Corporate Funding on the European Debt Capital Market

The integrated European debt capital market has undoubtedly broadened the possibilities for companies to access funding from the public and challenged investors to cope with an ever increasing complexity of its market participants. Well into the Euro-era, it is clear that the unified market has created potential for all involved parties, where investment opportunities are able to meet a supply of funds from a broad geographical area now summoned under a single currency. Europe’s traditionally heavy dependency on bank lending as a source of debt capital has thus been easing as corporate residents are able to tap into a deep and liquid capital market to satisfy their funding needs. As national barriers eroded with the inauguration of the Euro and interest rates for the EMU-members converged towards over-all lower yields, a new source of debt capital emerged to the vast majority of corporate residents under the new currency and gave an alternative to the traditionally more maturity-restricted bank debt. With increased sophistication came also an improved knowledge and understanding of the market and its participants. Further, investors became more willing to bear credit risk, which opened the market for firms of ever lower creditworthiness. In the process, the market as a whole saw a change in the profile of issuers, as non-financial firms increasingly sought their funding directly from the bond market. This thesis consists of three separate empirical studies on how corporates fund themselves on the European debt capital markets. The analysis focuses on a firm’s access to and behaviour on the capital market, subsequent the decision to raise capital through the issuance of arm’s length debt on the bond market. The specific areas considered are contributing to our knowledge in the fields of corporate finance and financial markets by considering explicitly firms’ primary market activities within the new market area. The first essay explores how reputation of an issuer affects its debt issuance. Essay two examines the choice of interest rate exposure on newly issued debt and the third and final essay explores pricing anomalies on corporate debt issues.

Kesämökkikäynnin virkistysarvon määrittäminen matkakustannusmenetelmällä

Tämän tutkielman tarkoituksena on määrittää kesämökkikäynnin virkistysarvo. Aihetta ei ole aikaisemmin tutkittu, vaikka kesämökkeily on merkittävä osa suomalaista elämää. Kesämökkikäynnin virkistysarvo tarkoittaa hyötyä, jonka yksilö saa kesämökillä virkistäytymisestä. Virkistäytyminen kesämökillä pitää sisällään kaiken kesämökillä ja sen ympäristössä tapahtuvan harrastamisen ja rentoutumisen. Koska ympäristö on tärkeässä osassa mökillä virkistäytymisessä, tässä tutkielmassa on lisäksi tarkoitus tutkia, kuinka mökkiympäristön ominaisuudet vaikuttavat virkistysarvoon. Tarkasteltavina ympäristön ominaisuuksina ovat virkistäytymisen estävät leväkukinnot ja mökin rannattomuus. Koska mökkeily toisaalta myös kuormittaa ympäristöä, tutkielmassa tutkitaan myös, kuinka sähköistys, ympäristöä kuormittava kesämökin ominaisuus, vaikuttaa virkistysarvoon. Virkistysarvo on markkinaton hyöty, joten sen määrittämiseen on käytettävä jotain markkinattomien hyödykkeiden arvottamismenetelmää. Tässä työssä arvottaminen tapahtuu matkakustannusmenetelmällä, jota käytetään yleisesti ympäristön tarjoamien virkistyspalveluiden taloudelliseen arvottamiseen. Kesämökkikäyntien kysyntää kuvaava matkakustannusmallin ekonometrinen mallintaminen suoritetaan negatiivisella binomimallilla. Tutkielman tulosten mukaan noin neljän päivän pituinen käynti sähköistetyllä kesämökillä, jossa on ranta eivätkä levät häiritse virkistäytymistä, tuottaa 167-205 euron suuruisen virkistyshyödyn. Virkistäytymisen estävät leväkukinnot laskevat arvoa 40 prosentilla ja mökin rannattomuus 45 prosentilla. Käynti sähköistetyllä mökillä tuottaa 3-5 prosenttia korkeamman virkistyshyödyn kuin käynti sähköistämättömällä mökillä. Suomessa kesän aikana tehtävien mökkikäyntien yhteenlaskettu virkistyshyöty on 430-530 miljoonaa, jos mökillä on ranta, jossa levistä ei ole haittaa. Häiritsevät leväkukinnot laskevat yhteenlaskettua virkistyshyötyä 30 miljoonalla ja rannattomuus 10-20 miljoonalla. Sähköistys nostaa yhteenlaskettua virkistyshyötyä 20-30 miljoonalla eurolla.

Synthesis, structure and DNA cleavage studies of coumarin analogues of tetrahydroisoquinoline and protoberberine alkaloids

Novel molecular matrices have been derived from coumarin-4-acetic acids and beta-phenylethylamines using the Bischler-Napieralski protocol which has led to the synthesis of analogues of tetrahydropapaverine in which the dimethoxybenzene moiety has been replaced by substituted coumarins. One carbon homologation has led to cyclization at the C3 position of coumarin generating the protoberberine skeleton. Structures have been confirmed by diffraction studies. The results showed that compounds 6e, 6f, 7e and 7f were found to be very effective against DNA samples of Gram positive bacterium Staphylococcus aureus and fungus Aspergillus niger. (C) 2010 Elsevier Masson SAS. All rights reserved.

Monetary policy rules and estimated reaction functions for the European Central Bank

This thesis studies the interest-rate policy of the ECB by estimating monetary policy rules using real-time data and central bank forecasts. The aim of the estimations is to try to characterize a decade of common monetary policy and to look at how different models perform at this task.The estimated rules include: contemporary Taylor rules, forward-looking Taylor rules, nonlinearrules and forecast-based rules. The nonlinear models allow for the possibility of zone-like preferences and an asymmetric response to key variables. The models therefore encompass the most popular sub-group of simple models used for policy analysis as well as the more unusual non-linear approach. In addition to the empirical work, this thesis also contains a more general discussion of monetary policy rules mostly from a New Keynesian perspective. This discussion includes an overview of some notable related studies, optimal policy, policy gradualism and several other related subjects. The regression estimations are performed with either least squares or the generalized method of moments depending on the requirements of the estimations. The estimations use data from both the Euro Area Real-Time Database and the central bank forecasts published in ECB Monthly Bulletins. These data sources represent some of the best data that is available for this kind of analysis. The main results of this thesis are that forward-looking behavior appears highly prevalent, but that standard forward-looking Taylor rules offer only ambivalent results with regard to inflation. Nonlinear models are shown to work, but on the other hand do not have a strong rationale over a simpler linear formulation. However, the forecasts appear to be highly useful in characterizing policy and may offer the most accurate depiction of a predominantly forward-looking central bank. In particular the inflation response appears much stronger while the output response becomes highly forward-looking as well.

A novel approach for Tuning of minimum performance robust PSS using Genetic algorithm

This paper presents a novel approach for designing a fixed gain robust power system stabilizer (PSS) with particu lar emphasis on achieving a minimum closed loop perfor mance, over a wide range of operating and system condi tion. The minimum performance requirements of the con troller has been decided apriori and obtained by using a genetic algorithm (GA) based power system stabilizer. The proposed PSS is robust to changes in the plant parameters brought about due to changes in system and operating con dition, guaranteeing a minimum performance. The efficacy of the proposed method has been tested on a multimachine system. The proposed method of tuning the PSS is an at tractive alternative to conventional fixed gain stabilizer de sign, as it retains the simplicity of the conventional PSS and still guarantees a robust acceptable performance over a wider range of operating and system condition.

CUDA-for-clusters: a system for efficient execution of CUDA kernels on multi-core clusters

Rapid advancements in multi-core processor architectures coupled with low-cost, low-latency, high-bandwidth interconnects have made clusters of multi-core machines a common computing resource. Unfortunately, writing good parallel programs that efficiently utilize all the resources in such a cluster is still a major challenge. Various programming languages have been proposed as a solution to this problem, but are yet to be adopted widely to run performance-critical code mainly due to the relatively immature software framework and the effort involved in re-writing existing code in the new language. In this paper, we motivate and describe our initial study in exploring CUDA as a programming language for a cluster of multi-cores. We develop CUDA-For-Clusters (CFC), a framework that transparently orchestrates execution of CUDA kernels on a cluster of multi-core machines. The well-structured nature of a CUDA kernel, the growing popularity, support and stability of the CUDA software stack collectively make CUDA a good candidate to be considered as a programming language for a cluster. CFC uses a mixture of source-to-source compiler transformations, a work distribution runtime and a light-weight software distributed shared memory to manage parallel executions. Initial results on running several standard CUDA benchmark programs achieve impressive speedups of up to 7.5X on a cluster with 8 nodes, thereby opening up an interesting direction of research for further investigation.

El comercio argentino y el contexto global

"En esta nota se revisan algunas tendencias recientes del comercio mundial, y la perspectiva reciente del comercio exterior argentino de bienes. Según datos de la OMC, el crecimiento del comercio mundial se había reducido 2,0% en 2012 – frente al 5,2% registrado en 2011 –, para luego mantener un ritmo lento durante 2013 a causa de la reducción de la demanda mundial de importaciones, asociada a la desaceleración económica europea. La desaceleración del comercio en 2012 y 2013 ha sido atribuida principalmente al lento crecimiento de las economías desarrolladas y cierta incertidumbre acerca del futuro del euro, hoy en buena medida superada. La escasa producción y el elevado desempleo en los países desarrollados, junto a una mayor inequidad y situaciones de pobreza derivadas de la crisis, redujeron las importaciones y el crecimiento de las exportaciones en las economías desarrolladas y en desarrollo. La evolución económica más favorable registrada en Estados Unidos en 2013 se vio contrarrestada por la persistente debilidad de la Unión Europea, donde las economías periféricas de la zona euro siguieron experimentando dificultades e incluso las principales economías de la zona continuaron en recesión..."

De magistro : apropiación y transmisión crítica del sentido

Resumen: Desde la identificación de algunos trazos distintivos de la autoconciencia posmoderna prevalente (Vattimo-Rorty), el A. aborda la implicación de ésta en lo que H. Arendt denomina „la crisis de la educación‟, como incapacidad teorizada de transmisión propositivo-crítica de sentido. El A. aborda luego el pasaje de esa crisis, en la que el „yo‟ desaparece, a las condiciones ontológico-gnoseológicas del encuentro del „yo‟ en el vínculo vivo presente-pasado, inherente a la relación educativa como gestación del futuro en el presente. A partir del concepto de „testamento‟ (H. Arendt) y de „tradicionalidad‟ (P. Ricoeur), el A. desarrolla la dialéctica entre reconocimiento y transmisión crítica del sentido. El contenido ético de tal dialéctica de la historicidad concreta, asume y traspasa el concepto de tradicionalidad como transmisión de un discurso cultural, para acceder al concepto de „natalidad‟, en cuanto esclarece el renacimiento del „yo‟ en la relación educativa H.Arendt-Luigi Giussani), ahora entendida como creación de personalidad y de historia, bajo la guía del „principio de realidad‟, constitutivo de la identidad abierta propia de la tradición dramática de Occidente (Rémi Brague).

La crisis de la deuda pública en la Unión Monetaria Europea

Este trabajo se ha llevado a cabo dentro del marco general del Grupo de Investigación Consolidado “Derechos Fundamentales y Unión Europea”, GIC07/86-IT-448-07, dirigido por el profesor Gurutz Jáuregui Bereciartu.

Una aproximación al origen de la crisis financiera internacional

Este artículo es una adaptación de la conferencia titulada “Génesis de la crisis financiera”, que fue impartida en el Curso de Verano “Diez años del euro: 1999-2009”, celebrado los días 25 y 26 de junio de 2009 en el marco de los XXVIII Cursos de Verano de la UPV/EHU

Euroaren ezarrera, kalkuluen urtea

Euro izen-deiturak Europear Batasunejo herrialdeen moneta amankomuna adierazten du, urte batzu barru moneta bakarra bihurtuko dena. Idazlan honekin geroz eta hurbilago dagoen une horri buruzko hausnarketa soila egin nahi da.

Mulheres nas Forças Armadas brasileiras : situação atual e perspectivas futuras

Analisa aspectos jurídicos, nos níveis constitucional, legal e regulamentar, sobre os princípios da igualdade e da isonomia e sobre a missão constitucional das Forças Armadas. Mostra diplomas internacionais que privilegiam os mencionados princípios, de adoção universal no Ocidente e no contexto das Nações Unidas.