Globalización y Estado del bienestar: debates actuales en Europa y Asia. Una presentación

Presentación del III Scientific Congress on the Law of The Philippines and Spain, Málaga, Facultad de Derecho de la Universidad de Málaga, 10-11 de mayo de 2017

Information transmission around block trades on the Spanish stock market

Current fmancial research is placing increasing attention on the effects of large transactions, or Block Trades (BT), on the fmancial markets. In order to analyze whether BT transmit information, we assume that information can be better reflected by changes in asset true value, proxied by the midpoint of bid-ask best quotes, instead of transactions prices or returns. Moreover, following market microstructure literature, we also look at changes in relative spread and in their adverse selection component. The Madrid Stock Exchange offers us a particularly appropriate testing ground for examining these issues, since this topic has not been facilitated as in other markets till 1998. We analyze 195 BT, classified according with trading volume, the side of the market initiating the BT (buyer, seller or indeterminate initiated), its type (inside the spread, sweeping or not classified) and if they change or not the asset true value. The main result of the paper is that it seems that there is BT information transmission when we look at adverse selection spread component in the different subsample classification, but there is no significant permanent effect in returns. We also observe changes in liquidity around BTs but the effect is related with temporary spread component

Inferring an optimal Fisher measure

It is well known that a suggestive relation exists that links the Schrödinger equation (SE) to the information-optimizing principle based on the Fisher information measure (FIM). We explore here an approach that will allow one to infer the optimal FIM compatible with a given amount of prior information without explicitly solving first the associated SE. This technique is based on the virial theorem and it provides analytic solutions for the physically relevant FIM, that which is minimal subject to the constraints posed by the prior information.Fil: Flego, Silvana Pilar. Universidad Nacional de La Plata. Facultad de Ingeniería. Departamento de Ciencias Básicas; ArgentinaFil: Plastino, Ángel Luis. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Instituto de Física La Plata. Universidad Nacional de La Plata. Facultad de Ciencias Exactas. Instituto de Física La Plata; Argentina. Universidad Nacional de La Plata. Centro Regional de Estudios Genómicos; Argentina. Universidad de las Islas Baleares; España. Consejo Superior de Investigaciones Científicas; EspañaFil: Plastino, Ángel Ricardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina. Universidad Nacional de La Plata. Centro Regional de Estudios Genómicos; Argentina. Universidad de Granada. Facultad de Ciencias. Departamento de Electromagnetismo y Física de la Materia. Instituto "Carlos I" de Física Teórica y Computacional; Españ

Competition among auctioneers

In this paper, we analyse a multistage game of competition among auctioneers. In a first stage, auctioneers commit to some publicly announced reserve prices, and in a second stage, bidders choose to participate in one of the auctions. We prove existence of Nash equilibria in mixed strategies for the whole game. We also show that one property of the equilibrium set is that when the numbers of auctioneers and bidders tend to infinity, almost all auctioneers with production cost low enough to trade announce a reserve price equal to their production costs. Our paper confirms previous results for some "limit" versions of the model by McAfee [9], Peters [13], and Peters and Severinov [18]

CRISPR for Bio-Art?

Es el resumen de mi ponencia oral (seleccionada entre todas las propuestas recibidas de todo el mundo, siendo una de las 12 únicas comunicaciones orales y la única con representante español en dicho Simposio).This communication will explain the biotechnological procedure of gene edition based on CRISPR and will discuss the implications that its use could have in the bioartistic praxis. A metaphorical figure has been produced for this communication by Mr. José Joaquín Serrano (who is a Graduate in Biology and Master in Cell and Molecular Biology and currently is working in synthetic biology projects) to illustrate my reasoning on the topic. The figure has been entitled " Art CRISPRarty: From Lab to Louvre". The Figure is a metaphorical image of the potential of CRISPR gene editing technology to boost new radical trends of bio-art.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

(SUB-)Optimal entry fees

We extend Myerson's (1981) model by allowing for uncertainty about the number of bidders. In such extension the Revenue Equivalence Theorem still holds and the optimal allocation rule remains the same. Hence, the optimal auction can be implemented with an appropriate reserve price. Nonetheless, we show that entry fees are sub-optimal. The reasons are heterogeneity in bidders' beliefs about the number of bidders, and auctioneer's uncertainty about the optimum entry fee, if any. Our result implies a reversal of the revenue ranking by Milgrom and Weber (1982) which is consistent with many real life situations: auction houses, internet auctions,..