Volt-e likviditási válság? Volatilitás és likviditás kapcsolatának vizsgálata (Was there a liquidity crisis? Analysis the relationship between volatility and liquidity)

Széleskörűen alátámasztott, empirikus tény, hogy önmagában a nagyobb volatilitás csökkenti a piac likviditását, vagyis változékonyabb piacokon várhatóan nagyobb lesz egy-egy tranzakció áreltérítő hatása. Kutatásomban azt a kérdést vizsgáltam, hogy a Budapesti Értéktőzsdén az OTP-részvény piacán a 2007/2008-as válságban tapasztalható, átmeneti likviditáscsökkenés betudható volt-e egyszerűen a megnövekedett volatilitásnak, vagy ezen túl abban más tényezők (pl. a szereplők körének és viselkedésének drasztikus megváltozása, általános forráscsökkenés stb.) is szerepet játszhattak-e. A volatilitást a loghozamok szórásával, illetve a tényleges ársávval, míg az illikviditást a Budapesti Likviditási Mértékkel (BLM) reprezentáltam. Egyrészt azt állapítottam meg, hogy az OTP esetében a tényleges ársáv szorosabban korrelál a BLM-mel, mint a szórás. Másrészt az is egyértelmű, hogy a válság előtti kapcsolat a volatilitás és a likviditás között a válságban és azután már jelentősen megváltozott. Válságban az illikviditás jóval nagyobb volt, mint amit a volatilitás növekedése alapján vártunk, a válság lecsengése után azonban megfordult ez a reláció. _________ It is a widely supported empirical fact, that the greater volatility in itself decreases the liquidity of the market, namely more volatile a market is, the higher a transaction’s price impact will be. I have examined in my paper the question, whether the decrease of liquidity during the crisis of 2007/2008 in case of the OTP stock – traded on the Budapest Stock Exchange – was the consequence of the increased volatility, or other factors had an effect on the illiquidity as well (e.g.: the drastic change of market participants’ behaviour; reduction of fi nancing sources; etc.). I have represented volatility with the standard deviation of the logreturns, and with the true range, while the illiquidity with the Budapest Liquidity Measure (BLM). On one hand I have identifi ed, that in case of the OTP, the true range has a stronger relationship with the BLM than the standard deviation has. On the other hand it was clear, that the relationship between volatility and liquidity has changed notably during and after the crisis. During crisis the illiquidity was greater than what I have estimated based on the volatility increase, but after the crisis this relation has changed.

An examination of the relationship of governance structure and performance: Evidence from banking companies in Bangladesh

Corporate governance has become increasingly important in developed and developing countries just after a series of corporate scandals and failures in a number of countries. Corporate governance structure is often viewed as a means of corporate success despite prior studies reveal mixed, somewhere conflicting and ambiguous, and somewhere no relationship between governance structure and performance. This study empirically investigates the relationship between corporate governance mechanisms and financial performance of listed banking companies in Bangladesh by using two multiple regression models. The study reveals that a good number of companies do not comply with the regulatory requirements indicating remarkable shortfall in corporate governance practice. The companies are run by the professional managers having no duality and no ownership interest for which they are compensated by high remuneration to curb agency conflict. Apart from some inconsistent relationship between some corporate variables, the corporate governance mechanisms do not appear to have significant relationship with financial performances. The findings reveal an insignificant negative impact or somewhere no impact of independent directors and non-independent non-executive directors on the level of performance that strongly support the concept that the managers are essentially worthy of trust and earn returns for the owners as claimed by stewardship theory. The study provides support for the view that while much emphasis on corporate governance mechanisms is necessary to safeguard the interest of stakeholders; corporate governance on its own, as a set of codes or standards for corporate conformance, cannot make a company successful. Companies need to balance corporate governance mechanisms with performance by adopting strategic decision and risk management with the efficient utilization of the organization’s resources.

Factors associated with prompt difficulty in automated essay scoring

This study explores factors related to the prompt difficulty in Automated Essay Scoring. The sample was composed of 6,924 students. For each student, there were 1-4 essays, across 20 different writing prompts, for a total of 20,243 essays. E-rater® v.2 essay scoring engine developed by the Educational Testing Service was used to score the essays. The scoring engine employs a statistical model that incorporates 10 predictors associated with writing characteristics of which 8 were used. The Rasch partial credit analysis was applied to the scores to determine the difficulty levels of prompts. In addition, the scores were used as outcomes in the series of hierarchical linear models (HLM) in which students and prompts constituted the cross-classification levels. This methodology was used to explore the partitioning of the essay score variance.^ The results indicated significant differences in prompt difficulty levels due to genre. Descriptive prompts, as a group, were found to be more difficult than the persuasive prompts. In addition, the essay score variance was partitioned between students and prompts. The amount of the essay score variance that lies between prompts was found to be relatively small (4 to 7 percent). When the essay-level, student-level-and prompt-level predictors were included in the model, it was able to explain almost all variance that lies between prompts. Since in most high-stakes writing assessments only 1-2 prompts per students are used, the essay score variance that lies between prompts represents an undesirable or "noise" variation. Identifying factors associated with this "noise" variance may prove to be important for prompt writing and for constructing Automated Essay Scoring mechanisms for weighting prompt difficulty when assigning essay score.^

An analysis of Haitian parents' perceptions of their children with disabilities

Parental involvement is an integral part of the educational system in the U.S. Yet, parents from non-mainstream racial/ethnic backgrounds have not fully grasped the nature of parental involvement expectations in the educational process and how these expectations may impact student achievement. The purpose of this study was to identify Haitian parents’ perceptions of their children with disabilities and the education these children were receiving. Several authors have conducted studies on parents of children with disabilities to better gain an understanding of the level of their involvement with their children’s education, their perceptions of the children, and their views on the school system (Harry, 1992a, 1992b). In this study, Haitian parents of children with disabilities were interviewed using an interview protocol. Through these interviews, this study explored 10 Haitian parents’ perceptions of their child with a disability, the education the child was receiving, their interaction with the school system, and how the disability had affected their relationship with their child and their involvement with the school. Findings of the present study revealed that these Haitian parents seldom disagreed with school personnel and did not seem to fully grasp the different methods available to address their concerns as parents of children with disabilities nor the role they were expected to play in the process. The majority did not have basic literacy skills in Creole or English. The parents in this study were overwhelmed by school written communication. Additionally, this study discovered that parents’ perceptions were guided by two core concepts: coping mechanisms and locus of control. Parents with an internal locus of control, who tended to be more educated, focused inward to find solutions to problems encountered. Those with an external locus of control relied on outside influences to resolve their problems. Parental involvement was strongly influenced by their values, beliefs, customs, and conceptual knowledge about disability; all closely aligned with culture and acculturation. Overall, these parents’ perceptions greatly influenced their thoughts and behaviors when they realized that their children with disabilities might fall short of their immigrant dreams of success they held for these children.

A relationship between the Florida Comprehensive Assessment Test 2.0 mathematics scores and racial and ethnic concentration when considering socio-economic status, ESOL student population, and school climate

From the moment children are born, they begin a lifetime journey of learning about themselves and their surroundings. With the establishment of the No Child Left Behind Act of 2001, it mandates that all children receive a high-quality education in a positive school climate. Regardless of the school the child attends or the neighborhood in which the child lives, proper and quality education and resources must be provided and made available in order for the child to be academically successful. The purpose of this ex post facto study was to investigate the relationship between the FCAT 2.0 mathematics scores of public middle school students in Miami-Dade County, Florida and the concentrations of a school's racial and ethnic make-up (Whites, Blacks, and Hispanics), English for Speakers of other Languages (ESOL) population, socio-economic status (SES), and school climate. The research question of this study was: Is there a significant relationship between the FCAT 2.0 Mathematics scores and racial and ethnic concentration of public middle school students in Miami-Dade County when controlling SES, ESOL student population, and school climate for the 2010-2011 school year? The instruments used to collect the data were the FCAT 2.0 and Miami-Dade County Public Schools (M-DCPS) School Climate Survey. The study found that Economically Disadvantaged (SES) students socio-economic status had the strongest correlation with the FCAT 2.0 mathematics scores (r = -.830). The next strongest correlation was with the number of students who agreed that their school climate was positive and helped them learn (r = .741) and the third strongest correlation was a school percentage of White students (r = .668). The study concluded that the FCAT 2.0 mathematics scores of M-DCPS middle school students have a significant relationship with socio-economic status, school climate, and racial concentration.

Apple

Apple is a collection of poems that explores the connection between human relationships and the evolution of an identity. Multiple speakers investigate gender and sexuality, plentitude and poverty, atheism and Christianity in order to better understand some of the forces that affect a woman's consciousness. An awareness of perceived dualities, such as self and other, reason and faith, nature and technology, socialization and loneliness are central to this exploration. The poems employ various forms, such as ultra-talk narratives, lyrical meditations, prose poetry, epistolary poems and hypertext. The variety of structure and form in the collection mirrors the variety of approaches the speakers employ to move closer and further away from the subjects at hand. The rhetorical posture employed in each poem is directly linked to the speaker's relationship with the audience, which is an excellent example of a human relationship affecting the evolution of an identity.

An Analysis of Haitian Parents' Perceptions of Their Children With Disabilities

Parental involvement is an integral part of the educational system in the U.S. Yet, parents from non-mainstream racial/ethnic backgrounds have not fully grasped the nature of parental involvement expectations in the educational process and how these expectations may impact student achievement. The purpose of this study was to identify Haitian parents’ perceptions of their children with disabilities and the education these children were receiving. Several authors have conducted studies on parents of children with disabilities to better gain an understanding of the level of their involvement with their children’s education, their perceptions of the children, and their views on the school system (Harry, 1992a, 1992b). In this study, Haitian parents of children with disabilities were interviewed using an interview protocol. Through these interviews, this study explored 10 Haitian parents’ perceptions of their child with a disability, the education the child was receiving, their interaction with the school system, and how the disability had affected their relationship with their child and their involvement with the school. Findings of the present study revealed that these Haitian parents seldom disagreed with school personnel and did not seem to fully grasp the different methods available to address their concerns as parents of children with disabilities nor the role they were expected to play in the process. The majority did not have basic literacy skills in Creole or English. The parents in this study were overwhelmed by school written communication. Additionally, this study discovered that parents’ perceptions were guided by two core concepts: coping mechanisms and locus of control. Parents with an internal locus of control, who tended to be more educated, focused inward to find solutions to problems encountered. Those with an external locus of control relied on outside influences to resolve their problems. Parental involvement was strongly influenced by their values, beliefs, customs, and conceptual knowledge about disability; all closely aligned with culture and acculturation. Overall, these parents’ perceptions greatly influenced their thoughts and behaviors when they realized that their children with disabilities might fall short of their immigrant dreams of success they held for these children.

Belmiro Borba, um homem de abismos: um personagem em conflito sob o prima da melancolia na obra O amanuense Belmiro, de Cyro dos Anjos

This master‘s thesis presents an analytical reading of Cyro dos Anjos (1906-1994)‘s novel O amanuense Belmiro (1937) and its main objective is to analyze the way some aspects of melancholy, together with the notion of memory, diary writing as well as time permeate all the narrative of this unique book in the Brazilian literary scenario. Anjos‘ novel is an atypical work in the fiction of the 1930s as it is considered a dissonant voice compared to the regional and social productions of the time it was published. Among other themes, the book depicts the relationship of man with life; the present and the past; love and frustrations and the hero in search of itself. Belmiro Borba, character-narrator, is a sentimental man, often handicapped by his inner life. For this matter, Borba decides to write a book in order to register his stories, memories, feelings, meditations and illusions. From this perspective, this research aims to deal with issues related to the aesthetics of melancholy, especially its relationship with the creative process, which belongs to Borba‘s attempt to write literature. Throughout our academic research, we used the work of Aristotle (1998), Lambotte (2000), Benjamin (2011) and Kristeva (1989) to articulate relevant issues of melancholy; Halbwachs (2006) on the concept of memory, among other theorists who were essential to the completion of this study.

Areia sob os pés da alma: uma leitura da vida e obra de Oswaldo Lamartine de Faria

This study followed the development of Oswaldo Lamartine de Faria as an intellectual, with the aim of establishing the emergence of that de Faria’s work under the umbrella of the sertão (hinterland) in Northeast Brazil. It accompanied the emergence of the researcher, his discovery of his mission to study the sertão in Seridó and the vital importance of his relationship with Luís da Câmara Cascudo, since despite being a natural born observer, Oswaldo Lamartine embarked on a career as a researcher after encouragement by Cascudo. The first chapter of this study, denominated The Gates of Time, portrays the country during the drought of 1919, the year Lamartine was born. It describes his childhood and first encounters with Câmara Cascudo; his urban exile in Rio de Janeiro; the books written by the young Oswaldo, those that came later, and his definitive return to the state of Rio Grande do Norte. The following two chapters, Sand beneath the Feet of the Soul and Images of a Nobleman from the Sertão, summarize Lamartine’s books and describe his entry into the canon of the state’s culture, with particular prominence given to his interview for the documentary “Oswaldo Lamartine: prince of the sertão”, highlighting his attempt (through his writing) to preserve his own existence. In the second section, Verses, Bold, Between the Lines features analyses of texts dedicated to Oswaldo Lamartine, such as those written by de Zila Mamede, Maria Lúcia Dal Farra and Paulo de Tarso Correia de Melo. The next chapter, entitled Warm and Vivid Ashes, highlights Lamartine’s correspondence with Luís da Câmara Cascudo and the incredible friendship between the two researchers. Cascudo’s letters are analyzed through the book De Cascudo para Oswaldo (From Cascudo to Oswaldo) and and are a powerful testimony of Oswaldo Lamartine’s permanent connection to Rio Grande do Norte. In conclusion, the final chapter entitled Combine, Tattoo, Imprint analyzes the writer’s five-book collection entitled Sertões do Seridó (Hinterlands of Seridó). In reading each of these, it becomes clear that observing reality was vital to the writer’s work. This is one of the first studies to be conducted about Oswaldo Lamartine at the Federal University of Rio Grande do Norte and its main theoretical references were the reflections of authors Jacques Le Goff (2003), Lejeune (1994; 2008), Maurice Blanchot (1987; 2005), Alfredo Bosi (1987) and Gaston Bachelard (n.d.).

"Quem sou eu?": uma (re)construção do sujeito por meio da narrativa autobiográfica - proposta didática com um olhar nas interações em sala de aula

As we are aware, the classroom is emerging as a continuous build learning experiences and environment, however, for students also it functions as a place also to be due to socializing with friends. However, not always these elements complement each other, so as harmoniously as we are aware that there are many difficulties, both in the act of learning as in interpersonal relations between them. From this, we understand that it is for the school to seek ways to contemplate such issues so that they feel inserted both with regard to this learning as well as being able to interact with themselves and with others, in a participatory manner, to live well socially. Thus, we find ourselves facing a similar situation with a 9th grade class where the students had certain limitations to have a good relationship with one another, causing thus problems in learning. On the other hand, this difficulty as affectively interact with each other, also, was increased by the difficulty that some students had to speak for themselves and to show their feelings and emotions, getting even more difficult this interaction at school. Thus, we found ourselves obliged to act immediately and need to bring about change in this picture. So it came out the idea of the application of an intervening action which started taking shapefrom a pedagogical project that we developed in other classes in previous years, this time adapted to the situation experienced by the group. The project, framed in the qualitative research and characterized from the action research approach took shape, and elected as its main objective to seek possible alternatives to develop the communicative competence of students, which is why we invest in exercise oral communication (speaking and listening) in order to promote the use of language, the interpersonal involvement facilitating thus their participation both in the classroom and in social life. To fulfill this goal, we set out to develop a didactic book whose support materialized through the autobiographical narrative (molded in writing production) and worked along a structured instructional sequence in three distinctstages that dialogued with each other. Therefore, we base our study from the socio-historical conception and dialogue proposed by Bakhtin in line with the sociodiscursivo interactionism of Bronckart and resort to other scholars as Dolz and Schneuwly, Marcuschi among others. The development of all stages of the project not only has had an immediate effect on what we proposed ourselves as also yielded us very gratifying moments reinforcing to us that the classroom environment goes far beyond the fact ministering content. And that work with orality, with views on affective interaction of these students resulted in a project, so to speak, exciting.

Frederick Douglass and Ireland, 1845: The "Vertiginous Twist[s]" of an Irish Encounter

Frederick Douglas was a reader of and writer on the nineteenth-century political and social texts and contexts of oppression, which he experienced at home and witnesed while in Ireland and Britain, 1845-47. This thesis is unique in its identification of several surprising lacunae in the research and critical evaluation of Frederick Douglass’ activities of reading and writing and the texts and contexts that supported these activities. This thesis takes Douglass’ relationship with Ireland and the Irish as its starting point, and offers several moments in the transnational space engendered by Douglass’ readerly and writerly experience of the transatlantic axes of Ireland, Britain and America. This thesis draws upon archival research to recover information regarding Douglass’ trip and subjects his reading and writing on Ireland and the Irish to the critical rigours of narratolgical, cultural and discourse analysis. One lacuna is Douglass’ favourite and neglected school primer, the Columbian Orator, which Douglass signified upon across his autobiographical project. The speech by the Irish patriot and exile, Arthur O’Connor, included in the Orator, is crucial to Douglass’ understanding and expression of justice and equality. Genette’s narratological analysis gives theoretical traction to the ways in which, in his autobiographical representations of his British trip, Douglass recalibrates his autobiographies to reflect his changing perspectives on his life and work. Contrary to popular assumptions, Douglass did, in two letters to Garrison address and comment on Irish poverty. This thesis interrogates the strategic anglophilia of these letters. While the World’s Temperance Convention (WTC) refused to discuss African- American slavery, analysis of Douglass’ speech in Covent Garden and of the paratextual apparatus of the published proceedings of the WTC demonstrates the impossibility of separating these closely interrelated reform causes. When a newly discovered poem from Waterford that admonished the city for its disregard for Douglass’ message is juxtaposed with an uncomfortable moment in Cork, we understand that Douglass became a pawn to bolster sectarian rivalries between nationalist and establishment factions. Though Douglass believed imperial politics was the best vehicle for modernity, he recognised that it had failed Ireland: consequently, in Thoughts and Recollections of a Trip to Ireland (1886), he advocates for Home Rule for Ireland.

Barriers to working with people affected by cancer: Preliminary qualitative data from a mixed methods exploration of practitioner perspectives in nutritional therapy

Introduction: Cancer is a leading cause of death worldwide. Nutrition may affect occurrence, recurrence and survival rates and many cancer patients and survivors seek individualized nutrition advice. Appropriately skilled nutritional therapy (NT) practitioners may be well-placed to safely provide this advice, but little is known of their perspectives on working with people affected by cancer. This mixed-methods study seeks to explore their views on training, barriers to practice, use of evidence, and other resources, to support the development of safe evidence-based practice. Preliminary data on barriers to practice are reported here. Methods: Two cohorts of NT practitioners were recruited from all UK registered NT practitioners, by an on-line anonymous survey. 84 cancer practitioners (CP) and 165 non-cancer practitioners (NCP) were recruited. Mixed quantitative and qualitative data was collected by the survey. Content analysis was used to analyze qualitative data on the use of evidence, barriers to practice and perceived needs for working with clients with cancer, for further exploration using interviews and focus groups. Preliminary results: For the NCP cohort, exploring themes of perceived barriers to working with people affected by cancer suggested that perceived complexity, risk and need for caution in this area of practice were important barriers. Insufficient specialist knowledge and skills also emerged as barriers. Some NCPs perceived opposition from medical practitioners and other mainstream healthcare professions as an obstacle to starting cancer practice. To overcome these barriers, specialist training emerged as most important. For the CP cohort, in exploring the skills they considered enabled them to undertake cancer work, specialist clinical and technical knowledge emerged strongly. Only 10% CP participants did not want more work with people affected by cancer. 10% CPs reported some NHS referrals, whereas most received clients by self-referral or from other practitioners. When considering barriers that impede their cancer practice, the dominant categories for CPs were hostility or opposition by mainstream oncology professionals, and lack of dialogue and engagement with them. To overcome these barriers, CPs desired engagement with oncology professionals and recognized specialist cancer NT training. For both NCPs and CPs, evidence resources, practice guidelines and practitioner support networks also emerged as potential enablers to cancer practice. Conclusions: This is the first detailed exploration of NT practitioners’ perceived barriers to working with people affected by cancer. Acquiring specialist skills and knowledge appears important to enable NCPs to start cancer work, and for CPs with these skills, the perceived barriers appear foremost in the relationship with mainstream cancer professionals. Further exploration of these themes, and other NT practitioner perspectives on working with people affected by cancer, is underway. This work will inform and support the development of professional practice, training and other resources.

Humanism is a violence typical of the beasts. Philosozing with a Hammer, using Levinas and Derrida, the Measure of the Human and the Human as a measure

Levinas’s reflections arose as a critique of traditional philosophy which, since it was based on presence and identity, leads to the exclusion of the other. Instead of an onto-logical thought the Lithuanian proposes that the ipseity of the human being be constituted by alterity, and that it be so ethically, because the subject is sub-ject, that is, that which upholds, responsibility. In an attempt to take the obligatory attention to the otherness of the other even further, Derrida would develop a radical critique of the Levinasian posture. Deconstruction of every trace of ipseity and sovereignty in the relationship with the other, the reading that we have done of the work of Derrida opts for a no definable understanding of the human. That is why every de-limitation of an ethical field as a properly human implies a brutal violence that the levinasian humanism of the other tried to exceed.

L'impact de la création littéraire, en contexte d'aide, sur la symptomatologie psychophysiologique d'adolescents atteints d'une maladie chronique : étude interdisciplinaire et exploratoire.

Thèse réalisée dans le cadre d'un Ph.D.interdisciplinaire en Psychologie, en création littéraire et en orthopédagogie. L'impact de la création littéraire a été étudié chez des adolescents atteints d'une maladie chronique au CHU Sainte-Justine de Montréal. Cette recherche est exploratoire car la création littéraire n'a jamais été étudiée dans cette perspective. Elle a été réalisée sous la direction de Catherine Mavrikakis, professeure et écrivain à la Faculté des arts et sciences au Département des littératures francophones de l'Université de Montréal et de Jean-François Saucier, psychiatre et anthropologue à la Faculté de médecine au Département de psychiatrie de l'Université de Montréal et chercheur au CHU Sainte-Justine. Interdisciplinary Study.