Effects of credit rating change on risk-taking

This thesis investigates whether there are changes in risk-taking behavior following an upgrade or downgrade in credit ratings. Research on effects of rating changes on capital markets is well-documented but the literature on how rating changes may affect firm behavior is sparse. Following, a downgrade in credit rating, managers may increase risk-taking to improve their overall performance or reduce risk-taking following upgrades to ensure that their performance is assessed more on the basis of what they may deem success in the form of an upgrade. Using a sample of firms trading in the U.S from 1994-2013, we find evidence of change in risk-taking behavior. We use cross-sectional regressions and matching using propensity scores and Barber and Lyon (1997) methodology to measure changes in risk-taking and we do find evidence of changes in managerial risk-taking behavior. Furthermore, we find that the direction of change (increase or decrease) in some cases is dependent on the type of measure rather than the type of rating change.

Computation and Analysis of Multiple Structural-Change Models

In a recent paper, Bai and Perron (1998) considered theoretical issues related to the limiting distribution of estimators and test statistics in the linear model with multiple structural changes. In this companion paper, we consider practical issues for the empirical applications of the procedures. We first address the problem of estimation of the break dates and present an efficient algorithm to obtain global minimizers of the sum of squared residuals. This algorithm is based on the principle of dynamic programming and requires at most least-squares operations of order O(T 2) for any number of breaks. Our method can be applied to both pure and partial structural-change models. Secondly, we consider the problem of forming confidence intervals for the break dates under various hypotheses about the structure of the data and the errors across segments. Third, we address the issue of testing for structural changes under very general conditions on the data and the errors. Fourth, we address the issue of estimating the number of breaks. We present simulation results pertaining to the behavior of the estimators and tests in finite samples. Finally, a few empirical applications are presented to illustrate the usefulness of the procedures. All methods discussed are implemented in a GAUSS program available upon request for non-profit academic use.

Studying the cytomechanic aspects of pollen tube growth behavior using Lab-On-Chip technology

L'élongation cellulaire de cellules cultivant bout comme hyphae fongueux, inculquez hairs, des tubes de pollen et des neurones, est limité au bout de la cellule, qui permet à ces cellules d'envahir l'encerclement substrate et atteindre une cible. Les cellules cultivant bout d'équipement sont entourées par le mur polysaccharide rigide qui régule la croissance et l'élongation de ces cellules, un mécanisme qui est radicalement différent des cellules non-walled. La compréhension du règlement du mur de cellule les propriétés mécaniques dans le contrôle de la croissance et du fonctionnement cellulaire du tube de pollen, une cellule rapidement grandissante d'équipement, est le but de ce projet. Le tube de pollen porte des spermatozoïdes du grain de pollen à l'ovule pour la fertilisation et sur sa voie du stigmate vers l'ovaire le tube de pollen envahit physiquement le stylar le tissu émettant de la fleur. Pour atteindre sa cible il doit aussi changer sa direction de croissance les temps multiples. Pour évaluer la conduite de tubes de pollen grandissants, un dans le système expérimental vitro basé sur la technologie de laboratoire-sur-fragment (LOC) et MEMS (les systèmes micro-électromécaniques) ont été conçus. En utilisant ces artifices nous avons mesuré une variété de propriétés physiques caractérisant le tube de pollen de Camélia, comme la croissance la croissance accélérée, envahissante et dilatant la force. Dans une des organisations expérimentales les tubes ont été exposés aux ouvertures en forme de fente faites de l'élastique PDMS (polydimethylsiloxane) la matière nous permettant de mesurer la force qu'un tube de pollen exerce pour dilater la croissance substrate. Cette capacité d'invasion est essentielle pour les tubes de pollen de leur permettre d'entrer dans les espaces intercellulaires étroits dans les tissus pistillar. Dans d'autres essais nous avons utilisé l'organisation microfluidic pour évaluer si les tubes de pollen peuvent s'allonger dans l'air et s'ils ont une mémoire directionnelle. Une des applications auxquelles le laboratoire s'intéresse est l'enquête de processus intracellulaires comme le mouvement d'organelles fluorescemment étiqueté ou les macromolécules pendant que les tubes de pollen grandissent dans les artifices LOC. Pour prouver que les artifices sont compatibles avec la microscopie optique à haute résolution et la microscopie de fluorescence, j'ai utilisé le colorant de styryl FM1-43 pour étiqueter le système endomembrane de tubes de pollen de cognassier du Japon de Camélia. L'observation du cône de vésicule, une agrégation d'endocytic et les vésicules exocytic dans le cytoplasme apical du bout de tube de pollen, n'a pas posé de problèmes des tubes de pollen trouvés dans le LOC. Pourtant, le colorant particulier en question a adhéré au sidewalls du LOC microfluidic le réseau, en faisant l'observation de tubes de pollen près du difficile sidewalls à cause du signal extrêmement fluorescent du mur. Cette propriété du colorant pourrait être utile de refléter la géométrie de réseau en faisant marcher dans le mode de fluorescence.

The Logical Problem of Language Change

This paper considers the problem of language change. Linguists must explain not only how languages are learned but also how and why they have evolved along certain trajectories and not others. While the language learning problem has focused on the behavior of individuals and how they acquire a particular grammar from a class of grammars ${cal G}$, here we consider a population of such learners and investigate the emergent, global population characteristics of linguistic communities over several generations. We argue that language change follows logically from specific assumptions about grammatical theories and learning paradigms. In particular, we are able to transform parameterized theories and memoryless acquisition algorithms into grammatical dynamical systems, whose evolution depicts a population's evolving linguistic composition. We investigate the linguistic and computational consequences of this model, showing that the formalization allows one to ask questions about diachronic that one otherwise could not ask, such as the effect of varying initial conditions on the resulting diachronic trajectories. From a more programmatic perspective, we give an example of how the dynamical system model for language change can serve as a way to distinguish among alternative grammatical theories, introducing a formal diachronic adequacy criterion for linguistic theories.

Methodology for measuring the impact of mobile technology change from 2nd to 3th generation percerved by users of smes in Barranquilla

This article presents the results of a research project undertaken to obtain a Masters inBusiness Administration from the Business School at the Universidad del Norte, whosepurpose was to identify and test a methodology to measure the impact exerted by thechange from 2nd to 3rd generation mobile tech, based on the perception of users belongingto Barranquilla SME, motivated by the influence of technological changes in behavior andthe knowledge creation among society members, and the importance it has taken to thesurvival of organizations the adoption of applications for process automation, web-basedapplications, voice, data and video that allow the development of competitive advantages,based on information and creativity for new and better products or services.

Labor supply, biased technological change and economic growth

Se utiliza un modelo de innovaciones sesgadas para estudiar los efectos de cambios exógenos en la oferta laboral. En un contexto de innovaciones sesgadas, a medida que las economías acumulan capital, el trabajo se hace relativamente más escaso y más caro, por este motivo, hay incentivos para adoptar tecnologías ahorradoras de trabajo. Del mismo modo un cambio en la oferta laboral afecta la abundancia de factores y sus precios relativos. En general, una reducción de la oferta laboral, hace que el trabajo sea más caro y genera incentivos para cambio tecnológico ahorrador de trabajo. Así, el efecto inicial que tiene el cambio en la oferta laboral sobre los precios de los factores es mitigado por el cambio tecnológico. Finalmente, los movimientos en la remuneración a los factores afectan las decisiones de ahorro y, por lo tanto, la dinámica del crecimiento. En este trabajo se exploran las consecuencias de una reducción de la oferta laboral en dos contextos teóricos diferentes: un modelo de agentes homogéneos y horizonte infinito y un modelo de generaciones traslapadas.

Northern hemisphere winter atmospheric climate: modes of natural variability and climate change

Under anthropogenic climate change it is possible that the increased radiative forcing and associated changes in mean climate may affect the “dynamical equilibrium” of the climate system; leading to a change in the relative dominance of different modes of natural variability, the characteristics of their patterns or their behavior in the time domain. Here we use multi-century integrations of version three of the Hadley Centre atmosphere model coupled to a mixed layer ocean to examine potential changes in atmosphere-surface ocean modes of variability. After first evaluating the simulated modes of Northern Hemisphere winter surface temperature and geopotential height against observations, we examine their behavior under an idealized equilibrium doubling of atmospheric CO2. We find no significant changes in the order of dominance, the spatial patterns or the associated time series of the modes. Having established that the dynamic equilibrium is preserved in the model on doubling of CO2, we go on to examine the temperature pattern of mean climate change in terms of the modes of variability; the motivation being that the pattern of change might be explicable in terms of changes in the amount of time the system resides in a particular mode. In addition, if the two are closely related, we might be able to assess the relative credibility of different spatial patterns of climate change from different models (or model versions) by assessing their representation of variability. Significant shifts do appear to occur in the mean position of residence when examining a truncated set of the leading order modes. However, on examining the complete spectrum of modes, it is found that the mean climate change pattern is close to orthogonal to all of the modes and the large shifts are a manifestation of this orthogonality. The results suggest that care should be exercised in using a truncated set of variability EOFs to evaluate climate change signals.

Ubiquitous monitoring and behavioural change: a semiotic perspective

We are soon approaching the pervasive-era ofcomputing, where computers are embedded intoobjects and the environment in order to provide newservices to users. Significant levels of data arerequired in order for these services to function asintended, and it is this collection of data which werefer to as ubiquitous monitoring. Existing monitoringtechniques have often been known to cause undesirableeffects, and it is anticipated that ubiquitousmonitoring, with its increased coverage, will lead toincreases in their occurrence and impact. To date, theeffects of ubiquitous monitoring on human behaviourhave not been sufficiently investigated, furtherincreasing the risk of undesirable effects. We propose apreliminary model consisting of a series of factorsbelieved to influence human behavior and augmentedby the Theory of Planned Behaviour. This model mayallow us to understand, predict, and therefore preventany undesirable effects caused by ubiquitousmonitoring.

Enhancing change detection in low-quality surveillance footage using markov random fields

Urban surveillance footage can be of poor quality, partly due to the low quality of the camera and partly due to harsh lighting and heavily reflective scenes. For some computer surveillance tasks very simple change detection is adequate, but sometimes a more detailed change detection mask is desirable, eg, for accurately tracking identity when faced with multiple interacting individuals and in pose-based behaviour recognition. We present a novel technique for enhancing a low-quality change detection into a better segmentation using an image combing estimator in an MRF based model.

Is there regime behavior in monsoon convection in the late 20th century?

Mixture model techniques are applied to a daily index of monsoon convection from ERA‐40 reanalysis to show regime behavior. The result is the existence of two significant regimes showing preferred locations of convection within the Asia/Western‐North Pacific domain, with some resemblance to active‐break events over India. Simple trend analysis over 1958–2001 shows that the first regime has become less frequent while the second becomes much more dominant. Both undergo a change in structure contributing to the total OLR trend over the ERA‐40 period. Stratifying the data according to a large‐scale dynamical index of monsoon interannual variability, we show the regime occurrence to be strongly perturbed by the seasonal condition, in agreement with conceptual ideas. This technique could be used to further examine predictability issues relating the seasonal mean and intraseasonal monsoon variability or to explore changes in monsoon behavior in centennial‐scale model integrations.

Considering user attitude and behavior in persuasive systems design: the 3D-RAB model

As in any technology systems, analysis and design issues are among the fundamental challenges in persuasive technology. Currently, the Persuasive Systems Development (PSD) framework is considered to be the most comprehensive framework for designing and evaluation of persuasive systems. However, the framework is limited in terms of providing detailed information which can lead to selection of appropriate techniques depending on the variable nature of users or use over time. In light of this, we propose a model which is intended for analysing and implementing behavioural change in persuasive technology called the 3D-RAB model. The 3D-RAB model represents the three dimensional relationships between attitude towards behaviour, attitude towards change or maintaining a change, and current behaviour, and distinguishes variable levels in a user’s cognitive state. As such it provides a framework which could be used to select appropriate techniques for persuasive technology.

Transient climate change simulations with a coupled atmosphere–ocean GCM including the tropospheric sulfur cycle

The time-dependent climate response to changing concentrations of greenhouse gases and sulfate aerosols is studied using a coupled general circulation model of the atmosphere and the ocean (ECHAM4/OPYC3). The concentrations of the well-mixed greenhouse gases like CO2, CH4, N2O, and CFCs are prescribed for the past (1860–1990) and projected into the future according to International Panel on Climate Change (IPCC) scenario IS92a. In addition, the space–time distribution of tropospheric ozone is prescribed, and the tropospheric sulfur cycle is calculated within the coupled model using sulfur emissions of the past and projected into the future (IS92a). The radiative impact of the aerosols is considered via both the direct and the indirect (i.e., through cloud albedo) effect. It is shown that the simulated trend in sulfate deposition since the end of the last century is broadly consistent with ice core measurements, and the calculated radiative forcings from preindustrial to present time are within the uncertainty range estimated by IPCC. Three climate perturbation experiments are performed, applying different forcing mechanisms, and the results are compared with those obtained from a 300-yr unforced control experiment. As in previous experiments, the climate response is similar, but weaker, if aerosol effects are included in addition to greenhouse gases. One notable difference to previous experiments is that the strength of the Indian summer monsoon is not fundamentally affected by the inclusion of aerosol effects. Although the monsoon is damped compared to a greenhouse gas only experiment, it is still more vigorous than in the control experiment. This different behavior, compared to previous studies, is the result of the different land–sea distribution of aerosol forcing. Somewhat unexpected, the intensity of the global hydrological cycle becomes weaker in a warmer climate if both direct and indirect aerosol effects are included in addition to the greenhouse gases. This can be related to anomalous net radiative cooling of the earth’s surface through aerosols, which is balanced by reduced turbulent transfer of both sensible and latent heat from the surface to the atmosphere.

Choice-induced preference change in the free-choice paradigm: a critical methodological review

Choices not only reflect our preference, but they also affect our behavior. The phenomenon of choice-induced preference change has been of interest to cognitive dissonance researchers in social psychology, and more recently, it has attracted the attention of researchers in economics and neuroscience. Preference modulation after the mere act of making a choice has been repeatedly demonstrated over the last 50 years by an experimental paradigm called the “free-choice paradigm.” However, Chen and Risen (2010) pointed out a serious methodological flaw in this paradigm, arguing that evidence for choice-induced preference change is still insufficient. Despite the flaw, studies using the traditional free-choice paradigm continue to be published without addressing the criticism. Here, aiming to draw more attention to this issue, we briefly explain the methodological problem, and then describe simple simulation studies that illustrate how the free-choice paradigm produces a systematic pattern of preference change consistent with cognitive dissonance, even without any change in true preference. Our stimulation also shows how a different level of noise in each phase of the free-choice paradigm independently contributes to the magnitude of artificial preference change. Furthermore, we review ways of addressing the critique and provide a meta-analysis to show the effect size of choice-induced preference change after addressing the critique. Finally, we review and discuss, based on the results of the stimulation studies, how the criticism affects our interpretation of past findings generated from the free-choice paradigm. We conclude that the use of the conventional free-choice paradigm should be avoided in future research and the validity of past findings from studies using this paradigm should be empirically re-established. (PsycINFO Database Record (c) 2013 APA, all rights reserved)(journal abstract)

Cognitive-behavior therapy for low self-esteem: a case example

Low self-esteem is a common, disabling, and distressing problem that has been shown to be involved in the etiology and maintenance of range of Axis I disorders. Hence, it is a priority to develop effective treatments for low self-esteem. A cognitive-behavioral conceptualization of low self-esteem has been proposed and a cognitive-behavioral treatment (CBT) program described (Fennell, 1997, 1999). As yet there has been no systematic evaluation of this treatment with routine clinical populations. The current case report describes the assessment, formulation, and treatment of a patient with low self-esteem, depression, and anxiety symptoms. At the end of treatment (12 sessions over 6 months), and at 1-year follow-up, the treatment showed large effect sizes on measures of depression, anxiety, and self-esteem. The patient no longer met diagnostic criteria for any psychiatric disorder, and showed reliable and clinically significant change on all measures. As far as we are aware, there are no other published case studies of CBT for low self-esteem that report pre- and posttreatment evaluations, or follow-up data. Hence, this case provides an initial contribution to the evidence base for the efficacy of CBT for low self-esteem. However, further research is needed to confirm the efficacy of CBT for low self-esteem and to compare its efficacy and effectiveness to alternative treatments, including diagnosis-specific CBT protocols.