869 resultados para Expectations hypothesis of term struscture of interest rates


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This paper aims to show, analyze and solve the problems related to the translation of the book with meaning-bond alphabetically ordered chapter titles La vita non è in ordine alfabetico, by the Italian writer Andrea Bajani. The procedure is inevitable for a possible translation of the book, and it is necessary to have a preliminary pattern to follow. After translating the whole book, not only is a revision fundamental, but a restructure and reorganization of the collection may be required, hence, what this thesis offers is a scheme to start from, together with an analysis of the possible problems that may arise, and a useful method to find a solution.

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In the first chapter, I develop a panel no-cointegration test which extends Pesaran, Shin and Smith (2001)'s bounds test to the panel framework by considering the individual regressions in a Seemingly Unrelated Regression (SUR) system. This allows to take into account unobserved common factors that contemporaneously affect all the units of the panel and provides, at the same time, unit-specific test statistics. Moreover, the approach is particularly suited when the number of individuals of the panel is small relatively to the number of time series observations. I develop the algorithm to implement the test and I use Monte Carlo simulation to analyze the properties of the test. The small sample properties of the test are remarkable, compared to its single equation counterpart. I illustrate the use of the test through a test of Purchasing Power Parity in a panel of EU15 countries. In the second chapter of my PhD thesis, I verify the Expectation Hypothesis of the Term Structure in the repurchasing agreements (repo) market with a new testing approach. I consider an "inexact" formulation of the EHTS, which models a time-varying component in the risk premia and I treat the interest rates as a non-stationary cointegrated system. The effect of the heteroskedasticity is controlled by means of testing procedures (bootstrap and heteroskedasticity correction) which are robust to variance and covariance shifts over time. I fi#nd that the long-run implications of EHTS are verified. A rolling window analysis clarifies that the EHTS is only rejected in periods of turbulence of #financial markets. The third chapter introduces the Stata command "bootrank" which implements the bootstrap likelihood ratio rank test algorithm developed by Cavaliere et al. (2012). The command is illustrated through an empirical application on the term structure of interest rates in the US.

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Based on an integrative brain model which focuses on memory-driven and EEG state-dependent information processing for the organisation of behaviour, we used the developmental changes of the awake EEG to further investigate the hypothesis that neurodevelopmental abnormalities (deviations in organisation and reorganisation of cortico-cortical connectivity during development) are involved in the pathogenesis of schizophrenia. First-episode, neuroleptic-naive schizophrenics and their matched controls and three age groups of normal adolescents were studied (total: 70 subjects). 19-channel EEG delta-theta, alpha and beta spectral band centroid frequencies during resting (baseline) and after verbal stimuli were used as measure of the level of attained complexity and momentary excitability of the neuronal network (working memory). Schizophrenics compared with all control groups showed lower delta-theta activity centroids and higher alpha and beta activity centroids. Reactivity centroids (centroid after stimulus minus centroid during resting) were used as measure of update of working memory. Schizophrenics showed partial similarities in delta-theta and beta reactivity centroids with the 11-year olds and in alpha reactivity centroids with the 13-year olds. Within the framework of our model, the results suggest multifactorially elicited imbalances in the level of excitability of neuronal networks in schizophrenia, resulting in network activation at dissociated complexity levels, partially regressed and partially prematurely developed. It is hypothesised that activation of age- and/or state-inadequate representations for coping with realities becomes manifest as productive schizophrenic symptoms. Thus, the results support some aspects of the neurodevelopmental hypothesis.

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The article discusses the problems of applicable law to copyright infringements online. It firstly identifies the main problems related to the well established territoriality principle and the lex loci protectionis rules. Then; the discussion focuses on the "ubiquitous infringement" rule recently proposed by the American Law Institute (ALI) and the European Max Planck Group for Conflicts of Law and Intellectual Propoperty (CLIP). The author strongly welcomes a compromise between the territoriality and universality approaches suggested in respect of ubiquitous infringement cases. At the same time; the paper draws the attention that the interests of "good faith" online service providers (such as legal certainty and foreseeability) have been until now underestimated and invites to take these interests into account when merging the projects into a common international proposal.

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Echinococcus multilocularis is characterised by a wide geographical distribution, encompassing three continents (North America, Asia and Europe) yet very low genetic variability is documented. Recently, this parasite has been detected in red foxes (Vulpes vulpes) circulating in an Alpine region of Italy, close to Austria. This finding raised the question as to whether an autochthonous cycle exists in Italy or whether the infected foxes originated from the neighbouring regions of Austria. Studies have shown that multi-locus microsatellite analysis can identify genomic regions carrying mutations that result in a local adaptation. We used a tandem repeated multi-locus microsatellite (EmsB) to evaluate the genetic differences amongst adult worms of E. multilocularis collected in Italy, worms from neighbouring Austria and from other European and extra-European countries. Fluorescent PCR was performed on a panel of E. multilocularis samples to assess intra-specific polymorphism. The analysis revealed four closed genotypes for Italian samples of E. multilocularis which were unique compared with the other 25 genotypes from Europe and the five genotypes from Alaska. An analysis in the Alpine watershed, comparing Italian adult worms with those from neighbouring areas in Austria, showed a unique cluster for Italian samples. This result supports the hypothesis of the presence of an autochthonous cycle of E. multilocularis in Italy. EmsB can be useful for 'tracking' the source of infection of this zoonotic parasite and developing appropriate measures for preventing or reducing the risk of human alveolar echinococcosis.

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Is it possible to elicit reliable assessment from an assessor having a conflict of interest (e.g. a professor that writes a recommendation letter for a formal PhD student)? We propose an experimental test and show that compared to a not-incentivized assessment, a promise to give a truthful assessment reduces misreporting to the same extent as an incentivized assessment (i.e. when the assessor gains higher payoff if the assessment is correct).

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Palaeoflood hydrology is an expanding field as the damage potential of flood and flood-related processes are increasing with the population density and the value of the infrastructure. Assessing the risk of these hazards in mountainous terrain requires knowledge about the frequency and severness of such events in the past. A wide range of methods is employed using diverse biologic, geomorphic or geologic evidences to track past flood events. Impact of floods are studied and dated on alluvial fans and cones using for example the growth disturbance of trees (Stoffel and Bollschweiler 2008; Schneuwly-Bollschweiler and Stoffel 2012: this volume) or stratigraphic layers deposited by debris flows, allowing to reconstruct past flood frequencies (Bardou et~al. 2003). Further downstream, the classical approach of palaeoflood hydrology (Kochel and Baker 1982) utilizes geomorphic indicators such as overbank sediments, silt lines and erosion features of floods along a river (e.g. Benito and Thorndycraft 2005). Fine-grained sediment settles out of the river suspension in eddies or backwater areas, where the flow velocity of the river is reduced. Records of these deposits at different elevations across a riverâs profile can be used to assess the discharge of the past floods. This approach of palaeoflood hydrology studies was successfully applied in several river catchments (e.g. Ely et al. 1993; Macklin and Lewin 2003; OâConnor et al. 1994; Sheffer et al. 2003; Thorndycraft et al. 2005; Thorndycraft and Benito 2006). All these different reconstruction methods have their own advantages and disadvantages, but often these studies have a limited time coverage and the records are potentially incomplete due to lateral limits of depositional areas and due to the erosional power of fluvial processes that remove previously deposited flood witnesses. Here, we present a method that follows the sediment particle transported by a flood event to its final sink: the lacustrine basin.