The Risk Management of Minimum Return Guarantees

Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

Not for Designers: On the Inadequacies of EU Design Law and How to Fix It

Design rights represent an interesting example of how the EU legislature has successfully regulated an otherwise heterogeneous field of law. Yet this type of protection is not for all. The tools created by EU intervention have been drafted paying much more attention to the industry sector rather than to designers themselves. In particular, modern, digitally based, individual or small-sized, 3D printing, open designers and their needs are largely neglected by such legislation. There is obviously nothing wrong in drafting legal tools around the needs of an industrial sector with an important role in the EU economy, on the contrary, this is a legitimate and good decision of industrial policy. However, good legislation should be fair, balanced, and (technologically) neutral in order to offer suitable solutions to all the players in the market, and all the citizens in the society, without discriminating the smallest or the newest: the cost would be to stifle innovation. The use of printing machinery to manufacture physical objects created digitally thanks to computer programs such as Computer-Aided Design (CAD) software has been in place for quite a few years, and it is actually the standard in many industrial fields, from aeronautics to home furniture. The change in recent years that has the potential to be a paradigm-shifting factor is a combination between the opularization of such technologies (price, size, usability, quality) and the diffusion of a culture based on access to and reuse of knowledge. We will call this blend Open Design. It is probably still too early, however, to say whether 3D printing will be used in the future to refer to a major event in human history, or instead will be relegated to a lonely Wikipedia entry similarly to ³Betamax² (copyright scholars are familiar with it for other reasons). It is not too early, however, to develop a legal analysis that will hopefully contribute to clarifying the major issues found in current EU design law structure, why many modern open designers will probably find better protection in copyright, and whether they can successfully rely on open licenses to achieve their goals. With regard to the latter point, we will use Creative Commons (CC) licenses to test our hypothesis due to their unique characteristic to be modular, i.e. to have different license elements (clauses) that licensors can choose in order to adapt the license to their own needs.”

Effects of Sorting Steer Calves on Feedlot Performance and Carcass Value

Three groups of steer calves totaling 480 head were sorted into smaller and larger frame sizes, and those groups were sorted into groups with more and less backfat. There was no difference in age among the four sorted groups. The larger steers and steers with less fat had faster rates of gain and tended to have superior feed efficiencies. Steers with more initial fat were fed fewer days. The larger framed steers and steers with less fat had heavier carcasses, less carcass backfat, more yield grade 1 carcasses and a lower percentage of Choice carcasses, but they also had greater value per carcass when evaluated using a grid paying premiums for quality and yield grades. The greatest profit to the feedyard was realized from the smaller framed steers and those with less initial backfat. For similar profit it was calculated that the larger steers should have been discounted as feeders $3.50 per hundred compared with the smaller steers and the steers with more fat discounted $5.00 per hundred compared with those having less initial fat. The results of this study suggest that sorting based on initial fat thickness may have more potential for enhancing the value of finished cattle than sorting based on frame score.

Authorising History: Gestures of Authorship in Fourteenth-Century English Historiography

This book discusses the strategies and rhetorical means by which four authors of Middle English verse historiography seek to authorise their works and themselves. Paying careful attention to the texts, it traces the ways in which authors inscribe their fictional selves and seek to give authority to their constructions of history. It further investigates how the authors position themselves in relation to their task of writing history, their sources and their audiences. This study provides new insights into the processes of the appropriation of history around 1300 by social groups whose lack of the relevant languages, before this 'anglicising' of the dominant Latin and French history constructions, prevented their access to the history of the British isles.

Time Preferences and Environmental Concern: An Analysis of the Swiss ISSP 2010

This study analyzes the trend of environmental concern in Switzerland using data from the International Social Survey Program (ISSP) 1993, 2000, and 2010. First, we compare the observed trend with indicators of the intensity of public debate regarding the environment. The results show that both the number of articles dealing with environmental issues in print newspapers and the debates in the Swiss parliament strongly increased during the observed period. The ecological awareness of the population, however, remained constant over this time. Second, we scrutinize the "social basis" of environmental concern paying particular attention to individuals' time preferences. Third, we investigate the relationship between environmental concern and proenvironmental behavior, on the one hand, and the relation of concern and the acceptance of governmental regulations, on the other hand.

Knowledge and valuation of Andean agroforestry species: the role of sex, age, and migration among members of a rural community in Bolivia

Background Agroforestry is a sustainable land use method with a long tradition in the Bolivian Andes. A better understanding of people’s knowledge and valuation of woody species can help to adjust actor-oriented agroforestry systems. In this case study, carried out in a peasant community of the Bolivian Andes, we aimed at calculating the cultural importance of selected agroforestry species, and at analysing the intracultural variation in the cultural importance and knowledge of plants according to peasants’ sex, age, and migration. Methods Data collection was based on semi-structured interviews and freelisting exercises. Two ethnobotanical indices (Composite Salience, Cultural Importance) were used for calculating the cultural importance of plants. Intracultural variation in the cultural importance and knowledge of plants was detected by using linear and generalised linear (mixed) models. Results and discussion The culturally most important woody species were mainly trees and exotic species (e.g. Schinus molle, Prosopis laevigata, Eucalyptus globulus). We found that knowledge and valuation of plants increased with age but that they were lower for migrants; sex, by contrast, played a minor role. The age effects possibly result from decreasing ecological apparency of valuable native species, and their substitution by exotic marketable trees, loss of traditional plant uses or the use of other materials (e.g. plastic) instead of wood. Decreasing dedication to traditional farming may have led to successive abandonment of traditional tool uses, and the overall transformation of woody plant use is possibly related to diminishing medicinal knowledge. Conclusions Age and migration affect how people value woody species and what they know about their uses. For this reason, we recommend paying particular attention to the potential of native species, which could open promising perspectives especially for the young migrating peasant generation and draw their interest in agroforestry. These native species should be ecologically sound and selected on their potential to provide subsistence and promising commercial uses. In addition to offering socio-economic and environmental services, agroforestry initiatives using native trees and shrubs can play a crucial role in recovering elements of the lost ancient landscape that still forms part of local people’s collective identity.

Frames in the Ethiopian Debate on Biofuels

Biofuel production, while highly contested, is supported by a number of policies worldwide. Ethiopia was among the first sub-Saharan countries to devise a biofuel policy strategy to guide the associated demand toward sustainable development. In this paper, I discuss Ethiopia’s biofuel policy from an interpretative research position using a frames approach and argue that useful insights can be obtained by paying more attention to national contexts and values represented in the debates on whether biofuel production can or will contribute to sustainable development. To this end, I was able to distinguish three major frames used in the Ethiopian debate on biofuels: an environmental rehabilitation frame, a green revolution frame and a legitimacy frame. The article concludes that actors advocating for frames related to social and human issues have difficulties entering the debate and forming alliances, and that those voices need to be included in order for Ethiopia to develop a sustainable biofuel sector.

Runaway and Throwaway Youth: Time for Policy Changes and Public Responsibility

The traditional American dream of owning a home, obtaining a college education, and working at a good, paying job is only that, a dream, for scores of homeless youth in America today. There is a growing street population of young people who have been thrown out of their homes by their caretakers or their families, and who face life-threatening situations each day. For these youth, the furthest thing in their lives is reaching the so-called “American Dream;” and their most immediate need is survival, simply living out the day in front of them. They have few options that lead to a decent and safe living environment. Their age, lack of work experience, and absence of a high school diploma make it most difficult to find a job. As a result, they turn to other means for survival; runaways and throwaways are most vulnerable to falling prey to the sex trade, selling drugs, or being lured into human trafficking, and some steal or panhandle. Street youth end up spending their nights in bus stations or finding a room in an abandoned building or an empty stairwell to sleep. Attempting to identify a specific number of homeless youth is difficult at best, but what is even more perplexing is our continued inability to effectively protect our children. We are left with a basic question framed by the fundamental tenets of justice: what is a community’s responsibility to its youth who, for whatever reason, end up living on the streets or in unsafe, abusive environments? The purpose of this paper is to briefly outline the characteristics of homeless youth, in particular differentiating between throwaways and runaways; explore the current federal response to homeless youth; and finally, address the nagging question that swirls around all children: can we aggressively aspire to be a community where every child is healthy and safe, and able to realize his or her fullest potential?

The New Cockney: New Ethnicities and Adolescent Speech in the Traditional East End of London

The New Cockney provides a sociolinguistic account of speech variation among adolescents in the 'traditional' East End of London. The study takes account of the social and economic upheaval in the area since the 1950s, primarily concentrating on factors such as the immigration of the Bangladeshi community and its effect on the Cockney dialect. By paying attention to the particular, this book contributes to a better understanding of the more general concerns of linguistic variation. With a focus on the interaction and social practices of a group of adolescents attending a youth centre, the study highlights some of the possible mechanisms for language change.

Europe and Islam: Alarmists, Victimists, and Integration by Law

This article reviews the minefield of Muslim integration in Europe, paying special attention to the legal integration of Islam, which has not yet found the attention that it deserves. In a first step, the article contrasts ‘victimist’ and ‘alarmist’ views on contemporary Muslim integration, both of which are found misleading. Instead, as argued in the second part, significant progress has been made through the legal route. The conclusion provides a reflection on the role of Islam for Europe’s ‘liberal identity’ today.

Visual avoidance in phobia: particularities in neural activity, autonomic responding, and cognitive risk evaluations.

We investigated the neural mechanisms and the autonomic and cognitive responses associated with visual avoidance behavior in spider phobia. Spider phobic and control participants imagined visiting different forest locations with the possibility of encountering spiders, snakes, or birds (neutral reference category). In each experimental trial, participants saw a picture of a forest location followed by a picture of a spider, snake, or bird, and then rated their personal risk of encountering these animals in this context, as well as their fear. The greater the visual avoidance of spiders that a phobic participant demonstrated (as measured by eye tracking), the higher were her autonomic arousal and neural activity in the amygdala, orbitofrontal cortex (OFC), anterior cingulate cortex (ACC), and precuneus at picture onset. Visual avoidance of spiders in phobics also went hand in hand with subsequently reduced cognitive risk of encounters. Control participants, in contrast, displayed a positive relationship between gaze duration toward spiders, on the one hand, and autonomic responding, as well as OFC, ACC, and precuneus activity, on the other hand. In addition, they showed reduced encounter risk estimates when they looked longer at the animal pictures. Our data are consistent with the idea that one reason for phobics to avoid phobic information may be grounded in heightened activity in the fear circuit, which signals potential threat. Because of the absence of alternative efficient regulation strategies, visual avoidance may then function to down-regulate cognitive risk evaluations for threatening information about the phobic stimuli. Control participants, in contrast, may be characterized by a different coping style, whereby paying visual attention to potentially threatening information may help them to actively down-regulate cognitive evaluations of risk.

Neuere Forschungs-Ergebnisse zur nonverbalen Feinabstimmung von TherapeutIn und PatientIn und die Praxis der Beachtung des Nonverbalen

[New research-results on the nonverbal fine-tuning between therapists and patients and the practice of paying attention to the nonverbal channel]

The Optimal Response to Default: Renegotiation or Extended Maturity?

This paper reinforces the argument of Harding and Sirmans (2002) that the observed preference of lenders for extended maturity rather than renegotiation of the principle in the case of loan default is due to the superior incentive properties of the former. Specifically, borrowers have a greater incentive to avoid default under extended maturity because it reduces the likelihood that they will be able to escape paying off the full loan balance. Thus, although extended maturity leaves open the possibility of foreclosure, it will be preferred to renegotiation as long as the dead weight loss from foreclosure is not too large.

Ottoman Tax Registers (Tahrir Defterleri)

The Ottoman government obtained current information on the empire's sources of revenue through periodic registers called tahrir defterleri. These documents include detailed information on tax-paying subjects and taxable resources, making it possible to study the economic and social history of the Middle East and Eastern Europe in the fifteenth and sixteenth centuries. Although the use of these documents have been typically limited to the construction of local histories, adopting a more optimistic attitude toward their potential and using appropriate sampling procedures can greatly increase their contribution to historical scholarship. They can be used in comprehensive quantitative studies and in addressing questions of broader historical significance or larger social scientific relevance.

Barriers to cross-border research projects: A prelude to improving professional collaborations between the United States and Mexico

Study objective. This was a secondary data analysis of a study designed and executed in two phases in order to investigate several questions: Why aren't more investigators conducting successful cross-border research on human health issues? What are the barriers to conducting this research? What interventions might facilitate cross-border research? ^ Methods. Key informant interviews and focus groups were used in Phase One, and structured questionnaires in Phase Two. A multi-question survey was created based on the findings of focus groups and distributed to a wider circle of researchers and academics for completion. The data was entered and analyzed using SPSS software. ^ Setting. El Paso, TX located on the U.S-Mexico Border. ^ Participants. Individuals from local academic institutions and the State Department of Health. ^ Results. From the transcribed data of the focus groups, eight major themes emerged: Political Barriers, Language/Cultural Barriers, Differing Goals, Geographic Issues, Legal Barriers, Technology/Material Issues, Financial Barriers, and Trust Issues. Using these themes, the questionnaire was created. ^ The response rate for the questionnaires was 47%. The largest obstacles revealed by this study were identifying a funding source for the project (47% agreeing or strongly agreeing), difficulties paying a foreign counterpart (33% agreeing or strongly agreeing) and administrative changes in Mexico (31% agreeing or strongly agreeing). ^ Conclusions. Many U.S. investigators interested in cross-border research have been discouraged in their efforts by varying barriers. The majority of respondents in the survey felt financial issues and changes in Mexican governments were the most significant obstacles. While some of these barriers can be overcome simply by collaboration among motivated groups, other barriers may be more difficult to remove. Although more evaluation of this research question is warranted, the information obtained through this study is sufficient to support creation of a Cross-Border Research Resource Manual to be used by individuals interested in conducting research with Mexico. ^