This is a print on demand edition of a hard to find publication. Proposes a general equilibrium model where investors hire fund managers (FM) to invest their capital either in a risky bond or in a riskless asset. There is a small fraction of informed FM with superior info. on the default probability. Looking at the past performance, investors update their beliefs on the info. of their FM and make hiring and firing decisions. This leads to career concerns which affect the investment decision of un-informed FM, generating a ¿reputational premium¿. When the default probability is high enough, un-informed FM prefer to invest in the riskless asset to reduce the probability of being fired. On the contrary, if the probability of default is low enough, investing in the risky bonds has a reputational advantage and the premium is negative.
This is a print on demand edition of a hard to find publication. Proposes a general equilibrium model where investors hire fund managers (FM) to invest their capital either in a risky bond or in a riskless asset. There is a small fraction of informed FM with superior info. on the default probability. Looking at the past performance, investors update their beliefs on the info. of their FM and make hiring and firing decisions. This leads to career concerns which affect the investment decision of un-informed FM, generating a ¿reputational premium¿. When the default probability is high enough, un-informed FM prefer to invest in the riskless asset to reduce the probability of being fired. On the contrary, if the probability of default is low enough, investing in the risky bonds has a reputational advantage and the premium is negative.
Endlich ein Forschungsleitfaden für Wissenschaftler des Fachgebiets, die neue Methoden entwickeln oder einsetzen. Dieses Handbuch umfasst fünf thematische Bände und bietet damit einen umfassenden Überblick über das Fachgebiet. Erläutert werden Grundlagen, die Methodenentwicklung und hochkarätige Anwendungen für alle wichtigen Analyseverfahren, darunter chromatische Verfahren, Techniken in den Bereichen Elektromigration und Membranen. Dieses Referenzwerk umfasst ein breites Spektrum und legt den Schwerpunkt auf Entwicklungen für die Zukunft. Damit ist es ein Muss für Forscher und eine wertvolle Wissensquelle für Studenten im Hauptstudium und Studienabsolventen.
The richest and most politically complex regions in Italy in the earliest middle ages were the Byzantine sections of the peninsula, thanks to their links with the most coherent early medieval state, the Byzantine empire. This comparative study of the histories of Rome, Ravenna, and Venice examines their common Byzantine past, since all three escaped incorporation into the Lombard kingdom in the late 7th and early 8th centuries. By 750, however, Rome and Ravenna's political links with the Byzantine Empire had been irrevocably severed. Thus, did these cities remain socially and culturally heirs of Byzantium? How did their political structures, social organisation, material culture, and identities change? Did they become part of the Western political and ideological framework of Italy? This study identifies and analyses the ways in which each of these cities preserved the structures of the Late Antique social and cultural world; or in which they adapted each and every element available to them to their own needs, at various times and in various ways, to create a new identity based partly on their Roman heritage and partly on their growing integration with the rest of medieval Italy. It tells a story which encompasses the main contemporary narratives, documentary evidence, recent archaeological discoveries, and discussions on art history; it follows the markers of status and identity through titles, names, ethnic groups, liturgy and ritual, foundation myths, representations, symbols, and topographies of power to shed light on a relatively little known area of early medieval Italian history.
Quando ho preso coscienza delle coincidenze inspiegabili che hanno incrociato la mia strada, ho deciso di seguirle e mi sono ritrovata mano nella mano con un bambino nepalese orfano che aveva bisogno solo di un sorriso; una sposa induista con lo sguardo rivolto verso il basso; il sole che nasceva dalla maestosità dell'Himalaya; un piatto di riso mangiato con le mani; piccoli villaggi dagli orologi fermi. Con lo sfondo di templi buddhisti e profumo d'incenso, qualcosa era successo. L'Oriente e l'amore per il prossimo hanno lasciato nella mia mente un segno indelebile che mi chiede di essere mostrato agli altri. E quando una verità sboccia nel nostro giardino non si può far a meno di ammirarla.
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