Evaluación del efecto de la psicología del inversionista en un mercado bursátil artificial mediante su grado de eficiencia

The main objective in this paper is developing a cellular automaton model where interact more than one kind of broker, where the use and exchange of information between the investors explain the complexity through the Hurst coefficient estimation, this, represents an efficient or random market when the value is equal to 0.5. Due to the variants proposed in this research it can be determined that should exist a rational component in the simulator in order to generate an efficient behavior.     

Evidence of Manager Intervention to Avoid Working Capital Deficits

We study managers’ interventions in financial reporting by examining working capital deficits, measured as current ratios less than 1.0. Current ratios represent important balance sheet liquidity indicators to lenders and creditors, and have an identifiable and naturally occurring reference point at 1.0, analogous to the profit/loss income statement reference point. We find that distributions of reported current ratios of both U.S. and non‐U.S. firms exhibit a discontinuity at 1.0. For U.S. firms, we find that the discontinuity increases with exogenous increases in the cost of credit in the economy, and that determinants of the likelihood to achieve a given current ratio are diagnostic precisely at the 1.0 discontinuity location but not at other nearby locations in the current ratio distribution. U.S. firms that avoid working capital deficits report lower proportions of inventory and higher proportions of accounts receivable in current assets and, when credit is tight, higher proportions of cash, consistent with managers increasing sales volume so as to capitalize profit margins and thereby increase current assets. For non‐U.S. firms, the discontinuity is more pronounced for observations from common law countries, a proxy for jurisdictions where financial reports are more intended to provide decision‐useful information. The evidence suggests that managers intervene to achieve a balance sheet reporting objective that stems from stakeholder use of reference points.     

“Grandma never knit like this”: reclaiming older women’s knitting practices from discourses of new craft in Britain

ABSTRACT

New discourses of craft construct knitting as young, hip, socially networked and politically conscious and the experiences of knitters who do not fit into this formulation are marginalised. 7.3 million people in Britain knit; the vast majority are women in their mid-thirties and older. Yet popular media accounts of ‘new knitting’ mobilise the derogatory figure of the ‘grandma’ to repudiate knitters who are seen not to properly instantiate contemporary femininity. Although this derision accrues particularly to older women, knitters of all ages can be similarly dismissed. Knitting is thus a site of struggle around new formations of gender in post-feminist culture in which some women fall short. This study uses original qualitative data from focus groups with 15 adult knitters in North-west England and North Wales to give voice to women who do not identify with ‘new knitting’ practices and primarily pursue their hobby in more conventional contexts. The article finds that traditional domestic craft practices continue to play a significant role, particularly in older women’s leisure, and that ‘new knitting’ is alienating for some practitioners. While the article concludes that twenty-first century discourses of craft have devalued established knitting practices, it also indicates that these are useful sources of critique of hipster capitalist post-feminist culture.     

Going solo: lifelong nonparticipation amongst the NCDS cohort

Some Western societies, it has been claimed, are experiencing an unparalleled downward trend in participation with manifold grave consequences predicted. In the UK, for instance, politicians and commentators, arguably influenced by Robert Putnam’s warnings of a collapse in community, have spoken of Britain’s broken society and disintegrating social ties with opting out, or nonparticipation, presented as a pressing social problem. Set against this background, and engaging directly with Putnam’s thesis, we explore the scale, characteristics and causes of an ‘extreme’ variant of nonparticipation – lifelong nonparticipation – amongst members of a national birth cohort, the UK’s National Child Development Study (NCDS) (1958). Joining structured survey data collected over the lifecourse, with biographical interview data collected from cohort members at age 50, we identify lifelong nonparticipation as a minority disposition associated with distinctive demographic traits being, for example, highly gendered and related to lower educational attainment. In terms of causes, time pressures arising from work and caring duties or, more precisely, the feeling of being ‘pressed for time’, appeared critical. The implications for policy and practice are considered.     

Using contractual incentives in district nursing in the English NHS: results from a qualitative study

Since 2008, health policy in England has been focusing increasingly on improving quality in healthcare services. To ensure quality improvements in community nursing, providers are required to meet several quality targets, including an incentive scheme known as Commissioning for Quality and Innovation (CQUIN). This paper reports on a study of how financial incentives are used in district nursing, an area of care which is particularly difficult to measure and monitor.     

Microeconomic determinants of spatial mobility in post-apartheid South Africa: Longitudinal evidence from the National Income Dynamics Study

Migration, important for many areas in development, is strongly related to employment. Debate over labour supply in developing countries frequently hinges on labour migration. This paper examines the determinants of spatial mobility of working-age adults in South Africa, using the first nationally representative longitudinal survey – the National Income Dynamics Study – for 2008–10. The paper outlines the unique advantages of these data for the study of individual mobility – data that open the possibility of a new research project. Specifically, it asks how policy-relevant programmes, such as social transfers and housing assistance, affect migration. This paper finds, on balance, that transfers are negatively correlated with subsequent relocation. Previous migration is also predictive of future migration and both are tightly related to attrition, while there is an increasing but strongly non-linear relationship between income and mobility. Further, we highlight potential pitfalls – including attrition, and definitional difficulties – in the study of migration and illustrate possible solutions.