Three essays in risk management in financial institutions

The choice to adopt risk-sensitive measurement approaches for operational risks: the case of Advanced Measurement Approach under Basel II New Capital Accord This paper investigates the choice of the operational risk approach under Basel II requirements and whether the adoption of advanced risk measurement approaches allows banks to save capital. Among the three possible approaches for operational risk measurement, the Advanced Measurement Approach (AMA) is the most sophisticated and requires the use of historical loss data, the application of statistical tools, and the engagement of a highly qualified staff. Our results provide evidence that the adoption of AMA is contingent on the availability of bank resources and prior experience in risk-sensitive operational risk measurement practices. Moreover, banks that choose AMA exhibit low requirements for capital and, as a result might gain a competitive advantage compared to banks that opt for less sophisticated approaches. - Internal Risk Controls and their Impact on Bank Solvency Recent cases in financial sector showed the importance of risk management controls on risk taking and firm performance. Despite advances in the design and implementation of risk management mechanisms, there is little research on their impact on behavior and performance of firms. Based on data from a sample of 88 banks covering the period between 2004 and 2010, we provide evidence that internal risk controls impact the solvency of banks. In addition, our results show that the level of internal risk controls leads to a higher degree of solvency in banks with a major shareholder in contrast to widely-held banks. However, the relationship between internal risk controls and bank solvency is negatively affected by BHC growth strategies and external restrictions on bank activities, while the higher regulatory requirements for bank capital moderates positively this relationship. - The Impact of the Sophistication of Risk Measurement Approaches under Basel II on Bank Holding Companies Value Previous research showed the importance of external regulation on banks' behavior. Some inefficient standards may accentuate risk-taking in banks and provoke a financial crisis. Despite the growing literature on the potential effects of Basel II rules, there is little empirical research on the efficiency of risk-sensitive capital measurement approaches and their impact on bank profitability and market valuation. Based on data from a sample of 66 banks covering the period between 2008 and 2010, we provide evidence that prudential ratios computed under Basel II standards predict the value of banks. However, this relation is contingent on the degree of sophistication of risk measurement approaches that banks apply. Capital ratios are effective in predicting bank market valuation when banks adopt the advanced approaches to compute the value of their risk-weighted assets.

Therapeutic cancer vaccines based on molecularly defined human tumor antigens.

The results of numerous phases I and II clinical trials testing the safety and immunogenicity of various cancer vaccine formulations based on cytolytic T lymphocytes (CTLs)-defined tumor antigens have been reported recently. Specific T cell responses can be detected in only a fraction of immunized patients. A smaller but significant fraction of these patients have objective tumor responses. Efficient therapeutic vaccination should aim at boosting naturally occurring anti-tumor responses and at sustaining a large contingent of tumor antigen-specific and fully functional effector T cells at tumor sites.

Estimation of jump-diffusion processes via empirical characteristic functions

Preface The starting point for this work and eventually the subject of the whole thesis was the question: how to estimate parameters of the affine stochastic volatility jump-diffusion models. These models are very important for contingent claim pricing. Their major advantage, availability T of analytical solutions for characteristic functions, made them the models of choice for many theoretical constructions and practical applications. At the same time, estimation of parameters of stochastic volatility jump-diffusion models is not a straightforward task. The problem is coming from the variance process, which is non-observable. There are several estimation methodologies that deal with estimation problems of latent variables. One appeared to be particularly interesting. It proposes the estimator that in contrast to the other methods requires neither discretization nor simulation of the process: the Continuous Empirical Characteristic function estimator (EGF) based on the unconditional characteristic function. However, the procedure was derived only for the stochastic volatility models without jumps. Thus, it has become the subject of my research. This thesis consists of three parts. Each one is written as independent and self contained article. At the same time, questions that are answered by the second and third parts of this Work arise naturally from the issues investigated and results obtained in the first one. The first chapter is the theoretical foundation of the thesis. It proposes an estimation procedure for the stochastic volatility models with jumps both in the asset price and variance processes. The estimation procedure is based on the joint unconditional characteristic function for the stochastic process. The major analytical result of this part as well as of the whole thesis is the closed form expression for the joint unconditional characteristic function for the stochastic volatility jump-diffusion models. The empirical part of the chapter suggests that besides a stochastic volatility, jumps both in the mean and the volatility equation are relevant for modelling returns of the S&P500 index, which has been chosen as a general representative of the stock asset class. Hence, the next question is: what jump process to use to model returns of the S&P500. The decision about the jump process in the framework of the affine jump- diffusion models boils down to defining the intensity of the compound Poisson process, a constant or some function of state variables, and to choosing the distribution of the jump size. While the jump in the variance process is usually assumed to be exponential, there are at least three distributions of the jump size which are currently used for the asset log-prices: normal, exponential and double exponential. The second part of this thesis shows that normal jumps in the asset log-returns should be used if we are to model S&P500 index by a stochastic volatility jump-diffusion model. This is a surprising result. Exponential distribution has fatter tails and for this reason either exponential or double exponential jump size was expected to provide the best it of the stochastic volatility jump-diffusion models to the data. The idea of testing the efficiency of the Continuous ECF estimator on the simulated data has already appeared when the first estimation results of the first chapter were obtained. In the absence of a benchmark or any ground for comparison it is unreasonable to be sure that our parameter estimates and the true parameters of the models coincide. The conclusion of the second chapter provides one more reason to do that kind of test. Thus, the third part of this thesis concentrates on the estimation of parameters of stochastic volatility jump- diffusion models on the basis of the asset price time-series simulated from various "true" parameter sets. The goal is to show that the Continuous ECF estimator based on the joint unconditional characteristic function is capable of finding the true parameters. And, the third chapter proves that our estimator indeed has the ability to do so. Once it is clear that the Continuous ECF estimator based on the unconditional characteristic function is working, the next question does not wait to appear. The question is whether the computation effort can be reduced without affecting the efficiency of the estimator, or whether the efficiency of the estimator can be improved without dramatically increasing the computational burden. The efficiency of the Continuous ECF estimator depends on the number of dimensions of the joint unconditional characteristic function which is used for its construction. Theoretically, the more dimensions there are, the more efficient is the estimation procedure. In practice, however, this relationship is not so straightforward due to the increasing computational difficulties. The second chapter, for example, in addition to the choice of the jump process, discusses the possibility of using the marginal, i.e. one-dimensional, unconditional characteristic function in the estimation instead of the joint, bi-dimensional, unconditional characteristic function. As result, the preference for one or the other depends on the model to be estimated. Thus, the computational effort can be reduced in some cases without affecting the efficiency of the estimator. The improvement of the estimator s efficiency by increasing its dimensionality faces more difficulties. The third chapter of this thesis, in addition to what was discussed above, compares the performance of the estimators with bi- and three-dimensional unconditional characteristic functions on the simulated data. It shows that the theoretical efficiency of the Continuous ECF estimator based on the three-dimensional unconditional characteristic function is not attainable in practice, at least for the moment, due to the limitations on the computer power and optimization toolboxes available to the general public. Thus, the Continuous ECF estimator based on the joint, bi-dimensional, unconditional characteristic function has all the reasons to exist and to be used for the estimation of parameters of the stochastic volatility jump-diffusion models.

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

Eliciting preferences for collectively financed health programmes : the "willingness to assign" approach

Improving public involvement in health system decision making stands as a primary goal in health systems reform. However, still limited evidence is found on how best to elicit preferences for health care programs. This paper examines a contingent choice technique to elicit preferences among health programs so called, willingness to assign (WTAS): Moreover, we elicited contingents rankings as well as the willingness to pay extra taxes for comparative purposes. We argue that WTAS reveals relative ( monetary-based) values of a set of competing public programmes under a hypothetical healthcare budget assessment. Experimental evidence is reported from a delibertive empirical study valuing ten health programmes in the context of the Catalan Health Services. Evidence from a our experimental study reveals that perferences are internally more consistent and slightly less affected by "preference reversals" as compared to values revealed from the willingness to pay (WTP) extra taxes approach. Consistent with prior studies, we find that the deliberative approach helped to avoid possible misunderstandings. Interestingly, although programmes promoting health received the higher relative valuation, those promoting other health benefits also ranked highly

The evolution of anti-social rewarding and its countermeasures in public goods games.

Cooperation in joint enterprises can easily break down when self-interests are in conflict with collective benefits, causing a tragedy of the commons. In such social dilemmas, the possibility for contributors to invest in a common pool-rewards fund, which will be shared exclusively among contributors, can be powerful for averting the tragedy, as long as the second-order dilemma (i.e. withdrawing contribution to reward funds) can be overcome (e.g. with second-order sanctions). However, the present paper reveals the vulnerability of such pool-rewarding mechanisms to the presence of reward funds raised by defectors and shared among them (i.e. anti-social rewarding), as it causes a cooperation breakdown, even when second-order sanctions are possible. I demonstrate that escaping this social trap requires the additional condition that coalitions of defectors fare poorly compared with pro-socials, with either (i) better rewarding abilities for the latter or (ii) reward funds that are contingent upon the public good produced beforehand, allowing groups of contributors to invest more in reward funds than groups of defectors. These results suggest that the establishment of cooperation through a collective positive incentive mechanism is highly vulnerable to anti-social rewarding and requires additional countermeasures to act in combination with second-order sanctions.

Firm's network capability and innovation performance: evidences from China hi-tech industry

ABSTRACT : A firm's competitive advantage can arise from internal resources as well as from an interfirm network. -This dissertation investigates the competitive advantage of a firm involved in an innovation network by integrating strategic management theory and social network theory. It develops theory and provides empirical evidence that illustrates how a networked firm enables the network value and appropriates this value in an optimal way according to its strategic purpose. The four inter-related essays in this dissertation provide a framework that sheds light on the extraction of value from an innovation network by managing and designing the network in a proactive manner. The first essay reviews research in social network theory and knowledge transfer management, and identifies the crucial factors of innovation network configuration for a firm's learning performance or innovation output. The findings suggest that network structure, network relationship, and network position all impact on a firm's performance. Although the previous literature indicates that there are disagreements about the impact of dense or spare structure, as well as strong or weak ties, case evidence from Chinese software companies reveals that dense and strong connections with partners are positively associated with firms' performance. The second essay is a theoretical essay that illustrates the limitations of social network theory for explaining the source of network value and offers a new theoretical model that applies resource-based view to network environments. It suggests that network configurations, such as network structure, network relationship and network position, can be considered important network resources. In addition, this essay introduces the concept of network capability, and suggests that four types of network capabilities play an important role in unlocking the potential value of network resources and determining the distribution of network rents between partners. This essay also highlights the contingent effects of network capability on a firm's innovation output, and explains how the different impacts of network capability depend on a firm's strategic choices. This new theoretical model has been pre-tested with a case study of China software industry, which enhances the internal validity of this theory. The third essay addresses the questions of what impact network capability has on firm innovation performance and what are the antecedent factors of network capability. This essay employs a structural equation modelling methodology that uses a sample of 211 Chinese Hi-tech firms. It develops a measurement of network capability and reveals that networked firms deal with cooperation between, and coordination with partners on different levels according to their levels of network capability. The empirical results also suggests that IT maturity, the openness of culture, management system involved, and experience with network activities are antecedents of network capabilities. Furthermore, the two-group analysis of the role of international partner(s) shows that when there is a culture and norm gap between foreign partners, a firm must mobilize more resources and effort to improve its performance with respect to its innovation network. The fourth essay addresses the way in which network capabilities influence firm innovation performance. By using hierarchical multiple regression with data from Chinese Hi-tech firms, the findings suggest that there is a significant partial mediating effect of knowledge transfer on the relationships between network capabilities and innovation performance. The findings also reveal that the impacts of network capabilities divert with the environment and strategic decision the firm has made: exploration or exploitation. Network constructing capability provides a greater positive impact on and yields more contributions to innovation performance than does network operating capability in an exploration network. Network operating capability is more important than network constructing capability for innovative firms in an exploitation network. Therefore, these findings highlight that the firm can shape the innovation network proactively for better benefits, but when it does so, it should adjust its focus and change its efforts in accordance with its innovation purposes or strategic orientation.

Métaphysique de l'art et esthétique du goût : une relecture dialogique d'Alexander Gottlieb Baumgarten

La présente recherche se propose de désobstruer un certain nombre de catégories « esthétiques », au sens étendu du terme, de leur métaphysique implicite. La thèse que je souhaite défendre se présente sous la forme d'un paradoxe : d'une part, le sens originel d'« esthétique » a été perdu de vue, d'autre part, malgré cet oubli, quiconque s'interroge philosophiquement sur les beaux-arts reçoit, nolens volens, Baumgarten en héritage. Avec AEsthetica (1750/1758), ouvrage inachevé et hautement problématique, nous pourrions dire, citant René Char, qu'il s'agit-là d'un « héritage précédé d'aucun testament ». En d'autres termes, ce qui nous échoit nous occupe, voire nous préoccupe, sans que nous disposions des outils conceptuels pour nous y rapporter librement. Soyons clairs, je ne soutiens pas que l'esthétique philosophique, telle qu'elle s'énonce à ses débuts, soit un passage obligé pour penser l'art, et ce d'autant plus qu'il ne s'agit pas d'un passage, mais proprement d'une impasse. Ce que je veux dire, c'est que Kant répond à Baumgarten, et que Hegel répond à Kant et ainsi de suite. Il n'y a pas de tabula rasa dans l'histoire de la pensée, et l'oubli de l'historicité d'une pensée est le meilleur moyen de la neutraliser en simple supplément culturel, tout en demeurant entièrement captifs de ses présupposés.Au départ, la question qui motivait implicitement la rédaction de cette recherche se formulait ainsi : « Dans quelle mesure la philosophie énonce-t-elle quelque chose d'important au sujet des beaux-arts ? » Au fil du temps, la question s'est inversée pour devenir : « Qu'est-ce que les écrits sur les beaux- arts, tels qu'ils foisonnent au 18e siècle, nous enseignent à propos de la philosophie et des limites inhérentes à sa manière de questionner ?» Et gardons-nous de penser qu'une telle inversion cantonne la question de l'esthétique, au sens très large du terme, à n'être qu'une critique immanente à l'histoire de la philosophie. Si la philosophie était une « discipline » parmi d'autres, un « objet » d'étude possible dans la liste des matières universitaires à choix, elle ne vaudrait pas, à mon sens, une seule heure de peine. Mais c'est bien parce que la philosophie continue à orienter la manière dont nous nous rapportons au « réel », au « monde » ou à l'« art » - je place les termes entre guillemets pour indiquer qu'il s'agit à la fois de termes usuels et de concepts philosophiques - que les enjeux de la question de l'esthétique, qui est aussi et avant tout la question du sentir, excèdent l'histoire de la philosophie.Pour introduire aux problèmes soulevés par l'esthétique comme discipline philosophique, j'ai commencé par esquisser à grands traits la question du statut de l'image, au sens le plus général du terme. Le fil conducteur a été celui de l'antique comparaison qui conçoit la poésie comme une « peinture parlante » et la peinture comme une « poésie muette ». Dans le prolongement de cette comparaison, le fameux adage ut pictura poesis erit a été conçu comme le véritable noeud de toute conception esthétique à venir.Il s'est avéré nécessaire d'insister sur la double origine de la question de l'esthétique, c'est-à-dire la rencontre entre la pensée grecque et le christianisme. En effet, l'un des concepts fondamentaux de l'esthétique, le concept de création et, plus spécifiquement la possibilité d'une création ex nihiio, a été en premier lieu un dogme théologique. Si j'ai beaucoup insisté sur ce point, ce n'est point pour établir une stricte identité entre ce dogme théologique et le concept de création esthétique qui, force est de l'admettre, est somme toute souvent assez flottant dans les écrits du 18e siècle. L'essor majeur de la notion de création, couplée avec celle de génie, sera davantage l'une des caractéristiques majeures du romantisme au siècle suivant. La démonstration vise plutôt à mettre en perspective l'idée selon laquelle, à la suite des théoriciens de l'art de la Renaissance, les philosophes du Siècle des Lumières ont accordé au faire artistique ou littéraire une valeur parfaitement inédite. Si l'inventeur du terme « esthétique » n'emploie pas explicitement le concept de création, il n'en demeure pas moins qu'il attribue aux poètes et aux artistes le pouvoir de faire surgir des mondes possibles et que ceux-ci, au même titre que d'autres régions de l'étant, font l'objet d'une saisie systématique qui vise à faire apparaître la vérité qui leur est propre. Par l'extension de l'horizon de la logique classique, Baumgarten inclut les beaux-arts, à titre de partie constituante des arts libéraux, comme objets de la logique au sens élargi du terme, appelée « esthético- logique ». L'inclusion de ce domaine spécifique d'étants est justifiée, selon les dires de son auteur, par le manque de concrétude de la logique formelle. Or, et cela n'est pas le moindre des paradoxes de l'esthétique, la subsomption des beaux-arts sous un concept unitaire d'Art et la portée noétique qui leur est conférée, s'opère à la faveur du sacrifice de leur singularité et de leur spécificité. Cela explique le choix du titre : « métaphysique de l'Art » et non pas « métaphysique de l'oeuvre d'art » ou « métaphysique des beaux-arts ». Et cette aporîe constitutive de la première esthétique est indépassable à partir des prémices que son auteur a établies, faisant de la nouvelle discipline une science qui, à ce titre, ne peut que prétendre à l'universalité.Au 18e siècle, certaines théories du beau empruntent la voie alternative de la critique du goût. J'ai souhaité questionner ces alternatives pour voir si elles échappent aux problèmes posés par la métaphysique de l'Art. Ce point peut être considéré comme une réplique à Kant qui, dans une note devenue célèbre, soutient que « les Allemands sont les seuls à se servir du mot "esthétique" pour désigner ce que d'autres appellent la critique du goût ». J'ai démontré que ces deux termes ne sont pas synonymes bien que ces deux positions philosophiques partagent et s'appuient sur des présupposés analogues.La distinction entre ces deux manières de penser l'art peut être restituée synthétiquement de la sorte : la saisie systématique des arts du beau en leur diversité et leur subsomption en un concept d'Art unitaire, qui leur attribue des qualités objectives et une valeur de vérité indépendante de toute saisie subjective, relègue, de facto, la question du jugement de goût à l'arrière-plan. La valeur de vérité de l'Art, définie comme la totalité des qualités intrinsèques des oeuvres est, par définition, non tributaire du jugement subjectif. Autrement dit, si les oeuvres d'art présentent des qualités intrinsèques, la question directrice inhérente à la démarche de Baumgarten ne peut donc nullement être celle d'une critique du goût, comme opération subjective {Le. relative au sujet, sans que cela soit forcément synonyme de « relativisme »), mais bien la quête d'un fondement qui soit en mesure de conférer à l'esthétique philosophique, en tant que métaphysique spéciale, sa légitimité.Ce qui distingue sur le plan philosophique le projet d'une métaphysique de l'Art de celui d'une esthétique du goût réside en ceci que le premier est guidé, a priori, par la nécessité de produire un discours valant universellement, indépendant des oeuvres d'art, tandis que le goût, pour s'exercer, implique toujours une oeuvre singulière, concrète, sans laquelle celui-ci ne reste qu'à l'état de potentialité. Le goût a trait au particulier et au contingent, sans être pour autant quelque chose d'aléatoire. En effet, il n'est pas un véritable philosophe s'interrogeant sur cette notion qui n'ait entrevu, d'une manière ou d'une autre, la nécessité de porter le goût à la hauteur d'un jugement, c'est-à-dire lui conférer au moins une règle ou une norme qui puisse le légitimer comme tel et le sauver du relativisme, pris en son sens le plus péjoratif. La délicatesse du goût va même jusqu'à être tenue pour une forme de « connaissance », par laquelle les choses sont appréhendées dans toute leur subtilité. Les différents auteurs évoqués pour cette question (Francis Hutcheson, David Hume, Alexander Gerard, Louis de Jaucourt, Montesquieu, Voltaire, D'Alembert, Denis Diderot, Edmund Burke), soutiennent qu'il y a bien quelque chose comme des « normes » du goût, que celles-ci soient inférées des oeuvres de génie ou qu'elles soient postulées a priori, garanties par une transcendance divine ou par la bonté de la Nature elle-même, ce qui revient, en dernière instance au même puisque le geste est similaire : rechercher dans le suprasensible, dans l'Idée, un fondement stable et identique à soi en mesure de garantir la stabilité de l'expérience du monde phénoménal.La seconde partie de la recherche s'est articulée autour de la question suivante : est-ce que les esthétiques du goût qui mesurent la « valeur » de l'oeuvre d'art à l'aune d'un jugement subjectif et par l'intensité du sentiment échappent aux apories constitutives de la métaphysique de l'Art ?En un sens, une réponse partielle à cette question est déjà contenue dans l'expression « esthétique du goût ». Cette expression ne doit pas être prise au sens d'une discipline ou d'un corpus unifié : la diversité des positions présentées dans cette recherche, bien que non exhaustive, suffit à le démontrer. Mais ce qui est suggéré par cette expression, c'est que ces manières de questionner l'art sont plus proches du sens original du terme aisthêsis que ne l'est la première esthétique philosophique de l'histoire de la philosophie. L'exercice du goût est une activité propre du sentir qui, en même temps, est en rapport direct avec la capacité intellectuelle à discerner les choses et à un juger avec finesse et justesse.Avec le goût esthétique s'invente une espèce de « sens sans organe » dont la teneur ontologique est hybride, mais dont le nom est identique à celui des cinq sens qui procurent la jouissance sensible la plus immédiate et la moins raisonnable qui soit. Par la reconnaissance de l'existence d'un goût « juste » et « vrai », ou à défaut, au moins de l'existence d'une « norme » indiscutable de celui-ci, c'est-à-dire de la possibilité de formuler un jugement de goût une tentative inédite de spîritualisation de la sensibilité a lieu.Par conséquent, il est loin d'être évident que ce que j'ai appelé les esthétiques du goût échappent à un autre aspect aporétique de la métaphysique de l'Art, à savoir : passer à côté du caractère singulier de telle ou telle oeuvre afin d'en dégager les traits universels qui permettent au discours de s'étayer. Dans une moindre mesure, cela est même le cas dans les Salons de Diderot où, trop souvent, le tableau sert de prétexte à l'élaboration d'un discours brillant.Par contre, tout l'intérêt de la question du goût réside en ceci qu'elle présente, de façon particulièrement aiguë, les limites proprement métaphysiques dont l'esthétique, à titre de discipline philosophique, se fait la légataire et tente à sa manière d'y remédier par une extension inédite du concept de vérité et sa caractérisai ion en termes de vérité « esthéticologique » au paragraphe 427 de Y Esthétique. Cela dit, le fait même que dans l'empirisme la sensibilité s'oppose, une fois de plus, à l'intellect comme source de la naissance des idées - même si c'est dans la perspective d'une réhabilitation de la sensibilité -, indique que l'horizon même de questionnement demeure inchangé. Si le goût a pu enfin acquérir ses lettres de noblesse philosophique, c'est parce qu'il a été ramené, plus ou moins explicitement, du côté de la raison. Le jugement portant sur les arts et, de manière plus générale, sur tout ce qui est affaire de goût ne saurait se limiter au sentiment de plaisir immédiat. Le vécu personnel doit se transcender en vertu de critères qui non seulement permettent de dépasser le relativisme solipsiste, mais aussi de donner forme à l'expérience vécue afin qu'elle manifeste à chaque fois, et de façon singulière, une portée universelle.Le goût, tel qu'il devient un topos des discours sur l'art au 18e siècle, peut, à mon sens, être interprété comme l'équivalent de la glande pinéale dans la physiologie cartésienne : l'invention d'un « je ne sais quoi » situé on ne sait où, sorte d'Hermès qui assure la communication entre l'âme et le corps et sert l'intermédiaire entre l'intellect et la sensibilité. L'expérience décrite dans l'exercice du goût implique de facto une dimension par définition occultée par la métaphysique de l'Art : le désir. Pour goûter, il faut désirer et accepter d'être rempli par l'objet de goût. Dans l'exercice du goût, le corps est en jeu autant que l'intellect, il s'agit d'une expérience totale dans laquelle aucune mise à distance théorétique n'est, en un premier temps, à même de nous prémunir de la violence des passions qui nous affectent. L'ambiguïté de cette notion réside précisément dans son statut ontologiquement problématique. Mais cette incertitude est féconde puisqu'elle met en exergue le caractère problématique de la distinction entre corps et esprit. Dans la notion de goût est contenue l'idée que le corps pense aussi et que, par voie de conséquence, la sensibilité n'est pas dépourvue de dimension spirituelle. Reste que formuler les choses de la sorte revient à rejouer, en quelque sorte, l'antique diaphorâ platonicienne et à convoquer, une fois de plus, les grandes oppositions métaphysiques telles que corps et âme, sensible et intelligible, matière et forme.La troisième partie est entièrement consacrée à Shaftesbury qui anticipe le statut ontologiquement fort de l'oeuvre d'art (tel qu'il sera thématisé par Baumgarten) et l'allie à une critique du goût. Cet auteur peut être considéré comme une forme d'exception qui confirme la règle puisque sa métaphysique de l'Art laisse une place prépondérante à une critique du goût. Mais le cumul de ces deux caractéristiques opposées un peu schématiquement pour les besoins de la démonstration n'invalide pas l'hypothèse de départ qui consiste à dire que la saisie philosophique de la question du goût et l'invention conjointe de l'esthétique au 18e siècle sont deux tentatives de trouver une issue au problème du dualisme des substances.Cette recherche doit être prise comme une forme de propédeutique à la fois absolument nécessaire et parfaitement insuffisante. Après Baumgarten et le siècle du goût philosophique, les propositions de dépassement des apories constitutives d'une tradition qui pense l'art à partir de couples d'oppositions métaphysiques tels qu'âme et corps, forme et matière, ainsi que leurs traductions dans les arts visuels (dessin et couleur ou encore figuration et abstraction), n'ont pas manqué. Il aurait fallu in fine s'effacer pour laisser la place aux plasticiens eux-mêmes, mais aussi aux poètes, non plus dans l'horizon de Y ut pictura, mais lorsqu'ils expriment, sans verser dans l'analyse conceptuelle, leurs rencontres avec telle ou telle oeuvre (je pense à Baudelaire lorsqu'il évoque Constantin Guys, à Charles Ferdinand Ramuz lorsqu'il rend hommage à Cézanne ou encore à Pascal Quignard lorsqu'il raconte les fresques de la maison des Dioscures à Pompéi, pour ne citer que trois noms qui affleurent immédiatement à ma mémoire tant leur souvenir est vivace et leur exemple un modèle). Et puis il s'agit, malgré tout, de ne pas renoncer pour autant au discours esthétique, c'est- à-dire à la philosophie, mais de réinterroger les catégories dont nous sommes les légataires et de penser avec et au-delà des limites qu'elles nous assignent. Mais cela ferait l'objet d'un autre ouvrage.

Sequential therapist interventions and the therapeutic alliance: a pilot study

(from the journal abstract) Scientific interest for the concept of alliance has been maintained and stimulated by repeated findings that a strong alliance is associated with facilitative treatment process and favourable treatment outcome. However, because the alliance is not in itself a therapeutic technique, these findings were unsuccessful in bringing about significant improvements in clinical practice. An essential issue in modern psychotherapeutic research concerns the relation between common factors which are known to explain great variance in empirical results and the specific therapeutic techniques which are the primary basis of clinical training and practice. This pilot study explored sequences in therapist interventions over four sessions of brief psychodynamic investigation. It aims at determining if patterns of interventions can be found during brief psychodynamic investigation and if these patterns can be associated with differences in the therapeutic alliance. Therapist interventions where coded using the Psychodynamic Intervention Rating Scale (PIRS) which enables the classification of each therapist utterance into one of 9 categories of interpretive interventions (defence interpretation, transference interpretation), supportive interventions (question, clarification, association, reflection, supportive strategy) or interventions about the therapeutic frame (work-enhancing statement, contractual arrangement). Data analysis was done using lag sequential analysis, a statistical procedure which identifies contingent relationships in time among a large number of behaviours. The sample includes N = 20 therapist-patient dyads assigned to three groups with: (1) a high and stable alliance profile, (2) a low and stable alliance profile and (3) an improving alliance profile. Results suggest that therapists most often have one single intention when interacting with patients. Large sequences of questions, associations and clarifications were found, which indicate that if a therapist asks a question, clarifies or associates, there is a significant probability that he will continue doing so. A single theme sequence involving frame interventions was also observed. These sequences were found in all three alliance groups. One exception was found for mixed sequences of interpretations and supportive interventions. The simultaneous use of these two interventions was associated with a high or an improving alliance over the course of treatment, but not with a low and stable alliance where only single theme sequences of interpretations were found. In other words, in this last group, therapists were either supportive or interpretative, whereas with high or improving alliance, interpretations were always given along with supportive interventions. This finding provides evidence that examining therapist interpretation individually can only yield incomplete findings. How interpretations were given is important for alliance building. It also suggests that therapists should carefully dose their interpretations and be supportive when necessary in order to build a strong therapeutic alliance. And from a research point of view, to study technical interventions, we must look into dynamic variables such as dosage, the supportive quality of an intervention, and timing. (PsycINFO Database Record (c) 2005 APA, all rights reserved)

Decentralization and the Welfare State: What Do Citizens Perceive?

Trust in public institutions and public policies are generally perceived as a precondition for economic recovery in times of recession. Recent empirical evidence tends to find a positive link between decentralization and trust. But our knowledge about whether decentralization – through increased trust – improves the perception of the delivery and effectiveness of public policies is still limited. In this paper we estimate the impact of fiscal and political decentralization on the perception of the state of the education system and of health services, by using the 2002, 2004, 2006 and 2008 waves of the European social survey. The analysis of the views of 160,000 individuals in 31 European countries indicates that while the effect of fiscal decentralization on the perception of the state of the health and education system is limited, political decentralization clearly affects citizen’s satisfaction with education and health delivery. The influence of political decentralization, however, is highly contingent on whether we consider the capacity of the local or regional government to exercise authority over its citizens (self-rule) or to influence policy at the national level (shared-rule). Keywords: Education, health, satisfaction, fiscal and political decentralization, Europe. JEL codes: H11, H77

Risk aversion and embedding bias

In Selten (1967) ?Strategy Method,? the second mover in the game submits a complete strategy. This basic idea has been exported to nonstrategic experiments, where a participant reports a complete list of contingent decisions, one for each situation or state in a given sequence, out of which one and only one state, randomly selected, will be implemented.In general, the method raises the following concern. If S0 and S1 are two differentsequences of states, and state s is in both S0 and S1, would the participant make the same decision in state s when confronted with S0 as when confronted with S1? If not, the experimental results are suspect of suffering from an ?embedding bias.?We check for embedding biases in elicitation methods of Charles Holt and Susan Laury(Laury and Holt, 2000, and Holt and Laury, 2002), and of the present authors (Bosch-Dom?nech and Silvestre, 1999, 2002, 2006a, b) by appropriately chosen replications of the original experiments. We find no evidence of embedding bias in our work. But in Holt and Laury?s method participants tend to switch earlier to the riskier option when later pairs of lotteries are eliminated from the sequence, suggesting the presence of some embedding bias.

The underestimation of compliance to direct help requests explained by adaptive sampling

Helping behavior is any intentional behavior that benefits another living being or group (Hogg & Vaughan, 2010). People tend to underestimate the probability that others will comply with their direct requests for help (Flynn & Lake, 2008). This implies that when they need help, they will assess the probability of getting it (De Paulo, 1982, cited in Flynn & Lake, 2008) and then they will tend to estimate one that is actually lower than the real chance, so they may not even consider worth asking for it. Existing explanations for this phenomenon attribute it to a mistaken cost computation by the help seeker, who will emphasize the instrumental cost of “saying yes”, ignoring that the potential helper also needs to take into account the social cost of saying “no”. And the truth is that, especially in face-to-face interactions, the discomfort caused by refusing to help can be very high. In short, help seekers tend to fail to realize that it might be more costly to refuse to comply with a help request rather than accepting. A similar effect has been observed when estimating trustworthiness of people. Fetchenhauer and Dunning (2010) showed that people also tend to underestimate it. This bias is reduced when, instead of asymmetric feedback (getting feedback only when deciding to trust the other person), symmetric feedback (always given) was provided. This cause could as well be applicable to help seeking as people only receive feedback when they actually make their request but not otherwise. Fazio, Shook, and Eiser (2004) studied something that could be reinforcing these outcomes: Learning asymmetries. By means of a computer game called BeanFest, they showed that people learn better about negatively valenced objects (beans in this case) than about positively valenced ones. This learning asymmetry esteemed from “information gain being contingent on approach behavior” (p. 293), which could be identified with what Fetchenhauer and Dunning mention as ‘asymmetric feedback’, and hence also with help requests. Fazio et al. also found a generalization asymmetry in favor of negative attitudes versus positive ones. They attributed it to a negativity bias that “weights resemblance to a known negative more heavily than resemblance to a positive” (p. 300). Applied to help seeking scenarios, this would mean that when facing an unknown situation, people would tend to generalize and infer that is more likely that they get a negative rather than a positive outcome from it, so, along with what it was said before, people will be more inclined to think that they will get a “no” when requesting help. Denrell and Le Mens (2011) present a different perspective when trying to explain judgment biases in general. They deviate from the classical inappropriate information processing (depicted among other by Fiske & Taylor, 2007, and Tversky & Kahneman, 1974) and explain this in terms of ‘adaptive sampling’. Adaptive sampling is a sampling mechanism in which the selection of sample items is conditioned by the values of the variable of interest previously observed (Thompson, 2011). Sampling adaptively allows individuals to safeguard themselves from experiences they went through once and turned out to lay negative outcomes. However, it also prevents them from giving a second chance to those experiences to get an updated outcome that could maybe turn into a positive one, a more positive one, or just one that regresses to the mean, whatever direction that implies. That, as Denrell and Le Mens (2011) explained, makes sense: If you go to a restaurant, and you did not like the food, you do not choose that restaurant again. This is what we think could be happening when asking for help: When we get a “no”, we stop asking. And here, we want to provide a complementary explanation for the underestimation of the probability that others comply with our direct help requests based on adaptive sampling. First, we will develop and explain a model that represents the theory. Later on, we will test it empirically by means of experiments, and will elaborate on the analysis of its results.

The link between land-use management and fluvial flood risk : a chaotic conception?

There is much policy interest in the possible linkages that might exist between land use and downstream fluvial flood risk. On the one hand, this position is sustained by observations from plot- and field-scale studies that suggest land management does affect runoff. On the other, upscaling these effects to show that land-management activities impact upon flood risk at larger catchment scales has proved to be elusive. This review considers the reasons for why this upscaling is problematic. We argue that, rather than it reflecting methodological challenges associated with the difficulties of modelling hydrological processes over very large areas and during extreme runoff events, it reflects the fact that any linkage between land management and flood risk cannot be generalized and taken out of its specific spatial (catchment) and temporal (flood event) context. We use Sayer's (1992) notion of a `chaotic conception' to describe the belief that there is a simple and general association between land management and downstream flood risk rather than the impacts of land management being spatially and temporally contingent in relation to the particular geographical location, time period and scale being considered. Our argument has important practical consequences because it implies that land-management activities to reduce downstream flood risk will be different to traditional flood-reduction interventions such as levees. The purpose of demonstration projects then needs careful consideration such that conclusions made for one project are not transferred uncritically to other scales of analysis or geographical locations.

Three essays in dynamic corporate finance

The three essays constituting this thesis focus on financing and cash management policy. The first essay aims to shed light on why firms issue debt so conservatively. In particular, it examines the effects of shareholder and creditor protection on capital structure choices. It starts by building a contingent claims model where financing policy results from a trade-off between tax benefits, contracting costs and agency costs. In this setup, controlling shareholders can divert part of the firms' cash ows as private benefits at the expense of minority share- holders. In addition, shareholders as a class can behave strategically at the time of default leading to deviations from the absolute priority rule. The analysis demonstrates that investor protection is a first order determinant of firms' financing choices and that conflicts of interests between firm claimholders may help explain the level and cross-sectional variation of observed leverage ratios. The second essay focuses on the practical relevance of agency conflicts. De- spite the theoretical development of the literature on agency conflicts and firm policy choices, the magnitude of manager-shareholder conflicts is still an open question. This essay proposes a methodology for quantifying these agency conflicts. To do so, it examines the impact of managerial entrenchment on corporate financing decisions. It builds a dynamic contingent claims model in which managers do not act in the best interest of shareholders, but rather pursue private benefits at the expense of shareholders. Managers have discretion over financing and dividend policies. However, shareholders can remove the manager at a cost. The analysis demonstrates that entrenched managers restructure less frequently and issue less debt than optimal for shareholders. I take the model to the data and use observed financing choices to provide firm-specific estimates of the degree of managerial entrenchment. Using structural econometrics, I find costs of control challenges of 2-7% on average (.8-5% at median). The estimates of the agency costs vary with variables that one expects to determine managerial incentives. In addition, these costs are sufficient to resolve the low- and zero-leverage puzzles and explain the time series of observed leverage ratios. Finally, the analysis shows that governance mechanisms significantly affect the value of control and firms' financing decisions. The third essay is concerned with the documented time trend in corporate cash holdings by Bates, Kahle and Stulz (BKS,2003). BKS find that firms' cash holdings double from 10% to 20% over the 1980 to 2005 period. This essay provides an explanation of this phenomenon by examining the effects of product market competition on firms' cash holdings in the presence of financial constraints. It develops a real options model in which cash holdings may be used to cover unexpected operating losses and avoid inefficient closure. The model generates new predictions relating cash holdings to firm and industry characteristics such as the intensity of competition, cash flow volatility, or financing constraints. The empirical examination of the model shows strong support of model's predictions. In addition, it shows that the time trend in cash holdings documented by BKS can be at least partly attributed to a competition effect.

Studies on coordination of systems development process

This thesis examines coordination of systems development process in a contemporary software producing organization. The thesis consists of a series of empirical studies in which the actions, conceptions and artifacts of practitioners are analyzed using a theory-building case study research approach. The three phases of the thesis provide empirical observations on different aspects of systemsdevelopment. In the first phase is examined the role of architecture in coordination and cost estimation in multi-site environment. The second phase involves two studies on the evolving requirement understanding process and how to measure this process. The third phase summarizes the first two phases and concentrates on the role of methods and how practitioners work with them. All the phases provide evidence that current systems development method approaches are too naïve in looking at the complexity of the real world. In practice, development is influenced by opportunity and other contingent factors. The systems development processis not coordinated using phases and tasks defined in methods providing universal mechanism for managing this process like most of the method approaches assume.Instead, the studies suggest that managing systems development process happens through coordinating development activities using methods as tools. These studies contribute to the systems development methods by emphasizing the support of communication and collaboration between systems development participants. Methods should not describe the development activities and phases in a detail level, butshould include the higher level guidance for practitioners on how to act in different systems development environments.