Stock Market Liquidity and Macro-Liquidity Shocks: Evidence from the 2007-2009 Financial Crisis

We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity measures between 1999-2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of England Monetary Policy Committee relative to market expectations embedded in 3-month LIBOR futures prices, are transmitted in a differential manner to the cross-section of liquidity-sorted portfolios, with liquid stocks playing the most active role. We also find that there is a significant increase in shares’ trading activity and a rather small increase in their trading cost on MPC meeting days. Finally, our results emphatically document that during the recent financial crisis the shocks-returns relationship has reversed its sign. Interest rate cuts during the crisis were perceived by market participants as a signal of deteriorating economic prospects and reinforced “flight to safety” trading.

Intergenerational Mobility and the Informative Content of Surnames

We propose a new methodology for measuring intergenerational mobility in economic wellbeing. Our method is based on the joint distribution of surnames and economic outcomes. It circumvents the need for intergenerational panel data, a long-standing stumbling block for understanding mobility. A single cross-sectional dataset is su cient. Our main idea is simple. If `inheritance' is important for economic outcomes, then rare surnames should predict economic outcomes in the cross-section. This is because rare surnames are indicative of familial linkages. Of course, if the number of rare surnames is small, this won't work. But rare surnames are abundant in the highly-skewed nature of surname distributions from most Western societies. We develop a model that articulates this idea and shows that the more important is inheritance, the more informative will be surnames. This result is robust to a variety of di erent assumptions about fertility and mating. We apply our method using the 2001 census from Catalonia, a large region of Spain. We use educational attainment as a proxy for overall economic well-being. Our main nding is that mobility has decreased among the di erent generations of the 20th century. A complementary analysis based on sibling correlations con rms our results and provides a robustness check on our method. Our model and our data allow us to examine one possible explanation for the observed decrease in mobility. We nd that the degree of assortative mating has increased over time. Overall, we argue that our method has promise because it can tap the vast mines of census data that are available in a heretofore unexploited manner.

Dead-End Jobs or Career Opportunities? Advancement opportunities in call centers

Employment in call centers has grown significantly throughout the world over the past 15 years. In debates about the quality of these new jobs, there are few studies that specifically address promotion opportunities. Using a survey of over 2400 call centers in 16 countries, this paper documents levels and analyzes factors shaping promotions in call centers, and discusses implications for promotions in the service sector generally. On average, less than 10% of call center agents are promoted in any year--5.7% promoted internally to the call center, and 4% promoted elsewhere in the business. Firms that have more complex labor processes and require agents to have higher levels of firm-specific knowledge tend to also have greater promotion opportunities, which might be expected. There are also unexpected findings, including that increased autonomy in the workplace often provides a ‘substitute' to advancement opportunities, and that unionization is associated with fewer advancement opportunities within call centers, though more advancement opportunities to other parts of the business. Key words: promotions, service industries, call centers.

Deletion, insertion and translocation of DNA sequences contribute to chromosome size polimorphism in Plasmodium berghei

Extensive chromosome size polymorphism in Plasmodium berghei in vivo mitotic multiplication. Size differences between homologous chromosomes mainly involve rearrangements in the subtelomeric regions while internal chromosomal regions are more conserved. Size differences are almost exclusively due to differences in the copy number of a 2.3 kb subtelomeric repeat unit. Not only deletion of 2.3 kb repeats occurs, but addition of new copies of this repeat sometimes results in the formation of enlarged chromosomes. Even chromosomes which originally lack 2.3 kb repeats, can acquire these during mitotic multiplication. In one karyotype mutant, 2.3 kb repeats were inserted within one of the original telomeres of chromosome 4, creating an internal stretch oftelomeric repeats. Chromosome translocation can contribute to chromosome size polymorphism as well We found a karyotype mutant in which chromosome 7 with a size of about 1.4 Mb is translocated to chromosome 13/14 with a size of about 3 Mb, resulting in a rearranged chromosome, which was shown to contain a junction between internal DNA sequences of chromosome 13/14 and subtelomeric 2.3 kb repeats of chromosome 7. In this mutant a new chromosome of 1.4 Mb is present which consists of part of chromosome 13/14.

Narrating urban entrepreneurship: a matter of imagineering?

The battle between cities with regard to their creative possibilities has evolved into a process of multiplying ever-new images and variegated stories of urban attractiveness and success. Engineering “cool” images and “hot” stories about one’s city is now a central endeavor in the narratives of urban policy-making that center more and more on the idea of the entrepreneurial city. The making of an entrepreneurial image is enacted through various narrative genres that lie somewhere between place making and place marketing, between branding and boosting, between restoration and revanchism, between iconic architecture and mega-spectacle. This “imagineering” is not only part of the way cities try to (re)present themselves as entrepreneurial to various audiences through a real “image inflation” (Zukin, 2008, p. xii) but is 1 Forthcoming in: B. Lange,.A. Kalandides, B. Stoeber, I. Wellmann (Hrsg.) (2009): Governance der Kreativwirtschaft. Diagnosen und Handlungsoptionen. Transcript-Verlag, Bielefeld. 2 also inscribed in the various ways urban creativity and entrepreneurship can be studied, researched and imagined. In this chapter we aim to differentiate the political narratives of the entrepreneurial city as we emphasize the need to understand the politics of narration and make a plea for critical reflexivity in our forms of researching and theorizing. We will thus try to investigate how the politics of narration is intertwined with the narration of political concepts and will argue that the narrating of urban entrepreneurship can raise very different images and discourses of city life beyond those that are currently engineered. We will distinguish between a grand narrative, a counter-narrative, and an assemblage of more ambivalent little narratives, which we call prosaic narration. While the distinction between these three types might be seen as a bit too simple and “straight”, we believe that by juxtaposing these different forms of narration and alternating between them, we can help problematize the engineering of the city as entrepreneurial and imagine alternative views both of city life and of what is understood as its creativity.

Organizational configurations of strategic choices and strategic management accounting

This is the first study to adopt a configurational paradigm in an investigation of strategic management accounting (SMA) adoption. The study examines the alignment and effectiveness of strategic choice and strategic management accounting (SMA) system design configurations. Six configurations were derived empirically by deploying a cluster analysis of data collected from a sample of 193 large Slovenian companies. The first four clusters appear to provide some support for the central configurational proposition that higher levels of vertical and horizontal configurational alignments are associated with higher levels of performance. Evidence that contradicts the theory is also apparent, however, as the remaining two clusters exhibit high degrees of SMA vertical and horizontal alignment, but low performance levels. A particular contribution of the paper concerns its demonstration of the way that the configurational paradigm can be operationalised to examine management accounting phenomena and the nature of management accounting insights that can derive from applying the approach.

Las nuevas tecnologías en la circulación de los discursos literarios y artísticos

La acelerada invención de nuevos hardware y software van modificando, casi diariamente, la percepción del mundo, y, por lo tanto, la producción cultural, permeabilizando conceptos como arte-literatura, cuadro-libro, imagen-texto. Si bien estas parejas han sido siempre objeto del discurso teórico, la discusión asume hoy una urgencia creciente al momento que las nuevas tecnologías exponen lo que estaba refugiado en el reino de la teoría. La misma forma de comprender la realidad se ve afectada por la inmediatez de estos medios. La investigación analiza la obra de diferentes autores de los nuevos medios que trabajan en torno a la problemática de la representación de la memoria en esta perspectiva contemporánea. El trabajo de investigación desarrollado en la Tesis Doctoral se centra en la forma de representación de la memoria, así como esta planteada en la obra de Chris Marker. Interesan especialmente los últimos dispositivos creados por el autor en el marco de las llamadas nuevas tecnologías y los nuevos espacios de exposición de cine. El proyecto propone un análisis en torno a la memoria que dichos discursos sugieren a través de los temas que les son propios: archivo, identidades culturales, contribución del espectador, base de datos y tratamiento tecnológico de la información. Se ha seleccionado la obra de Chris Marker por las características de realización y de discurso que permiten una amplia discusión sobre las llamadas nuevas tecnologías y el mundo que éstas representan en el nuevo espacio híbrido construido entre las artes visuales, la literatura y la tecnología.

Best practice in the management of mild-to-moderately active ulcerative colitis and achieving maintenance of remission using mesalazine.

Optimizing treatment goals in ulcerative colitis requires recognizing the needs of patients. It is increasingly recognized that adapting treatment strategies aligned with patient needs can improve patient compliance and consequently minimize relapse rates. Tailoring of treatment strategies can improve not only patient quality of life, and decrease the number harmed by adverse events from more potent drugs, but can also save valuable healthcare costs by avoiding high-cost treatment interventions associated with acute ulcerative colitis. This review will consider several elements of mesalazine management from the patient perspective based on a range of clinical and patient-focused evidence. By highlighting patient preferences in disease management it is envisaged that this review will aid physicians to optimize treatment decisions with the different mesalazine preparations available.

Population Biology of Rhodnius domesticus Neiva & Pinto, 1923 (Hemiptera: Reduviidae) under Laboratory Conditions

The entire life cycle of Rhodnius domesticus, fed weekly on mice, was studied under controlled conditions. Aspects related to hatching, life time, mortality, feeding behaviour and fecundity for each stage of the insect life-cycle were evaluated. The hatching rate observed in 100 eggs was 57% and the mean time of hatching was 15.6 days. Forty-six nymphs (80.7%) completed the cycle and the mean time from NI to adult was 93.8 days. The average span in days for each stage was 12.4 for NI, 9.8 for NII, 14.2 for NIII, 16.8 for NIV and 25.0 for NV. The number of bloodmeals in each nymphal stage varied from 1 to 3. The mortality rate was 12.3% for NI, 3.5% for NII and 1.7% for NIII and NV nymphs. The mean number of eggs laid per female in a 9-month period was 333.1. Average adult survival rates were 287.6 +133 and 328 +73 days for males and females respectively.

Nouvelle procédure civile et espace judiciaire européen: actes du colloque de Lausanne du 27 janvier 2012

Nouveaux cahiers de linguistique française 30 Département de linguistique, Université de Genève Antoine AUCHLIN, Présentation Tim ROHRER et Mary Jean VIGNONE, The Bankers Go to Washington: Theory and Method in Conceptual Metaphor Analysis, Napoleon KATSOS et Chris CUMMINS, Scalar implicature : Theory, processing and acquisition, Jacques MOESCHLER, Pourquoi le sens est-il structuré ? Une approche vériconditionelle de la signification linguistique et du sens pragmatique, Joanna BLOCHOWIAK, Les questions enchâssant les verbes d'attitude dans le contexte d'explications, Cristina GRISOT et Bruno CARTONI, Une description bilingue des temps verbaux : étude contrastive en corpus, Jacques MOESCHLER, Cristina GISOT et Bruno CARTONI, Jusqu'où les temps verbaux sont-ils procéduraux ? Hasmik JIVANIAN, Relations causales épistémiques : Focalisation de parce que et contrefactualité, Cosmina-Maria HODOROAGA, Les traits démonstratifs de la citation, Maíra AVELAR MIRANDA, L'intégration entre gestes et prosodie : une vision incarnée, Tea PRSIR, L'étude du discours représenté dans le cadre de l'intégration expérientielle, Jean-Philippe GOLDMAN et Yves SCHERRER, Création automatique de dictionnaires bilingues d'entités nommées grâce à Wikipédia.

Mitochondrial DNA variation of Triatoma infestans populations and its implication on the specific status of T. melanosoma

DNA sequence comparison of 412 base-pairs fragments of the mitochondrial cytochrome B gene was used to infer the genetic structure of nine geographical Triatoma infestans populations and their phylogenetic relationship with T. melanosoma and T. brasiliensis. T. infestans and T. melanosoma were compared by morphometry, allozyme and cytogenetic analyses, as well as subjected to reciprocal crosses, in order to clarify the taxonomic status of the latter. No differences were found to distinguish the two species and the crosses between them yielded progeny. T. infestans populations presented four haplotypes that could be separated in two clusters: one formed by the samples from Bolivia (Andes and Chaco) and the other formed by samples from Argentina and Brazil. Silvatic and domestic T. infestans populations from Bolivia (Andes) were genetically identical.

Expression of prox1, lymphatic endothelial nuclear transcription factor, in Kaposiform hemangioendothelioma and tufted angioma.

Kaposiform hemangioendothelioma (KHE) and tufted angioma (TA) are rare tumors mainly occurring in early childhood. Our recent results showed that ectopic overexpression of human Prox1 gene, a lymphatic endothelial nuclear transcription factor, promoted an aggressive behavior in 2 murine models of KHE. This dramatic Prox1-induced phenotype prompted us to investigate immunohistochemical staining pattern of Prox1, podoplanin (D2-40), LYVE-1, and Prox1/CD34 as well as double immunofluorescent staining pattern of LYVE-1/CD31 in KHE and TA, compared with other pediatric vascular tumors. For this purpose, we examined 75 vascular lesions: KHE (n=18), TA (n=13), infantile hemangioma (n=13), pyogenic granuloma (n=18), and granulation tissue (n=13). Overall, KHE and TA shared an identical endothelial immunophenotype: the neoplastic spindle cells were Prox1, podoplanin, LYVE-1, CD31, and CD34, whereas endothelial cells within glomeruloid foci were Prox1, podoplanin, LYVE-1, CD31, and CD34. The lesional cells of all infantile hemangiomas and pyogenic granulomas were negative for Prox1 in the presence of positive internal control. These findings provide immunophenotypic evidence to support a preexisting notion that KHE and TA are closely related, if not identical. Overall, our results show, for the first time, that Prox1 is an immunohistochemical biomarker helpful in confirming the diagnosis of KHE/TA and in distinguishing it from infantile hemangioma and pyogenic granuloma.

Examining the sustainability issues in UKOER projects : Developing a sustainable OER ecosystem in HE

The development of open educational resources (OERs) is becoming a strategic priority for governments and education institutions around the world, in response to funding cuts and rising costs in educational provision. In the United Kingdom, a government-sponsored Pilot Programme on Open Educational Recourses (JISC/HEA, 2009) was launched in 2009 with an initial budget of £5.7m. This paper reviews the key sustainability issues identified by the projects including the different approaches and models that have been adopted in order to sustain the continuing development and release of OER once funding has ended. The analysis also considers the challenges relating to the development and implementation of policies and processes for sustainable OER practice within institutions and among academics. The paper concludes by drawing on the experiences from the wider United Kingdom and international OER communities to develop a sustainable OER ecosystem model that can facilitate discussions on future development of OER initiatives.

Building a Manifesto for OER sustainability : UK experiences

Evidence of sustainability, or the potential to achieve this, is increasingly a pre-requisite for OER activity, whether imposed by funders, by institutions requiring a 'business case' for OER, or practitioners themselves - academics, educational technologists and librarians, concerned about how to justify engagement with a unfamiliar, and unproven practices, in today's climate of limited resource. However, it is not clear what is meant by 'sustainability' in relation to OER, what will be needed to achieve or demonstrate this, nor who the expectation of sustainability relates to. This paper draws on experiences of UK OER projects to identify aspirations that those involved in delivering OER activity have for OER sustainability ¿ what a 'manifesto' for OER sustainability beyond project funding, based on OER use, might look like.