Audit of the Memorial Union Revenue Bond Funds of Iowa State University of Science and Technology (Iowa State University) as of and for the year ended June 30, 2007

Audit of the Memorial Union Revenue Bond Funds of Iowa State University of Science and Technology (Iowa State University) as of and for the year ended June 30, 2007

A comparison of stock market mechanisms

This paper studies the relationship between the amount of publicinformation that stock market prices incorporate and the equilibriumbehavior of market participants. The analysis is framed in a static, NREEsetup where traders exchange vectors of assets accessing multidimensionalinformation under two alternative market structures. In the first(the unrestricted system), both informed and uninformed speculators cancondition their demands for each traded asset on all equilibrium prices;in the second (the restricted system), they are restricted to conditiontheir demand on the price of the asset they want to trade. I show thatinformed traders incentives to exploit multidimensional privateinformation depend on the number of prices they can condition upon whensubmitting their demand schedules, and on the specific price formationprocess one considers. Building on this insight, I then give conditionsunder which the restricted system is more efficient than the unrestrictedsystem.

With a bang, not a whimper: Pricking Germany's "stock market bubble" in 1927 and the slide into depression

In May 1927, the German central bank intervenedindirectly to reduce lending to equity investors.The crash that followed ended the only stockmarket boom during Germany s relative stabilization 1924-28. This paper examines thefactors that lead to the intervention as well asits consequences. We argue that genuine concernabout the exuberant level of the stock market,in addition to worries about an inflow offoreign funds, tipped the scales in favour ofintervention. The evidence strongly suggeststhat the German central bank under HjalmarSchacht was wrong to be concerned aboutstockprices-there was no bubble. Also, theReichsbank was mistaken in its belief thata fall in the market would reduce theimportance of short-term foreign borrowing,and help to ease conditions in the money market.The misguided intervention had important realeffects. Investment suffered, helping to tipGermany into depression.

How political parties, rather than member-states, are building the European Union

Political party formation and coalition building in the European Parliament is being a driving force for making governance of the highly pluralistic European Union relatively effective and consensual. In spite of successive enlargements and the very high number of electoral partiesobtaining representation in the European Union institutions, the number of effective European Political Groups in the European Parliament has decreased from the first direct election in 1979 to the fifth in 1999. The formal analysis of national party��s voting power in different Europeanparty configurations can explain the incentives for national parties to join large European Political Groups instead of forming smaller nationalistic groupings. Empirical evidence shows increasing cohesion of European Political Groups and an increasing role of the European Parliament in EU inter-institutional decision making. As a consequence of this evolution, intergovernmentalism is being replaced with federalizing relations. The analysis can support positive expectations regarding the governability of the European Union after further enlargements provided that new member states have party systems fitting the European PoliticalGroups.

Optimal monetary and fiscal policy in a currency union

We lay out a tractable model for fiscal and monetary policy analysis in a currency union, and study its implications for the optimal design of such policies. Monetary policy is conducted by a common central bank, which sets the interest rate for the union as a whole. Fiscal policy is implemented at the countrylevel, through the choice of government spending. The model incorporates country-specific shocks and nominal rigidities. Under our assumptions, the optimal cooperative policy arrangement requires that inflation be stabilized at the union level by the common central bank, while fiscal policy is used by each country for stabilization purposes. By contrast, when the fiscal authorities act in a non-coordinated way, their joint actions lead to a suboptimal outcome, and make the common central bank face a trade-off between inflation and output gap stabilization at the union level.

Gest��o de stock e sua import��ncia nas pequenas e m��dias empresas comerciais de S��o Vicente

Os elevados custos associados �� sua manuten����o e o alto capital inactivo nele aplicado, t��m levado as empresas a procurar estrat��gias com vista a cada vez mais reduzirem seus stocks. Alguns autores consideram mesmo que o objectivo que se pretende atingir com a gest��o de stocks, ��, sempre que poss��vel atingir o stock zero. Por��m, no mundo real, a taxa de consumo dos produtos n��o �� totalmente previs��vel, e o lead time de reabastecimento pode variar, ocasionando atrasos na entrega. Assim, para se proteger destes efeitos inesperados, as empresas dimensionam stocks de seguran��a, em fun����o de uma probabilidade aceit��vel de falta de produto em stock. Com isso, compreende-se facilmente a import��ncia da gest��o de stocks numa empresa. �� neste ��mbito ent��o que se desenvolveu este trabalho de investiga����o, intitulado ���Gest��o de Stock e sua Import��ncia nas Pequenas e M��dias Empresas Comerciais de S��o Vicente��� objetivando, de forma geral, analisar a import��ncia da gest��o de stock para a melhoria do desempenho e competitividade das pequenas e m��dias empresas comerciais de S��o Vicente, e para o caso particular, da empresa M��rio Duarte Lopes & Filhos Lda. O estudo de caso foi o instrumento metodol��gico central utilizado. Este estudo de caso foi conduzido por uma entrevista e pela aplica����o de um question��rio a uma amostra de 150 clientes da empresa estudada (pessoas f��sicas), e foi apoiado por uma pesquisa bibliogr��fica e documental. Os resultados alcan��ados permitiram concluir que a gest��o de stock desempenha um papel fundamental na defini����o dos n��veis ��timos de stock a manter pela empresa, de forma a equilibrar os objetivos da redu����o dos custos log��sticos e o n��vel de servi��o desejado ao cliente; da�� ser extremamente importante as empresas desenvolverem estrat��gias e a����es no sentido da melhoraria da efici��ncia e efic��cia dos seus processos e procedimentos, mormente nas empresas Cabo-verdianas, particularmente na empresa objeto de estudo, em que, dados os riscos acrescidos de rutura de stock, s��o muitas vezes for��ados a manter stock em n��veis altos.

Efectos de la pesca en el stock de anchoveta

Constituye la primera apreciaci��n que se hace de los efectos de la pesca sobre el stock de la anchoveta; usando series de datos suficientemente completos como para la evaluaci��n a la que se llega sea firme y bien documentada y sirva como base general para una pol��tica reguladora por parte del Estado.

Stock returns, term structure, inflation and real activity: An international perspective

This paper analyses the empirical interdependences among assetreturns, real activity and inflation from a multicountry and internationalpoint of view. We find that nominal stock returns are significantly relatedto inflation only in the US, that the US term structure of interest ratespredicts both domestic and foreign inflation rates while foreign termstructures do not have this predictive power and that innovations in inflationand exchange rates induce insignificant responses of real and financialvariables. An interpretation of the dynamics and some policy implicationsof the results are provided.

Improved estimation of the covariance matrix of stock returns with an application to portofolio selection

This paper proposes to estimate the covariance matrix of stock returnsby an optimally weighted average of two existing estimators: the samplecovariance matrix and single-index covariance matrix. This method isgenerally known as shrinkage, and it is standard in decision theory andin empirical Bayesian statistics. Our shrinkage estimator can be seenas a way to account for extra-market covariance without having to specifyan arbitrary multi-factor structure. For NYSE and AMEX stock returns from1972 to 1995, it can be used to select portfolios with significantly lowerout-of-sample variance than a set of existing estimators, includingmulti-factor models.

La situaci��n actual del stock de merluza a setiembre de 1978

Analiza la informaci��n disponible desde 1967 hasta 1978 actualizando los c��lculos de la producci��n potencial hasta agosto de 1978, la informaci��n de las estad��sticas de captura y esfuerzo de la flota arrastrera y de la flota bolichera que captur�� en el ��rea de Chimbote; as�� como los datos obtenidos por el TAREQ II en el Crucero 7805 y la Operaci��n Eureka XL, realizado entre 19 y 21 de julio de 1978.

El stock de merluza y otros demersales en abril de 1985

Describe las acciones realizadas a bordo del BIC Humboldt, desplegadas en el marco de la exploraciones en el ��rea de Chimbote a Puerto Pizarro. As�� mismo, se registra los an��lisis correspondientes para determinar las condiciones biol��gicas de las diferentes especies en relaci��n a las condiciones del ambiente marino.