Essays on Market Frictions and Securitization

This dissertation provides a novel theory of securitization based on intermediaries minimizing the moral hazard that insiders can misuse assets held on-balance sheet. The model predicts how intermediaries finance different assets. Under deposit funding, the moral hazard is greatest for low-risk assets that yield sizable returns in bad states of nature; under securitization, it is greatest for high-risk assets that require high guarantees and large reserves. Intermediaries thus securitize low-risk assets. In an extension, I identify a novel channel through which government bailouts exacerbate the moral hazard and reduce total investment irrespective of the funding mode. This adverse effect is stronger under deposit funding, implying that intermediaries finance more risky assets off-balance sheet. The dissertation discusses the implications of different forms of guarantees. With explicit guarantees, banks securitize assets with either low information-intensity or low risk. By contrast, with implicit guarantees, banks only securitize assets with high information-intensity and low risk. Two extensions to the benchmark static and dynamic models are discussed. First, an extension to the static model studies the optimality of tranching versus securitization with guarantees. Tranching eliminates agency costs but worsens adverse selection, while securitization with guarantees does the opposite. When the quality of underlying assets in a certain security market is sufficiently heterogeneous, and when the highest quality assets are perceived to be sufficiently safe, securitization with guarantees dominates tranching. Second, in an extension to the dynamic setting, the moral hazard of misusing assets held on-balance sheet naturally gives rise to the moral hazard of weak ex-post monitoring in securitization. The use of guarantees reduces the dependence of banks' ex-post payoffs on monitoring efforts, thereby weakening monitoring incentives. The incentive to monitor under securitization with implicit guarantees is the weakest among all funding modes, as implicit guarantees allow banks to renege on their monitoring promises without being declared bankrupt and punished.

EFFECTIVE FUNCTION CHOICE IN THE R SCRIPTING LANGUAGE

This project examines the current available work on the explicit and implicit parallelization of the R scripting language and reports on experimental findings for the development of a model for predicting effective points for automatic parallelization to be performed, based upon input data sizes and function complexity. After finding or creating a series of custom benchmarks, an interval based on data size and time complexity where replacement becomes a viable option was found; specifically between O(N) and O(N3) exclusive. As data size increases, the benefits of parallel processing become more apparent and a point is reached where those benefits outweigh the costs in memory transfer time. Based on our observations, this point can be predicted with a fair amount of accuracy using regression on a sample of approximately ten data sizes spread evenly between a system determined minimum and maximum size.

Knowledge-based management systems for the police force

Knowledge-Based Management Systems enable new ways to process and analyse knowledge to gain better insights to solve a problem and aid in decision making. In the police force such systems provide a solution for enhancing operations and improving client administration in terms of knowledge management. The main objectives of every police officer is to ensure the security of life and property, promote lawfulness, and avert and distinguish wrongdoing. The administration of knowledge and information is an essential part of policing, and the police ought to be proactive in directing both explicit and implicit knowledge, whilst adding to their abilities in knowledge sharing. In this paper the potential for a knowledge based system for the Mauritius police was analysed, and recommendations were also made, based on requirements captured from interviews with several long standing officers, and surveying of previous works in the area.

Modelos vrs. Modelos . Acercamiento inicial a la cuestión tecnológica en algunos manuales sobre caficultura, 1774-1895

ResumenEn este trabajo se ofrece una comparación inicial de los modelos tecnológicos explícitos e implícitos propuestos o supuestos por los autores de una serie de tratados generales, manuales y estudios sobre caficultura, tanto europeos o estadounidenses como caribeños y latinoamericanos. También se contrastan las recomendaciones técnicas como las diversas prácticas de cultivo y procesamiento que se traslucen a través de las páginas de dichos textos.AbstractThe study offers an initial comparison of the explicit and implicit technological models suggested or assumed by the author of a series of general treatises, manuals and studies on coffee, both by Europeans or North Americans and by Caribbeans or Latin Americans. Technical recommendations are also contrasted with the various agricultural and processing systems actually in use, as reflected in the pages of those same texts.

O PAPEL DA COMUNICAÇÃO FACE A FACE NAS ORGANIZAÇÕES NO CONTEXTO DA SOCIEDADE MIDIATIZADA

Este estudo trata da comunicação face a face nas organizações sob diferentes abordagens teóricas. Considera a perspectiva da simultaneidade dos meios, já que as empresas utilizam diversos canais para dialogar com seus públicos de interesse. Leva em conta o fenômeno da midiatização, que reestrutura o modo como as pessoas se relacionam na sociedade contemporânea. O objetivo geral da pesquisa é sistematizar papeis potencialmente exercidos pela interação face a face e conhecer algumas circunstâncias que envolvem sua prática nas organizações. Por se tratar de uma tese teórica, a pesquisa bibliográfica se apresenta como um dos principais procedimentos metodológicos; análises de casos empíricos e um estudo de caso desenvolvido na Embrapa Pantanal constituem situações ilustrativas. Conclui-se que a comunicação face a face nas empresas ocorre de forma simultânea e combinada a outros canais de comunicação, porém, ela proporciona resultados práticos e filosóficos ainda pouco explorados. É rara a utilização estratégica de contatos presenciais como mecanismo para estabelecer relacionamentos, conhecer as reações alheias e ajustar a comunicação, aliar o discurso corporativo às práticas empresariais e avaliar o contexto onde se desenvolvem as interações, o que pode ser decisivo para a comunicação organizacional.

Distinct conformational properties determined by implicit and explicit representation of protein-solvent interactions. An analytical and computer simulation study

In the protein folding problem, solvent-mediated forces are commonly represented by intra-chain pairwise contact energy. Although this approximation has proven to be useful in several circumstances, it is limited in some other aspects of the problem. Here we show that it is possible to achieve two models to represent the chain-solvent system. one of them with implicit and other with explicit solvent, such that both reproduce the same thermodynamic results. Firstly, lattice models treated by analytical methods, were used to show that the implicit and explicitly representation of solvent effects can be energetically equivalent only if local solvent properties are time and spatially invariant. Following, applying the same reasoning Used for the lattice models, two inter-consistent Monte Carlo off-lattice models for implicit and explicit solvent are constructed, being that now in the latter the solvent properties are allowed to fluctuate. Then, it is shown that the chain configurational evolution as well as the globule equilibrium conformation are significantly distinct for implicit and explicit solvent systems. Actually, strongly contrasting with the implicit solvent version, the explicit solvent model predicts: (i) a malleable globule, in agreement with the estimated large protein-volume fluctuations; (ii) thermal conformational stability, resembling the conformational hear resistance of globular proteins, in which radii of gyration are practically insensitive to thermal effects over a relatively wide range of temperatures; and (iii) smaller radii of gyration at higher temperatures, indicating that the chain conformational entropy in the unfolded state is significantly smaller than that estimated from random coil configurations. Finally, we comment on the meaning of these results with respect to the understanding of the folding process. (C) 2009 Elsevier B.V. All rights reserved.

Kvinnor, datorspel och inlärning : en finlandssvensk syn på ett internationellt fenomen

Avhandlingens primära syfte är att kartlägga faktorerna kring flickors och unga kvinnors relation till datorspel och spelande och utreda den pedagogiska potentialen i de här faktorerna. Avhandlingens sekundära syfte är att ställa ett internationellt fenomen i relation till en finlandssvensk verklighet Forskningen är kvalitativ till sin karaktär och teoretisk till sitt upplägg. Forskningsansatsen är kritisk teoretisk analys. Avhandlingen består i huvudsak av två delar där båda delarna strävar till att svara på ett av avhandlingens syften. Den första delen av avhandlingen diskuterar flickors och unga kvinnors spelande ur olika synvinklar. Avhandlingens andra del diskuterar hur fenomenet datorspel och inlärning kunde inkluderas i en pedagogisk verksamhet på olika nivåer. Det resultat som svarar på avhandlingens första syfte är sju stycken faktorer som har stor inverkan på såväl flickors och unga kvinnors spelande som pedagogiken kring fenomenet. De sju faktorerna är framtidsutsikter, färdigheter, värderingar, identitet, könsuttryck, social miljö och inkörsportar. Skolan har ett ansvar att stöda flickor och unga kvinnor med den här typen av fritidsintressen, bland annat för att skapa och upprätthålla en jämställd skola. Avhandlingens andra syfte resulterade i en analys där fenomenet närmar sig skribentens verklighet genom pedagogisk förankring, nationella läroplansgrunder och den lokala lärarutbildningen. Lärare som önskar använda datorspel i undervisningen kan motivera det med pedagogiska argument.

Implicit and explicit functions in the acquisition of a phonics rule in the word recognition of learning disabled and non learning disabled students /

One group of 12 non learning disabled students and two groups of 12 learning disabled students between the ges of 10 and 12 were measured on implicit and explicit knowledge cquisition. Students in each group implicitly cquired knowledge bout I of 2 vocabulary rules. The vocabulary rules governed the pronunciation of 2 types of pseudowords. After completing the implicit acquisition phase, all groups were administered a test of implicit knowledge. The non learning disabled group and I learning disabled group were then asked to verbalize the knowledge acquired during the initial phase. This was a test of explicit knowledge. All 3 groups were then given a postlest of implicit knowledge. This tcst was a measure of the effectiveness of the employment of the verbalization technique. Results indicate that implicit knowledge capabilities for both the learning disabled and non learning disabled groups were intact. However. there were significant differences between groups on explicit knowledge capabilities. This led to the conclusion that implicit functions show little individual differences, and that explicit functions are affected by ability difference. Furthermore, the employment of the verbalization technique significantly increased POStlest scores for learning disabled students. This suggested that the use of metacognitive techniques was a beneficial learning tool for learning disabled students.

Replicated nil associations of digit ratio (2D:4D) and absolute finger lengths with implicit and explicit measures of aggression. 'Replicaci??n de asociaciones nulas del ratio del segundo y cuarto dedo (2D:4D) y la longitud absoluta de los dedos con medidas de agresi??n impl??citas y expl??citas'

Resumen tomado de la publicaci??n

The influence of affective statements on performance on implicit and explicit memory tasks

Consumers are often exposed to brand names presented concurrently with information such as brand claims and warnings, prior to making product choices. As implicit memory has been implicated in the consumer choice process, two experiments were conducted to assess the influence of additional information, namely simple positive and negative statements, on implicit and explicit memory tasks. In Experiment 1, the mere presence of additional statements at study significantly reduced performance on a two-alternatives forced recognition task. However, the same manipulation had no effect on implicit preference judgement task performance. The valence of the accompanying information had no effect on either task. In Experiment 2, using modified implicit and explicit choice tasks, performance on the former was unaffected by statement valence, whereas the latter task was. Hence, positive priming was obtained for brand names previously shown with negative information. The results of the experiments are discussed in relation to both implicit memory and consumer choice.

Transfer across form and modality in implicit and explicit memory

Three experiments examined transfer across form (words/pictures) and modality (visual/ auditory) in written word, auditory word, and pictorial implicit memory tests, as well as on a free recall task. Experiment 1 showed no significant transfer across form on any of the three implicit memory tests,and an asymmetric pattern of transfer across modality. In contrast, the free recall results revealed a very different picture. Experiment 2 further investigated the asymmetric modality effects obtained for the implicit memory measures by employing articulatory suppression and picture naming to control the generation of phonological codes. Finally, Experiment 3 examined the effects of overt word naming and covert picture labelling on transfer between study and test form. The results of the experiments are discussed in relation to Tulving and Schacter's (1990) Perceptual Representation Systems framework and Roediger's (1990) Transfer Appropriate Processing theory.

Implicit and explicit knowledge bases in artificial grammar learning

Two experiments examined the claim for distinct implicit and explicit learning modes in the artificial grammar-learning task (Reber, 1967, 1989). Subjects initially attempted to memorize strings of letters generated by a finite-state grammar and then classified new grammatical and nongrammatical strings. Experiment 1 showed that subjects' assessment of isolated parts of strings was sufficient to account for their classification performance but that the rules elicited in free report were not sufficient. Experiment 2 showed that performing a concurrent random number generation task under different priorities interfered with free report and classification performance equally. Furthermore, giving different groups of subjects incidental or intentional learning instructions did not affect classification or free report.