Why do investors sell losers? How adaptation to losses affects future capitulation decisions

According to disposition effect theory, people hold losing investments too long. However, many investors eventually sell at a loss, and little is known about which psychological factors contribute to these capitulation decisions. This study integrates prospect theory, utility maximization theory, and theory on reference point adaptation to argue that the combination of a negative expectation about an investment’s future performance and a low level of adaptation to previous losses leads to a greater capitulation probability. The test of this hypothesis in a dynamic experimental setting reveals that a larger total loss and longer time spent in a losing position lead to downward adaptations of the reference point. Negative expectations about future investment performance lead to a greater capitulation probability. Consistent with the theoretical framework, empirical evidence supports the relevance of the interaction between adaptation and expectation as a determinant of capitulation decisions. Keywords: Investments , Adaptation , Reference Point , Capitulation , Selling Decisions , Disposition Effect , Financial Markets JEL Classification: D91, D03, D8

Vibrations of free and embedded anisotropic elastic spheres: Application to low-frequency Raman scattering of silicon nanoparticles in silica

Vibrational mode frequencies and damping are calculated for an elastic sphere embedded in an infinite, homogeneous, isotropic elastic medium. Anisotropic elasticity of the sphere significantly shifts the frequencies in comparison to simplified calculations that assume isotropy. New low frequency Raman light scattering data are presented for silicon spheres grown in a SiO2 glass matrix. Principal features of the Raman spectrum are not correctly described by a simple model of the nanoparticle as a free, isotropic sphere, but require both matrix effects and the anisotropy of the silicon to be taken into account. Libration, not vibration, is the dominant mechanism

Study of Transcriptional Regulatory Network Controlling Strawberry Fruit Ripening and Quality

Ponencia invitadaRipening is a critical step for the development of flavor quality in fruits. This character has significantly declined in many fleshy fruits over recent decades. This is particularly significant in strawberry (Fragaria × ananassa), where current cultivars are derived from a narrow germplasm collection. Improving fruit quality requires two important breakthroughs: 1) a precise understanding of the fruit ripening process that will allow the targeting of relevant genes, and 2) the identification of novel alleles responsible for fruit quality traits. In our project, we aim at the identification and characterization of key transcription factors involved in fruit ripening regulation and their target genes, in order to infer the Gene Regulatory Network controlling this process. Also, we are using a collection of around two hundred wild strawberry (Fragaria vesca) accessions to identify loci involved in important traits such as aroma, size or resistance to pathogens. Finally, we are implementing the use of the genome-editing tool CRISPR/Cas9 in the cultivated strawberry, which we expect it might open opportunities for engineering this species to improve traits of economic importance.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Earning the Keys to the Kingdom: Students’ Language Awareness, Identity and Representations of English-Speaking Others

The present linguistic reality involves finding ways of communication in the globalized environment, where people move all around the world in order to find work, learn, or share experiences. One issue arising from English language teaching is that it has mainly overlooked teaching culture across the curriculum, thus allowing the increase of negative attitudes and stereotypes. This paper is set out to determine to what extent English language teaching (ELT) materials demonstrate the traits of the English-speaking Other, it what ways children are accessing the target ‘Kingdom’, and which are the best teaching strategies to provide them with the keys to the target world. Anchoring our perspective in CLIL and the 4 Cs, this study looks at ways of developing cutting-edge syllabi to develop intercultural awareness and preventing stereotypes. Findings from the application of the syllabi and resulting from an analysis of the cultural content of two internationally distributed ELT textbooks are reported. The present research put in evidence that cultural aspects are practically absent from the analyzed textbooks, thus lacking a key dimension in English Language Teaching and Education. Therefore, some recommendations for future textbook writers and EFL classroom practice are suggested

Impaired calcium sequestration activity in liver microsomes from fasted rats

AbstractCalcium uptake activity was assayed in liver microsomal vesicles from fed and fasted rats. This activity required ATP and was stimulated by the calcium trapping agent oxalate. The most striking feature was the low rate of calcium accumulation in liver microsomes from fasted rats. Maximal rate was inhibited up to 66 and 82% after 1 and 3 days starvation, respectively. This defective microsomal calcium handling suggests its possible involvement in the massive glycogen breakdown during starvation

On the Real-Time Hardware Implementation Feasibility of Joint Radio Resource Management Policies for Heterogeneous Wireless Networks

The study and design of Joint Radio Resource Management (JRRM) techniques is a key and challenging aspect in future heterogeneous wireless systems where different Radio Access Technologies will physically coexist. In these systems, the total available radio resources need to be used in a coordinated way to guarantee adequate satisfaction levels to all users, and maximize the system revenues. In addition to carry out an efficient use of the available radio resources, JRRM algorithms need to exhibit good computational performance to guarantee their future implementation viability. In this context, this paper proposes novel JRRM techniques based on linear programming techniques, and investigates their computational cost when implemented in DSP platforms commonly used in mobile base stations. The obtained results demonstrate the feasibility to implement the proposed JRRM algorithms in future heterogeneous wireless systems

Mode Selection for Multi-Hop Cellular Networks with Mobile Relays

Multi-hop Cellular Networks using Mobile Relays (MCN-MRs) are being investigated to help address certain limitations of traditional single-hop cellular communications. A key element of MCN-MR technologies is the mode selection scheme that selects the most adequate connection mode (traditional single hop cellular or multi-hop link) for each transmission. This paper proposes a novel mode selection scheme that uses context information to select the connection mode, and can adapt its decisions to the operating conditions. This study shows that the proposed scheme outperforms distance-based mode selection schemes, and helps improving the MCN-MR performance with respect to single-hop cellular communications

El impacto del offshoring en las exportaciones de las empresas

Offshoring is a strategy that has been widely used as a mean to reduce costs, increase firms’ productivity and flexibility. Consequently, it is aimed to improve the competitive situation of the firm in its markets. But beyond this effect, we depart from international business literature, the resource-based view and transaction cost economics to argue that offshore helps firms to export, not only because it increases its productivity and flexibility but because it provides some knowledge and expertise to develop themselves in international markets. Departing from this framework, we present an empirical study over Spanish manufacturers that confirms that firms that offshore export more, and that this extra effect is larger in small firms than in large ones.El offshoring es una estrategia que se utiliza ampliamente para reducir costes, aumentar la productividad y flexibilidad de las empresas. En consecuencia, busca mejorar la posición competitiva de la empresa en sus mercados. Partiendo de la literatura de la economía internacional, la visión de la empresa basada en los recursos y la teoría de los costes de transacción, se plantea que el offshoring ayuda a las empresas a exportar, no sólo por el aumento en su productividad y flexibilidad sino por proporcionar conocimiento y experiencia sobre los mercados extranjeros. Desde este marco se presenta un estudio empírico sobre empresas manufactureras españolas que confirma que las empresas que hacen offshoring exportan más y que este efecto es mayor en las empresas pequeñas que en las grandes

Cómo la deslocalización ha influido en el impacto del COVID-19 en las empresas españolas de calzado

The COVID-19 pandemic has caused major disruption to the operations of firms in terms of both their supply chains and their demand. This paper studies how the configuration of the supply chains, resulting from previous offshoring and reshoring decisions, has affected the responsiveness and resilience of firms in this situation. The analysis is applied to the Spanish footwear sector and allows us to develop possible future scenarios in which the reconfiguration of value chains and the use of advanced technologies play an essential role. To do this, we use the “scenario planning methodology” combined with analytical models for the offshoring question. We conclude that the reshoring process motivated by the 2008 crisis has been fundamental for strengthening the resilience of firms to the COVID-19 crisis, as has the incorporation of new technologies.La pandemia de COVID-19 ha causado importantes alteraciones en las operaciones de las empresas, tanto en sus cadenas de suministro como en su demanda. En este trabajo se estudia cómo la configuración de las cadenas de suministro, resultado de anteriores decisiones de deslocalización y relocalización, ha afectado a la capacidad de respuesta y resiliencia de las empresas en esta situación. El análisis se aplica al sector español del calzado y nos permite desarrollar posibles escenarios futuros en los que la reconfiguración de las cadenas de valor y el uso de tecnologías avanzadas juegan un papel esencial. Para ello, utilizamos la "metodología de planificación de escenarios" combinada con modelos analíticos para la deslocalización. Concluimos que el proceso de relocalización motivado por la crisis de 2008 ha sido fundamental para reforzar la resiliencia de las empresas ante la crisis COVID-19, al igual que la incorporación de nuevas tecnologías