As the significance of business improvement districts (BIDs) has grown in recent
years in the governance of urban and metropolitan areas, not only in North America
but also in a variety of European, Asian, and African countries, academic interest in
them followed. BIDs are self-assessment districts that are initiated and governed by
property or businessowners
and authorized by state or local governments to operate
urban and suburban
Current turn-taking approaches for spoken dialogue systems rely on the speaker releasing the turn before the other can take it. This reliance results in restricted interactions that can lead to inefﬁcient dialogues. In this paper we present a model we refer to as Importance-Driven Turn-Bidding that treats turn-taking as a negotiative process. Each conversant bids for the turn based on the importance of the intended utterance, and Reinforcement Learning is used to indirectly learn this parameter. ...
Moreover, one's labour market status
may be expected to have a (reverse) causal effect on current and future health. In this paper we analyse the
relative importance of these endogeneity and measurement issues in the context of a model of early
retirement decisions. We state assumptions under which we can use relatively simple methods to assess the
relative importance of state dependent reporting errors in individual responses to health questions. The
estimation results indicate that among respondents...
Banks in Italy and Spain made bids for a large proportion of the funds
allocated at the first three-year LTRO (Graph 3, centre panel), while the
funding situation of banks in other regions improved indirectly.
Germany, Luxembourg and Finland, for example, did not take much additional
funding at the first LTRO. However, some of the allotted funds, perhaps after a
number of transactions, ended up as deposits with these banks, boosting the
liquidity of their balance sheets.
At the consensus conference Torleif Løvgren from Kongsberg presented his experiences
from IT training for senior citizens at Kongsberg - in this report referred to as the Kongsberg
model. The model is to a large extent based on voluntary work, idealism and extensive
cooperation between different voluntary organisations and municipal bodies.
However, the domino model is ﬂ awed. For a start, the
domino model paints a picture of passive ﬁ nancial
institutions who stand by and do nothing as the
sequence of defaults unfold. In practice, however,
they will take actions in reaction to unfolding events,
and in anticipation of impending defaults. Second,
the domino model does not take sufﬁ cient account
of how prices and measured risks change. In the
simplest scenario of the domino model, asset prices
are ﬁ xed at their book values, and balance sheets
take a hit only with default. Such a...
The Readymade did not and was not able to address itself to
depiction; its concern is with the object, and so if we were to
classify it within the canonical forms it would be sculpture. But
no-one who has thought about it accepts that a Readymade is
sculpture. Rather it is an object that transcends the traditional
classifications and stands as a model for art as a whole, art as a
historical phenomenon, a logic, and an institution. As Thierry
de Duve has so well demonstrated, this object designates itself
as the abstraction ‘art as such’, the thing that can...
Despite mounting public concern, the factors influencing this illness are not fully understood,
especially for children. Medical research has demonstrated that asthma is both a chronic and acute illness.
In the chronic aspect, an individual’s airways are persistently inflamed and their immune system is hyper-
responsive, but the causes of this remain largely unknown (American Lung Association (2000)).
In order to clarify the assumptions underlying our empirical strategy, we present a model of wages
as it relates to the decision to obtain an MBA. The decision to obtain an MBA is modelled similarly
to the labor market program participation models discussed in Heckman et al. (1999). The purpose
of the model is to clarify the assumptions under which the ﬁxed eﬀects estimate of the returns
to an MBA can be appropriately interpreted as the treatment on the treated.
Another well-known empirical fact is the predictability of stock returns by
variables that are informative about the business cycle.
1 The evidence suggests
that the equity premium is time varying, that is, it is higher at business cycle
troughs than at peaks. In an equilibrium asset pricing model, time variation
in the equity premium must be explained by time variation in the price or
quantity of risk.
The sample period for our study is November 1, 1999 through July 31, 2002. Our choice
of sample period was primarily driven by data considerations, i.e., our empirical analysis
requires secondary market daily prices of loans, which were not available prior to November
1, 1999. The dataset we use is a unique dataset of daily secondary market loan prices
from the Loan Syndications and Trading Association (LSTA) and Loan Pricing Corporation
(LPC) mark-to-market pricing service, supplied to over 100 institutions managing over $200
billion in bank loan assets.
All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every
occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark
owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have
been printed with initial caps.
The expert interviews served as a complement to the information from the literature review and the
questionnaire, about the overview and application of financing mechanisms. In general, the
interviews focused on identifying types and examples of innovative financing mechanisms.
When selecting your target journal it is beneficial to conduct an analysis of the purpose
and mission of the journal, and examine what type of articles they typically publish. Pay
special attention on the topics, the structure and the research methods. Conduct a deeper
analysis on about five recent articles in the target journal. If the journal does not seem
suitable, choose another one and conduct a similar analysis. Browse through the editorial
board and previous authors and pay attention to their nationalities.
To deal with the lack of reported information, we propose a novel approach to obtain
the exposure contained in the net position in interest-rate derivatives. We specify a state
space model of a bank’s derivatives trading strategy. We then use Bayesian methods to
estimate the bank’s strategy using the joint distribution of interest rates, bank fair and
notional values as well as bid-ask spreads. Intuitively, the identiﬁcation of the bank’s
strategy relies on whether the net position (per dollar notional) gains or loses in value
over time, together with the history of rates.
Additionally, Dodd-Frank imposes mandatory clear-
ing and trade execution requirements on most standard-
4 Prior to the implementation of Dodd-Frank,
over-the-counter swaps were largely unregulated. The
terms of many swaps were negotiated between eligible
contract participants and not materially impacted by
Commodity Futures Trading Commission (“CFTC”) or
SEC regulations. However, Dodd-Frank brings all swaps
under CFTC or SEC regulation.
5 This article provides a
brief overview of the new regulations....
This 2013 Work Programme sets out the long term vision of what the EU might look like in
key policy areas, summarises what is missing today and explains how the Commission will
tackle these challenges. By prioritising the right kind of initiatives, the EU can contribute to
growth and job creation and can step by step move closer to its longer term vision.
The Commission has already tabled a wide range of growth enhancing proposals which are
now being negotiated by the co-legislators.
For bonds, debentures, asset-backed securities and
other debt securities, the fair value represents the bid
price provided by independent security pricing
services. Short-term investments are included in the
Statement of Investment Portfolio at their fair value.
Unlisted warrants are valued based on a pricing
model which considers factors such as the market
value of the underlying security, strike price and
terms of the warrant.
Sophisticated engines could not even happen until Maxwell’s use of dif-
ferential equations in order to stop the engines of that time from ﬂying apart,
stopping, or oscillating wildly, so the mathematics here starts with advanced
calculus. Today’s engines are far more sophisticated. Their designs require
the solutions of complex non-linear partial diﬀerential equations and very
advanced work with linear algebra.
Today a major focus is on autonomous machines, machines that can do
routine and even non-routine tasks without human control.
To account for the incentive alignment and the information effects of ownership
concentration, we control for the level of voting rights in each firm and focus on
examining how earnings informativeness is affected by the controlling owner’s