What Makes a Utopia Inconvenient? On the Advantages and Disadvantages of a Realist Orientation to Politics

Contemporary politics is often said to lack utopias. For prevailing understandings of the practical force of political theory, this looks like cause for celebration. As blueprints to apply to political practice, utopias invariably seem too strong or too weak. Through an immanent critique of political realism, I argue that utopian thought, and political theory generally, is better conceived as supplying an orientation to politics. Realists including Bernard Williams and Raymond Geuss explain how utopian programs like universal human rights poorly orient their adherents to politics, but the realists wrongly conclude that utopias and other ideal theories necessarily disorient us. As I show through an analysis of utopian claims made by Michel Foucault, Malcolm X, and John Rawls, utopias today can effectively disrupt entrenched forms of legitimation, foster new forms of political identity, and reveal new possibilities within existing institutions. Utopias are needed to understand the political choices we face today

Insiders-outsiders, transparency and the value of the ticker

In this paper, the authors consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay.market data sale; latency; transparency; price discovery; Hirsh-leifer effect

Reputation-based pricing and price improvements in dealership markets

In many security markets, dealers trade with their regular clients at a discount relative to prevailing bid and ask quotes. In this article we provide an explanation to this phenomenon. We consider a dealer and an investor engaged in a long-term relationship. The dealer assigns a reputational index to his client. This index increases (reputation decreases) when the client conducts trades which results in a loss for the regular dealer. The dealer grants a price improvement if and only if the client's index is smaller than a threshold and suspends price improvements otherwise. We show that this pricing strategy induces the investor to refrain from exploiting private information against her regular dealer. We also find that it worsens the quotes posted by other dealers. For this reason, there are cases in which the investor is better off if long-term relationships are impossible (for instance, if trading is anonymous). Our model predicts that a dealer's decision to grant a price improvement depends on his past trading profits with the trader requesting the improvement.Market microstructure; Reputation and Implicit contracts; Non-Anonymous trading

Placer y erotismo en jóvenes de Quibdó y Bogotá

Curso de Especial Interés Psicología y SexualidadEste trabajo tuvo como objetivo la construcción de una página web inclusiva llamada EroSex, la cual contiene temáticas como: sexualidad, salud sexual y erotismo, para la construcción de esta se aplicaron encuestas a 100 personas pertenecientes a la ciudad de Quibdó y Bogotá, con el fin de basar la información presentada en la página en necesidades reales de estas poblaciones.Resumen 1. Justificación 2. Marco Teórico 3. Metodología 4. Resultados 5. Conclusiones Referencias ApéndicesPregradoPsicólog

Information sharing, liquidity and transaction costs in floor-based trading systems

We consider information sharing between traders("floor brokers") who possess different types of information, namely information on the payoff of a risky security or information on the volume of liquidity trading in this security. We interpret these traders as dual -capacity brokers on the floor of an exchange. We identify conditions under which the traders are better off sharing information. We also show that information sharing improves price discovery, reduces volatility and lowers expected trading costs. Information sharing can improve or impair the depth of the market, depending on the values of the parameters. Overall our analysis suggests that information sharing among floor brokers improves the performance of floor-based trading systems.market microstructure; floor-based trading systems; open outcry; information sharing; information sales

Stock price informativeness, cross-listings and investment decisions

In this paper, the authors show that a cross-listing allows a firm to make better investment decisions because it enhances stock price informativeness.Cross-listings; cross-listings premium; price informativeness; investment decisions; flow-back; ownership.

Linkage principle, Multi-dimensional Signals and Blind Auctions

We compare the seller’s expected revenue in a second price sealed bid auction for a single object in which bidders receive multidimensional signals. Bidders’ valuations for the object depend on their signals and a signal observed privately by the seller. We show in various examples that the seller can be better off not revealing publicly his signal. Hence the linkage principle does not necessarily hold when bidders receive multidimensional signals.Auction Theory; Linkage Principle; Multidimensional Signals; Blind Auctions

Equity Trading Systems in Europe - A survey of recent changes

This paper provides a survey of recent changes in the market microstructure of the 5 largest European Stock Exchanges. We first provide a brief statistical overview of European equity markets. Then we discuss how the introduction of the Investment Services Directive and the development of institutional trading have prompted European Stock Exchanges to modify their trading systems since 1994. We show that these exchanges have converged to a similar market organization. In this organization, trading takes place in an order-driven market but trading rules can vary according to the type of securities. We also describe the remaining differences between the trading systems, in particular with respect to the consolidation of the order flow and transparency.trading systems; trading rules; market microstructure; European equity markets