Entrepreneurial structure of the mercantile company in pre-industrial Catalonia

The mercantile company was the basic form of enterprise in pre-industrial Catalonia. The aim of this paper is to study the formation and development of the mercantile companies in Barcelona whose end was the wholesale and retail sale of textiles in the “botigues de teles” (textile retail shops) throughout the eighteenth century. These firms were officially registered before a notary and their deeds reveal how these establishments were administered and managed. The study covers a sample of 121 mercantile companies, and the articles and documentation that were put into effect by 32 notaries who were active in Barcelona in the 18th century have been consulted in their entirety. From an initial selection of documentation, a total of 228 deeds registering companies have been found, 107 of which (47%) relate to the creation of companies whose various activities were centred in taverns, textile manufacturing, braiding.... While the 121 companies, which make up our sample and which account for 53% of the deeds registered with the notaries mentioned above, focused exclusively on the management of textile retail shops located in the commercial heart of the city. Thus one point of interest that the documentation reveals is that the majority of the mercantile companies registered by Barcelona notaries throughout the 18th century were establishments which traded in textiles. The first part of the article focuses on the structural characteristics of these enterprises, the number and socio-professional status of the partners and the extent of each partner’s involvement in the administration and management. The second part of the article examines the capital investment made by each partner, their rights and obligations agreed on, the sharing out of profits and possible losses and the duration of the companies. The final aim of the paper is to highlight the evolution of these companies through one specific case.Mercantile company, trade, textile retail shops, Catalonia

Astrometric Light-Travel Time signature of sources in nonlinear motion

Context:Very precise planned space astrometric missions and recent improvements on imaging capabilities require a detailed review of the assumptions of classical astrometric modeling. Aims:We show that Light-Travel Time must be taken into account to model the kinematics of astronomical objects in nonlinear motion, even at stellar distances. Methods:A closed expression to include Light-Travel Time in the actual astrometric models with nonlinear motion is provided. Using a perturbative approach the expression of the Light-Travel Time signature is derived. We propose a practical form of the astrometric modelling to be applied in astrometric data reduction of sources at stellar distances($d>1 pc$). Results :We show that the Light-Travel Time signature is relevant at \muas accuracy (or even at $mas$) depending on the time span of the astrometric measurements. We explain how information about the radial motion of a source can be obtained. Some estimative numbers are provided for known nearby binary systems Conclusions :In the light of the obtained results, it is clear that this effect must be taken into account to interpret any kind of precise astrometric measurements. The effect is particularly interesting in measurements performed by the planned astrometric space missions (GAIA, SIM, JASMINE, TPF/DARWIN). Finally an objective criterion is provided to quickly evaluate whether the Light-Travel Time modeling is required for a given source or system.Comment: 10 pages, 2 figure

On the kinematic evolution of young local associations and the Sco-Cen complex

Context: Over the last decade, several groups of young (mainly low-mass) stars have been discovered in the solar neighbourhood (closer than ~100 pc), thanks to cross-correlation between X-ray, optical spectroscopy and kinematic data. These young local associations -- including an important fraction whose members are Hipparcos stars -- offer insights into the star formation process in low-density environments, shed light on the substellar domain, and could have played an important role in the recent history of the local interstellar medium. Aims: To study the kinematic evolution of young local associations and their relation to other young stellar groups and structures in the local interstellar medium, thus casting new light on recent star formation processes in the solar neighbourhood. Methods: We compiled the data published in the literature for young local associations. Using a realistic Galactic potential we integrated the orbits for these associations and the Sco-Cen complex back in time. Results: Combining these data with the spatial structure of the Local Bubble and the spiral structure of the Galaxy, we propose a recent history of star formation in the solar neighbourhood. We suggest that both the Sco-Cen complex and young local associations originated as a result of the impact of the inner spiral arm shock wave against a giant molecular cloud. The core of the giant molecular cloud formed the Sco-Cen complex, and some small cloudlets in a halo around the giant molecular cloud formed young local associations several million years later. We also propose a supernova in young local associations a few million years ago as the most likely candidate to have reheated the Local Bubble to its present temperature.Comment: 27 pages, 13 figures, 14 tables. Accepted for publication in Astronomy & Astrophysic

CD Tau: a detached eclipsing binary with a solar-mass companion

We present a detailed analysis of the detached eclipsing binary CD Tau. A large variety of observational data, in form of IR photometry, CORAVEL radial velocity observations and high-resolution spectra, are combined with the published light curves to derive accurate absolute dimensions and effective temperature of the components, as well as the metal abundance of the system. We obtain: MA=1.442(16) Mo, RA=1.798(17) Ro, TeffA=6200(50) K, MB=1.368(16) Msun, RB=1.584(20) Run and TeffB=6200(50) K. The metal content of the system is determined to be [Fe/H]=+0.08(15) dex. In addition, the eclipsing binary has a K-type close visual companion at about 10-arcsec separation, which is shown to be physically linked, thus sharing a common origin. The effective temperature of the visual companion (Teff=5250(200) K) is determined from synthetic spectrum fitting, and its luminosity (log L/Lo=-0.27(6)), and therefore its radius (R=0.89(9) Ro), are obtained from comparison with the apparent magnitude of the eclipsing pair. The observed fundamental properties of the eclipsing components are compared with the predictions of evolutionary models, and we obtain good agreement for an age of 2.6 Gyr and a chemical composition of Z=0.026 and Y=0.26. Furthermore, we test the evolutionary models for solar-mass stars and we conclude that the physical properties of the visual companion are very accurately described by the same isochrone that fits the more massive components.Comment: 9 pages, 6 figures, accepted for publication in MNRA

Why did modern trade fairs appear?

According to our interpretation, modern trade fairs started in Europe during the First World War and in its immediate aftermath. With the closing of trade movements during the war, many cities had to resort to the old medieval tradition of providing especial permits to traders to guarantee them personal protection during their trade meetings. During the tough post war crisis many more cities –typically industrial districts- discovered in the creation of trade fairs a powerful competitive tool to attract market transactions. We compare these developments with the remote origins of fairs, as, in both cases, trade fair development is a reaction to the closing of free markets under the pressure of political violence.Trade fairs, modern trade fairs, markets, industrial districts, international trade, First World War

Assessment of the effect of the financial crisis on agents’ expectations through symbolic regression

Agents’ perceptions on the state of the economy can be affected during economic crises. Tendency surveys are the main source of agents’ expectations. The main objective of this study is to assess the impact of the 2008 financial crisis on agents’ expectations. With this aim, we evaluate the capacity of survey-based expectations to anticipate economic growth in the United States, Japan, Germany and the United Kingdom. We propose a symbolic regression (SR) via genetic programming approach to derive mathematical functional forms that link survey-based expectations to GDP growth. By combining the main SR-generated indicators, we generate estimates of the evolution of GDP. Finally, we analyse the effect of the crisis on the formation of expectations, and we find an improvement in the capacity of agents’ expectations to anticipate economic growth after the crisis in all countries except Germany.Peer ReviewedPostprint (author's final draft