The Effects of Credit Risk on Dynamic Portfolio Management: A New Computational Approach

The study investigates the role of credit risk in a continuous time stochastic asset allocation model, since the traditional dynamic framework does not provide credit risk flexibility. The general model of the study extends the traditional dynamic efficiency framework by explicitly deriving the optimal value function for the infinite horizon stochastic control problem via a weighted volatility measure of market and credit risk. The model's optimal strategy was then compared to that obtained from a benchmark Markowitz-type dynamic optimization framework to determine which specification adequately reflects the optimal terminal investment returns and strategy under credit and market risks. The paper shows that an investor's optimal terminal return is lower than typically indicated under the traditional mean-variance framework during periods of elevated credit risk. Hence I conclude that, while the traditional dynamic mean-variance approach may indicate the ideal, in the presence of credit-risk it does not accurately reflect the observed optimal returns, terminal wealth and portfolio selection strategies.

Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.

Patent-Schnell-Darre

von J. Keidel

Patent, Daß zu Küstern Und Schulmeistern Auf dem platten Lande, Ausser Schneidern, Rademachern und Zimmerleuten, Sonst keine andere Handwercker angenommen werden sollen

[Fr. Wilhelm]

Patent und Declaration, Daß Die Bürger und Wirthe in denen Städten nicht schuldig seyn sollen, weder der Infanterie noch Cavallerie Das so genandte Sauer und Süß, oder Saltz, Pfeffer und Eßig ohnentgeldtlich zu reichen

[Fr. Wilhelm]

An meine lieben Berliner! : Durch mein Einberufungs-Patent vom heutigen Tage habt Ihr das Pfand der treuen Gesinnung Eures Königs zu Euch und zum gesammten teutschen Vaterlande empfangen ...

Welsch (Projektbearbeiter): Darstellung der Geschehnisse des 18. März 1848 (Aufstand in Berlin und Barrikadenkämpfe gegen das Militär) aus der Sicht Friedrich Wilhelms IV. Aufruf zur Niederlegung der Barrikaden, Versprechen des Truppenrückzuges von den öffentlichen Straßen und Plätzen

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

El Portfolio europeo de las lenguas y la evaluaciòn de comptencias lingüisticas

Entre las aportaciones importantes que se han producido en los últimos años en el campo de la enseñanza-aprendizaje de lenguas extranjeras, hay dos que merece la pena destacar por su amplio impacto, por su incidencia en diseños curriculares y por su repercusión en las prácticas didácticas en el aula, entre otras razones. Una de ellas es la publicación del Marco Común Europeo de Referencia para las Lenguas, y otra es el Portfolio Europeo de las Lenguas; estos documentos, a su vez, guardan estrecha relación entre sí. En primer lugar, analizaremos aquí el concepto de Portfolio en general como instrumento que contribuye a la evaluación de competencias lingüísticas en los distintos niveles educativos, desde la educación infantil hasta la universidad, fomentando así la valoración de procesos de aprendizaje de lenguas a lo largo de toda la vida. A continuación se describirá el Portfolio Europeo de las Lenguas y su vinculación con la evaluación de competencias lingüísticas que establece el Marco anteriormente citado. Finalmente, se aportarán unas conclusiones derivadas de la reflexión

Indian Patent Policy and Publich Health : implications from the Japanese Experience

The introduction of pharmaceutical product patents in India and other developing countries is expected to have a significant effect on public health and local pharmaceutical industries. This paper draws implications from the historical experience of Japan when it introduced product patents in 1976. In Japan, narrow patents and promotion of cross-licensing were effective tools to keep drug prices in check while ensuring the introduction of new drugs. While the global pharmaceutical market surrounding India today differs considerably from that of the 1970's, the Japanese experience offers a policy option that may profitably be considered by India today. The Indian patent system emphasizes the patentability requirement in contrast to the Japanese patent policy which relied on narrow patents and extensive licensing. R&D by local firms and the development of local products may be promoted more effectively under the Japanese model.

Who Develops Innovations in Medicine for the Poor? Trends in Patent Applications Related to Medicines for HIV/AIDS, Tuberculosis, Malaria and Neglected Diseases

Who invents medicines for the poor of the world? This question becomes very important where the WTO allows low income countries to be unbound by the TRIPS agreement. This agreement concerns medicines for infectious diseases such as HIV/AIDS, tuberculosis and malaria. These diseases cause serious damage to low income countries. Under these circumstances, some scholars wonder if anyone will continue innovative activities related to treating these diseases. This paper sought to answer this question by collecting and analyzing patent data of medicines and vaccines for diseases using the database of the Japan Patent Office. Results indicate that private firms have led in innovation not only for global diseases such as HIV/AIDS but also diseases such as malaria that are spreading exclusively in low income countries. Innovation for the three infectious diseases is diverse among firms, and frequent patent applications by high-performing pharmaceutical firms appear prominent even after R&D expenditure, economies of scale, and economies of scope are taken into account.

Patent policy and public health in developing countries: lessons from Japan

The introduction of pharmaceutical product patents in India and other developing countries is expected to have a significant effect on public health and local pharmaceutical industries. This paper draws implications from the historical experience of Japan when it introduced product patents in 1976. In Japan, narrow patents and promotion of cross-licensing were effective tools to keep drug prices in check while ensuring the introduction of new drugs. While the global pharmaceutical market surrounding India today differs considerably from that of the 1970's, the Japanese experience offers a policy option that may profitably be considered by India today. The Indian patent system emphasizes the patentability requirement in contrast to the Japanese patent policy which relied on narrow patents and extensive licensing. R&D by local firms and the development of local products may be promoted more effectively under the Japanese model.

Innovation networks in China, Japan, and Korea : evidence from Japanese patent data

The growing importance of innovation in economic growth has encouraged the development of innovation capabilities in East Asia, within which China, Japan, and Korea are most important in terms of technological capabilities. Using Japanese patent data, we examine how knowledge networks have developed among these countries. We find that Japan's technological specialization saw little change, but those of Korea and China changed rapidly since 1970s. By the year 2009, technology specialization has become similar across three countries in the sense that the common field of prominent technology is "electronic circuits and communication technologies". Patent citations suggest that technology flows were largest in the electronic technology, pointing to the deepening of innovation networks in these countries.

Innovation networks in China, Japan, and Korea : further evidence from U.S. patent data

The growing importance of innovation in economic growth has encouraged the development of innovation capabilities in East Asia, within which China, Japan, and Korea are most important in terms of technological capabilities. Using U.S. patent data, we examine how knowledge networks have developed among these countries. We find that Japan's technological specialization saw gradual changes, but those of Korea and China changed rapidly since 1970s. By the year 2009, technology specialization has become similar across three countries in the sense that the common fields of prominent technology are electronics and semiconductors. Patent citations suggest that technology flows were largest in the electronics technology, pointing to the deepening of innovation networks in these countries. Together with our prior work, the Japanese and U.S. data produce similar conclusions about innovation networks.