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

The Building Blocks of International Ecological Footprint inequality: A Regression-Base Decomposition

This paper performs an empirical Decomposition of International Inequality in Ecological Footprint in order to quantify to what extent explanatory variables such as a country’s affluence, economic structure, demographic characteristics, climate and technology contributed to international differences in terms of natural resource consumption during the period 1993-2007. We use a Regression- Based Inequality Decomposition approach. As a result, the methodology extends qualitatively the results obtained in standard environmental impact regressions as it comprehends further social dimensions of the Sustainable Development concept, i.e. equity within generations. The results obtained point to prioritizing policies that take into account both future and present generations. Keywords: Ecological Footprint Inequality, Regression-Based Inequality Decomposition, Intragenerational equity, Sustainable development.

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.

How did the Financial Crisis affect the Real Interest Rate Dynamics in Europe?

We investigate the effects of the financial crisis on the stationarity of real interest rates in the Euro Area. We use a new unit root test developed by Peseran et al. (2013) that allows for multiple unobserved factors in a panel set up. Our results suggest that while short-term and long-term real interest rates were stationary before the financial crisis, they became nonstationary during the crisis period likely due to persistent risk that characterized financial markets during that time. JEL codes: E43, C23. Keywords: Real interest rates, Euro Area, financial crisis, panel unit root tests, cross-sectional dependence.

Innovation and firm growth: Does firm age play a role?

This paper explores the relationship between firm growth, innovation and firm age. We hypothesize that young firms undertake riskier innovation activities and are more oriented towards employment growth than towards harvesting returns in the form of sales growth. Using an extensive sample of Community Innovation Survey for the period 2004-2010, we apply quantile regressions and a Heckman sample selection technique to study the impact of R&D activities on firm growth according to firm age. Our results show that R&D intensity is positively associated with firm growth. However, for young firms R&D shows an increasing influence across the quantiles, while for old firms R&D shows a stable or perhaps decreasing effect over the quantiles. Firm age shows a significant negative impact among young firms, while for the sample of old firms the impact of firm age becomes non-significant. Our Heckman estimations show the evolution of the impact of the R&D on firm growth confirming a significant impact on sales and productivity growth, while the impact is negligible for employment growth. Keywords: firm age, firm growth, innovation, quantile regression. JEL CODES: L25, L20

Els apareguts i el culte de les ànimes del Purgatori (segles XIV-XVII). Estudi i edició de textos catalans

Report for the scientific sojourn carried out at the Institut National d'Histoire de l'Art (INHA), France, from 2010 to 2012. It has focused on the analysis and editing of tales of human apparitions from the other world belonging to the Catalan culture or referring to it. We have studied and edited different versions of the process of Esperança Alegre (Lleida, 1500) and the Peregrinació del Venturós Pelegrí. These medieval works have been preserved in sources of the late sixteenth century or later. We have located a manuscript of the Esperança Alegre's tale, unknown to us at the beginning of this research (Biblioteca Nacional de España, ms. 1701), which differs from the version of ms. Baluze 238 of the Bibliothèque Nationale de France. The scribe of the ms. 1701 adds several paragraphs where considers the case as a diabolical phantasmagoria. About the Venturós Pelegrí, we have tried to establish firm criteria for the classification of many editions from the seventeenth to nineteenth centuries. We have been looking for printed books in the libràries of the world and we have made several requests for photographic reproductions, in order to classify undated editions by comparing woodcuts and other decorative elements. In the legend of Prince Charles of Viana (1421-1461), the appearances of his ghost are accompanied by rumors of his poisoning and of his sanctity. In addition, we have studied the cycles of masses for the souls in Purgatory linked to the hagiographies of St. Amadour and St. Vincent Ferrer, as well as the appearances described in L'Ànima d’Oliver of Francesc Moner, in the Carmelite chronicles of Father John of St. Joseph (1642-1718) and in some folktales collected from the eighteenth to the twentieth century. All this have allowed us to verify the evolution of certain cultural paradigms since the Middle Ages to the present.

From bargaining solutions to claims rules: a proportional approach

Is it important to negotiate on proportions rather than on numbers? To answer this question, we analyze the behavior of well-known bargaining solutions and the claims rules they induce when they are applied to a "proportionally transformed" bargaining set SP -so-called bargaining-in-proportions set. The idea of applying bargaining solutions to claims problems was already developed in Dagan and Volij (1993). They apply the bargaining solutions over a bargaining set that is the one de ned by the claims and the endowment. A comparison among our results and theirs is provided. Keywords: Bargaining problem, Claims problem, Proportional, Constrained Equal Awards, Constrained Equal Losses, Nash bargaining solution. JEL classi fication: C71, D63, D71.

The equity core and the Lorenz-maximal allocations in the equal division core

In this paper, we characterize the non-emptiness of the equity core (Selten, 1978) and provide a method, easy to implement, for computing the Lorenz-maximal allocations in the equal division core (Dutta-Ray, 1991). Both results are based on a geometrical decomposition of the equity core as a finite union of polyhedrons. Keywords: Cooperative game, equity core, equal division core, Lorenz domination. JEL classification: C71

CO2 emissions embodied in international trade: A multiregional Inputoutput model for Spain

As a result of globalization and free trade agreements, international trade is enormously growing and inevitably putting more pressure on the environment over the last few decades. This has drawn the attention of both environmentalist and economist in response to the ever growing concerns of climate change and urgent need of international action for its mitigation. In this work we aim at analyzing the implication of international trade in terms of CO2 between Spain and its important partners using a multi-regional input-output (MRIO) model. A fully integrated 13 regions MRIO model is constructed to examine the pollution responsibility of Spain both from production and consumption perspectives. The empirical results show that Spain is a net importer of CO2 emissions which is equivalent to 29% of its emission due to production. Even though the leading partner with regard to import values are countries such as Germany, France, Italy and Great Britain, the CO2 embodied due to trade with China takes the largest share. This is mainly due to the importation of energy intensive products from China coupled with Chinese poor energy mix which is dominated by coal-power plant. The largest portion (67%) of the global imported CO2 emissions is due to intermediate demand requirements by production sectors. Products such as Motor vehicles, chemicals, a variety of machineries and equipments, textile and leather products, construction materials are the key imports that drive the emissions due to their production in the respective exporting countries. Being at its peak in 2005, the Construction sector is the most responsible activity behind both domestic and imported emissions.

The Geographical Scope of Industrial Location Determinants: An Alternative Approach

This paper considers the estimation of the geographical scope of industrial location determinants. While previous studies impose strong assumptions on the weighting scheme of the spatial neighbour matrix, we propose a exible parametrisation that allows for di fferent (distance-based) de finitions of neighbourhood and di fferent weights to the neighbours. In particular, we estimate how far can reach indirect marginal e ffects and discuss how to report them. We also show that the use of smooth transition functions provides tools for policy analysis that are not available in the traditional threshold modelling. Keywords: count data models, industrial location, smooth transition functions, threshold models. JEL-Codes: C25, C52, R11, R30.

La Gestió del conflicte públic i la mediació comunitària a Catalunya. El cas del cost dels conflictes a les comunitats de propietaris i veïns

En els darrers anys, institucions públiques i organitzacions es troben amb dificultats per gestionar la munió de necessitats i interessos que es donen a la societat actual i que sovint es converteixen en conflictes. Davant d’aquesta situació, s’ha tractat d’actualitzar el tema de la governabilitat expressat com la capacitat dels governs i les organitzacions, en democràcia, d’oferir respostes als conflictes públics i socials. En aquest context, la Mediació Comunitària i la Gestió Alternativa de Conflictes (GAC) es mostren com a fórmules que aporten qualitat de govern des d’una nova manera de gestionar el conflicte col·lectiu, amb la finalitat de trobar acords o generar consens per poder actuar, i amb capacitat per reduir costos en la intervenció.

Anàlisi del sistema productiu i comercial del vi de la Tarraconensis a partir de la combinació de metodologies

Des del segon quart del s. I aC i, especialment, durant el regnat d’August, es va desenvolupar a l’antiga província Tarraconensis un sistema productiu centrat en l’explotació agrària vitivinícola amb una finalitat clarament comercial. La majoria d’assentament vitivinícoles es troben emplaçats al litoral català, associats de vegades a figlinae que fabricaven les àmfores per al transport i comerç de l’excedent vinícola. No obstant, a l’àrea del Vallès Occidental i del Baix Llobregat es troben una sèrie de vil•les vinculades a la producció de vi i a la fabricació d’àmfores que han proporcionat restes molt significatives sobre la contribució d’aquesta zona a l’expansió econòmica de la província. La caracterització arqueològica i arqueomètrica d’un gran nombre d’àmfores procedents de diversos tallers ceràmics situats al Vallès Occidental i al Baix Llobregat, utilitzant diverses tècniques d’anàlisi química, mineralògica i petrogràfica, ha portat a establir quins tipus d’àmfores es van fabricar a cada taller i de quina manera. S’han identificat alguns dels processos tecnològics de la cadena operativa: la selecció i processat de les matèries primeres per conformar la pasta procedents, generalment, de l’àrea on es troba cada centre de producció, el modelatge, l’assecat i la cocció de les peces. En alguns dels casos analitzats, s’ha identificat quins tipus de contenidors van ser importants a l’establiment i la seva provinença. La integració d’aquests resultats en la base de dades analítica que disposa l’ERAAUB ha permès avaluar el grau d’estandardització dels processos tecnològics en aquesta àrea. La contrastació final amb les dades històriques i arqueològiques contribueix al coneixement arqueològic de les àmfores vinàries de la Tarraconensis i, a través d’elles, al coneixement de les societats que les van fabricar, comercialitzar i utilitzar.

Food security, food safety and small farmers

Some of the elements that characterize the globalization of food and agriculture are industrialization and intensification of agriculture and liberalization of agricultural markets, that favours elongation of the food chain and homogenization of food habits (nutrition transition), among other impacts. As a result, the probability of food contamination has increased with the distance and the number of “hands" that may contact the food (critical points); the nutritional quality of food has been reduced because of increased transport and longer periods of time from collection to consumption; and the number of food-related diseases due to changes in eating patterns has increased. In this context, there exist different agencies and regulations intended to ensure food safety at different levels, e.g. at the international level, Codex Alimentarius develops standards and regulations for the marketing of food in a global market. Although governments determine the legal framework, the food industry manages the safety of their products, and thus, develops its own standards for their marketing, such as the Good Agricultural Practices (GAP) programs. The participation of the private sector in the creation of regulatory standards strengthens the free trade of food products, favouring mostly large agribusiness companies. These standards are in most cases unattainable for small producers and food safety regulations are favouring removal of the peasantry and increase concentration and control in the food system by industrial actors. Particularly women, who traditionally have been in charge of the artisanal transformation process, can be more affected by these norms than men. In this project I am analysing the impcact of food safety norms over small farms, based on the case of artisanal production made by women in Spain.

Anàlisi sòcio-demogràfica del reagrupament familiar a Catalunya 2004-2010

Aquest treball parteix de l’anàlisi de les dades sobre informes d’adequació de l’habitatge per a l’obtenció d’una autorització de reagrupament familiar realitzats per l’Ajuntament de Barcelona des de 2005 fins 2009, i del registre administratiu de les sol•licituds de reagrupament familiar presentades a les quatre subdelegacions del Govern a Catalunya des de 2004 fins 2010. Per a procedir a la seva anàlisi s’ha hagut de fer un important treball de depuració, harmonització i anonimització d’unes dades procedents de registres administratius no pensades per la seva explotació estadística. L’anàlisi demogràfica ha posat en relleu la importància dels rols de gènere en les estratègies familiars que acabaran conformant el perfil sociodemogràfic tant de les persones reagrupades com de les reagrupadores. També s’ha pogut veure com no hi ha una relació directa entre les persones estrangeres residents en cada municipi i les pautes de reagrupament familiar. La davallada del reagrupament familiar és deguda en bona part a la crisi econòmica, no obstant per a entendre la seva evolució en conjunt cal tenir en compte a més els factors legislatius (la Normalització del 2005 que explica el creixement de 2006 i 2007, però també l’entrada dels romanesos a la UE en 2007), així com la pròpia dinàmica familiar de la població immigrada, amb un esgotament del potencial reagrupadors per a les nacionalitats que precisament protagonitzaren el boom migratori (llatinoamericans). La legislació en matèria de reagrupament familiar s’ha basat en tres principis que han tingut un efecte indubtable i de vegades contrari a l’esperat: 1) la discriminació entre raons econòmiques i familiars en les migracions; 2) La restricció del dret de reagrupar a la definició nuclear de la família; i, 3) L’assumpció de la formació pre-migratòria de la família a reagrupar. Els resultats d’aquest informe aporten indicis que aquesta aproximació apriorística ha tingut efectes perversos, començant pel volum considerable de reagrupacions de facto.