Trap i Trip. Materials adaptats per alumnes sords catalanoparlants. 'Trap y Trip. Materiales adaptados para alumnos sordos catalanoparlantes'.

En el marco del convenio firmado por la Federación de Sordos de Cataluña, el Departament d'Ensenyament de la Generalitat de Catalunya, y el Centre d'Estudis de la llengua de Signes de Catalunya (ILLESCAT), ha adaptado la lengua de signos unos cuadernos que publica la editorial Vicens Vives para cuarto y quinto de educación infantil. A la adaptación en formato papel se le ha incorporado un cd-rom que permite a los niños y niñas sordos, y sus maestros visionar el movimiento de los signos y las estructuras de las fases en lengua de signos. Se ha aplicado en la escuela específica para sordos Josep Pla de Barcelona con resultados satisfactorios.

The Greek debt trap: an escape plan. Bruegel Policy Contribution 2012/19, 7 November 2012

Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the collapse in GDP, and endangers Greek membership of the euro area. But a Greek exit would have devastating impacts both inside and outside Greece. A small reduction in the interest rate on bilateral loans, the exchange of European Central Bank holdings, buy-back of privately-held debt, and frontloading of some privatisation receipts are unlikely to be sufficient. A credible resolution should involve the reduction of the official lending rate to zero until 2020, an extension of the maturity of all official lending, and indexing the notional amount of all official loans to Greek GDP. Thereby, the debt ratio would fall below 100 percent of GDP by 2020, and if the economy deteriorates further, there will not be a need for new arrangements. But if growth is better than expected, official creditors will also benefit. In exchange for such help, the fiscal sovereignty of Greece should be curtailed further. An extended privatisation plan and future budget surpluses may be used to pay back the debt relief. The Greek fiscal tragedy highlights the need for a formal debt restructuring mechanism

Investigating Targets of Avian Habitat Management to Eliminate an Ecological Trap

Ecological traps are attractive population sinks created when anthropogenic habitat alteration inadvertently creates a mismatch between the attractiveness of a habitat based upon its settlement cues, and its current value for survival or reproduction. Traps represent a new threat to the conservation of native species, yet little attention has been given to developing practical approaches to eliminating them. In the northern Rocky Mountains of Montana, Olive-sided Flycatchers (Contopus cooperi) prefer to settle in patches of selectively harvested forest versus burned forest despite the lower reproductive success and higher nest predation risk associated with the former habitat. I investigated characteristics of preferred perch sites for this species and how these preferences varied between habitats and sexes. I then built on previous research to develop a range of management prescriptions for reducing the attractiveness of selectively harvested forest, thereby disarming the ecological trap. Female flycatchers preferred to forage from shorter perch trees than males, and females’ perches were shorter than other available perch trees. Both sexes preferred standing dead perch trees (snags) and these preferences were most obvious in harvested forest where snags are rarer. Because previous research shows that snag density is linked to habitat preference and spruce/fir trees are preferred nest substrate, my results suggest these two habitat components are focal habitat selection cues. I suggest alternative and complementary strategies for eliminating the ecological trap for Olive-sided Flycatchers including: (1) reduced retention and creation of snags, (2) avoiding selective harvest in spruce, fir, and larch stands, (3) avoiding retention of these tree species, and (4) selecting only even-aged canopy height trees for retention so as to reduce perch availability for female flycatchers. Because these strategies also have potential to negatively impact habitat suitability for other forest species or even create new ecological traps, we urge caution in the application of our management recommendations.

Back from beyond the bid-ask spread: perspectives on liquidity

Research into the topic of liquidity has greatly benefited from the availability of data. Although bid-ask spreads were inaccessible to researchers, Roll (1984) provided a conceptual model that estimated the effective bid-ask prices from regular time series data, recorded on a daily or longer interval. Later data availability improved and researchers were able to address questions regarding the factors that influenced the spreads and the relationship between spreads and risk, return and liquidity. More recently transaction data have been used to measure the effective spread and researchers have been able to refine the concepts of liquidity to include the impact of transactions on price movements (Clayton and McKinnon, 2000) on a trade-by-trade analysis. This paper aims to use techniques that combine elements from all three approaches and, by studying US data over a relatively long time period, to throw light on earlier research as well as to reveal the changes in liquidity over the period controlling for extraneous factors such as market, age and size of REIT. It also reveals some comparable results for the UK market over the same period.

Back from beyond bid-ask spread: estimating liquidity in international markets

Research on the topic of liquidity has greatly benefited from the improved availability of data. Researchers have addressed questions regarding the factors that influence bid-ask spreads and the relationship between spreads and risk, return and liquidity. Intra-day data have been used to measure the effective spread and researchers have been able to refine the concepts of liquidity to include the price impact of transactions on a trade-by-trade analysis. The growth in the creation of tax-transparent securities has greatly enhanced the visibility of securitized real estate, and has naturally led to the question of whether the increased visibility of real estate has caused market liquidity to change. Although the growth in the public market for securitized real estate has occurred in international markets, it has not been accompanied by universal publication of transaction data. Therefore this paper develops an aggregate daily data-based test for liquidity and applies the test to US data in order to check for consistency with the results of prior intra-day analysis. If the two approaches produce similar results, we can apply the same technique to markets in which less detailed data are available and offer conclusions on the liquidity of a wider set of markets.

Liquidity in commercial property markets: deconstructing the transaction process

This paper draws from a wider research programme in the UK undertaken for the Investment Property Forum examining liquidity in commercial property. One aspect of liquidity is the process by which transactions occur including both how properties are selected for sale and the time taken to transact. The paper analyses data from three organisations; a property company, a major financial institution and an asset management company, formally a major public sector pension fund. The data covers three market states and includes sales completed in 1995, 2000 and 2002 in the UK. The research interviewed key individuals within the three organisations to identify any common patterns of activity within the sale process and also identified the timing of 187 actual transactions from inception of the sale to completion. The research developed a taxonomy of the transaction process. Interviews with vendors indicated that decisions to sell were a product of a combination of portfolio, specific property and market based issues. Properties were generally not kept in a “readiness for sale” state. The average time from first decision to sell the actual property to completion had a mean time of 298 days and a median of 190 days. It is concluded that this study may underestimate the true length of the time to transact for two reasons. Firstly, the pre-marketing period is rarely recorded in transaction files. Secondly, and more fundamentally, studies of sold properties may contain selection bias. The research indicated that vendors tended to sell properties which it was perceived could be sold at a ‘fair’ price in a reasonable period of time.

Credit and liquidity components of corporate CDS spreads

This paper investigates the role of credit and liquidity factors in explaining corporate CDS price changes during normal and crisis periods. We find that liquidity risk is more important than firm-specific credit risk regardless of market conditions. Moreover, in the period prior to the recent “Great Recession” credit risk plays no role in explaining CDS price changes. The dominance of liquidity effects casts serious doubts on the relevance of CDS price changes as an indicator of default risk dynamics. Our results show how multiple liquidity factors including firm specific and aggregate liquidity proxies as well as an asymmetric information measure are critical determinants of CDS price variations. In particular, the impact of informed traders on the CDS price increases when markets are characterised by higher uncertainty, which supports concerns of insider trading during the crisis.