Firms vs. insiders as traders of last resort

We explore the role of corporate insiders vs. firms as traders of last resort. We develop a simple model of insider trading in which insiders provide price support, as well as liquidity, in security markets. Consistent with the model predictions we find that in the US markets insiders’ trading activities have a clear impact on return distributions. Furthermore, we provide empirical evidence on insiders transactions and firm transactions affecting returns in a different manner. In particular, while insiders’ transactions (both purchases and sales) have a strong impact on skewness in the short run and to a lesser extent in short run volatility, company repurchases only have a clear impact on volatility, both in the short and the long run. We provide explanations for this asymmetry.Insider trading, liquidity, short-horizon variance, autocorrelation, skewness

Uso de la revista digital como herramienta didáctica en los centros de secundaria

[EN] The new Information and Communication Technologies (ICTs) are a resource, that well-used by teachers, can allow to the students to be motivated with regard to different specialties, such as science. Within the different ICTs that can be chosen, the Digital Magazine is a digital tool that would allow reaching several competences and achieve meaningful student learning. The development of this tool has been implemented among students of the Master's Degree in Teacher Training at the University of the Balearic Islands, as future teachers to assess the acceptance of this digital tool both in its use as teachers and as developed by students. A digital magazine was requested to be done by the students and, after its completion, a survey was carried out that revealed the positive and negative aspects of the tool selected for the educational use. In conclusion, the digital methodology provided was received with a high degree of satisfaction by the students of the master, who considered the use of Digital Magazines as an innovative, attractive, useful and motivating digital resource for secondary school students.[ES] Las nuevas Tecnologías de la Información y la Comunicación (TIC) son un recurso que bien utilizado por el profesorado puede permitir la motivación del alumnado con respecto a diferentes especialidades, como serían las ciencias. Dentro de las diferentes TIC que se pueden escoger, la revista digital supone una herramienta digital que permitiría alcanzar diversas competencias y conseguir un aprendizaje significativo del alumnado. El desarrollo de esta herramienta se ha implantado entre alumnado del máster de Formación de Profesorado de la Universidad de las Islas Baleares, como futuros profesores, para evaluar la aceptación de esta herramienta digital tanto en su utilización como docentes o como elaborada por su alumnado. Se solicitó la realización de una revista digital y, tras la finalización de la misma, se llevó a cabo una encuesta que permitió conocer los aspectos tantos positivos como negativos de la herramienta seleccionada para su uso docente. En conclusión, la metodología digital aportada fue recibida con alto grado de satisfacción por parte del alumnado del máster, que consideró el uso de las revistas digitales como un recurso digital innovador, atractivo, útil y motivador para los alumnos de educación secundaria.Tejada Gavela, S.; Pinya Fernández, S.; Capó Fiol, X.; Sureda Gomila, A. (2021). Uso de la revista digital como herramienta didáctica en los centros de secundaria. En IN-RED 2021: VII Congreso de Innovación Edicativa y Docencia en Red. Editorial Universitat Politècnica de València. 169-177. https://doi.org/10.4995/INRED2021.2021.13664OCS16917

Casos prácticos como herramienta educativa en las asignaturas de fisiología humana

[EN] The education plans of the universities represent a coincidence in the subject of Human Physiology (Physiotherapy, Biology, Biochemistry, Nursing and Medicine degrees), in which teaching for small groups are a good strategy to achieve certain skills that could not be achieved during large groups time. The main methodology followed is the realization of monographic works. During the 2018-2019 academic year, the University of the Balearic Islands awarded a teaching innovation project in which the design and coordination of seminars was proposed through an active learning methodology through the resolution of practical cases that would help students to acquire skills in critical thinking, leadership, emotional intelligence, adaptability and management of new technologies. The students had to solve a supposed clinical case, exposing the normal physiological process and the physiological alteration associated with the proposed case. The results obtained (n = 174 students) indicated an improvement in the acquisition of knowledge (average of 8.2) and in the satisfaction (average of 8.1) obtained by the students, who preferred this methodology to monographic expositions or the use of simulators by computer. In conclusion, the methodology contributed was received with a high degree of satisfaction for its innovative application in the small groups.[ES] Los planes docentes de diversas titulaciones suponen una coincidencia en la asignatura de Fisiología Humana (grados: Fisioterapia, Biología, Bioquímica y Medicina), en los cuales las horas docentes destinadas a grupos pequeños suponen una buena estrategia para alcanzar determinadas competencias que no se podrían alcanzar con grupos grandes. La realización de trabajos monográficos es la principal metodología seguida. Durante el curso 2018/2019, la Universidad de las Islas Baleares concedió un proyecto de innovación docente donde se planteó el diseño y la coordinación de la realización de seminarios mediante una metodología activa de aprendizaje a través de resolución de casos prácticos con el objetivo de adquirir destrezas en pensamiento crítico, liderazgo, inteligencia emocional, adaptabilidad y manejo de las nuevas tecnología. Los alumnos debían resolver un supuesto caso clínico, exponiendo el proceso fisiológico normal y la alteración fisiológica asociada al caso propuesto. Los resultados obtenidos (n=174 alumnos) indicaron una mejora en la adquisición de conocimientos (media de 8,2) y en la satisfacción (media de 8,1)obtenida por parte del alumnado, que prefirió esta metodología a las exposiciones monográficas o el uso de simuladores por ordenador. En conclusión, la metodología aportada fue recibida con alto grado de satisfacción por su aplicación innovadora en los grupos pequeños.Tejada Gavela, S.; Bibiloni Esteva, MDM.; Moranta Mesquida, D.; Esteban Valdés, SC.; Sureda Gomila, A. (2019). Casos prácticos como herramienta educativa en las asignaturas de fisiología humana. En IN-RED 2019. V Congreso de Innovación Educativa y Docencia en Red. Editorial Universitat Politècnica de València. 675-683. https://doi.org/10.4995/INRED2019.2019.10439OCS67568

Realizar un póster durante los seminarios y prácticas de investigación para presentarlo en un congreso como estrategia de aprendizaje

[EN] Motivation is a pedagogical necessity in the university classroom since to learn it is essential to be able to do it, it is essential to want to learn, that is, to have the disposition, intention and sufficient motivation. In order to motivate students, they must try to reach their field of satisfaction proposed by the teacher. The objective of this innovation proposal is to increase the motivation of biology degree students to acquire knowledge in a more applied and practical way, and to be in contact with future reality. The vehicle that will be used to achieve the objective is the realization of a poster derived from the activities carried out in the seminars and research practices to present it in a congress. To carry out the evaluation of the students' perceptions of the new learning strategy, a questionnaire was designed. The elaborated questionnaire was divided into three dimensions: motivation, learning and evaluation, plus a final question of general evaluation and measured under a Likert scale. The results of this questionnaire indicated a great acceptance of the new learning strategy. In conclusion, this proposal has served as motivation for the students since it has allowed them to feel like scientists, in addition to beginning to understand and discover how complex it is to carry out the entire development of a research process.[ES] La motivación es una necesidad pedagógica en el aula universitaria ya que para aprender es imprescindible poder hacerlo, es imprescindible querer aprender, es decir, tener la disposición, intención y motivación suficiente. Para motivar a los alumnos se debe intentar que alcancen su campo de satisfacción propuesta por el docente. El objetivo de esta propuesta de innovación es implementar una nueva metodología como estrategia de aprendizaje para aumentar motivación de los alumnos del grado de biología a adquirir los conocimientos de una forma más aplicada y práctica, y en contacto con la realidad futura. Para llevar a cabo la evaluación de las percepciones del alumnado ante la nueva estrategia de aprendizaje se diseñó un cuestionario. El cuestionario elaborado se dividió en tres dimensiones: motivación, aprendizaje y evaluación, más una pregunta final de valoración general y medido bajo una escala Likert. Los resultados de este cuestionario indicaron una gran acogida de la nueva estrategia de aprendizaje. En conclusión, esta propuesta ha servido de motivación a los alumnos ya que les ha permitido sentirse como científicos, además de empezar a ver lo complejo que es llevar a cabo todo el desarrollo de un proceso de investigación.Monserrat Mesquida, M.; Bouzas, C.; Tejada Gavela, S.; Capó, X.; Quetglas-Llabrés, MM.; Tur Marí, JA.; Sureda Gomila, A. (2023). Realizar un póster durante los seminarios y prácticas de investigación para presentarlo en un congreso como estrategia de aprendizaje. Editorial Universitat Politècnica de València. 617-625. https://doi.org/10.4995/INRED2023.2023.1655661762

Essays on the behavior and regulation of insiders

This thesis consists of three essays on the behavior of corporate insiders and the optimal regulation of insider trading. The first of these three essays examines the welfare effects of insider trading and its attributes as an executive compensation mechanism; in addition, an optimal regulation of insider trading in the light of the model is proposed. The second essay analyzes another facet of insider trading: whether insiders can be a source of liquidity and act as traders of last resort on their companies' stock; moreover, the effects of transactions by insiders and by the company itself on the distribution of stocks returns are compared empirically. Finally, the topic of the third essays is the dynamics of insiders' holdings, and how these dynamics are a function of the number of large shareholders in the firm; the conclusions are empirically tested for Real Estate Investment Trusts.Aquesta tesi conté tres assajos sobre el comportament dels agents corporatius y la regulació de la compravenda d'accions amb informació privilegiada. El primer examina l'efecte de la negociació amb informació privilegiada y la seva utilitat com a mecanisme de compensació; es proposa una regulació de la negociació amb informació privilegiada. El segon assaig analitza si els agents corporatius són una font de liquiditat y actuen com a comerciants d'últim recurs per a les accions de la seva companyia; també es comparen empíricament els efectes de la negociació per part dels actors corporatius amb els de la negociació per part de les mateixes empreses en la distribució dels rendiments de les accions. L'últim assaig estudia la dinàmica de les carteres d'aquest actors en accions de les seves pròpies empreses, i com aquesta dinàmica es funció del nombre d'actors corporatius a l'empresa; les conclusions es testegen empíricament per a fons d'inversió immobiliària

Firms vs. insiders as traders of last resort

We explore the role of corporate insiders vs. firms as traders of last resort. We develop a simple model of insider trading in which insiders provide price support, as well as liquidity, in security markets. Consistent with the model predictions we find that in the US markets insiders¿ trading activities have a clear impact on return distributions. Furthermore, we provide empirical evidence on insiders transactions and firm transactions affecting returns in a different manner. In particular, while insiders¿ transactions (both purchases and sales) have a strong impact on skewness in the short run and to a lesser extent in short run volatility, company repurchases only have a clear impact on volatility, both in the short and the long run. We provide explanations for this asymmetry

Tail breakage and predatory pressure upon two invasive snakes (Serpentes: Colubridae) at two islands in the Western Mediterranean

Tail breakage is an important anti-predator mechanism in snake populations, which can be used as a proxy for predation intensity as natural observations of predator-prey interactions are scarce. Frequency of tail breakage was calculated for two Iberian colubrids recently introduced in the Balearic Islands (Western Mediterranean, Spain): Hemorrhois hippocrepis (Linnaeus, 1758) in Eivissa and Zamenis scalaris (Schinz, 1812) in Formentera. The effect of sex, life-stage, dorsal coloration pattern, body length and body condition on frequency of tail breakage and on remaining subcaudal scale pairs (SBC) were analyzed and compared between the native range and the invaded islands. An increase of the frequency of tail breakage with body size was found, supporting a size-related effect, which also occurs in the native range. Frequency of tail breakage of H. hippocrepis was lower in Eivissa when compared with the original area, while in Formentera Z. scalaris showed a higher frequency, which could be related to the different predator community on each island compared with the mainland. The study of the main ecological aspects of these recent introduced species may allow to assess their potential impact on insular ecosystems and their native biodiversity as well as to promote future control actions in these areas previously free of snakes.The accepted manuscript in pdf format is listed with the files at the bottom of this page. The presentation of the authors' names and (or) special characters in the title of the manuscript may differ slightly between what is listed on this page and what is listed in the pdf file of the accepted manuscript; that in the pdf file of the accepted manuscript is what was submitted by the author

Adherence to the Mediterranean Diet and Inflammatory Markers.

[eng] The aim was to assess inflammatory markers among adults and adolescents in relation to the adherence to the Mediterranean diet. A random sample (219 males and 379 females) of the Balearic Islands population (12-65 years) was anthropometrically measured and provided a blood sample to determine biomarkers of inflammation. Dietary habits were assessed and the adherence to the Mediterranean dietary pattern calculated. The prevalence of metabolic syndrome increased with age in both sexes. The adherence to the Mediterranean diet in adolescent males was 51.3% and 45.7% in adults, whereas in females 53.1% and 44.3%, respectively. In males, higher adherence to the Mediterranean diet was associated with higher levels of adiponectin and lower levels of leptin, tumor necrosis factor alpha (TNF-α), plasminogen activator inhibitor 1 (PAI-1) and high-sensitivity C-reactive protein (hs-CRP) in adults, but not in young subjects. In females, higher adherence was associated with lower levels of leptin in the young group, PAI-1 in adults and hs-CRP in both groups. With increasing age in both sexes, metabolic syndrome increases, but the adherence to the Mediterranean diet decreases. Low adherence to the Mediterranean dietary pattern (MDP) is directly associated with a worse profile of plasmatic inflammation markers