The EU ban on uncovered sovereign credit default swaps: assessing impacts on liquidity, volatility and price discovery

This article addresses the effects of the prohibition against naked CDS buying implemented by the European Union in November 2012. Three aspects of market quality are analyzed: liquidity, volatility, and price informativeness. Overall, our results suggest that the ban produced negative effects on liquidity and price informativeness. First, we find that in territories within the scope of the EU regulation, the bid–ask spreads on sovereign CDS contracts rose after the ban, but fell for countries outside its bounds. Open interest declined for both groups of CDS reference entities in our sample, but significantly more in the constraint group. Price delay increased more prominently for countries affected by the ban, whereas price precision decreased for these countries while increasing for CDSs written on other sovereign reference entities. Most notably, our findings indicate that hese negative effects were more pronounced amid reference entities exhibiting lower credit risk. With respect to volatility, the evidence suggests that the ban was successful in stabilizing the CDS market in that volatility decreased, particularly for contracts written on riskier CDS entities.

Constraint-Informed Information Systems in Space Management Utilization

Declarative techniques such as Constraint Programming can be very effective in modeling and assisting management decisions. We present a method for managing university classrooms which extends the previous design of a Constraint-Informed Information System to generate the timetables while dealing with spatial resource optimization issues. We seek to maximize space utilization along two dimensions: classroom use and occupancy rates. While we want to maximize the room use rate, we still need to satisfy the soft constraints which model students’ and lecturers’ preferences. We present a constraint logic programming-based local search method which relies on an evaluation function that combines room utilization and timetable soft preferences. Based on this, we developed a tool which we applied to the improvement of classroom allocation in a University. Comparing the results to the current timetables obtained without optimizing space utilization, the initial versions of our tool manages to reach a 30% improvement in space utilization, while preserving the quality of the timetable, both for students and lecturers.

Knockin' on Digital Doors. Dealing with online [dis]credit in an era of digital scientific inquiry

This chapter aims at presenting and discussing credible online recruitment eliciting techniques targeting scientific purposes adjusted to the digital age. Based on several illustrations conducted by the author within the framework of both quantitative and qualitative inquiries, this chapter critically explores the digital ethos in three main challenges faced when dealing with online recruitment for scientific purposes: entering the normality of the everyday life, entering the idiosyncrasy of multicultural lives, and entering the chaos of busy lives. By the end, a toolbox for establishing and evaluating (dis)credibility within online recruitment strategies is presented. Moreover, it is argued that success of data collection at the present time in online environments seems to rely as ever on internal factors of the communication process vis-à-vis e-mail content, design and related strategies.

The impact of SEPA in credit transfer payments: Evidence from the euro area

This paper analyses the effect of the implementation process of the Single Euro Payments Area (SEPA) project on credit transfer payments in euro area countries during the period between 2008 and 2013.

Load balancing for constraint solving with GPUs

Solving a complex Constraint Satisfaction Problem (CSP) is a computationally hard task which may require a considerable amount of time. Parallelism has been applied successfully to the job and there are already many applications capable of harnessing the parallel power of modern CPUs to speed up the solving process. Current Graphics Processing Units (GPUs), containing from a few hundred to a few thousand cores, possess a level of parallelism that surpasses that of CPUs and there are much less applications capable of solving CSPs on GPUs, leaving space for further improvement. This paper describes work in progress in the solving of CSPs on GPUs, CPUs and other devices, such as Intel Many Integrated Cores (MICs), in parallel. It presents the gains obtained when applying more devices to solve some problems and the main challenges that must be faced when using devices with as different architectures as CPUs and GPUs, with a greater focus on how to effectively achieve good load balancing between such heterogeneous devices.