Xem 1-20 trên 50 kết quả Notified in tessy
  • In this paper, we distinguish the risk of credit spread changes, if no default occurs, and the risk of the default event itself. We use credit spread data of many different firms and historical default rates to estimate the size of the default jump risk premium, along with the risk prices of credit spread changes. We show that, in order to fully explain the size of expected excess corporate bond returns, an economically and statistically significant default jump risk premium is necessary, on top of the risk premia that are due to the risk of credit spread changes....

    pdf48p enter1cai 16-01-2013 16 5   Download

  • Nevertheless, it is a widespread assumption that end-of-pipe technologies still domi- nate investment decisions in firms. This is because there has been exceptionally little empiri- cal analysis directed to the determinants of the use of specific types of abatement measures - principally because of the paucity of available data. On the basis of a unique facility-level data set based on a recent survey covering seven OECD countries (Canada, France, Germany, Hungary, Japan, Norway, and the U.S.) we find a clear dominance of cleaner production in these countries: Surprisingly, 76.

    pdf109p loixinloi 08-05-2013 30 5   Download

  • We next turn to comparisons between the US and other countries in the Second Great Contraction. The simplest of cross-country comparisons involves dividing the post-2007 crisis experience into two batches, those countries that experienced systemic banking crises and those that had milder borderline problems in their financial sector (which does not preclude them from having other serious “varieties” of crises, notably fiscal in this case.) 7 This applies the same criteria as Reinhart and Rogoff (2008).

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  • order to combat rising inflationary pressures, monetary tightening remains In underway in the US. The Federal Open Market Committee has raised the target for the Federal Funds rate by ¼ point at each of its meetings since June 2004, to reach 4.5 per cent in January 2006. This reflects a cumulative rise of 350 basis points. The ECB has also raised rates by 50 basis points since our last forecast, having held the interest rate on the main refinancing operations in the Euro Area stable at 2 per cent since June 2003. We have...

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  • The most recent US crisis appears to fit the more general pattern that the recovery process from severe financial crisis is more protracted than from a normal recession or from milder forms of financial distress. There is certainly little evidence to suggest that this time was worse. Of course this does not mean policy is irrelevant. Quite the contrary, in the heat of the recent financial crisis, there was almost certainly a palpable risk of a Second Great Depression.

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  • It could be argued that executive employment also contradicts Maslow’s theory in some respects. Many executive contracts represent individuals trading off defi ciency needs (eg security of employment) for growth needs (e.g. self-actualisation/abil- ity to direct the fi rm). Th e less popular aspects of executive employment (cutting cost through dismissal of staff , accepting salaries many times higher than fellow staff and citizens) might threaten the need for belonging and esteem. Maslow’s theory has been criticized by subsequent behavioral researchers.

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  • The result of these reforms was a decline in the share of banking assets in the hands of public entities and foundations from 68 percent in 1992 to 9 percent in 2003. Table 1 sug- gests that the majority of the privatization took place before the Ciampi Law of 1998. However, the numbers given in that table are likely to understate actual government own- ership because they do not include banks where several foundations jointly hold more than 50 percent of the capital, and even a share below 50 percent may yield significant possibil- ities of control.

    pdf29p machuavo 19-01-2013 23 2   Download

  • The European Championship stadium helps the Weidmoos An important step came in 2000, when nature protection compensation measures were undertaken as a result of the construction of a new stadium in Salzburg/ Klessheim. This involved the purchase of about 80 of the 136 hectare bird reserve for nature protection purposes. In this way, the future use of the site was bound by property law. In 2002, Salzburg’s Nature Protection Department contracted REVITAL, a civil engineering consultancy firm, to develop a Natura 2000 management plan.

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  • Much focus on the implementation and design of delivery systems to achieve the MDGs has been provided by the Millennium Villages Project (MVP). The MVP is hosted by 10 low-income sub-Saharan African countries and is broadly supported by UN agencies and championed by the Secretary General to provide leadership on scalable methods to accelerate progress to the MDGs.

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  • PSI President and CEO Karl Hofmann recalls: “In just over 10 years, the YouthAIDS platform grew into a brand that drove attention and resources for HIV prevention and education. PSI, at that time, was a highly successful implementing organization but traveled below the radar with little brand awareness except among a small set of development insiders. By creatively marketing the HIV implementation arm of our organization in a more attractive and media friendly way, Roberts was able to give YouthAIDS real substance and to raise diversified funds.

    pdf42p lenh_hoi_xung 21-02-2013 35 10   Download

  • Intelligence functions—before, during, and after an event—are critical for event security. In addition to drawing on local and state intelligence resources, many law enforcement agencies receive support from the FBI’s Joint Terrorism Task Forces (JTTF) and Field Intelligence Groups (FIG). he Secret Service may also assist with intelligence on dangerous subjects who have threatened public oicials. With respect to intelligence functions during events, the guidelines report briely discusses practices related to intelligence gathering, communication, and management (e.g.

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  • he race to become the Greenest City in the world is both a friendly and ierce competition. It’s friendly because when one city succeeds, we all beneit from the shared knowledge and improved health of our planet, as well as the new opportunities that emerge in the green economy. he race is a ierce one because the stakes are so high. In fact, the kind of change needed for all of us to thrive in healthy and prosperous communities requires a world full of Greenest Cities. here are four key ingredients required for us to succeed: vision, leadership, action, and...

    pdf51p doidieumuonnoi 11-06-2013 32 10   Download

  • Social media is not the only emerging channel P&G is using to connect directly with consumers. In November 2011 the company announced a partnership with a start-up called Mobeam to distribute digital coupons via mobile phones. The companies plan to begin testing the solution—which requires enhancements to existing handsets—in 2012. Diageo is another CG manufacturer that has also turned to social media—Facebook specifi cally—to enhance its consumer marketing efforts and drive retail beverage sales.

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  • The gap between marketing and sales teams has been around since the two functions were created and is usually just accepted as an irreparable inconvenience in many busi- nesses. Sales thinks only they are worried about the quarter; Marketing thinks they are the only ones who think strategically. Sales wonder why they have to generate all their own leads; Marketing complains that sales ignores or criticizes everything they generate. Sales thinks marketing is lightweight and easy; Marketing thinks salespeople will say anything to get a deal. It is time for this fighting to stop.

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  • Partnering with celebrities has been another critical element to the success of the YouthAIDS model. In order to deepen these partnerships, the YouthAIDS team has taken many trips into the field with celebrity ambassadors, corporate partners and individual donors. On these trips, the team not only promotes the work of YouthAIDS and PSI globally, but also highlights programming at the local level. By harnessing the power of celebrity, the YouthAIDS team attracts a large volume of local press and donor interest.

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  • This essay explores one manifestation of the popular historicization of “Hollywood,” the historical film clip montages created—mostly—by former trailer producer Chuck Workman for the Academy Awards telecasts produced by Gil Cates during the 1990s. These brief pieces of (televised) film about film history participated strongly in the reconfiguring and marketing of the cinematic past in the popular imaginary during the nineties, pivotal years in the globalization of hegemonic American film culture.

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  • My statement today is primarily based on our prior work related to the department’s efforts to achieve audit readiness, implement modernized business systems and a business enterprise architecture, and reengineer its business processes. In addition, we are providing information on DOD’s updated plans for achieving auditability presented at a February 2012 briefing.

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  • When his two older brothers, Fred and Leopold, enlisted in the army during the Boer War (1899-1902), the thrill-packed letters home were too much to resist, and one night fourteen-year-old Victor ran away from home and joined the Life Guards. He never fought, however, as his father promptly secured his release from military service. While in the Guards, Victor first learned to use his fists to protect himself, developing an interest in boxing, and becoming the regimental champion.

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  • Bernanke and Gertler (1989) focus on the investment decision of rms. There is asymmetric information between lenders and entrepreneurs: while entrepreneurs know the protability of their investment projects, lenders must pay an auditing cost to observe the project's return. This information asymmetry is the key source of persistence in the model. A positive productivity shock increases savings of entrepreneurs and lowers agency costs, making it easier for them to obtain external nance.

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  • There is increasing evidence that health effects occur at very low levels of PM, and without an apparent threshold. This evidence arises from studies, initially in the US, but which have more recently been carried out in Europe and elsewhere with similar conclusions. These studies have, in general, used different measures of particles, but the majority have used PM10 and the Group felt that this was the most appropriate measure for a limit value for particles at the present time.

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