observée sur des micrographies en deux dimensions. La tomographie nous a permis de mieux visualiser les différentes régions du noyau. Les mottes de chromatine condensée sont décorées à leur périphérie (région périchromatinienne), par nombre de fibrilles et granules. Des tunnels d'espace interchromatinien sont occasionnellement observés en train de traverser des régions de chromatine condensée favorisant l'accès aux pores nucléaires. Enfin, nous avons pu, au niveau d'un pore unique, observer la plupart des structures caractéristiques du complexe de pore nucléaire. Concernant l'ultrastructure des microtubules: Nous avons démontré que la polarité d'un microtubule observé in situ en section transversale, par CEMOVIS, est directement déduite de l'observation de la chiralité de ses protofilaments. Cette chiralité, a été établie précédemment comme étant liée à la morphologie des sous unités de tubuline. La tomographie électronique effectuée sur des sections hydratées, nous a permis d'observer les microtubules dans leur contexte cellulaire avec une résolution suffisante pour visualiser des détails moléculaires, comme les monomères de tubuline. Ainsi, des molécules n'ayant pas encore été caractérisées, ont été observées dans la lumière des microtubules. Ces observations ont été effectuées autant sur des cellules observées en coupe par CEMOVIS que sur des cellules congelées dans leur totalité par immersion dans un bain d'éthane liquide. Enfin, nous avons montré que les microtubules étaient aussi de formidables objets, permettant une meilleure compréhension des artéfacts de coupe occasionnés lors de la préparation des échantillons par CEMOVIS. Les buts des études qui seront menées â la suite de ce travail seront de 1) essayer de localiser des domaines nucléaires spécifiques par des approches cytochimiques avant la congélation des cellules. 2) Appliquer des méthodes de moyennage afin d'obtenir un modèle tridimensionnel de la structure du complexe de pore nucléaire dans son contexte cellulaire. 3) Utiliser des approches biochimiques afin de déterminer la nature exacte des particules qui se trouvent dans la lumière des microtubules. ABSTRACT Nuclear architecture as well as microtubule ultrastructure have been extensively investigated by means of different methods of ultrastructural cytochemistry using chemically fixed and resin embedded samples or following cryofixation, cryosubstitution and embedding into various, especially partially hydrophilic resins. Here, we extend these studies using cryoelectron microscopy of vitreous sections (CEMOVIS) which allows one to observe the specimen as close as possible to its native state. Furthermore, we applied cryoelectron tomography of vitreous sections (TOVIS) in order to obtain athree-dimensional view of: 1) the nuclear periphery, and of the perichromatin region, and 2) the microtubule lumen. Concerning the nuclear architecture: Our observations show that nucleoli and condensed chromatin are well recognisable due to their specific texture. Conversely, the visualisation of other important nuclear domains, especially those containing ribonucleoproteins, is seriously hampered by a generally low contrast of the interchromatin region. This is mainly due to the plethora of information superposed in the volume of the section observed on two-dimensional micrographs. Cryoelectron tomography allowed us to better visualise nuclear regions. Condensed chromatin clumps are decorated on their periphery, the perichromatin region, by numerous fibrils and granules. Tunnels of interchromatin space can occasionally be found as crossing condensed chromatin regions, thus, allowing the access to nuclear pores. Finally, we were able to use TOVIS to directly distinguish most of the nuclear pore complex structures, at the level of a single pore. Concerning the microtubule ultrastructure: We have demonstrated that the polarity of across-sectioned microtubule observed in situ by CEMOVIS wás directly deducible from the visualisation of the tubulin protofiíaments' chirality. This chirality has been established before as related to the shape. of the tubulin subunits. Cryoelectron tomography allowed us to observe microtubules in their cellular context at a resolution sufficient to resolve molecular details such as their tubulin monomers. In this way, uncharacterized molecules were visualised in the microtubule lumen. These observations were made either on samples prepared by CEMOVIS or plunge freezing of whole cells. Finally, we have shown that microtubules are also relevant objects for the understanding of cutting artefacts, when performing CEMOVIS. The goals of our further studies will be to: 1) try to speciifically target different nuclear domains by cytochemical approaches in situ, prior to cryofixation. 2) Apply averaging methods in order to obtain a three-dimensional model of the nuclear pore complex at work, in its cellular context. 3) Use biochemical analysis combined in a second time to immunocytochemical approaches, to determine the exact nature of the microtubule's luminal particles.

Topics in public finance: social security and taxation

Summary The field of public finance focuses on the spending and taxing activities of governments and their influence on the allocation of resources and distribution of income. This work covers in three parts different topics related to public finance which are currently widely discussed in media and politics. The first two parts deal with issues on social security, which is in general one of the biggest spending shares of governments. The third part looks at the main income source of governments by analyzing the perceived value of tax competition. Part one deals with the current problem of increased early retirement by focusing on Switzerland as a special case. Early retirement is predominantly considered to be the result of incentives set by social security and the tax system. But the Swiss example demonstrates that the incidence of early retirement has dramatically increased even in the absence of institutional changes. We argue that the wealth effect also plays an important role in the retirement decision for middle and high income earners. An actuarially fair, but mandatory funded system with a relatively high replacement rate may thus contribute to a low labor market participation rate of elderly workers. We provide evidence using a unique dataset on individual retirement decisions in Swiss pension funds, allowing us to perfectly control for pension scheme details. Our findings suggest that affordability is a key determinant in the retirement decisions. The higher the accumulated pension capital, the earlier men, and to a smaller extent women, tend to leave the workforce. The fact that early retirement has become much more prevalent in the last 15 years is a further indicator of the importance of a wealth effect, as the maturing of the Swiss mandatory funded pension system over that period has led to an increase in the effective replacement rates for middle and high income earners. Part two covers the theoretical side of social security. Theories analyzing optimal social security benefits provide important qualitative results, by mainly using one general type of an economy. Economies are however very diverse concerning numerous aspects, one of the most important being the wealth level. This can lead to significant quantitative benefit differences that imply differences in replacement rates and levels of labor supply. We focus on several aspects related to this fact. In a within cohort social security model, we introduce disability insurance with an imperfect screening mechanism. We then vary the wealth level of the model economy and analyze how the optimal social security benefit structure or equivalently, the optimal replacement rates, changes depending on the wealth level of the economy, and if the introduction of disability insurance into a social security system is preferable for all economies. Second, the screening mechanism of disability insurance and the threshold level at which people are defined as disabled can differ. For economies with different wealth levels, we determine for different thresholds the screening level that maximizes social welfare. Finally, part three turns to the income of governments, by adding an element to the controversy on tax competition versus tax harmonization.2 Inter-jurisdictional tax competition can generate at least two potential benefits or costs: On a public level, tax competition may result in a lower or higher efficiency in the production of public services. But there is also a more private benefit in the form of an option for individuals to move to a community with a lower tax rate in the future. To explore the value citizens attach to tax competition we analyze a unique popular vote for a complete tax harmonization between communities in the third largest Swiss canton, Vaud. Although a majority of voters would have seemingly benefited from replacing the current tax rate by a revenue-neutral average tax rate, the proposal was rejected by a large margin. Our estimates suggest that the estimated combined perceived benefit from tax competition is in the range of 10%.

Organisation des secours extrahospitaliers lors du sommet 2003 du G8: nouveau concept de poste médical mobile (PMM) [Prehospital medical care organization during the 2003 G8 summit: a new concept of Mobile Medical Squadrons (MMS)].

OBJECTIVE: The occurrence of the 2003 G8 summit in Evian and the threat of major civil riots or even terrorist attacks in the Swiss neighbourhood forced us to imagine a new system of rescue and medical care in case of numerous victims. Previous occurrences of the G8 in Europe or America have demonstrated the need of flexible and mobile structures, able to respond quickly to crowd movements, unlike the usual static structure of rescue systems designed for major accidents. METHODS: We developed a new concept of Mobile Medical Squadrons (MMS) consisting of several vehicles and medical care and rescue human resources. In our concept, each MMS consisted of 3 emergency doctors, 5 paramedics and 9 first-aid workers. They were designed to handle 15 patients, with a large autonomy in terms of rescue, medical care, evacuation and medical authority. The equipment included medical, resuscitation, simple decontamination, evacuation and communication materials. RESULTS: The MMS were dispatched four times during the G8 summit following civil riots. They took care of 12 injured patients. CONCLUSION: The concept of MMS as a reinforcement of the existing rescue and health care resources appears as a new flexible, a modular and useful concept for the medical management of collective prehospital emergency situations. Its use is suggested instead of the traditional static concept of rescue systems designed for major accidents.

ASIC1a oligomerization structure-function of its extracellular vestibule and functional characterization of αS243Pβɣ ENaC

Quatre cristaux du canal ASIC1a ont été publiés et soutiennent une stoechiométrie trimérique. Cependant, ces données contredisant de précédentes analyses fonctionnelles effectuées sur des canaux de la même famille, notre intérêt fut porté sur l'oligomérisation d'ASIC1a. Dans ce sens, un nouvel essai couplant la méthode d'analyse par substitution de cystéines (SCAM) avec l'utilisation de réactifs sulfhydryls bifonctionnels (crosslinkers) a été mis en place. Le but étant de stabiliser, puis sélectionner les canaux fonctionnels, pour ensuite les séparer selon leur taille par SDS-PAGE. Grâce à cette technique, nous avons démontré que le complexe stabilisé a une taille coïncidant avec une organisation tétramérique. En plus de son oligomérisation, le chemin emprunté par les ions pour traverser le canal n'est pas clairement défini dans ces structures. De ce fait, utilisant une approche électrophysiologique, nous avons étudié le lien entre la structure et la fonction du vestibule extracellulaire d'ASIC1a. Dans ce but, nous nous sommes intéressés l'accessibilité de cystéines spécifiques localisées dans ce vestibule pour des réactifs méthanethiosulfonates (MTS). Ainsi, nous avons pu corréler les cinétiques de modification de ces cystéines par les MTS avec les effets sur le courant sodique, et donc avoir des informations supplémentaires sur la voie empruntée par les ions. De plus, la simulation informatique de liaison de ces réactifs illustre le remplissage total de ce vestibule. Fonctionnellement, cette interaction ne perturbe pas le passage de ions, c'est pourquoi il nous apparaît probable que le vestibule présente une taille plus large que celle illustrée par les cristaux. Dans un deuxième temps, notre intérêt fut porté sur ENaC. Ce canal est composé des trois sous-unités (a, ß et y) et est exprimé dans divers épithéliums, dont les tubules des reins. Il participe à l'homéostasie sodique et est essentiellement régulé par voie hormonale via l'aldostérone et la Vasopressine, mais également par des sérines protéases ou le Na+. Nous avons étudié la répercussion fonctionnelle de la mutation aS243P, découverte chez un nouveau-né prématuré atteint de pseudohypoaldostéronisme de type 1. Cette maladie autosomale récessive se caractérise, généralement, par une hyponatrémie liée à d'importantes pertes de sel dans les urines, une hyperkaliémie, ainsi qu'un niveau élevé d'aldostérone. Tout d'abord aucune des expériences biochimiques et électrophysiologiques n'a pu démontrer un défaut d'expression ou une forte diminution de l'activité soutenant les données cliniques. Cependant, en challengeant aS243PßyENaC avec une forte concentration de Na+ externe, une hypersensibilité de canal fut observée. En effet, ni les phénomènes régulateurs de « feedback inhibition » ou de « Na+ self-inhibition » n'étaient semblables au canal sauvage. De ce fait, ils apparaissaient exacerbés en présence de la mutation, amenant ainsi à une diminution de la réabsorption de Na+. Ceci corrobore entièrement l'hyponatrémie diagnostiquée. Le rein d'un prématuré étant immature, la quantité de Na+ atteignant la partie distale du néphron est plus élevée, du fait que les autres mécanismes de réabsorption en amont ne sont probablement pas encore en place. Cette hypothèse est renforcée par l'existence d'un frère présentant la même mutation, mais qui, né à terme, ne présentait aucun signe d'hyponatrémie. - The main topic of my thesis is the structure-function relationship of the ENaC/Deg family of ion channels, namely the Acid-Sensing Ion Channel ASIC1a and the Epithelial Na Channel ENaC. The primary part of this research is dedicated to the structure of ASIC1a. Four channel crystals have been published, which support a trimeric stoichiometry, although these data contradict previous functional experiments on other ENaC/Deg members. We are therefore interested in ASIC1a oligomerization and have set up a new assay combining the Substituted- Cysteine Accessibility Method (SCAM) with Afunctional sulfhydryl reagents (crosslinkers) allowing its study. The aim was to first stabilize the channels, then select those that are functional and then resolve them according to their size on SDS-PAGE. We demonstrated that the stabilized complex has a molecular weight corresponding to a tetrameric stoichiometry. In addition to our interest in the oligomerization of the ENaC/Deg family of ion channels, we also wanted to investigate the thus far undefined way of permeation for these channels. Therefore, taking the advantage of a more electrophysiological approach, we studied the accessibility of specific cysteines for methanethiosulfonate reagents (MTS) and were able to correlate the MTS association kinetics on cysteine residues with Na+ currents. These results have given us an insight into ion permeation and our functional evidence indicates that the extracellular is larger than that depicted by the crystal structures. As a side project, we focused on ENaC, which is made up of three subunits (a, ß and y) and is expressed in various epithelia, especially in the distal nephron of the kidneys. It plays a role in Na+ homeostasis and is essentially regulated by hormones via aldosterone and vasopressin, but also by serine proteases or Na+. We have studied the functional impact of the aS243P mutation, discovered in a premature baby suffering from pseudohypoaldosteronism of type 1. This autosomal recessive disease is characterized by hyponatremia, hyperkalemia and high aldosterone levels. Firstly, neither biochemical nor electrophysiological experiments indicated an expression defect or a strong decrease in activity. However, challenging aS243PßyENaC with increased external Na+ concentration showed channel hypersensitivity. Indeed, both the "feedback inhibition" and the "Na+ self-inhibition" regulatory mechanisms are impaired, leading to a decrease in Na+ reabsorption, entirely supports the diagnosis. The kidneys in preterm infants are immature and Na+ levels reaching the distal nephron are higher than normally observed. We hypothesize that the upstream reabsorption machinery is unlikely to be sufficiently matured and this assumption is supported by an asymptomatic sibling carrying the same mutation, but born at term. - La cellule, unité fonctionnelle du corps humain, est délimitée par une membrane plasmique servant de barrière biologique entre les milieux intra et extracellulaires. Une communication entre cellules est indispensable pour un fonctionnement adéquat. Sa survie dépend, entre autres, du maintien de la teneur en ions dans chacun des milieux qui doivent pouvoir être réabsorbés, ou sécrétés, selon les besoins. Les protéines insérées dans la membrane forment un canal et sont un moyen de communication permettant spécifiquement à des ions tel que le sodium (Na+) de traverser. Le Na+ se trouve dans la plupart des aliments et le sel, et est spécifiquement réabsorbé au niveau des reins grâce au canal sodique épithélial ENaC. Cette réabsorption se fait de l'urine primaire vers l'intérieur de la cellule, puis est transporté vers le sang. Pour maintenir un équilibre, une régulation de ce canal est nécessaire. En effet, des dysfonctionnements impliquant la régulation ou l'activité d'ENaC lui-même sont à l'origine de maladies telles que la mucoviscidose, l'hypertension ou encore, le pseudohypoaldostéronisme (PHA). Cette maladie est caractérisée, notamment, par d'importantes pertes de sel dans les urines. Des pédiatres ont diagnostiqué un PHA chez un nouveau-né, ce dernier présentant une modification du canal ENaC, nous avons recréé cette protéine afin d'étudier l'impact de ce changement sur son activité. Nous avons démontré que la régulation d'ENaC était effectivement perturbée, conduisant ainsi à une forte réduction de la réabsorption sodique. Afin de développer des molécules capables de moduler l'activité de protéines. Il est nécessaire d'en connaître la structure. Celle du canal sodique sensible à l'acidification ASIC1, un canal cousin d'ENaC, est connue. Ces données structurales contredisant cependant les analyses fonctionnelles, nous nous sommes penchés une nouvelle fois sur ASIC1. Une protéine est une macromolécule biologique composée d'une chaîne d'acides aminés (aa). De l'enchaînement d'aa à la protéine fonctionnelle, quatre niveaux de structuration existent. Chaque aa donne une indication quant au repliement et plus particulièrement la cystéine. Arborant un groupe sulfhydryle (SH) capable de former une liaison spécifique et stable avec un autre SH, celle-ci est souvent impliquée dans la structure tridimensionnelle de la protéine. Ce type de liaison intervient également dans la stabilisation de la structure quaternaire, qui est l'association de plusieurs protéines identiques (homomère), ou pas (hétéromère). Dans cette partie, nous avons remplacé des aa par des cystéines à des endroits spécifiques. Le but était de stabiliser plusieurs homomères d'ASICl ensemble avec des réactifs créant des ponts entre deux SH. Ainsi, nous avons pu déterminer le nombre de protéines ASIC1 participant à la formation d'un canal fonctionnel. Nos résultats corroborent les données fonctionnelles soutenant un canal tétramérique. Nous avons également étudié l'accessibilité de ces nouvelles cystéines afin d'obtenir des informations supplémentaires sur la structure du chemin emprunté par le Na+ à travers ASIC1 et plus particulièrement du vestibule extracellulaire.

Desenvolupament d'una web d'un club esportiu amb entrenaments personalitzats

El propòsit d'aquest projecte és desenvolupar una pàgina web d'un club esportiu que permeti gestionar les parts esportiva, administrativa, i doni a conèixe'l als usuaris d'Internet. Aquesta memòria s'inicia explicant les motivacions, objectius i la planificació del projecte. Seguidament ens situa dins l'estat de l'art en què es troba i s'exposa l'anàlisi de requeriments detallant el que s'espera del producte. Tot seguit, s'explica el modelat de comportament on s'especifiquen els casos d'ús, es presenta el disseny de la BD, les tecnologies utilitzades i una presentació gràfica del portal. Per finalitzar s'exposen els errors trobats amb les solucions pertinents, les proves i les conclusions.

Improving the organisation and commercialisation of small coffee and cocoa producers in the Northern Amazon Region of Ecuador

Coffee and cocoa represent the main sources of income for small farmers in the Northern Amazon Region of Ecuador. The provinces of Orellana and Sucumbios, as border areas, have benefited from investments made by many public and private institutions. Many of the projects carried out in the area have been aimed at energising the production of coffee and cocoa, strengthening the producers’ associations and providing commercialisation infrastructure. Improving the quality of life of this population threatened by poverty and high migration flows mainly from Colombia is a significant challenge. This paper presents research highlighting the importance of associative commercialisation to raising income from coffee and cocoa. The research draws on primary information obtained during field work, and from official information from the Ministry of Agriculture. The study presents an overview of current organisational structures, initiatives of associative commercialisation, stockpiling of infrastructure and ownership regimes, as well as estimates for both ‘robusta’ coffee and national cocoa production and income. The analysis of the main constraints presents different alternatives for the implementation of public land policies. These policies are aimed at mitigating the problems associated with the organisational structure of the producers, with processes of commercialisation and with environmental aspects, among others.

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 term structure of Interbank interest rates: Jump-diffusion processes and option pricing

In this paper we study the dynamic behavior of the term structureof Interbank interest rates and the pricing of options on interest ratesensitive securities. We posit a generalized single factor model withjumps to take into account external influences in the market. Daily datais used to test for jump effects. Qualitative examination of the linkagebetween Monetary Authorities' interventions and jumps are studied. Pricingresults suggests a systematic underpricing in bonds and call options ifthe jumps component is not included. However, the pricing of put optionson bonds presents indeterminacies.

Corporate finance and the monetary transmission mechanism

This paper analyzes the transmission mechanisms of monetarypolicy in a general equilibrium model of securities marketsand banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric information about banks' net worth adds a cost to outside equity capital, which limits the extent to which banks can relax their capital constraint. In this context monetarypolicy does not affect bank lending through changes in bank liquidity. Rather, it has the effect of changing theaggregate composition of financing by firms. The model also produces multiple equilibria, one of which displays all the features of a "credit crunch". Thus, monetary policy can also have large effects when it induces a shift from one equilibrium to the other.

Finance versus costs for teaching hospitals in Spain

In this paper we analyse the observed systematic differences incosts for teaching hospitals (THhenceforth) in Spain. Concernhas been voiced regarding the existence of a bias in thefinancing of TH s has been raised once prospective budgets arein the arena for hospital finance, and claims for adjusting totake into account the legitimate extra costs of teaching onhospital expenditure are well grounded. We focus on theestimation of the impact of teaching status on average cost. Weused a version of a multiproduct hospital cost function takinginto account some relevant factors from which to derive theobserved differences. We assume that the relationship betweenthe explanatory and the dependent variables follows a flexibleform for each of the explanatory variables. We also model theunderlying covariance structure of the data. We assumed twoqualitatively different sources of variation: random effects andserial correlation. Random variation refers to both general levelvariation (through the random intercept) and the variationspecifically related to teaching status. We postulate that theimpact of the random effects is predominant over the impact ofthe serial correlation effects. The model is estimated byrestricted maximum likelihood. Our results show that costs are 9%higher (15% in the case of median costs) in teaching than innon-teaching hospitals. That is, teaching status legitimatelyexplains no more than half of the observed difference in actualcosts. The impact on costs of the teaching factor depends on thenumber of residents, with an increase of 51.11% per resident forhospitals with fewer than 204 residents (third quartile of thenumber of residents) and 41.84% for hospitals with more than 204residents. In addition, the estimated dispersion is higher amongteaching hospitals. As a result, due to the considerable observedheterogeneity, results should be interpreted with caution. From apolicy making point of view, we conclude that since a higherrelative burden for medical training is under public hospitalcommand, an explicit adjustment to the extra costs that theteaching factor imposes on hospital finance is needed, beforehospital competition for inpatient services takes place.