Increasing Derivatives Market Activity in Emerging Markets and Exchange Rate Exposure

Understanding the effects of off-balance sheet transactions on interest and exchange rate exposures has become more important for emerging market countries that are experiencing remarkable growth in derivatives markets. Using firm level data, we report a significant fall in exposure over the past 10 years and relate this to higher derivatives market participation. Our methodology is composed of a three stage approach: First, we measure foreign exchange exposures using the Adler-Dumas (1984) model. Next, we follow an indirect approach to infer derivatives market participation at the firm level. Finally, we study the relationship between exchange rate exposure and derivatives market participation. Our results show that foreign exchange exposure is negatively related to derivatives market participation, and support the hedging explanation of the exchange rate exposure puzzle. This decline is especially salient in the financial sector, for bigger firms, and over longer time periods. Results are robust to using different exchange rates, a GARCH-SVAR approach to measure exchange rate exposure, and different return horizons.

Impacts of the EU Biofuel Target on Agricultural Markets and Land Use - A Comparative Modelling Assessment

The Renewable Energy Directive (2009/28/EC) requires that 20% of the EU's energy needs should come from renewable sources by 2020, and includes a target for the transport sector of 10% from biofuels. This report analyses and discusses the global impacts of this biofuel target on agricultural production, markets and land use, as simulated by three agricultural sector models, AGLINK-COSIMO, ESIM and CAPRI. The impacts identified include higher EU production of ethanol and biodiesel, and of the crops used to produce them, as well as more imports of both biofuels. Trade flows of biofuel feedstocks also change to reflect greater EU demand, including a significant increase in vegetable oil imports. However, as the extra demand is small in world market terms, the impact on world market prices is limited. With the EU biofuel target, global use of land for crop cultivation is higher by 5.2 million hectares. About one quarter is area within the EU, some of which would otherwise have left agriculture.

Evaluación del rendimiento de jugadores y equipos de fútbol de nivel de élite en diferentes contextos situacionales = Evaluation on Match Performances of Professional Football Players and Teams under Different Situational Conditions = 不同情境条件下高水平足球运动员和运动队的比赛表现分析

El análisis del rendimiento en deportes juega un papel esencial en el fútbol profesional. Aunque el estudio del análisis del juego en fútbol se ha utilizado desde diferentes ámbitos y situaciones, todavía existen diferentes aspectos y componentes del juego que siguen sin estar estudiados. En este sentido existen diferentes aspectos que deben de superar los estudios previos centrados en el componente descriptivo tales como el uso de variables/ indicadores de rendimiento que no se han definido ni estudiado, la validez de los métodos observaciones que no han sido testados con los softwares específicos en fútbol, la aplicación y utilidad de los resultados, así como las limitaciones del estudio de las variables situacionales/contextuales. Con el objetivo de cubrir las citadas limitaciones se han diseñado 6 estudios independientes e inter-relacionados que tratan de estudiar los aspectos anteriormente referidos. El primer estudio evalua la fiabilidad inter-observadores de las estadísticas de juego de la empresa privada OPTA Sportsdata, estos datos son la muestra de estudio de la presente tesis doctoral. Dos grupos de observadores experimentados se requieren para analizar un partido de la liga española de manera independiente. Los resultados muestran que los eventos de equipos y porteros codificados por los inter-operadores alcanzan un acuerdo muy bueno (valores kappa entre 0.86 y 0.94). La validez inter-observadores de las acciones de juego y los datos de jugadores individuales se evaluó con elevados niveles de acuerdo (valores del coeficiente de correlación intraclase entre 0.88 hasta 1.00, el error típico estandarizado variaba entre 0.00 hasta 0.37). Los resultados sugieren que las estadísticas de juego registradas por los operadores de la empresa OPTA Sportsdata están bien entrenados y son fiables. El segundo, tercer y cuarto estudio se centran en resaltar la aplicabilidad del análisis de rendimiento en el fútbol así como para explicar en profundidad las influencias de las variables situacionales. Utilizando la técnica de los perfiles de rendimiento de jugadores y equipos de fútbol se puede evaluar y comparar de manera gráfica, fácil y visual. Así mismo, mediante esta técnica se puede controlar el efecto de las variables situacionales (localización del partido, nivel del equipo y del oponente, y el resultado final del partido). Los perfiles de rendimiento de porteros (n = 46 porteros, 744 observaciones) y jugadores de campo (n = 409 jugadores, 5288 observaciones) de la primera division professional de fútbol Española (La Liga, temporada 2012-13), los equipos (n = 496 partidos, 992 observaciones) de la UEFA Champions League (temporadas 2009-10 a 2012-13) fueron analizados registrando la media, desviación típica, mediana, cuartiles superior e inferior y el recuento de valores de cada indicador de rendimiento y evento, los cuales se presentaron en su forma tipificada y normalizada. Los valores medios de los porteros de los equipos de diferentes niveles de La Liga y de los equipos de diferente nivel de la UEFA Champions League cuando jugaban en diferentes contextos de juego y situaciones (variables situacionales) fueron comparados utilizando el ANOVA de un factor y la prueba t para muestras independientes (localización del partido, diferencias entre casa y fuera), y fueron establecidos en los perfiles de red después de unificar todos los registros en la misma escala derivada con valores estandarizados. Mientras que las diferencias de rendimiento entre los jugadores de los mejores equipos (Top3) y los peores (Bottom3) fueron comparados mediante el uso de diferencias en la magnitud del tamaño del efecto. El quinto y el sexto estudio analizaban el rendimiento del fútbol desde un punto de vista de predicción del rendimiento. El modelo linear general y el modelo lineal general mixto fue empleado para analizar la magnitud de las relaciones de los indicadores y estadísticas de juego con el resultado final del partido en función del tipo de partido (partidos ajustados o todos los partidos) en la fase de grupos de la Copa del Mundo 2014 de Brasil (n = 48 partidos, 38 partidos ajustados) y La Liga 2012-13 (n = 320 partidos ajustados). Las relaciones fueron evaluadas mediante las inferencias en la magnitud de las diferencias y se expresaron como partidos extra ganados o perdidos por cada 10 partidos mediante la variable calculada en 2 desviaciones típicas. Los resultados mostraron que, para los 48 partidos de la fase de grupos de la Copa del Mundo 2014, nueve variables tuvieron un efecto positive en la probabilidad de ganar (tiros, tiros a puerta, tiros de contraataque, tiros dentro del área, posesión de balón, pases en corto, media de secuencia de pases, duelos aéreos y entradas), cuatro tuvieron efectos negativos (tiros bloqueados, centros, regates y tarjetas amarillas), y otras 12 variables tenían efectos triviales o poco claros. Mientras que los 38 partidos ajustados, el efecto de duelos aéreos y tarjetas amarillas fueron triviales y claramente negativos respectivamente. En la La Liga, existió un efecto moderado positive para cada equipo para los tiros a puerta (3.4 victorias extras por cada 10 partidos; 99% IC ±1.0), y un efecto positivo reducido para tiros totales (1.7 victorias extrsa; ±1.0). Los efectos de la mayoría de los eventos se han relacionado con la posesión del balón, la cual obtuvo efectos negativos entre equipos (1.2 derrotas extras; ±1.0) pero un efecto positivo pequeño entra equipos (1.7 victorias extras; ±1.4). La localización del partido mostró un efecto positive reducido dentro de los equipos (1.9 victorias extras; ±0.9). Los resultados obtenidos en los perfiles y el modelado del rendimiento permiten ofrecer una información detallada y avanzada para el entrenamiento, la preparación previa a los partidos, el control de la competición y el análisis post-partido, así como la evaluación e identificación del talento de los jugadores. ABSTRACT Match performance analysis plays an important role in the modern professional football. Although the research in football match analysis is well-developed, there are still some issues and problems remaining in this field, which mainly include the lack of operational definitions of variables, reliability issues, applicability of the findings, the lack of contextual/situational variables, and focusing too much on descriptive and comparative analysis. In order to address these issues, six independent but related studies were conducted in the current thesis. The first study evaluated the inter-operator reliability of football match statistics from OPTA Sportsdata Company which is the data resourse of the thesis. Two groups of experienced operators were required to analyse a Spanish league match independently in the experiment. Results showed that team events and goalkeeper actions coded by independent operators reached a very good agreement (kappa values between 0.86 and 0.94). The inter-operator reliability of match actions and events of individual outfield players was also tested to be at a high level (intra-class correlation coefficients ranged from 0.88 to 1.00, standardised typical error varied from 0.00 to 0.37). These results suggest that the football match statistics collected by well-trained operators from OPTA Sportsdata Company are reliable. The second, third and fourth study aims to enhance the applicability of football match performance analysis and to explore deeply the influences of situational variables. By using a profiling technique, technical and tactical performances of football players and teams can be interpreted, evaluated and compared more easily and straightforwardly, meanwhile, influences and effects from situational variables (match location, strength of team and opposition, and match outcome) on the performances can be properly incorporated. Performance profiles of goalkeepers (n = 46 goalkeepers, 744 full match observations) and outfield players (n = 409 players, 5288 full match observations) from the Spanish First Division Professional Football League (La Liga, season 2012-13), teams (n = 496 matches, 992 observations) from UEFA Champions League (seasons 2009-10 to 2012-13) were set up by presenting the mean, standard deviation, median, lower and upper quartiles of the count values of each performance-related match action and event to represent their typical performances and spreads. Means of goalkeeper from different levels of team in La Liga and teams of different strength in UEFA Champions League when playing under different situational conditions were compared by using one-way ANOVA and independent sample t test (for match location, home and away differences), and were plotted into the same radar charts after unifying all the event counts by standardised score. While differences between the performances of outfield players from Top3 and from Bottom3 teams were compared by magnitude-based inferences. The fifth and sixth study aims to move from the descriptive and comparative football match analysis to a more predictive one. Generalised linear modelling and generalised mixed linear modelling were undertaken to quantify relationships of the performance-related match events, actions and variables with the match outcome in different types of games (close games and all games) in the group stage of 2014 Brazil FIFA World Cup (n = 48 games, 38 close games) and La Liga 2012-13 (n = 320 close games). Relationships were evaluated with magnitude-based inferences and were expressed as extra matches won or lost per 10 matches for an increase of two standard deviations of a variable. Results showed that, for all the 48 games in the group stage of 2014 FIFA World Cup, nine variables had clearly positive effects on the probability of winning (shot, shot on target, shot from counter attack, shot from inside area, ball possession, short pass, average pass streak, aerial advantage, and tackle), four had clearly negative effects (shot blocked, cross, dribble and red card), other 12 variabless had either trivial or unclear effects. While for the 38 close games, the effects of aerial advantage and yellow card turned to trivial and clearly negative, respectively. In the La Liga, there was a moderate positive within-team effect from shots on target (3.4 extra wins per 10 matches; 99% confidence limits ±1.0), and a small positive within-team effect from total shots (1.7 extra wins; ±1.0). Effects of most other match events were related to ball possession, which had a small negative within-team effect (1.2 extra losses; ±1.0) but a small positive between-team effect (1.7 extra wins; ±1.4). Game location showed a small positive within-team effect (1.9 extra wins; ±0.9). Results from the established performance profiles and modelling can provide detailed and straightforward information for training, pre-match preparations, in-match tactical approaches and post-match evaluations, as well as for player identification and development. 摘要 比赛表现分析在现代足球中起着举足轻重的作用。尽管如今对足球比赛表现分析的研究已经相对完善，但仍有很多不足之处。这些不足主要体现在：研究中缺乏对研究变量的清晰定义、数据信效度缺失、研究结果的实用性受限、比赛情境因素缺失以及过于集中在描述性和对比性分析等。针对这些问题，本论文通过六个独立而又相互联系的研究，进一步对足球比赛表现分析进行完善。 第一个研究对本论文的数据源--OPTA Sportsdata公司的足球比赛数据的信效度进行了实验检验。实验中，两组数据收集人员被要求对同一场西班牙足球甲级联赛的比赛进行分析。研究结果显示，两组收集人员记录下的球队比赛事件和守门员比赛行为具有高度的一致性(卡帕系数介于0.86和0.94)。收集人员输出的外场球员的比赛行为和比赛事件也具有很高的组间一致性(ICC相关系数介于0.88和1.00，标准化典型误差介于0.00和0.37)。实验结果证明了OPTA Sportsdata公司收集的足球比赛数据具有足够高的信效度。 第二、三、四个研究旨在提升足球比赛表现分析研究结果的实用性以及深度探讨比赛情境因素对足球比赛表现的影响。通过对足球运动员和运动队的比赛技战术表现进行档案创建，可以对运动员和运动队的比赛表现进行简直接而直观的呈现、评价和对比，同时，情境变量(比赛场地、球队和对手实力、比赛结果)对比赛表现的影响也可以被整合到表现档案中。本部分对2012-13赛季西班牙足球甲级联赛的参赛守门员(n = 46球员人次，744比赛场次)和外场球员(n = 409球员人次, 5288比赛场次)以及2009-10至2012-13赛季欧洲足球冠军联赛的参赛球队(n = 496比赛场次)的比赛技战术表现进行了档案创建。在表现档案中，各项比赛技战术指标的均值、标准差、中位数和大小四分位数被用来展现守门员、外场球员和球队的普遍表现和表现浮动性。方差分析(ANOVA)被用来对西甲不同水平球队的守门员、欧冠中不同水平球队在不同比赛情境下的普遍表现(各项指标的均值)进行对比，独立样本t检验被用来对比主客场比赛普遍表现的差异。数据量级推断(magnitude-based inferences)的方法则被用来对西甲前三名和最后三名球队外场球员的普遍表现进行对比分析。所有来自不同水平球队的运动员和不同水平运动队的各项比赛指标皆被转换成了标准分数，从而能把他们在各种不同比赛情境下的普遍表现(各项比赛指标的均值)投到相同的雷达图中进行直观的对比。 第五和第六个研究目的在于进行预测性足球比赛表现分析，从而跨越之前固有的描述性和对比性分析。广义线性模型和广义混合线性模型被用来对2014年巴西世界杯小组赛(n = 48 比赛场次，38小分差场次)和2012-13赛季西甲联赛(n = 320小分差场次)的比赛中各表现相关比赛事件、行为和变量与比赛结果(胜、平、负)的关系进行建模。模型中的关系通过数据量级推断(magnitude-based inferences)的方法来界定，具体表现为某个变量增加两个标准差对比赛结果的影响(每10场比赛中额外取胜或失利的场数)。研究结果显示，在2014年巴西世界杯小组赛的所有48场比赛中，9个变量(射门、射正、反击中射门、禁区内射门、控球、短传、连续传球平均次数、高空球争抢成功率和抢断)与赢球概率有清晰的正相关关系，4个变量(射门被封堵、传中、过人和红牌)与赢球概率有清晰的负相关关系，其他12个被分析的变量与赢球概率的相关关系微小或不清晰。而在38场小分差比赛中，高空球争抢成功率由正相关变为微小关系，黄牌则由微小关系变为清晰的负相关。在西甲联赛中，每一支球队增加两个标准差的“射正球门”可以给每10场比赛带来3.4场额外胜利(99%置信区间±1.0场)，而所有球队作为一个整体，每增加两个标准差的“射正球门”可以给每10场比赛带来1.7场额外胜利(99%置信区间±1.0场)。其他大多数比赛相关事件与比赛结果的相关关系与“控球”相关联。每一支球队增加两个标准差的“控球”将会给每10场比赛带来1.2场额外失利(99%置信区间±1.0场)，而所有球队作为一个整体，每增加两个标准差的“控球”可以给每10场比赛带来1.7场额外胜利(99%置信区间±1.4场)。与客场比赛相对，主场能给球队带来1.9 /10场额外胜利(99%置信区间±0.9场)。 比赛表现档案和模型中得出的研究结果可以为俱乐部、足球队、教练组、表现分析师和运动员提供详细而直接的参考信息。这些信息可用于训练指导、赛前备战、赛中技战术调整和赛后技战术表现分析，也可运用于足球运动员选材、培养和发展。

Legislative Proposals to Modernize Business Development Companies and Expand Investment Opportunities, Testimony Before the House Subcommittee on Capital Markets and Government Sponsored Enterprises

This testimony discusses proposed legislation to amend the definition of accredited investor. It also discusses proposed legislation designed to reform the regulatory framework for business development companies. Among other things, the regulatory regime for BDCs would change to allow these companies to invest a greater portion of their assets in financial companies, potentially reducing the percentage of assets invested in operating companies.

Perceived emotional intelligence, general intelligence and early professional success: predictive and incremental validity

Although the study of factors affecting career success has shown connections between biographical and other aspects related to ability, knowledge and personality, few studies have examined the relationship be-tween emotional intelligence and professional success at the initial career stage. When these studies were carried out, the results showed significant relationships between the dimensions of emotional intelligence (emotional self-awareness, self-regulation, social awareness or social skills) and the level of professional competence. In this paper, we analyze the relationship between perceived emotional intelligence, measured by the Trait Meta-Mood Scale (TMMS-24) questionnaire, general intelligence assessed by the Cattell factor "g" test, scale 3, and extrinsic indicators of career success, in a sample of 130 graduates at the beginning of their careers. Results from hierarchical regression analysis indicate that emotional intelligence makes a specific contribution to the prediction of salary, after controlling the general intelligence effect. The perceived emotional intelligence dimensions of TMMS repair, TMMS attention and sex show a higher correlation and make a greater contribution to professional success than general intelligence. The implications of these results for the development of socio-emotional skills among University graduates are discussed.

Agricultural Land Markets and Land Leasing in the Former Yugoslav Republic of Macedonia. Factor Markets Working Paper No. 11, February 2012

The aim of this Factor Markets Working Paper is to identify the driving forces that shape agricultural land structures, land market and land leasing in the Former Yugoslav Republic of Macedonia (FYROM). Institutional developments and land reforms have so far been modest in the FYROM, and have not contributed to significant changes in agricultural ownership, operational structures, or land market and land leasing arrangements. Land ownership and land use are bimodal, consisting of several small-scale family farms and a few large-scale agricultural enterprises. The small family farms own and operate land on several small parcels, which is one of the major obstacles to the modernisation of family farm production. A considerable portion of the land is uncultivated, which affects land market and land leasing values. Due to underdeveloped institutional frameworks and market institutions in support of small-scale farms, a large proportion of state-owned land is rented by agricultural enterprises.

Will improved access to capital dampen the need for more agricultural land? A CGE analysis of agricultural capital markets and world-wide biofuel policies. Factor Markets Working Paper No. 48, May 2013

This paper analyses the consequences of enhanced biofuel production in regions and countries of the world that have announced plans to implement or expand on biofuel policies. The analysis considers biofuel policies implemented as binding blending targets for transportation fuels. The chosen quantitative modelling approach is two-fold: it combines the analysis of biofuel policies in a multi-sectoral economic model (MAGNET) with systematic variation of the functioning of capital and labour markets. This paper adds to existing research by considering biofuel policies in the EU, the US and various other countries with considerable agricultural production and trade, such as Brazil, India and China. Moreover, the application multi-sectoral modelling system with different assumptions on the mobility of factor markets allows for the observation of changes in economic indicators under different conditions of how factor markets work. Systematic variation of factor mobility indicates that the ‘burden’ of global biofuel policies is not equally distributed across different factors within agricultural production. Agricultural land, as the pre-dominant and sector-specific factor, is, regardless of different degrees of inter-sectoral or intra-sectoral factor mobility, the most important factor limiting the expansion of agricultural production. More capital and higher employment in agriculture will ease the pressure on additional land use – but only partly. To expand agricultural production at global scale requires both land and mobile factors adapted to increase total factor productivity in agriculture in the most efficient way.

Falling Labor Share and Rising Unemployment: Long-Run Consequences of Institutional Shocks? CES Germany & Europe Working Papers, No. 00.2, 1999

The literature on unemployment has mostly focused on labor market issues while the impact of capital foonation is largely neglected Job-creation is often thought to be a matter of encouraging more employment on a given capital stock. In contrast, this paper explicitly deals with the long-run consequences of institutional shocks on capital foonation and employment. It is shown that the usual trade off between employment and wages disappears in the long run. In line with an appropriation model, the estimated values for the long-run elasticities of substitution between capital and labor for Germany and France are substantially greater than one.

Home ownership, labour markets and the economic crisis. ECRI Commentary No. 14, 15 June 2015

In recent decades, a growing body of academic literature has focused on the possible negative effects of high levels of home ownership, especially on labour markets. Morethan-optimal levels of home ownership may impede the mobility of workers, resulting in higher unemployment rates in some European regions. Against that backdrop, a simple model was devised to test the relationship between home ownership, mobility and unemployment. Recent macroeconomic data published by Eurostat suggest that both the variables of mobility and home ownership have had a significant impact on the dynamics of unemployment rates across the EU28.

Labor law and practice in Colombia

Bibliography: p. 87.