SEMINAR ON CENTRAL CONCLUSIONS MANIFESTS IFLA-UNESCO FOR PUBLIC LIBRARY, SCHOOL AND INTERNET

Central America is a region with accumulated experiences of collaborative work in developing the Central Library, among them are: The CSUCA (Council of Central American Universities) globally recognized organization founded in 1948 has strengthened the development of University Libraries, with the creation of the Central American University Libraries. Another significant contribution is made by the Public Libraries and supported by SIDA (Swedish International Development Agency) has substantially expanded the concept of National Public Library. Today is forming the Confederation of Associations and Colleges Central Library, a product of the Workshop held in El Salvador, with the support of IFLA / ALP.

Ernest Mercier, le pétrole et la France

Ernest Mercier est l’un des patrons les plus influents de l'entre-deux-guerres en France. Ses différentes activités industrielles l'ont conduit à siéger sur de vastes pans de l’économie française, notamment du secteur énergétique. La thèse retrace la carrière pétrolière d'un homme qui a joué un rôle central pour le développement d'une industrie devenue stratégique, mais qui est embryonnaire lorsqu'il rejoint ce secteur après la Première Guerre mondiale. Mercier assiste et assure la création d'une industrie pétrolière nationale. Les obstacles se font légion contre les ambitions pétrolières de la France. Elle se présente bien tard sur un marché étroitement contrôlé par de puissants trusts. La recherche et l'exploitation pétrolière demandent d'importantes ressources, et aucune société française n'a les moyens d'une politique indépendante. Certaines banques se lancent alors dans les affaires de pétrole en s'alliant aux grands trusts internationaux. C'est le cas de Paribas; la gestion de ses avoirs roumains représente la première expérience de Mercier dans ce secteur. L'État s'intéresse aussi au pétrole, il devient un acteur incontournable. Le gouvernement français n'a pourtant pas les moyens de ses ambitions dans le domaine pétrolier. La politique nationale mise en place durant l'entre-deux-guerres doit faire appel à l'épargne privée française. La création d'une compagnie nationale, la Compagnie française des pétroles, en 1924 regroupe ainsi les différentes banques et sociétés intéressées au pétrole. Mercier est personnellement choisi par le président Raymond Poincaré pour mener à bien cette mission. Cette carrière s'articule donc autour d'un fragile équilibre entre milieux privés et gouvernement. Mercier devient rapidement l'intermédiaire incontournable qui régit ces relations. La thèse s'appuie sur les archives bancaires et industrielles, mais aussi sur celles du gouvernement français et de ses différents ministères. Cette analyse de la carrière d'Ernest Mercier permet de retracer les origines du secteur pétrolier français et l'action déterminante d'un homme. Elle expose les mécanismes d'influence d'une puissante banque d'affaires et les conflits d'intérêts qu'engendre l'exploitation pétrolière.

Reputational risk of banks : a study on the effects of regulatory sanctions for major european banks

Mestrado em Finanças

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.

The real effects of banking supervision:evidence from enforcement actions

We present a novel way to examine macro-financial linkages by focusing on the real effects of bank supervisors’ enforcement actions. Exploiting plausibly exogenous variation in supervisory monitoring intensity, we show that enforcement actions in single-market banks trigger temporarily large adverse effects for the macroeconomy by reducing personal income growth, the number of establishments, and increasing unemployment. These effects are related to contractions in bank lending and liquidity creation, and are more pronounced when we consider enforcement actions on both single-market and multi-market banks, and in counties with fewer banks and greater external financial dependence.

Ciclos económicos, capital bancario y nuevas opciones de política económica

El objetivo de este trabajo es utilizar algunos hechos estilizados de la "Gran recesión", específicamente la drástica caída en el nivel de capitalización bancario, para analizar la relación entre los ciclos financieros y los ciclos reales, así como la efectividad de la política monetaria no convencional y las políticas macroprudenciales. Para esto, en el primer capítulo se desarrolla una microfundamentación de la banca a partir de un modelo de Costly State Verification, que es incluido posteriomente en distintas especificaciones de modelos DSGE. Los resultados muestran que: (i) los ciclos financieros y los ciclos económicos pueden relacionarse a partir del deterioro del capital bancario; (ii) Las políticas macroprudenciales y no convencionales son efectivas para moderar los ciclos económicos, pero son costosas en términos de recursos e inflación.

Applying an equity lens to tobacco-control policies and their uptake in six western-european countries

We identified policies that may be effective in reducing smoking among socioeconomically disadvantaged groups, and examined trends in their level of application between 1985 and 2000 in six western-European countries (Sweden, Finland, the United Kingdom, the Netherlands, Germany, and Spain). We located studies from literature searches in major databases, and acquired policy data from international data banks and questionnaires distributed to tobacco policy organisations/researchers. Advertising bans, smoking bans in workplaces, removing barriers to smoking cessation therapies, and increasing the cost of cigarettes have the potential to reduce socioeconomic inequalities in smoking. Between 1985 and 2000, tobacco control policies in most countries have become more targeted to decrease the smoking behaviour of low-socioeconomic groups. Despite this, many national tobacco-control strategies in western-European countries still fall short of a comprehensive policy approach to addressing smoking inequalities.

Theory and its role in mathematics education

The increased recognition of the theory in mathematics education is evident in numerous handbooks, journal articles, and other publications. For example, Silver and Herbst (2007) examined ―Theory in Mathematics Education Scholarship‖ in the Second Handbook of Research on Mathematics Teaching and Learning (Lester, 2007) while Cobb (2007) addressed ―Putting Philosophy to Work: Coping with Multiple Theoretical Perspectives‖ in the same handbook. And a central component of both the first and second editions of the Handbook of International Research in Mathematics Education (English, 2002; 2008) was ―advances in theory development.‖ Needless to say, the comprehensive second edition of the Handbook of Educational Psychology (Alexander & Winne, 2006) abounds with analyses of theoretical developments across a variety of disciplines and contexts. Numerous definitions of ―theory‖ appear in the literature (e.g., see Silver & Herbst, in Lester, 2007). It is not our intention to provide a ―one-size-fits-all‖ definition of theory per se as applied to our discipline; rather we consider multiple perspectives on theory and its many roles in improving the teaching and learning of mathematics in varied contexts.

Which way up? Reading and drawing maps of the blogosphere

Mapping the physical world, the arrangement of continents and oceans, cities and villages, mountains and deserts, while not without its own contentious aspects, can at least draw upon centuries of previous work in cartography and discovery. To map virtual spaces is another challenge altogether. Are cartographic conventions applicable to depictions of the blogosphere, or the internet in general? Is a more mathematical approach required to even start to make sense of the shape of the blogosphere, to understand the network created by and between blogs? With my research comparing information flows in the Australian and French political blogs, visualising the data obtained is important as it can demonstrate the spread of ideas and topics across blogs. However, how best to depict the flows, links, and the spaces between is still unclear. Is network theory and systems of hubs and nodes more relevant than mass communication theories to the research at hand, influencing the nature of any map produced? Is it even a good idea to try and apply boundaries like ‘Australian’ and ‘French’ to parts of a map that does not reflect international borders or the Mercator projection? While drawing upon some of my work-in-progress, this paper will also evaluate previous maps of the blogosphere and approaches to depicting networks of blogs. As such, the paper will provide a greater awareness of the tools available and the strengths and limitations of mapping methodologies, helping to shape the direction of my research in a field still very much under development.

Determinants and market impact of seasoned equity offerings : the case of A-REITs

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings. The findings reveal that highly leveraged A-REITs with variable earnings are less likely to issue seasoned equity offerings. Inconsistent results for structure and type of properties held by the A-REIT do not allow for inference to be drawn. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Furthermore, market reaction differences to announcements of SEOs for the pre-global financial crisis (GFC) (2000-2006) and GFC eras (2007-2008) are noted with GFC era shareholders incurring larger abnormal return losses at 1.13% in comparison to the pre-GFC era shareholder loss of 0.34% on the SEO announcement day. Cross-sectional regressions show that the issued amount, leverage and profitability are significant factors affecting abnormal returns. Growth opportunities, tangibility, operating risk, size of A-REIT and other variables capturing A-REIT structure and property types held do not have an impact on abnormal returns

University and workplace culture : lifelong learning in nursing students

Lifelong learning in nursing is an essential if the individual is to remain a competent professional. It becomes apparent that whilst the university culture is supportive of the concept or lifelong learning, the workplace culture is not. Students are discouraged from challenging the norms despite a collaborative partnership that promotes lifelong learning.

The neuro-muscular and musculo-skeletal characterization of children with joint hypermobility

In children, joint hypermobility (typified by structural instability of joints) manifests clinically as neuro-muscular and musculo-skeletal conditions and conditions associated with development and organization of control of posture and gait (Finkelstein, 1916; Jahss, 1919; Sobel, 1926; Larsson, Mudholkar, Baum and Srivastava, 1995; Murray and Woo, 2001; Hakim and Grahame, 2003; Adib, Davies, Grahame, Woo and Murray, 2005:). The process of control of the relative proportions of joint mobility and stability, whilst maintaining equilibrium in standing posture and gait, is dependent upon the complex interrelationship between skeletal, muscular and neurological function (Massion, 1998; Gurfinkel, Ivanenko, Levik and Babakova, 1995; Shumway-Cook and Woollacott, 1995). The efficiency of this relies upon the integrity of neuro-muscular and musculo-skeletal components (ligaments, muscles, nerves), and the Central Nervous System’s capacity to interpret, process and integrate sensory information from visual, vestibular and proprioceptive sources (Crotts, Thompson, Nahom, Ryan and Newton, 1996; Riemann, Guskiewicz and Shields, 1999; Schmitz and Arnold, 1998) and development and incorporation of this into a representational scheme (postural reference frame) of body orientation with respect to internal and external environments (Gurfinkel et al., 1995; Roll and Roll, 1988). Sensory information from the base of support (feet) makes significant contribution to the development of reference frameworks (Kavounoudias, Roll and Roll, 1998). Problems with the structure and/ or function of any one, or combination of these components or systems, may result in partial loss of equilibrium and, therefore ineffectiveness or significant reduction in the capacity to interact with the environment, which may result in disability and/ or injury (Crotts et al., 1996; Rozzi, Lephart, Sterner and Kuligowski, 1999b). Whilst literature focusing upon clinical associations between joint hypermobility and conditions requiring therapeutic intervention has been abundant (Crego and Ford, 1952; Powell and Cantab, 1983; Dockery, in Jay, 1999; Grahame, 1971; Childs, 1986; Barton, Bird, Lindsay, Newton and Wright, 1995a; Rozzi, et al., 1999b; Kerr, Macmillan, Uttley and Luqmani, 2000; Grahame, 2001), there has been a deficit in controlled studies in which the neuro-muscular and musculo-skeletal characteristics of children with joint hypermobility have been quantified and considered within the context of organization of postural control in standing balance and gait. This was the aim of this project, undertaken as three studies. The major study (Study One) compared the fundamental neuro-muscular and musculo-skeletal characteristics of 15 children with joint hypermobility, and 15 age (8 and 9 years), gender, height and weight matched non-hypermobile controls. Significant differences were identified between previously undiagnosed hypermobile (n=15) and non-hypermobile children (n=15) in passive joint ranges of motion of the lower limbs and lumbar spine, muscle tone of the lower leg and foot, barefoot CoP displacement and in parameters of barefoot gait. Clinically relevant differences were also noted in barefoot single leg balance time. There were no differences between groups in isometric muscle strength in ankle dorsiflexion, knee flexion or extension. The second comparative study investigated foot morphology in non-weight bearing and weight bearing load conditions of the same children with and without joint hypermobility using three dimensional images (plaster casts) of their feet. The preliminary phase of this study evaluated the casting technique against direct measures of foot length, forefoot width, RCSP and forefoot to rearfoot angle. Results indicated accurate representation of elementary foot morphology within the plaster images. The comparative study examined the between and within group differences in measures of foot length and width, and in measures above the support surface (heel inclination angle, forefoot to rearfoot angle, normalized arch height, height of the widest point of the heel) in the two load conditions. Results of measures from plaster images identified that hypermobile children have different barefoot weight bearing foot morphology above the support surface than non-hypermobile children, despite no differences in measures of foot length or width. Based upon the differences in components of control of posture and gait in the hypermobile group, identified in Study One and Study Two, the final study (Study Three), using the same subjects, tested the immediate effect of specifically designed custom-made foot orthoses upon balance and gait of hypermobile children. The design of the orthoses was evaluated against the direct measures and the measures from plaster images of the feet. This ascertained the differences in morphology of the modified casts used to mould the orthoses and the original image of the foot. The orthoses were fitted into standardized running shoes. The effect of the shoe alone was tested upon the non-hypermobile children as the non-therapeutic equivalent condition. Immediate improvement in balance was noted in single leg stance and CoP displacement in the hypermobile group together with significant immediate improvement in the percentage of gait phases and in the percentage of the gait cycle at which maximum plantar flexion of the ankle occurred in gait. The neuro-muscular and musculo-skeletal characteristics of children with joint hypermobility are different from those of non-hypermobile children. The Beighton, Solomon and Soskolne (1973) screening criteria successfully classified joint hypermobility in children. As a result of this study joint hypermobility has been identified as a variable which must be controlled in studies of foot morphology and function in children. The outcomes of this study provide a basis upon which to further explore the association between joint hypermobility and neuro-muscular and musculo-skeletal conditions, and, have relevance for the physical education of children with joint hypermobility, for footwear and orthotic design processes, and, in particular, for clinical identification and treatment of children with joint hypermobility.

Momentum and seasonality in Chinese stock markets

In this paper, we follow Jegadeesh and Titman's (1993, Journal of Finance) approach to examine 25 momentum/contrarian trading strategies using monthly stock returns in China for the period from 1994 to 2007. Our results suggest that there is no momentum profitability in any of the 25 strategies. In contrast, there is some evidence of reversal effects where the past winners become losers and past losers become winners afterward. The contrarian profit is statistically significant for the strategies using short formation and holding periods, especially for the formation periods of 1 to 3 months and the holding periods of 1 to 3 months. The contrarian strategies can generate about 12% per annum on average. Moreover, we follow Heston and Sadka (2008, Journal of Financial Economics) to investigate where there is any seasonal pattern in the cross-sectional variation of average stock returns in our momentum/contrarian strategies. There is no evidence of any seasonal pattern, and the results are robust to different formation and holding periods.

Carbon financing and the Australian emissions trading scheme : less emissions, more opportunities?

The introduction by the Australian federal government of its Carbon Pollution Reduction Scheme was a decisive step in the transformation of Australia into a low carbon economy. Since the release of the Scheme, however, political discourse relating to environmental sustainability and climate change in Australia has focused primarily on political, scientific and economic issues. Insufficient attention has been paid to the financial opportunities which commoditisation of the carbon market may offer, and little emphasis has been placed on the legal implications for the creation of a "new" asset and market. This article seeks to shed some light on the discernable opportunities which the Scheme should provide to participants in the Australian and international debt markets.

Re-Presenting/Representing Melbourne: A literary and cultural analysis of Melbourne’s inner city and outer suburbs in contemporary fiction

This article provides an overview of a research project investigating contemporary literary representations of Melbourne’s inner and outer suburban spaces. It will argue that the city represented by local writers is an often more complex way of envisioning the city than the one presented in public policy and cultural discourses. In this view, the writer’s vision of a city does not necessarily override or provide a “truer’ account but it is in the fictional city where the complexity of the everyday life of a city is most accurately portrayed. The article will also provide an overview of the theoretical framework for reading the fictional texts in this way, examining how Soja’s concept of Thirdspace (2006) provides a place to engage “critically with theoretical issues, while simultaneously being that space where the debate occurs” (Mole 2008: 3).