The relationship of capitalization period length with market portfolio composition and betas

Beta coefficients are not stable if we modify the observation periods of the returns. The market portfolio composition also varies, whereas changes in the betas are the same, whether they are calculated as regression coefficients or as a ratio of the risk premiums. The instantaneous beta, obtained when the capitalization frequency approaches infinity, may be a useful tool in portfolio selection.

An investment social network beside the Banco de Barcelona, an unusual case?

[cat] L’extensió de les activitats bancàries al segle XIX va ser liderat per alguns grups socials connectats amb el comerç, que van treure profit de la seva experiència i coneixement per estendre la seva influència al voltant del món del crèdit. A la historiografia espanyola, hi ha un conjunt de treballs que s’han centrat en aquesta gent, però en molts pocs casos s’ha fet una classificació que permeti detectar el conjunt de grups econòmics que han liderat el procés de modernització financera de l’Espanya de mitjans del segle XIX. El principal objectiu del treball és l’anàlisi dels grups socials que van formar el Banco de Barcelona entre 1844 i 1854. Aquesta institució va ser important per a la història financera i bancària d’Espanya per ser pionera en la seva activitat creditícia i d’emissió: a més, la seva experiència va servir com a base en la constitució d’un sistema financer modern a Espanya. En una societat com la catalana de mitjans del segle XIX, la confiança era un factor important per explicar la decisió d’invertir. L’aparició de noves companyies i les seves necessitats d’inversió van transformar el comportaments previs. Quin va ser el comportament dels inversors potencials? Va ser el grup que hi havia al voltant del banc el que va ascendir econòmicament en els anys centrals del segle XIX? La resposta és prou clara, els membres del consell d’administració del Banc de Barcelona formaven un grup apart dins dels grups que sorgeixen a l’economia catalana en el seu conjunt.

Autovías y ferrocarriles: un modelo para evaluar efectos intermodales de la política de infraestructuras

La construcción de autovías disminuye el coste temporal del viaje por carretera, con efectos sobre la demanda del transporte por carretera. Pero, además de los efectos intramodales, existen efectos intermodales, puesto que las autovías afectan a la demanda en otros modos alternativos a la carretera. En este trabajo formulamos y contrastamos empíricamente un modelo que permite obtener resultados para evaluar el impacto de las autovías sobre la demanda de ferrocarril. Seguidamente se pronostican algunos efectos sobre la demanda ferroviaria de algunas actuaciones en infraestructuras viarias incluidas en el Plan Director de Infraestructuras (1993-2007).

Rebuild Iowa Office Quarterly Report, January 2011

The RIO’S January 2011 Quarterly Report details the economic recovery strategy in housing; business; workforce development; infrastructure investments; individual services and guidance; local economic recovery; smart planning; mitigation planning; floodplain and watershed management; floodplain mapping and quality of life. The report also includes an update of the flow of federal and state disaster recovery funding to the state, counties, cities and individuals affected by the 2008 disasters.

Rebuild Iowa Office Quarterly Report, April 2011

The RIO’S April 2011 Quarterly Report is the Office's final report and details the economic recovery strategy in housing; business; workforce development; infrastructure investments; individual services and guidance; local economic recovery; smart planning; mitigation planning; floodplain and watershed management; floodplain mapping and quality of life. The report also includes an update of the flow of federal and state disaster recovery funding to the state, counties, cities and individuals affected by the 2008 disasters.

2012-2016 Iowa Transportation Improvement Program

The Iowa Transportation Improvement Program (Program) is published to inform Iowans of planned investments in our state’s transportation system. The Iowa Transportation Commission (Commission) and Iowa Department of Transportation (Iowa DOT) are committed to programming those investments in a fiscally responsible manner. This document reflects Iowa’s multimodal transportation system by the inclusion of investments in aviation, transit, railroads, trails, and highways. A major component of this program is the highway section that documents programmed investments on the primary highway system for the next five years. A large part of funding available for highway programming comes from the federal government. Accurately estimating future federal funding levels is dependent on having a current enacted multi-year federal transportation authorization. The most recent authorization, Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), expired September 30, 2009, and to date it has been extended seven times because a new authorization has not yet been enacted. The current extension will expire September 30, 2011. This leads to significant uncertainty in federal funding; however, it is becoming evident that, in Federal Fiscal Year 2012 and beyond, federal funding revenue will likely be reduced by 25 percent from current levels in order to match revenue that flows into the Highway Trust Fund. This Program reflects this anticipated reduction in federal funding. While Iowa law does not require the adoption of a Program when federal transportation funding is being reauthorized, the Commission believes it is important to adopt a Program in order to continue on-going planning and project development efforts so that Iowa will be well positioned when a new authorization is adopted. However, it is important to recognize that, absent a federal authorization bill, there is significant uncertainty in the forecast of federal revenues. The Commission and the Iowa DOT will continue to monitor federal revenues and will adjust future investments as needed to maintain a fiscally responsible Program. For 2012-2016, approximately $2.3 billion is forecast to be available for highway right of way and construction. In developing the highway section of the Program, the Commission’s primary investment objective remains stewardship (i.e. safety, maintenance and preservation) of Iowa’s existing highway system. Over $1.3 billion is programmed in FY2012 through FY2016 for preservation of Iowa’s existing highway system and for enhanced highway safety features. The highway section also includes significant interstate investments on I-29 in Sioux City, I-29/80/480 in Council Bluffs, and I-74 in Bettendorf/Davenport. The FY2016 programming for construction on I-74 in Bettendorf/Davenport is the first of several years of significant investments that will be monitored for available funding. Approximately $200 million of the investments on these three major urban interstate projects address preservation needs. In total, approximately $1.5 billion is programmed for highway preservation activities for 2012- 2016. Another highway programming objective is maintaining the scheduled completion of capacity and economic development projects. Projects that were previously scheduled to be completed within the previous Program continue on their current schedule. However, due to the reduction of projected federal revenues, the Commission has delayed by one year the initiation of construction of all multi-year non-Interstate capacity and economic development projects that cannot be completed within this Program. These projects are U.S. 20 in Woodbury County, U.S. 30 in Benton County, U.S. 61 in Louisa County, and Iowa 100 in Linn County. The Iowa DOT and Commission appreciate the public’s involvement in the state’s transportation planning process. Comments received personally, by letter or through participation in the Commission’s regular meetings or public input meetings held around the state each year, are invaluable in providing guidance for the future of Iowa’s transportation system. It should be noted that this document is a planning guide. It does not represent a binding commitment or obligation of the Commission or Iowa DOT, and is subject to change.

Growth, convergence and public investment : a bayesian model averaging approach

The aim of this paper is twofold. First, we study the determinants of economic growth among a wide set of potential variables for the Spanish provinces (NUTS3). Among others, we include various types of private, public and human capital in the group of growth factors. Also,we analyse whether Spanish provinces have converged in economic terms in recent decades. Thesecond objective is to obtain cross-section and panel data parameter estimates that are robustto model speci¯cation. For this purpose, we use a Bayesian Model Averaging (BMA) approach.Bayesian methodology constructs parameter estimates as a weighted average of linear regression estimates for every possible combination of included variables. The weight of each regression estimate is given by the posterior probability of each model.

Is the impact of public investment neutral across the regional income distribution?: evidence from Mexico

This paper investigates the contribution of public investment to the reduction of regional inqualities, with a specific application to Mexico. We use quantile regressions to examine the impact of public investment on regional disparities according to the position of each region in the conditional distribution of regional income. Results confirm the hypothesis that regional inequalities can indeed be atrributed to the regional distribution of public investment, where the observed pattern shows that public investment mainly helped to reduce regional inequalities between the richest regions

Highway Program Summary, 2012 to 2016

The Iowa Transportation Commission (Commission) and the Iowa Department of Transportation (Iowa DOT) develop Iowa’s Five Year Highway Program to inform Iowans of planned investments in our state’s primary highway system. This brochure summarizes the 2012-2016 Iowa Highway Program (Program) and provides information about long-term highway programming issues, through the year 2020. The Program is typically updated and approved each year in June.

Chicago to Iowa City Passenger Rail Service, January 12, 2011

Iowa’s investment in the Chicago to Iowa City passenger rail service will produce more ongoing benefits than costs for Iowa residents and taxpayers over the next 30 years. An Iowa investment of $20.6 million will match a federal investment of $86.8 million for the capital costs of the Iowa segment of the Chicago to Iowa City service. Iowa’s share of the expected gap between revenues and operating and maintenance expense is estimated at $3 million annually. The economic analysis included in this document demonstrates the cost-effectiveness of the Iowa investments in the Chicago to Iowa City service and details the benefits that Iowa can expect from Iowa’s expenditures.

Investing in Iowa’s Highways, June 15, 2011

The Iowa Transportation Commission (Commission) and Iowa Department of Transportation (Iowa DOT) develop Iowa’s Five-Year Transportation Improvement Program (Five-Year Program) to inform Iowans of planned investments in our state’s multi-modal transportation system. The Five-Year Program is typically updated and approved each year in June. The Five-Year Program encompasses investments in aviation, transit, railroads, trails, and highways. This brochure describes the programming process used by the Commission and Iowa DOT to develop the highway section of the Five-Year Program. Each day Iowans are affected by some facet of highway transportation, whether it is to get to work or a medical appointment, receive mail, allow groceries and other goods to be stocked on local shelves, or the many other ways highways keep people, goods and services moving in our state. Iowa’s interstate and primary highways managed by the Iowa DOT are an important part of our personal mobility and state’s economy. They also provide essential connections to Iowa’s secondary roads and city streets. The process of making the critical decisions about what investments will be made to preserve and expand the state-managed highway network is complex. It involves input from a wide range of individuals and organizations, and is based on an expansive programming process.

Looking for orders of magnitude : five essays in trade and the environment and economic geography

General Summary Although the chapters of this thesis address a variety of issues, the principal aim is common: test economic ideas in an international economic context. The intention has been to supply empirical findings using the largest suitable data sets and making use of the most appropriate empirical techniques. This thesis can roughly be divided into two parts: the first one, corresponding to the first two chapters, investigates the link between trade and the environment, the second one, the last three chapters, is related to economic geography issues. Environmental problems are omnipresent in the daily press nowadays and one of the arguments put forward is that globalisation causes severe environmental problems through the reallocation of investments and production to countries with less stringent environmental regulations. A measure of the amplitude of this undesirable effect is provided in the first part. The third and the fourth chapters explore the productivity effects of agglomeration. The computed spillover effects between different sectors indicate how cluster-formation might be productivity enhancing. The last chapter is not about how to better understand the world but how to measure it and it was just a great pleasure to work on it. "The Economist" writes every week about the impressive population and economic growth observed in China and India, and everybody agrees that the world's center of gravity has shifted. But by how much and how fast did it shift? An answer is given in the last part, which proposes a global measure for the location of world production and allows to visualize our results in Google Earth. A short summary of each of the five chapters is provided below. The first chapter, entitled "Unraveling the World-Wide Pollution-Haven Effect" investigates the relative strength of the pollution haven effect (PH, comparative advantage in dirty products due to differences in environmental regulation) and the factor endowment effect (FE, comparative advantage in dirty, capital intensive products due to differences in endowments). We compute the pollution content of imports using the IPPS coefficients (for three pollutants, namely biological oxygen demand, sulphur dioxide and toxic pollution intensity for all manufacturing sectors) provided by the World Bank and use a gravity-type framework to isolate the two above mentioned effects. Our study covers 48 countries that can be classified into 29 Southern and 19 Northern countries and uses the lead content of gasoline as proxy for environmental stringency. For North-South trade we find significant PH and FE effects going in the expected, opposite directions and being of similar magnitude. However, when looking at world trade, the effects become very small because of the high North-North trade share, where we have no a priori expectations about the signs of these effects. Therefore popular fears about the trade effects of differences in environmental regulations might by exaggerated. The second chapter is entitled "Is trade bad for the Environment? Decomposing worldwide SO2 emissions, 1990-2000". First we construct a novel and large database containing reasonable estimates of SO2 emission intensities per unit labor that vary across countries, periods and manufacturing sectors. Then we use these original data (covering 31 developed and 31 developing countries) to decompose the worldwide SO2 emissions into the three well known dynamic effects (scale, technique and composition effect). We find that the positive scale (+9,5%) and the negative technique (-12.5%) effect are the main driving forces of emission changes. Composition effects between countries and sectors are smaller, both negative and of similar magnitude (-3.5% each). Given that trade matters via the composition effects this means that trade reduces total emissions. We next construct, in a first experiment, a hypothetical world where no trade happens, i.e. each country produces its imports at home and does no longer produce its exports. The difference between the actual and this no-trade world allows us (under the omission of price effects) to compute a static first-order trade effect. The latter now increases total world emissions because it allows, on average, dirty countries to specialize in dirty products. However, this effect is smaller (3.5%) in 2000 than in 1990 (10%), in line with the negative dynamic composition effect identified in the previous exercise. We then propose a second experiment, comparing effective emissions with the maximum or minimum possible level of SO2 emissions. These hypothetical levels of emissions are obtained by reallocating labour accordingly across sectors within each country (under the country-employment and the world industry-production constraints). Using linear programming techniques, we show that emissions are reduced by 90% with respect to the worst case, but that they could still be reduced further by another 80% if emissions were to be minimized. The findings from this chapter go together with those from chapter one in the sense that trade-induced composition effect do not seem to be the main source of pollution, at least in the recent past. Going now to the economic geography part of this thesis, the third chapter, entitled "A Dynamic Model with Sectoral Agglomeration Effects" consists of a short note that derives the theoretical model estimated in the fourth chapter. The derivation is directly based on the multi-regional framework by Ciccone (2002) but extends it in order to include sectoral disaggregation and a temporal dimension. This allows us formally to write present productivity as a function of past productivity and other contemporaneous and past control variables. The fourth chapter entitled "Sectoral Agglomeration Effects in a Panel of European Regions" takes the final equation derived in chapter three to the data. We investigate the empirical link between density and labour productivity based on regional data (245 NUTS-2 regions over the period 1980-2003). Using dynamic panel techniques allows us to control for the possible endogeneity of density and for region specific effects. We find a positive long run elasticity of density with respect to labour productivity of about 13%. When using data at the sectoral level it seems that positive cross-sector and negative own-sector externalities are present in manufacturing while financial services display strong positive own-sector effects. The fifth and last chapter entitled "Is the World's Economic Center of Gravity Already in Asia?" computes the world economic, demographic and geographic center of gravity for 1975-2004 and compares them. Based on data for the largest cities in the world and using the physical concept of center of mass, we find that the world's economic center of gravity is still located in Europe, even though there is a clear shift towards Asia. To sum up, this thesis makes three main contributions. First, it provides new estimates of orders of magnitudes for the role of trade in the globalisation and environment debate. Second, it computes reliable and disaggregated elasticities for the effect of density on labour productivity in European regions. Third, it allows us, in a geometrically rigorous way, to track the path of the world's economic center of gravity.

Rebuild Iowa Office Quarterly Report, April 2010

The RIO’S quarterly Report details the economic recovery strategy in housing; business; workforce development; infrastructure investments; individual services and guidance; local economic recovery; smart growth; mitigation planning; floodplain and watershed management; floodplain mapping; quality of life; and emergency management.The report also includes an updated selection of charts showing the flow of federal and state disaster recovery funding to the state, counties, cities and individuals affected by the 2008 disasters.

Rebuild Iowa Office Quarterly Report, October 2010

The RIO’S quarterly Report details the economic recovery strategy in housing; business; workforce development; infrastructure investments; individual services and guidance; local economic recovery; smart growth; mitigation planning; floodplain and watershed management; floodplain mapping; quality of life; and emergency management.The report also includes an updated selection of charts showing the flow of federal and state disaster recovery funding to the state, counties, cities and individuals affected by the 2008 disasters.

Rebuild Iowa Office Quarterly Report, January 2011

The RIO’S quarterly Report details the economic recovery strategy in housing; business; workforce development; infrastructure investments; individual services and guidance; local economic recovery; smart growth; mitigation planning; floodplain and watershed management; floodplain mapping; quality of life; and emergency management.The report also includes an updated selection of charts showing the flow of federal and state disaster recovery funding to the state, counties, cities and individuals affected by the 2008 disasters.