Asymmetric information without common priors: an indirect evolutionary analysis of quantity competition

The common prior assumption justifies private beliefs as posterior probabilities when updating a common prior based on individual information. We dispose of the common prior assumption for a homogeneous oligopoly market with uncertain costs and firms entertaining arbitrary priors about other firms’ cost-type. We show that true prior beliefs can not be evolutionarily stable when truly expected profit measures (reproductive) success.     

ICT employment,over‐education and gender in Spain. Do information and communication technologies improve the female labour situation?

This paper investigates the extent to which ICT‐related employment is improving the labour situation of women in Spain by reducing female over‐education. Outcomes indicate no reduction in female over‐education, nor does a woman's marital status produce any significant differences. However, the best result is observed for ICT occupations linked to higher job quality characteristics.     

Dynamic Volume-Return Relation of Individual Stocks

We examine the dynamic relation between return and volume ofindividual stocks. Using a simple model in which investors tradeto share risk or speculate on private information, we show thatreturns generated by risk-sharing trades tend to reverse themselves,while returns generated by speculative trades tend to continuethemselves. We test this theoretical prediction by analyzingthe relation between daily volume and first-order return autocorrelationfor individual stocks listed on the NYSE and AMEX. We find thatthe cross-sectional variation in the relation between volumeand return autocorrelation is related to the extent of informedtrading in a manner consistent with the theoretical prediction.     

Explaining union membership of temporary workers in Spain: the role of local representatives and workers’ participative potential

It has been widely assumed that type-of-contract segmentation represents a strong structural constraint on trade union growth. The analysis of a sample of the Spanish workforce shows, however, that the effect of contract type on union membership is not statistically significant once the availability and performance of local union representatives are introduced in the explanatory model. Additionally, the worker’s participative potential, as indicated by his/her social and political capital, is also found to be a major explanatory factor. These findings are placed in comparative perspective and discussed in relation to possible union revitalisation strategies.     

Trading and information in futures markets

This paper studies the trading behavior of different types of traders (customer type indicators [CTI's]) in corn futures. Nonmembers (CTI4) consume most of the intraday liquidity while local traders (CTI1) as market makers are its main provider. Both groups combine most of the intraday trading volume. Interday trading comes mainly from proprietary accounts (CTI2) and other local traders' trades (CTI3), reflecting their longer-term needs for hedging and speculation. Changes in the overnight positions of the general public (CTI4) and clearing members (CTI2) contribute mostly to daily price discovery, while the positions of CTI3 group reflect possible information advantage about future price movements.