A General Equilibrium Financial Asset Economy with Transaction Costs and Trading Constraints

This paper presents a unified framework for examining the general equilibrium effects of transactions costs and trading constraints on security market trades and prices. The model uses a discrete time/state framework and Kuhn-Tucker theory to characterize the optimal decisions of consumers and financial intermediaries. Transaction costs and constraints give rise to regions of no trade and to bid-ask spreads: their existence frustrate the derivation of standard results in arbitrage-based pricing. Nevertheless, we are able to obtain as dual characterizations of our primal problems, one-sided arbitrage pricing results and a personalized martingale representation of asset pricing. These pricing results are identical to those derived by Jouini and Kallal (1995) using arbitrage arguments. The paper's framework incorporates a number of specialized existing models and results, proves new results and discusses new directions for research. In particular, we include characterizations of intermediaries who hold optimal portfolios; brokers who do not hold portfolios, and consumer-specific transactions costs and trading constraints. Furthermore we show that in the special case of equiproportional transaction costs and a sufficient number of assets, there is an analogue of the arbitrage pricing result for European derivatives where prices are interpreted as mid-prices between the bid-ask spread. We discuss the effects of non-convex transaction technologies on prices and trades.Financial Markets, Transaction Costs, Trading Constraints, Asset Pricing, General Equilibrium, Incomplete Markets

The role of human body movements in mate selection

It is common scientific knowledge, that most of what we say within a conversation is not only expressed by the words meaning alone, but also through our gestures, postures, and body movements. This non-verbal mode is possibly rooted firmly in our human evolutionary heritage, and as such, some scientists argue that it serves as a fundamental assessment and expression tool for our inner qualities. Studies of nonverbal communication have established that a universal, culture-free, non-verbal sign system exists, that is available to all individuals for negotiating social encounters. Thus, it is not only the kind of gestures and expressions humans use in social communication, but also the way these movements are performed, as this seems to convey key information about an individuals quality. Dance, for example, is a special form of movement, which can be observed in human courtship displays. Recent research suggests that people are sensitive to the variation in dance movements, and that dance performance provides information about an individuals mate quality in terms of health and strength. This article reviews the role of body movement in human non-verbal communication, and highlights its significance in human mate preferences in order to promote future work in this research area within the evolutionary psychology framework

Facial visualizations of women’s voices suggest a cross-modality preference for femininity

Women with higher-pitched voices and more feminine facial features are commonly judged as being more attractive than are women with lower-pitched voices and less feminine faces, possibly because both features are affected by (age-related) variations in endocrine status. These results are primarily derived from investigations of perceptions of variations in single-modality stimuli (i.e., faces or voices) in samples of young adult women. In the present study we sought to test whether male and female perceptions of women’s voices affect visual representations of facial femininity. Eighty men and women judged voice recordings of 10 young girls (11-15 years), 10 adult women (19-28 years) and 10 peri-/post-menopausal women (50-64 years) on age, attractiveness, and femininity. Another 80 men and women were asked to indicate the face they think each voice corresponded to using a video that gradually changed from a masculine looking male face into a feminine looking female face. Both male and female participants perceived voices of young girls and adult women to be significantly younger, more attractive and feminine than those of peri-/post-menopausal women. Hearing young girls’ and adult women’s voices resulted in both men and women selecting faces that differed markedly in apparent femininity from those associated with peri-/post-menopausal women’s voices. Voices of young girls had the strongest effect on visualizations of facial femininity. Our results suggest a cross-modal preference for women’s vocal and facial femininity, which depends on female age and is independent of the perceiver’s sex

Direct Versus Indirect Measurement of Digit Ratio (2D:4D): A Critical Review of the Literature and New Data

Digit ratio (2D:4D: the relative lengths of the second and fourth digits) is widely used as a correlate of prenatal sex steroids. There are two common methods of measuring 2D:4D, the direct method and the indirect method. The modern interest in 2D:4D began 16 years ago when finger lengths were measured directly, but many studies now report 2D:4D calculated from indirectly measured fingers from photocopies or scans. However, there are concerns about the accuracy of the latter in comparison to the former. The purpose of this article was twofold: to review these concerns and to add new data to the debate. Our review shows that in 2005, directional effects in indirect 2D:4D were reported such that direct 2D:4D > indirect 2D:4D. This finding was challenged by a 2006 report that direct 2D:4D was lower (not higher) than indirect 2D:4D for male right-hand 2D:4D. Two further studies from the same group have claimed that indirect 2D:4D may be lower, higher, or comparable to direct 2D:4D. More recent comparisons of direct 2D:4D versus indirect 2D:4D and a meta-analysis of Chinese studies have replicated the finding of direct 2D:4D > indirect 2D:4D. We considered an additional sample and found significant direct 2D:4D > indirect 2D:4D for three of four ratios. The overall literature is discussed within the context of standards of research (sample size) and publishing (clarity of report). It is concluded that direct 2D:4D does tend to be greater than indirect 2D:4D. Implications for comparative studies and other aspects of research in 2D:4D are discussed

Cywilizacja globalna i wartości kulturowe: wizja powszechnej szczęśliwości czy apokryf?

The article analyses in detail the immediate and more remote economic, political and social consequences of globalisation and the emergence of the global civilisation as well as the influence of these processes on changes of the role, importance and nature of the activities of universities. The author points out a number of perils which as a rule are overlooked in discussions of globalisation, such as widening economic differences and a further polarisation into poor and rich countries and threats to the development of democracy and civic rights on the scale of the global civilisation. Difficulties appearing on the scale of individual countries may be impossible to overcome within the framework of supranational, global institutions. The gradual process of globalisation, which is accompanied by spread of the doctrine of economic neoliberalism, has become the reason for changes and reforms of higher education systems of many countries, reforms which were not always successful. As an outcome of the emergence of the global civilisation and new requirements in respect to qualifications, the concept of the functioning of the university and its social role may also change.W artykule przeanalizowano szczegółowo bezpośrednie i dalsze konsekwencje ekonomiczne, polityczne i społeczne powstawania cywilizacji globalnej oraz wpływ tych procesów na zmiany roli, znaczenia i charakteru działania uniwersytetów. Autor zwraca uwagę na wiele zagrożeń, które są zazwyczaj pomijane w dyskusji o globalizacji, takich jak pogłębianie się różnic ekonomicznych i dalsza polaryzacja na kraje biedne i bogate czy zagrożenia dla rozwoju procesów demokratycznych i praw obywatelskich w skali cywilizacji globalnej. Trudności występujące w skali poszczególnych państw mogą być nie do pokonania w ramach instytucji ponadpaństwowych, globalnych. Stopniowo postępujący proces globalizacji, któremu towarzyszy rozwój doktryny neoliberalizmu ekonomicznego, stał się powodem - nie zawsze udanych - reform i przeobrażeń systemów szkolnictwa wyższego wielu krajów. W wyniku tworzenia się cywilizacji globalnej i nowych wymagań w zakresie kwalifikacji zmianie ulega także koncepcja funkcjonowania uniwersytetu i jego roli społecznej

Friendly societies in the rural East Riding, 1830-1912

Local and affiliated order friendly societies which together formed the largest working-class movement in   Victorian Britain have been  largely ignored by social and labour historians. Oddfellows, Foresters, Druids,  Shepherds and Gardeners with their ritual, regalia, and secrecy imitative of Freemasonry, emerged as benefit  societies in industrial Yorkshire and Lancashire in the second and third decades of the nineteenth century. The  orders exploded into the East Riding in the wake of the passing of the New Poor Law in 1834 and its  implementation three years later but many branches suffered severe set-backs or extinction during the  economic crisis which hit agriculture in 1848-52. A substantial number of those that survived, many of them well into the twentieth century, chose independence rather than the authoritarian rule of a national headquarters.Affiliated branches far from being the preserve of the urban artisan, as has been often suggested, had an  extensive agricultural worker membership. The founders and leaders of branches, which were most commonly  located in larger open settlements with a substantial nonconformist and artisan population, were drawn from all  sections of the membership but village craftsmen predominated. The club anniversary which became the  principal feast day for many villages was initially, along with public house meetings and funeral ritual, much  criticised by Anglican clergy. They found, however, that their annual sermon and attendance at the dinner gave  them their principal point of contact with the rural working-class, a fact also realised after 1885 by politicians. The sickness and funeral benefits provided by the orders were considerable in relation to agricultural workers'  incomes in the mid-19th century but higher wages and the passing of the National Insurance Act in 1912  considerably decreased their significance to the rural community

Perspektywa interesariuszy w ujęciu historycznym

The subject of this article is an examination of the phenomenon of a “stakeholders society” that appears in higher education systems, as well as a description of different concepts of this phenomenon and the reasons for these differences. In the author’s opinion, the definition “stakeholder” with reference to higher education contains two approaches. The first (and dominant) approach stems from business literature and involves a spread of company liabilities beyond the traditional liabilities of shareholders, while the second approach concentrates on other aspects and involves a redefinition of a company as a “system of knowledge”. An analysis of higher education from the point of view of stakeholders in this article permits a conglomeration of features which until now have been isolated and considered separately (e.g. relations between the authorities and higher education and changes to management methods and to internal management systems).Przedmiotem artykułu jest analiza zjawiska pojawienia się w systemach szkolnictwa wyższego „społeczeństwa interesariuszy” (ang. stakeholders society),  a także opis różnych ujęć problemu oraz przyczyn powstawania tych różnic. Zdaniem autora w definicji pojęcia „interesariusz” w odniesieniu do szkolnictwa wyższego mają zastosowanie dwa podejścia. Pierwsze (dominujące) wywodzi się z literatury poświęconej biznesowi i łączy z rozszerzeniem zobowiązań firmy poza klasyczne zobowiązania udziałowców, drugie koncentruje się na innych aspektach i ma związek z reinterpretacją firmy jako „systemu wiedzy” . Analiza szkolnictwa wyższego z perspektywy interesariuszy w ujęciu przedstawionym w artykule pozwala na zestawienie elementów, które do tej pory były oddzielane i rozpatrywane niezależnie (np. relacji między władzami a sektorem szkolnictwa wyższego oraz zmian w sposobie zarządzania i w wewnętrznych systemach zarządzania)

Les études supérieures à l’université aujourd’hui

Cet article analyse, dans une perspective historique, le passage d’un modèle de formation universitaire « artisanale » à un modèle plus « professionnel ». On favorise également le travail collectif et le développement des techniques de présentation et de communication. Le temps requis pour compléter les exigences du grade est aussi sévèrement contrôlé. Ces caractéristiques de la formation universitaire, qui ressemblent à celles des graduate schools américains, se retrouvent, à des degrés variables, dans les « écoles doctorales » françaises, dans les « collèges de diplômés » allemands et dans les « écoles de recherche » néerlandaises. Toutefois, ces arrangements organisationnels ont des caractéristiques qui leur sont propres et qui les distinguent aussi des graduate schools américains.Using an historical perspective, this article analyses the change from a « skill » model of post-graduate training to a more « professional » model. This also promotes collective work and the development of presentation and communication techniques. The time period for completing the degree requirements is strictly controlled. These characteristics of post-graduate training, being similar to those of American graduate schools, are found in various degrees in French « doctorate schools », in German « graduate colleges », and in « research schools » in the Netherlands. However, all these organizational arrangements have their own specific characteristics that distinguish them from the American graduate schools.Este artículo analiza, dentro de una perspectiva histórica, el paso de un modelo de formación de postgrado « artesanal » a un modelo más « profesional ». Se favorisa igualmente el trabajo colectivo y el desarrollo de técnicas de presentación y de comunicación. El tiempo necesario para completar les exigencias de la graduación es también severamente controlado. Estas características de la formación de postgrado, que se parecen a aquellas de las « graduate schools » americanas, se encuentran , con algunas variantes, en las « escuelas doctorales » francesas, en los « colegios de graduados » alemanes y en las « escuelas de investigación » holandesas. Sin embargo, estas estructuras organizativas tienen características que les son propias y que las distinguen al mismo tiempo de las « graduate schools » americanas.In diesem Beitrag wird aus einem historischen Blick-winkel der Übergang von einem als „handwerklich“ charakterisier-ten postsekundären Bildungsmodell zu einem stärker „professionellen“ Modell analysiert. Dabei werden auch der kollektive Charakter der Arbeit sowie die neuen Präsentations- und Kommunikationstech-niken mit einbezogen. Auch die für den Erwerb des akademischen Grades erforderliche Zeit, die streng kontrolliert wird, ist ein wichtiges Kriterium. Diese Art von Universitätsausbildung, die den amerikanischen „graduate schools“ ähnelt, findet sich, mit gewis-sen Unterschieden, in den französischen „Ecoles doctorales“, in den deutschen Studien-kollegien sowie in den niederländischen „Forschungs-schulen“ wieder. Bei den Studiengängen gibt es allerdings nationale Varianten, die sie von den amerikanischen „graduate schools“ unterscheiden