We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.
We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark—a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced expected utility but markets are typically more informative and deeper. Furthermore, in a multiple asset/market framework we show that (i) relative performance concerns lead to an increase in the correlation between markets (financial contagion); (ii) benchmark inclusion increases price volatility; (iii) home bias emerges as a rational outcome. When information is costly, information acquisition is hindered and this attenuates the effects on informativeness and depth of the market.
Annual stress tests have become a regular part of the supervisors’ toolkit following the global financial crisis. We investigate their capital market implications in the United States by looking at price and trade reactions, information asymmetry and uncertainty indicators, and bank activities. The evidence we present supports the notion that there is important new information in stress tests, especially at times of financial distress. Moreover, public disclosure seems to help reduce informational asymmetries. Importantly, public disclosure of stress test results (and methodology) does not seem to have reduced private incentives to generate information or to have led to distorted incentives.
We examine the risks to bank soundness associated with credit booms in a large set of countries. Using bank-level data in 90 countries between 1995 and 2005, we analyze the relationship between credit growth and bank soundness taking into account the potential two-way causality. We find that, while sounder banks tend to grow faster at moderate-growth periods, credit growth becomes less dependent on soundness during booms. These findings shed some light on why credit booms are often associated with financial crises.
This book offers an organized and systematic approach to poset metrics and codes. Poset metrics, or metrics on a vector field determined by a partial order over a finite set, were first introduced in the mid-1990s by the mathematicians Richard A. Brualdi, Janine S. Graves and K. Mark Lawrence, and to date the relevant knowledge on this subject was spread over more than two hundred research papers. Poset metrics generalizes both the standard Hamming metric – the most important metric used in the context of coding theory – and the Niederreiter-Rosenbloom-Tsfasman metric, which is an ultrametric. Conceived to be as self-contained as possible, the book starts from basic concepts of coding theory and advances towards coding theory for poset metrics and generalizations. Each chapter includes a survey of the topic presented and a list of exercises, drawn in part from recently proven results. This work will appeal to researchers and graduate students alike, particularly those in the fields of Mathematics, Electrical Engineering and Computer Sciences, with an interest in discrete geometry and coding theory.
This book is designed to provide a comprehensive insight unto the key and most prevalent contemporary issues associated with palliation. The reader will find viewpoints that are challenging and sometimes discerning, but at the same time motivating and thought-provoking in the care of persons requiring palliation. This book is divided into three sections. Section 1 examines contemporary practice; Section 2 looks at the challenges in practice; Section 3 discusses models of care. This book is an excellent resource for students, practising clinicians and academics. By reading the book, reflecting on the issues, challenges and opportunities ahead, we hope it will create within the reader a passion to take on, explore and further develop their palliative care practice.
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.
We examine the risks to bank soundness associated with credit booms in a large set of countries. Using bank-level data in 90 countries between 1995 and 2005, we analyze the relationship between credit growth and bank soundness taking into account the potential two-way causality. We find that, while sounder banks tend to grow faster at moderate-growth periods, credit growth becomes less dependent on soundness during booms. These findings shed some light on why credit booms are often associated with financial crises.
Annual stress tests have become a regular part of the supervisors’ toolkit following the global financial crisis. We investigate their capital market implications in the United States by looking at price and trade reactions, information asymmetry and uncertainty indicators, and bank activities. The evidence we present supports the notion that there is important new information in stress tests, especially at times of financial distress. Moreover, public disclosure seems to help reduce informational asymmetries. Importantly, public disclosure of stress test results (and methodology) does not seem to have reduced private incentives to generate information or to have led to distorted incentives.
We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark—a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced expected utility but markets are typically more informative and deeper. Furthermore, in a multiple asset/market framework we show that (i) relative performance concerns lead to an increase in the correlation between markets (financial contagion); (ii) benchmark inclusion increases price volatility; (iii) home bias emerges as a rational outcome. When information is costly, information acquisition is hindered and this attenuates the effects on informativeness and depth of the market.
This book offers an organized and systematic approach to poset metrics and codes. Poset metrics, or metrics on a vector field determined by a partial order over a finite set, were first introduced in the mid-1990s by the mathematicians Richard A. Brualdi, Janine S. Graves and K. Mark Lawrence, and to date the relevant knowledge on this subject was spread over more than two hundred research papers. Poset metrics generalizes both the standard Hamming metric – the most important metric used in the context of coding theory – and the Niederreiter-Rosenbloom-Tsfasman metric, which is an ultrametric. Conceived to be as self-contained as possible, the book starts from basic concepts of coding theory and advances towards coding theory for poset metrics and generalizations. Each chapter includes a survey of the topic presented and a list of exercises, drawn in part from recently proven results. This work will appeal to researchers and graduate students alike, particularly those in the fields of Mathematics, Electrical Engineering and Computer Sciences, with an interest in discrete geometry and coding theory.
Philosopher Michel Foucault’s cultural criticism crosses disciplines and is well known as an influence on modern conceptions of knowledge and power. Less well known are the five trips he took to Brazil between 1965 and 1976. Although a coup in 1964 had installed a military dictatorship, Foucault kept his opinion on the Brazilian government largely to himself until October 23, 1975. On that date, he delivered a manifesto at a student assembly in São Paulo expressing his solidarity with students and professors protesting a wave of arrests and torture. This manifesto caught the government’s attention and became the focal point of the dictatorship’s surveillance of Foucault. Foucault in Brazil explores the production of the public antagonism between the philosopher and the dictatorship through a meticulous consideration of each of his visits to Brazil. Marcelo Hoffman connects history, philosophy, and political theory to open new ways of thinking about Foucault as a person and thinker and about Brazil and authoritarianism.
The “duty to mitigate loss” doctrine has been the object of study in many jurisdictions, which have interpreted and applied it in a wide range of situations and in different ways. In Brazil, however, only recent discussions have brought light to this subject. Worldwide, researchers have debated its nature – whether a duty or a principle – and the most proper way to address it (e.g.: if duty to mitigate loss or damages; duty to rescue; avoidable consequences doctrine). Studies have also detailed its application in different situations, such as in contracts and torts, among suppliers, consumers and national and international commerce, for instance. Ultimately, responding to the shift for globalized relations involving parties from different jurisdictions, the development of the doctrine and its standardization by Common Law courts, Civil Law codifications and international rules have allowed emerging countries to take advantage of the lessons learnt in more experienced systems and helped them regulate their own in the most suitable form. The purpose of this book is to provide an in-depth study of the “duty to mitigate loss” – from its origin to its current application in selected jurisdictions – so as to comprehensively come up with a proposition that is sufficiently adequate to fill the Brazilian legal framework gap diagnosed with respect to its effective regulation.
What is Dynamics about? In broad terms, the goal of Dynamics is to describe the long term evolution of systems for which an "infinitesimal" evolution rule is known. Examples and applications arise from all branches of science and technology, like physics, chemistry, economics, ecology, communications, biology, computer science, or meteorology, to mention just a few. These systems have in common the fact that each possible state may be described by a finite (or infinite) number of observable quantities, like position, velocity, temperature, concentration, population density, and the like. Thus, m the space of states (phase space) is a subset M of an Euclidean space M . Usually, there are some constraints between these quantities: for instance, for ideal gases pressure times volume must be proportional to temperature. Then the space M is often a manifold, an n-dimensional surface for some n
Embolization procedures have grown in numbers, diversity and complexity during the last decade. During this time, there have been a number of new embolic agents and techniques developed. This book presents evidence based reviews of all the advances in the field including current devices, basic and advanced techniques, and tips and tricks. Key Features Topics included span the breadth of the embolization work performed by Interventional Radiologists, including neuro applications, trauma applications, and applications in Interventional Oncology among others A comprehensive reference covering all applications of embolotherapy Focal point of the text will be the evidence-based reviews for each topic Tips and tricks section will bring added value to this project providing clinical pearls that can be immediately incorporated into everyday clinical practice
Why did migrants from southern Portugal choose Argentina instead of following the traditional path to Brazil? Starting with this question, this book explores how, at the turn of the twentieth century, rural Europeans developed distinctive circuits of transatlantic labor migration linked to diverse immigrant communities in the Americas. It looks at transoceanic moves in the larger context of migration systems, examining their connections and the crucial role of social networks in migrants’ geographic mobility and adaptation. Combining regional and local perspectives on both sides of the Atlantic, Chains of Gold provides a vivid account of the trajectories of migrant men and women as they moved from rural Portugal to contrasting places of settlement in the Argentine pampas and Patagonia.
This book investigates participatory budgeting—a mainstay now of World Bank, UNDP, and USAID development programs—to ask whether its reforms truly make a difference in deepening democracy and empowering civil society.
Advances in theories, methods and applications for shale resource use Shale is the dominant rock in the sedimentary record. It is also the subject of increased interest because of the growing contribution of shale oil and gas to energy supplies, as well as the potential use of shale formations for carbon dioxide sequestration and nuclear waste storage. Shale: Subsurface Science and Engineering brings together geoscience and engineering to present the latest models, methods and applications for understanding and exploiting shale formations. Volume highlights include: Review of current knowledge on shale geology Latest shale engineering methods such as horizontal drilling Reservoir management practices for optimized oil and gas field development Examples of economically and environmentally viable methods of hydrocarbon extraction from shale Discussion of issues relating to hydraulic fracking, carbon sequestration, and nuclear waste storage Book Review: I. D. Sasowsky, University of Akron, Ohio, September 2020 issue of CHOICE, CHOICE connect, A publication of the Association of College and Research Libraries, A division of the American Library Association, Connecticut, USA Shale has a long history of use as construction fill and a ceramic precursor. In recent years, its potential as a petroleum reservoir has generated renewed interest and intense scientific investigation. Such work has been significantly aided by the development of instrumentation capable of examining and imaging these very fine-grained materials. This timely multliauthor volume brings together 15 studies covering many facets of the related science. The book is presented in two sections: an overview and a second section emphasizing unconventional oil and gas. Topics covered include shale chemistry, metals content, rock mechanics, borehole stability, modeling, and fluid flow, to name only a few. The introductory chapter (24 pages) is useful and extensively referenced. The lead chapter to the second half of the book, "Characterization of Unconventional Resource Shales," provides a notably detailed analysis supporting a comprehensive production workflow. The book is richly illustrated in full color, featuring high-quality images, graphs, and charts. The extensive index provides depth of access to the volume. This work will be of special interest to a diverse group of investigators moving forward with understanding this fascinating group of rocks. Summing Up: Recommended. Upper-division undergraduates through faculty and professionals.
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