The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector

This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.

The good, the bad and the ugly: The fall and resolution of Banco Espírito Santo

This case study – and accompanying teaching note – briefly describes the history of the Espírito Santo family, a banking dynasty who led one of Portugal’s leading economic and financial groups, along with its “crown jewel”, Banco Espírito Santo. It chronicles how the corporate governance issues at BES allowed the family to exploit the bank, its shareholders and its customers, so as to support its unprofitable non-financial businesses. This left the bank in a poor financial situation, which deteriorated beyond control, leaving regulators – whose actions are also analysed here – with no alternative, amidst a severe liquidity crisis, but to apply a resolution measure, pinning large losses on junior bondholders and shareholders before recapitalising the bank.

The Good, the Bad, and the Ugly: Critical Media Literacy and Disney Female Characters

The purpose of this research project was to use a qualitative approach to explore Critical Media Literacy (CML) with young girls by collaboratively analyzing Disney animated films. My goal was to provide a safe and encouraging space for children to share their perspectives and opinions of Disney animated female characters featured in The Little Mermaid (Ashman, Musker, & Clements, 1989), Cinderella (Disney, Geronimi, Jackson, & Luske, 1950), and The Princess and the Frog (Del Vecho, Clements, & Musker, 2009). I used CML as my theoretical framework as it provided an inquisitive approach to watching films, which, in turn, encouraged the participants to use critical thinking pertaining to the images of female characters in Disney. I also incorporated feminist theory as the majority of discussion revolved around the physical appearance of female characters as well as the participants’ understandings of femininity. I conducted two focus groups with 4 young girls, aged 7 to 11, to gain insight into their understanding of Disney female characters. An inquisitive and collaborative approach to watching films revealed three themes: (a) powerful women in Disney are mean and ugly; (b) heterosexual relationships are paramount; and (c) Disney Princesses are always pretty and nice. I concluded by recommending the importance of CML and collaborative film-watching with young children as the simplicity of asking questions encourages young people to become aware of, challenge, and think critically about the media they are consuming.

Statement that Dr. Richard S. King became accountable for a Debt Owed to him by Dilly Coleman

Statement of Frederick Dilke of Port Robinson that Dr. Richard S. King became accountable for a debt owed to him by Dilly Coleman. The debt was assumed by Dr. Richard S. King, Sept. 24, 1850.

The Backing of Government Debt and the Price Level

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say d, is backed by the present discounted value of current and future primary surpluses. The remaining debt is backed by seigniorage revenue. The parameter d characterizes the interdependence between fiscal and monetary authorities. It is shown that in a standard monetary economy, this policy rule implies that the price level depends not only on the money stock, but also on the proportion of debt that is backed with money. Empirical estimates of d are obtained for OECD countries using data on nominal consumption, monetary base, and debt. Results indicate that debt plays only a minor role in the determination of the price level in these economies. Estimates of d correlate well with institutional measures of central bank independence.

Valuing Sovereign Default Risk - A Pricing Formula and its Empirical Results for the Mexican External Debt.

Rapport de recherche

Bad news for satisfied tenants: On the social construction of social rented housing as dreadful enclosures

As long as the social rented sector - which comprised 6% of the housing stock - housed traditional families and the allocation procedures were rather loose, little commotion came about. A combination of changes in family structures (leading to the in stream of ethnic minorities), economic changes (leading to the in stream of poor people), and the strengthening of allocation procedures towards those most in need, did change perceptions. Marginalisation and ghettoisation became during the 1990s the buzzwords when talking and writing about social rented housing. In this article, we will explain the background of the scapegoat trends and the possible consequences for social tenants in particular and for the social rental housing in general.

Strategische Erfolgsfaktoren für ein kosten-risiko-optimales Public Debt Management - Organisatorische und inhaltliche Parameter im internationalen Vergleich

Aus den im Rahmen dieser Forschungsarbeit empirisch gewonnenen Erkenntnissen werden Gestaltungsempfehlungen für das Public Debt Management abgeleitet. Diese zeigen, dass ein wirtschaftliches Public Debt Management nicht ein ausschließlich kostenminimierendes (sparsames), sondern ein kosten-risiko-optimales Public Debt Management mit effektiven internen und externen Überwachungsinstrumenten und wirksamer externer Finanzkontrolle sein muss.

Credit Default Swaps (CDS) y Collateral Debt Obligation (CDO) derivados financieros responsables de la crisis sub-prime de 2008 en Estados Unidos y una guía para el desarrollo del mercado de derivados exóticos en Colombia

La crisis financiera hipotecaria de 2008 en la que se declaró en quiebra el banco de inversión Lehman Brothers, se desarrolló en un ambiente que contemplaba apalancamientos financieros excesivos y el uso de derivados financieros de crédito innovadores. Razón por la cual, a partir del estudio de caso de quiebra de este banco de inversión y el análisis de las causas y consecuencias del ambiente desregulatorio que surgió en Estados Unidos desde la década de los 30 hasta el 2000, se orienta la investigación a indagar sobre lo que sucede en términos regulatorios y empresariales en el mercado de valores colombiano y así lograr definir objetivos que permitan el crecimiento del mercado de derivados exóticos en Colombia bajo un marco de responsabilidad financiera y ética empresarial.

Need you so bad : los poemas amorosos de Catulo en las letras de los blues.

Se reflexiona sobre la relación existente entre la poesía del escritor latino Cayo Valerio Catulo y la música afroamericana conocida con el nombre de blues. Se analizan los protagonistas y los tópicos que aparecen en la obra del autor comparándolos con los que se muestran en los blues, cuya temática está centrada en un sentimiento universal, la tristeza del amante rechazado.

Can more education be bad? : some simple analytics on financing better education for development. '¿Puede más educación ser mala? : un análisis sencillo sobre la financiación de una mejor educación para el desarrollo'.

Resumen tomado de la publicación