Basel III und die Konsequenzen für die Kreditvergabe und die Kapitalkosten von Unternehmen

[s.c.]

Smith and Rawls share a room

We consider one-to-one matching (roommate) problems in which agents (students) can either be matched as pairs or remain single. The aim of this paper is twofold. First, we review a key result for roommate problems (the ``lonely wolf'' theorem) for which we provide a concise and elementary proof. Second, and related to the title of this paper, we show how the often incompatible concepts of stability (represented by the political economist Adam Smith) and fairness (represented by the political philosopher John Rawls) can be reconciled for roommate problems.

Stock market volatility and learning

Introducing bounded rationality in a standard consumption-based asset pricing model with time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns and thereby excess volatility, persistence of price-dividend ratios, long-horizon return predictability and a risk premium, as in the habit model of Campbell and Cochrane (1999), but for lower risk aversion. This is obtained, even though our learning scheme introduces just one free parameter and we only consider learning schemes that imply small deviations from full rationality. The findings are robust to the learning rule used and other model features. What is key is that agents forecast future stock prices using past information on prices.

Atomisme i teologia natural en Walter Charleton (1620-1707)

El treball consisteix en l'estudi d'alguns aspectes de l'obra del metge, físic, filòsof i teòleg anglès Walter Charleton (1620-1707), en el marc de la història intel•lectual a Anglaterra durant la segona meitat del segle XVII. Aquest període, que culmina en el sistema de Newton, es configura a través d'un conjunt de factors socials, polítics, intel•lectuals i religiosos, que van donar lloc a la consolidació del mecanicisme com a filosofia natural. En aquest context, Charleton és considerat com el principal introductor de l'atomisme de Gassendi a Anglaterra. Més concretament, el treball analitza l'anomenat voluntarisme teològic en la figura de Charleton, i la seva teologia natural com a fonament de l'atomisme, remarcant que el discurs teològic està implícit en el discurs físic.

Segmentation and Clustering of Textual Sequences: a Typological Approach

The long term goal of this research is to develop a program able to produce an automatic segmentation and categorization of textual sequences into discourse types. In this preliminary contribution, we present the construction of an algorithm which takes a segmented text as input and attempts to produce a categorization of sequences, such as narrative, argumentative, descriptive and so on. Also, this work aims at investigating a possible convergence between the typological approach developed in particular in the field of text and discourse analysis in French by Adam (2008) and Bronckart (1997) and unsupervised statistical learning.

Ecological-economic modelling of interactions between wild and commercial bees and pesticide use

The decline in extent of wild pollinators in recent years has been partly associated with changing farm practices and in particular with increase of pesticide use. In this paper we combine ecological modelling with economic analysis of a single farm output under the assumption that both pollination and pest control are essential inputs. We show that the drive to increase farm output can lead to a local decline in the wild bee population. Commercial bees are often considered an alternative to wild pollinators, but we show that their introduction can lead to further decline and finally local extinction of wild bees. The transitions between different outcomes are characterised by threshold behaviour and are potentially difficult to predict and detect in advance. Small changes in economic (input prices) and ecological (wild bees carrying capacity and effect of pesticides on bees) can move the economic-ecological system beyond the extinction threshold. We also show that increasing the pesticide price or decreasing the commercial bee price might lead to reestablishment of wild bees following their local extinction. Thus, we demonstrate the importance of combining ecological modelling with economics to study the provision of ecosystem services and to inform sustainable management of ecosystem service providers.

Fractional Integration of the Price-Dividend Ratio in a Present-Value Model of Stock Prices

We re-examine the dynamics of returns and dividend growth within the present-value framework of stock prices. We find that the finite sample order of integration of returns is approximately equal to the order of integration of the first-differenced price-dividend ratio. As such, the traditional return forecasting regressions based on the price-dividend ratio are invalid. Moreover, the nonstationary long memory behaviour of the price-dividend ratio induces antipersistence in returns. This suggests that expected returns should be modelled as an AFIRMA process and we show this improves the forecast ability of the present-value model in-sample and out-of-sample.

Efectos de lo real. Discursos acerca de los cuerpos artificiales

Los cuerpos artificiales ( muñecos, autómatas, maniquíes) son tratados a través de tres tipos de discurso: del artificio, de la mirada y del deseo. Esta perspectiva permite abordarlos, no como representaciones ni como dobles (Döppelgänger) sino como significantes en el discurso , como objetos de deseo y como puntos de articulación de la mirada. En el discurso del artificio se pasa revista al binomio natural/artificial y , a través de distintos textos , El tratado de Hombre de René Descarrtes, la “teoría de los maniquíes” y la “generatio aequivoca” de Bruno Schulz, y el film Jidlo (Comida) de Jan Svankmajer, se hace lo propio con los paradigmas desde los que se ha metaforizado al cuerpo humano. En el discurso de la mirada, se los aborda desde la perspectiva psicoanalítica del campo escópico, a través de El hombre de la arena, de ETA Hoffmann. Los discursos del deseo tratan de algunos aspectos de esta pulsión : el deseo masculino desde La Eva futura de Villiers de l’Isle Adam, el “deseo de hijo”, a través del film Otesánek de Jan Svankmajer y la genericidad del deseo en dos novelas de Gaston Leroux , La muñeca sangrienta y la máquina de asesinar . Los cuerpos artificiales, así, podrían ser considerados, en su potencia significativa, no ya como dobles , sino como efectos de lo real, como “pequeños otros”, como “objetos a” lacanianos y como simulacros.

Compressed collagen gel: a novel scaffold for human bladder cells.

Collagen is highly conserved across species and has been used extensively for tissue regeneration; however, its mechanical properties are limited. A recent advance using plastic compression of collagen gels to achieve much higher concentrations significantly increases its mechanical properties at the neo-tissue level. This controlled, cell-independent process allows the engineering of biomimetic scaffolds. We have evaluated plastic compressed collagen scaffolds seeded with human bladder smooth muscle cells inside and urothelial cells on the gel surface for potential urological applications. Bladder smooth muscle and urothelial cells were visualized using scanning electron microscopy, conventional histology and immunohistochemistry; cell viability and proliferation were also quantified for 14 days in vitro. Both cell types tested proliferated on the construct surface, forming dense cell layers after 2 weeks. However, smooth muscle cells seeded within the construct, assessed with the Alamar blue assay, showed lower proliferation. Cellular distribution within the construct was also evaluated, using confocal microscopy. After 14 days of in vitro culture, 30% of the smooth muscle cells were found on the construct surface compared to 0% at day 1. Our results provide some evidence that cell-seeded plastic compressed collagen has significant potential for bladder tissue regeneration, as these materials allow efficient cell seeding inside the construct as well as cell proliferation.

Le dialogisme intertextuel des contes des Grimm

Loin d'être « purement allemands », nombre de contes des Grimm réécrivent les contes français largement diffusés en Allemagne au 18e siècle en les « reconfigurant » selon leurs propres paradigmes esthétiques et idéologiques. L'étude introductive de la comparatiste Ute Heidmann montre que ce dialogisme européen est resté peu exploré en raison d'une « scénographie en trompe-l'oeil » qui les présente comme issus du « terroir » hessois. Toutefois, les notes des Grimm (constituées en volume autonome dès 1822), dont une partie importante est traduite et commentée ici pour la première fois en français par Loreto Núñez, indiquent ces intertextes tout en les faisant passer pour des « correspondances » dues à une origine commune. L'étude de Jean Mainil retrace le dialogue intertextuel de Rapunzel (Raiponce) avec Persinette de La Force et Petrosinella de Basile. Les cinq études suivantes de Cyrille François, Nathalie Prince, Pascale Auraix-Jonchière, Jean-Michel Adam et Marcio Venício Barbosa retracent les dialogues intertextuels que les contes des Grimm, eux-mêmes fondamentalement intertextuels, ont sollicité à leur tour dans des textes du 19e et du 20e siècle. Elles montrent comment Hans-Christian Andersen, Jean Lorrain (dont l'étonnant conte Neigefleur est reproduit à la suite de l'étude de Nathalie Prince), Robert Walser, Henry Pourrat et les écrivains brésiliens Millôr Ferandes, Mario Prata, Chico Buarque et Guimarães Rosa inventent de nouvelles formes et des procédés intertextuels originaux en réponse aux contes des Grimm en créant de nouveaux contes originaux comme l'avaient fait les Grimm eux-mêmes en réponse aux narrateurs français. Dans les Mélanges, Veronica Bonanni prolonge ce dossier par une étude consacrée à la traduction par Collodi de L'Oiseau bleue de Marie-Catherine d'Aulnoy, qui procède également d'un véritable dialogue intertextuel.

Access to specialized pediatric cancer care in Switzerland.

BACKGROUND: Specialized pediatric cancer centers (PCCs) are thought to be essential to obtain state-of-the-art care for children and adolescents. We determined the proportion of childhood cancer patients not treated in a PCC, and described their characteristics and place of treatment. PROCEDURE: The Swiss Childhood Cancer Registry (SCCR) registers all children treated in Swiss PCCs. The regional cancer registries (covering 14/26 cantons) register all cancer patients of a region. The children of the SCCR with data from 7 regions (11 cantons) were compared, using specialized software for record linkage. All children <16 years of age at diagnosis with primary malignant tumors, diagnosed between 1990 and 2004, and living in one of these regions were included in the analysis. RESULTS: 22.1% (238/1,077) of patients recorded in regional registries were not registered in the SCCR. Of these, 15.7% (169/1,077) had never been in a PCC while 6.4% (69/1,077) had been in a PCC but were not registered in the SCCR, due to incomplete data flow. In all diagnostic groups and in all age groups, a certain proportion of children was treated outside a PCC, but this proportion was largest in children suffering from malignant bone tumors/soft tissue sarcomas and from malignant epithelial neoplasms, and in older children. The proportion of patients treated in a PCC increased over the study period (P < 0.0001). CONCLUSIONS: One in six childhood cancer patients in Switzerland was not treated in a PCC. Whether these patients have different treatment outcomes remained unclear.