Elmar Schwinger: Literarische Erziehung und Gymnasium. Zur Entwicklung des bayerischen Gymnasiums in der Ära Niethammer/Thiersch. Mit einem Geleitwort von A. Reble. (Würzburger Arbeiten zur Erziehungswissenschaft. Bd. 18.) Bad Heilbrunn: Klinkhardt 1988 [Rezension]

Rezension von: Elmar Schwinger: Literarische Erziehung und Gymnasium. Zur Entwicklung des bayerischen Gymnasiums in der Ära Niethammer/Thiersch. Mit einem Geleitwort von A. Reble. (Würzburger Arbeiten zur Erziehungswissenschaft. Bd. 18.) Bad Heilbrunn: Klinkhardt 1988. 452 S.

Stephen Frank: E-Learning und Kompetenzentwicklung. Ein unterrichtsorientiertes didaktisches Modell. Bad Heilbrunn: Klinkhardt 2012 (220 S.) [Rezension]

Rezension von: Stephen Frank: E-Learning und Kompetenzentwicklung. Ein unterrichtsorientiertes didaktisches Modell. Bad Heilbrunn: Klinkhardt 2012 (220 S.; ISBN 978-3-7815-1861-2)

Annette Frühwacht: Bildungsstandards in der Grundschule. Bildungsstandards und Vergleichsarbeiten aus der Sicht von deutschen und finnischen Lehrkräften. Bad Heilbrunn: Klinkhardt 2012 (270 S.) [Rezension]

Rezension von: Annette Frühwacht: Bildungsstandards in der Grundschule. Bildungsstandards und Vergleichsarbeiten aus der Sicht von deutschen und finnischen Lehrkräften. Bad Heilbrunn: Klinkhardt 2012 (270 S.; ISBN 978-3-7815-1876-6)

Silke Traub: Projektarbeit – ein Unterrichtskonzept selbstgesteuerten Lernens? Eine vergleichende empirische Studie. Bad Heilbrunn: Klinkhardt 2012 (267 S.) [Rezension]

Rezension von: Silke Traub: Projektarbeit – ein Unterrichtskonzept selbstgesteuerten Lernens? Eine vergleichende empirische Studie. Bad Heilbrunn: Klinkhardt 2012 (267 S.; ISBN 978-3-7815-1864-3)

Rolf Werning / Ann-Katrin Arndt (Hrsg.): Inklusion: Kooperation und Unterricht entwickeln. Bad Heilbrunn: Klinkhardt 2013 (248 S.) [Rezension]

Rezension von: Rolf Werning/ Ann-Katrin Arndt (Hrsg.): Inklusion: Kooperation und Unterricht entwickeln. Bad Heilbrunn: Klinkhardt 2013 (248 S.; ISBN 978-3-7815-1898-8)

Mirelle Schied: Schulpraktische Studien im Rahmen der Lehrerausbildung. Konzeptionalisierung und Evaluierung nach dem Gmünder Modell. Bad Heilbrunn: Klinkhardt 2013 (301 S.) [Rezension]

Rezension von: Mirelle Schied: Schulpraktische Studien im Rahmen der Lehrerausbildung. Konzeptionalisierung und Evaluierung nach dem Gmünder Modell. Bad Heilbrunn: Klinkhardt 2013 (301 S.; ISBN 978-3-7815-1913-8)

Is the supply of long-term debt independent of the term premia? Evidence from Portugal

An important assumption in the statistical analysis of the financial market effects of the central bank’s large scale asset purchase program is that the "long-term debt stock variables were exogenous to term premia". We test this assumption for a small open economy in a currency union over the period 2000M3 to 2015M10, via the determinants of short- term financing relative to long-term financing. Empirical estimations indicate that the maturity composition of debt does not respond to the level of interest rate or to the term structure. These findings suggest a lower adherence to the cost minimization mandate of debt management. However, we find that volatility and relative market size respectively decrease and increase short-term financing relative to long-term financing, while it decreases with an increase in government indebtedness.

Interest rate (in)sensitivity of emerging market corporate debt : economic analysis based on 2002-2015 empirical evidence

Interest rate sensitivity assessment framework based on fixed income yield indexes is developed and applied to two types of emerging market corporate debt: investment grade and high yield exposures. Our research advances beyond the correlation analyses focused on co- movements in yields and/or spreads of risky and risk-free assets. We show that correlation- based analyses of interest rate sensitivity could appear rather inconclusive and, hence, we investigate the bottom line profit and loss of a hypothetical model portfolio of corporates. We consider historical data covering the period 2002 – 2015, which enable us to assess interest rate sensitivity of assets during the development, the apogee, and the aftermath of the global financial crisis. Based on empirical evidence, both for investment and speculative grades securities, we find that the emerging market corporates exhibit two different regimes of sensitivity to interest rate changes. We observe switching from a positive sensitivity under the normal market conditions to a negative one during distressed phases of business cycles. This research sheds light on how financial institutions may approach interest rate risk management, evidencing that even plain vanilla portfolios of emerging market corporates, which on average could appear rather insensitive to the interest rate risk in fact present a binary behavior of their interest rate sensitivities. Our findings allow banks and financial institutions for optimizing economic capital under Basel III regulatory capital rules.

Governed by the cycle : direct and inverted interest-rate sensitivity of emerging market corporate debt

An innovative approach to quantify interest rate sensitivities of emerging market corporates is proposed. Our focus is centered at price sensitivity of modeled investment grade and high yield portfolios to changes in the present value of modeled portfolios composed of safe-haven assets, which define risk-free interest rates. Our methodology is based on blended yield indexes. Modeled investment horizons are always kept above one year thus allowing to derive empirical implications for practical strategies of interest rate risk management in the banking book. As our study spans over the period 2002 – 2015, it covers interest rate sensitivity of assets under the pre-crisis, crisis, and post-crisis phases of the economic cycles. We demonstrate that the emerging market corporate bonds both, investment grade and high yield types, depending on the phase of a business cycle exhibit diverse regimes of sensitivity to interest rate changes. We observe switching from a direct positive sensitivity under the normal pre-crisis market conditions to an inverted negative sensitivity during distressed turmoil of the recent financial crisis, and than back to direct positive but weaker sensitivity under new normal post-crisis conjuncture. Our unusual blended yield-based approach allows us to present theoretical explanations of such phenomena from economics point of view and helps us to solve an old controversy regarding positive or negative responses of credit spreads to interest rates. We present numerical quantification of sensitivities, which corroborate with our conclusion that hedging of interest rate risk ought to be a dynamic process linked to the phases of business cycles as we evidence a binary-like behavior of interest rate sensitivities along the economic time. Our findings allow banks and financial institutions for approaching downside risk management and optimizing economic capital under Basel III regulatory capital rules.

From ‘Bad’ to ‘Mad’: Labelling and Behaviour in Peter Shaffer’s Equus

The process of ‘labelling’ (whereby labels are socially imposed on a given behaviour by a given person) is an extensive and recurrent one in our society, as proved by the labelling of behaviours and people even into the literary text. In our analysis, we will try to show how applying one of two most different labels (psychopathic or psychotic) greatly influences our understanding of the existence of ‘evil’ or moral responsibility in the deeds of a person. To such end, we will use Peter Shaffer’s play Equus (1973), which requires both the characters in the play and the spectators to decide whether Alan Strang’s terrible crime is a result of evil or of insane behaviour: whether he is ‘mad’ or simply ‘bad’. We will try to evince the current social and cultural confusion between madness and evil, and how processes of medicalization or criminalization affect our understanding of those around us and those living in the books we read.

Adaptation of the ABCDE model from human medicine to communicate bad news to the owner of the oncologic patient in veterinary medicine

Similar to what occurs in Human Medicine, also in Veterinary Medicine, the prevalence of oncological diseases has significantly increased. The evolution of Veterinary Medicine, in last decades has brought changes in clinical paradigms, particularly concerning the relationship with the animal and also with the owner. More than any other specialty, members of the Veterinary Medical Team that work in the oncology field, are unavoidably forced to break bad news. This paper proposes the adaptation of the ABCDE model from Human Medicine to Veterinary Medicine. The adaptation of the ABCDE model for Veterinary Medicine improves communication with the owner and offers all the members of the Veterinary Medical Team better communication skills.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

How much are translation studies in debt to Soren Kierkegaard?

The significance of Jacques Derrida's philosophical contribution to translation studies is becoming more widely acknowledged, thanks to authors such as Lawrence Venuti, Kaisa Koskinen, Rosemary Arrojo, Lieven Tack and africa Vidal Claramonte. However, what remains unknown is the debt which Derrida owes to the thinking of SOren Kierkegaard. This article sets out this legacy for the purposes of presenting some basic principles of deconstruction and in order to further promote its dissemination in the area of translation studies. At the same time, this article aims to be both a tribute to the Danish philosopher and a recognition of his contribution to modern-day thinking. Ultimately, the objective of this piece of research is to demonstrate how the ramifications of Kierkegaard's ideas are still relevant and, to a certain extent, are present in the area of translation studies. Among other things, this article shows how notions which are so fundamental to Kierkegaardian thinking, such as subjectivity', decision', instant' or impossible' echo in several recent texts regarding translation studies.

Good is generally more alike than bad in the information ecology: Investigating the case of (the ABC model of) group stereotypes

On most if not all evaluatively relevant dimensions such as the temperature level, taste intensity, and nutritional value of a meal, one range of adequate, positive states is framed by two ranges of inadequate, negative states, namely too much and too little. This distribution of positive and negative states in the information ecology results in a higher similarity of positive objects, people, and events to other positive stimuli as compared to the similarity of negative stimuli to other negative stimuli. In other words, there are fewer ways in which an object, a person, or an event can be positive as compared to negative. Oftentimes, there is only one way in which a stimulus can be positive (e.g., a good meal has to have an adequate temperature level, taste intensity, and nutritional value). In contrast, there are many different ways in which a stimulus can be negative (e.g., a bad meal can be too hot or too cold, too spicy or too bland, or too fat or too lean). This higher similarity of positive as compared to negative stimuli is important, as similarity greatly impacts speed and accuracy on virtually all levels of information processing, including attention, classification, categorization, judgment and decision making, and recognition and recall memory. Thus, if the difference in similarity between positive and negative stimuli is a general phenomenon, it predicts and may explain a variety of valence asymmetries in cognitive processing (e.g., positive as compared to negative stimuli are processed faster but less accurately). In my dissertation, I show that the similarity asymmetry is indeed a general phenomenon that is observed in thousands of words and pictures. Further, I show that the similarity asymmetry applies to social groups. Groups stereotyped as average on the two dimensions agency / socio-economic success (A) and conservative-progressive beliefs (B) are stereotyped as positive or high on communion (C), while groups stereotyped as extreme on A and B (e.g., managers, homeless people, punks, and religious people) are stereotyped as negative or low on C. As average groups are more similar to one another than extreme groups, according to this ABC model of group stereotypes, positive groups are mentally represented as more similar to one another than negative groups. Finally, I discuss implications of the ABC model of group stereotypes, pointing to avenues for future research on how stereotype content shapes social perception, cognition, and behavior.