Sebastian Werner examines aggregate short sales and convertible bond arbitrage, which is a typical hedge fund strategy that involves a significant short position in the underlying stock of a long convertible bond position for hedging purposes. He provides insightful and new observations of the significant difference in the trading pattern, information content and resulting impact on stock returns of arbitrage- versus valuation-based short selling activities.
Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sensitivity to inflation and macroeconomic news, this paper expands existing results in two key dimensions. First, by analyzing all available (advanced) inflation releases. Second, the reactions of expectations are investigated at daily, time-varying and intraday frequency regressions to add robustness to our conclusions. Results point to a significant impact of inflation news over recent years that had not been observed before in the euro area.
Most introduction to proofs textbooks focus on the structure of rigorous mathematical language and only use mathematical topics incidentally as illustrations and exercises. In contrast, this book gives students practice in proof writing while simultaneously providing a rigorous introduction to number systems and their properties. Understanding the properties of these systems is necessary throughout higher mathematics. The book is an ideal introduction to mathematical reasoning and proof techniques, building on familiar content to ensure comprehension of more advanced topics in abstract algebra and real analysis with over 700 exercises as well as many examples throughout. Readers will learn and practice writing proofs related to new abstract concepts while learning new mathematical content. The first task is analogous to practicing soccer while the second is akin to playing soccer in a real match. The authors believe that all students should practice and play mathematics. The book is written for students who already have some familiarity with formal proof writing but would like to have some extra preparation before taking higher mathematics courses like abstract algebra and real analysis.
This book provides a systemized presentation of new techniques and methods in electronics manufacture. It helps the reader reduce the cost and increase the reliability of electronic products by employing up-to-date technology. It also details the latest ideas for reducing the scale of electronic components and products to the nano-scale by organizing all the elements of the complicated modern electronics manufacturing process showing how they affect each other.
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