Endogenous bourse structures

Using a club theory approach, this paper provides an equilibrium model in which traders must belong to at least one bourse in order to trade assets. We show, by means of examples, that: 1) traders’ complementarities in preferences and endowments can determine the formation of both large bourses and bourses that are small dark pools of liquidity; 2) bourse formation costs explain the existence of bourses with incomplete markets. For this bourse economy equilibrium is shown to exist generically. We also analyze the welfare implications of considering instead a monopolist bourse that can or cannot exclude and distinguish among traders.Bourse structures, Traders' complementarities, Technology, Dark liquidity pools, Demutualization, Efficiency, Inter-bourse arbitrage, Monopolistic bourse, Market incompleteness

La FESIT, las directrices del sector turístico desde la iniciativa privada (1932-1959)

El conocimiento de la realidad turística de España en el primer franquismo desde el punto de vista de la Fesit y su influencia en la politica turistica del momento

La FESIT: la iniciativa privada en el sector turístico (1932-1959)

Descripción de la Fesit desde su creación hasta 1959, y su influencia en la política turística en le primer franquism

Factores nutricionales asociados a la preeclampsia

Publicación a texto completo no autorizada por el autorDetermina los factores nutricionales asociados a la preeclampsia en las gestantes que acuden al Instituto Nacional Materno Perinatal durante el periodo enero - marzo 2016. Se selecciona a 47 pacientes con diagnóstico de preeclampsia y 48 pacientes sin dicho diagnóstico. La selección de los controles se realiza considerando el apareamiento por edad de las gestantes. Los resultados revelan que la edad promedio de las gestantes con preeclampsia es de 29.7 ±7 años y de las gestantes sin preeclampsia es 29.3±6.5 años, muchas (46.8%) procedentes de Lima Este y amas de casa (72.3%). En el análisis de los factores nutricionales dietarios se observa que el consumo de omega 3<3.7 g/d (p=0.007; OR= 3.273; IC=1.4-7.9), calcio<800 mg/d (p<0.001; OR=6.3; IC=2.4-16.2), Zinc< 9.5 mg/d (p<0,001; OR=4.8; IC=1.9-11.7), magnesio< 290 mg/d (p=0.033; OR= 4.05; IC= 1.0-15.8) y potasio<4700 mg/d (p=0,003; OR=4.1; IC=1.6-10.7) son factores de riesgo asociados al diagnóstico de preeclampsia. Sin embargo, no se encuentra asociación significativa entre el consumo de carbohidratos mayor a 312 g/d (p=0.864) ni a mayor a 451 g/d (p=0.210) con la preeclampsia.Tesi

Quasiperiodic graphs at the onset of chaos

We examine the connectivity fluctuations across networks obtained when the horizontal visibility (HV) algorithm is used on trajectories generated by nonlinear circle maps at the quasiperiodic transition to chaos. The resultant HV graph is highly anomalous as the degrees fluctuate at all scales with amplitude that increases with the size of the network. We determine families of Pesin-like identities between entropy growth rates and generalized graph-theoretical Lyapunov exponents. An irrational winding number with pure periodic continued fraction characterizes each family. We illustrate our results for the so-called golden, silver and bronze numbers.Comment: arXiv admin note: text overlap with arXiv:1205.190

Endogenous bourse structures

We propose a novel approach to the market microstructure theory, where a bourse is a club that facilitates asset trading among its members. Under the new perspective of club theory, we provide an equilibrium setting where traders must belong to at least one bourse to trade assets. For this bourse economy, we show that equilibrium exists generically, and give positive predictions regarding the formation of a large unique bourse, and/or a bourse with complete markets. We also give examples that illustrate how traders’ attributes and bourse formation costs explain bourse size and composition, market incompleteness, and multiple memberships.Jaime Luque gratefully acknowledges the Spanish Ministry of Education and Science for fiinancial support under grant SEJ2008-03516. This work was partially supported by the “Fundação para a Ciência e a Tecnologia” (Portuguese Foundation for Science and Technology) through PEst-OE/MAT/UI0297/2011 (CMA).

Cross-listed Securities and Multiple Exchange Memberships: Demand Differentiability and Equilibrium Existence

The previous literature on general equilibrium has assumed that all traders belong to a single market. However, traders often participate in more than one exchange to diversify their portfolios. Moreover, there is evidence that the security listings of exchanges overlap. Our model captures these facts: there are multiple exchanges, the same security is listed in different exchanges, and traders can belong to more than one exchange. We show that, in the presence of convex transaction costs, there exists an equilibrium, and that individual demand is a continuously differentiable function in prices.publishersversionpublishe

Les élections de mars 2008 en Espagne et en Catalogne

Cet article analyse les résultats des élections législatives du 9 mars 2008, en Espagne, ainsi qu'une focale particulière sur la Catalogne. Nous examinons d'abord le contexte politique du scrutin, en prenant en compte les principaux déterminants de la législature 2004-2008 et les éléments d'innovation qui sont apparus en 2008. Nous analysons ensuite la géographie électorale, en plaçant la focale sur les phénomènes de mobilisation / démobilisation que l'on peut relever à l'échelle provinciale, ainsi que leur impact sur la physionomie de l'implantation du PP et du PSOE. Enfin, nous soulignons le rôle majeur de la Catalogne dans le résultat finalThe article analyses the electoral results of Spanish legislative elections held on 9 March 2008, stressing on the results in Catalonia. First, we examine the political context of the election, taking into account the main determinants of the 2004-2008 legislature and the innovation elements produced during the last electoral campaign. Secondly, we look at the electoral geography, focusing on the mobilization/demobilization patterns pointed out by the results at provincial level and their possible impact on the PP and PSOE figures. Finally, the article underlines the deciding role of Catalonia on the general final outcom

How new technologies can promote an active and healthy city. Digital platform to identify areas of informal sport practise in the city of Malaga

La investigación realizada se ha llevado a cabo en el marco de la Cátedra Tecnologías Emergentes para la Ciudadanía, Red de Cátedras Estratégicas del Vicerrectorado de Proyectos Estratégicos, Universidad de Málaga, y el Polo Digital, Ayuntamiento de Málaga.In recent years the urban public space has become the largest casual sports infrastructure in cities and suburbs. WHO establishes a direct relationship between the Active Healthy City, social cohesion of communities and public space. This approach provides a framework for research and work on the design of the city and urban space as support for this sport practice. Moreover, new technologies provide an opportunity to promote the sport in the city. “Malaga Activa” digital platform project is an initiative that wants to promote the informal sport practice on the urban public space (outside the regulated sports facilities) and healthy living in the neighborhoods of the city of Malaga. This paper presents the results of the first phase of the project identifying the active sport areas -those in which physical and casual sport activities take place-. It also includes a methodology and a performance test of the created digital platform, as well as an assessment of the experience and possible improvements to be incorporated in the successive phases of the project.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

The Oil Crisis, Transition to Democracy and the Slump in Spanish Tourism Growth, 1973-1985

El objetivo del presente trabajo es analizar los notables efectos que la crisis del petróleo de los años setenta y el final del crecimiento dorado de las economías occidentales, una coyuntura que en España tuvo el añadido de la transición política a la democracia, provocaron sobre las demandas turísticas nacional e internacional, por vez primera desde 1946 con tasas anuales de variación negativas; sobre el sector hotelero, seriamente afectado por problemas de capitalización; y sobre la política turística aplicada por los poderes públicos, bastante continuista y muy condicionada por los cambios institucionales impuestos por la Constitución aprobada en 1978.The aim of this paper is to analyze the significant effects of the seventies oil crisis and the end of the Golden Age in Western economies at a time when Spain had the political transition process to democracy. These brought about: negative annual rates of change in national and international tourist supply and demand for the first time since 1946, serious capitalization problems in the hotel sector and a tourism policy applied by public authorities, which was influenced by and largely continued the institutional changes brought by the Constitution passed in 1978