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.

Earnings management and cultural values

Using theory and empirical data from social psychology to measure for cultural differences between countries, we study the effect of individualism as defined by Hofstede (1980) and egalitarianism as defined by Schwartz (1994, 1999, 2004) on earnings management. We find a significant influence of both cultural measures. In line with Licht et al. (2004), who argue that individualistic societies may be less susceptible to corruption, we find that countries scoring high on individualism tend to have lower levels of earnings management. In addition, we find that egalitarianism, defined as a society's cultural orientation with respect to intolerance for abuses of market and political power, is negatively related with earnings management. Our results are robust to different specifications and controls. The main message of this paper is that besides formal institutions, cultural differences are relevant to explain earnings management behaviour. We think that our work adds to the understanding of the importance of cultural values in managerial behaviour across countries contributing to the literature on earnings management and law and institutions.

Modificación de la estrategia educativa y diseño de material didáctico para fortalecer el Programa de Educación Ambiental Campamentos Educativos en Faro de Bucerías, Michoacán, México

El fomento de laeducación ambiental en comunidades indígenas de la costa oeste de México en el marco del desarrollo sustentable ha sido el elemento motivador de este proyecto. El objetivo fundamental es el diseño y la aplicación de un material didáctico y de una propuesta de estrategia educativa orientados al conocimiento, gestión y conservación del entorno natural y social de la localidad de Faro de Bucerías, Michoacán, México. En primer lugar se ha realizado una investigación y estudio teórico-práctico para contextualizar el área de estudio. Se ha analizado la propuesta educativa preexistente y se han realizado estudios de carácter socio-ambiental con el fin de seleccionar las líneas temáticas que serán la base de la nueva propuesta, vinculada con el material de trabajo. Posteriormente, se elabora el cuaderno de trabajo en conjunción con la estrategia educativa y se aplican a la sesión de Campamentos Educativos, para evaluar su eficiencia. Se hace un análisis cualitativo y cuantitativo de los resultados obtenidos para poder modificar el material didáctico en los puntos débiles detectados, y se propone la versión definitiva del material.

Industrial districts, innovation and I-district

The I-district effect hypothesis establishes the existence of highly intense innovation in Marshallian industrial districts due to the presence of external localization economies. However, industrial districts are characterized by specific manufacturing specializations in such a way that this effect could be due to these dominant specializations. The objective of this research is to test whether the effect is explained by the conditions of the territory or by the industrial specialization and to provide additional evidence of the existence and causes of the highly intense innovation in industrial districts (I-district effect). The estimates for Spain of a fixed effects model interacting territory and industry suggest that the high innovative performance of industrial districts is maintained across sectors whereas the industrial specialization behaves differently depending on the type of local production system in which it is placed. The I-district effect is related to the conditions of the territory more than to the industrial specialization. The territory is a key variable in explaining the processes of innovation and should be considered a basic dimension in the design of innovation and industrial policies.

Labor supply response to international migration and remittances in the Republic of Haiti

The Republic of Haiti is the prime international remittances recipient country in the Latin American and Caribbean (LAC) region relative to its gross domestic product (GDP). The downside of this observation may be that this country is also the first exporter of skilled workers in the world by population size. The present research uses a zero-altered negative binomial (with logit inflation) to model households' international migration decision process, and endogenous regressors' Amemiya Generalized Least Squares method (instrumental variable Tobit, IV-Tobit) to account for selectivity and endogeneity issues in assessing the impact of remittances on labor market outcomes. Results are in line with what has been found so far in this literature in terms of a decline of labor supply in the presence of remittances. However, the impact of international remittances does not seem to be important in determining recipient households' labor participation behavior, particularly for women.

The Timing of labor demand

We examine the timing of firms' operations in a formal model of labor demand. Merging a variety of data sets from Portugal from 1995-2004, we describe temporal patterns of firms' demand for labor and estimate production-functions and relative labor-demand equations. The results demonstrate the existence of substitution of employment across times of the day/week and show that legislated penalties for work at irregular hours induce firms to alter their operating schedules. The results suggest a role for such penalties in an unregulated labor market, such as the United States, in which unusually large fractions of work are performed at night and on weekends.

Art en tres dimensions: construcció de renders 3D amb renders 3D studio max

Treball de recerca realitzat per un alumne d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. Existeixen diversos programes informàtics per a la generació d’imatges en format 3D. S’analitza breument l’oferta del mercat actual de la tecnologia de programari més emprada en la producció de gràfics 3D amb ordinador, identificant les vessants positives i negatives de cadascun. Posteriorment s’examina en profunditat el programa 3D Studio Max, per tal de conèixer-ne les eines de creació d’escenes virtuals i les seves funcionalitats. Finalment s’han desenvolupat projectes d’escenaris 3D en els quals es puguin aplicar els coneixements tècnics obtinguts en la recerca, sempre conceptualitzant aquestes propostes amb un cert criteri artístic.