Three Essays in Empirical Asset Pricing

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally assumed to be promptly removed via the actions of profit seeking arbitrageurs. These extreme events motivate the three essays in this work. The first essay seeks and fails to find evidence of investor behavior consistent with the broad 'Too Big To Fail' policies enacted during the crisis by government agents. Only in limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed, did investors impart a premium to the debt security prices of firms under stress. The second essay introduces the Inflation Indexed Swap Basis (IIS Basis) in examining the large differences between cash and derivative markets based upon future U.S. inflation as measured by the Consumer Price Index (CPI). It reports the consistent positive value of this measure as well as the very large positive values it reached in the fourth quarter of 2008 after Lehman Brothers went bankrupt. It concludes that the IIS Basis continues to exist due to limitations in market liquidity and hedging alternatives. The third essay explores the methodology of performing debt based event studies utilizing credit default swaps (CDS). It provides practical implementation advice to researchers to address limited source data and/or small target firm sample size.

Use of Products and Systems for Scientific and Technical College Education and Development for Industrial

Have been less than thirty years since a group of graduate students and computer scientists working on a federal contract performed the first successful connection between two computers located at remote sites. This group known as the NWG Network Working Group, comprised of highly creative geniuses who as soon as they began meeting started talking about things like intellectual graphics, cooperating processes, automation questions, email, and many other interesting possibilities 1 . In 1968, the group's task was to design NWG's first computer network, in October 1969, the first data exchange occurred and by the end of that year a network of four computers was in operation. Since the invention of the telephone in 1876 no other technology has revolutionized the field of communications over the computer network. The number of people who have made great contributions to the creation and development of the Internet are many, the computer network a much more complex than the phone is the result of people of many nationalities and cultures. However, remember that some years later in 19732 two computer scientists Robert Kahn and Vinton Cerft created a more sophisticated communication program called Transmission Control Protocol - Internet Protocol TCP / IP which is still in force in the Internet today.

The Influence of Pre-Migration Factors and Post-Migration Climate of the Receiving Community on the Psychological Distress of Latino Immigrants

Over forty million foreign-born residents currently live in the United States. Latinos make up the largest population of immigrants living in the U.S. Previous research suggests that Latino immigrants often experience pre-migration stressors, such as traumatic experiences, political upheaval, and unplanned migration. These stressors may have a negative impact on immigrants’ post-migration mental health. Research also suggests that the post-migration climate of the receiving community may inform the connection between pre-migration experiences and post-migration mental health. The current study examined the relationship between Latino immigrants’ reasons for migration, migration planning, and pre-migration experience of political and/or interpersonal violence, and post-migration symptoms of psychological distress. In addition to examining the effect of these pre-migration factors, the current study also examined the community “climate” experienced by Latino immigrants post-migration by assessing the influence of three post-migration factors: 1) community support and engagement, 2) discrimination, and 3) employment. The study was a secondary analysis of data collected for the National Latino and Asian American Study, which focused on the mental health and service utilization of Latinos and Asian Americans. Participants included 1,629 Latino immigrants from across the United States. Results indicated that pre-migration experience of political and/or interpersonal trauma, post-migration experience of discrimination, and female sex were positively associated with psychological distress. Post-migration employment was negatively associated with psychological distress. In addition, discrimination modified the association between unplanned migration and psychological distress; the relationship between unplanned migration and psychological distress decreased for participants who reported more discrimination. Furthermore, employment modified the association between political and/or interpersonal trauma and psychological distress; the connection between trauma and psychological distress increased among those who reported having less employment. Recommendations for further research were presented. Policy and clinical practice implications were discussed, particularly given the current climate of high anti-immigrant sentiment and hostility in the U.S.

Validation of the Spanish version of Soane's ISA Engagement Scale

The interest in the study of engagement in the academic field can be seen through the increasing number of results in Google Scholar and in Scopus, going from barely 20 results between 2000 and 2005 to more than 500 in Scopus and more than 1100 in Google Scholar between 2011 and 2015. Soane et al. (2012) propose a unified theoretical framework as the basis of the psychological mechanism of engagement, grounded on the approach of Kahn (1990). The aim of this paper is to analyze the psychometric properties of the Spanish version of the ISA engagement scale in a sample of 477 employees of the administration and services sector in a Spanish public university. Keeping the original design of the English version of the scale, the proposed factorial structure is validated with the good fit of the data according to the revised goodness of fit indices; reliability and the results of the analysis of construct validity.

THERMODYNAMICS AND APPLICATION OF A PAIR OF SYNTHETIC NUCLEOBASES FROM ARTIFICIALLY EXPANDED GENETIC INFORMATION SYSTEM

UV-melting experiments were performed on 9-mer duplexes containing a pair of synthetic nucleobases P·Z, two members of Expanded Genetic Information System (AEGIS), or P, Z containing mismatches. Enthalpy, entropy and free energy change were derived from simulation using two-state transition model. Nearest neighbor thermodynamic parameters of trimers or tetramers containing P·Z pair or P, Z containing mismatches were derived based on known nearest neighbor parameters. Proposed structures based on thermodynamic parameters are discussed. An application using P·Z pair as reverse selection tool of desired nucleic acid secondary structure is described.

An Examination of Psychological Meaningfulness, Safety, and Availability as the Underlying Mechanisms linking Job Features and Personal Characteristics to Work Engagement

The present study tested a nomological net of work engagement that was derived from its extant research. Two of the main work engagement models that have been presented and empirically tested in the literature, the JD-R model and Kahn’s model, were integrated to test the effects that job features and personal characteristics can have on work engagement through the psychological conditions of meaningfulness, safety, and availability. In this study, safety refers to psychological perceptions of safety and not workplace safety behaviors. The job features that were tested in this model included person-job fit, autonomy, co-worker relations, supervisor support, procedural justice, and interactional justice, while the personal characteristics consisted of self-consciousness, self-efficacy, extraversion, and neuroticism. Thirty-four hypotheses and a conceptual model were tested in order to establish the viability of this nomological net of work engagement in which it was expected that meaningfulness would mediate the relationships between job features and work engagement, safety would mediate the relationships that job features and personal characteristics have with work engagement, and availability (physical, emotional, and cognitive resources) would mediate the relationships that personal characteristics have with work engagement. Furthermore, analyses were run in order to determine the factor structure of work engagement, assess whether or not it exhibits differential validity from organizational commitment and job satisfaction, and confirm that it is positively related to the outcome variable of organizational citizenship behavior (OCB). The final sample consisted of 500 workers from an online labor market who responded to a questionnaire composed of measures of all constructs included in this study. Findings show that work engagement is best represented as a three-factor construct, composed of vigor, dedication and absorption. Furthermore, support was found for the distinction of work engagement from the related constructs of organizational commitment and job satisfaction. With regard to the proposed model, meaningfulness proved to be the strongest predictor of work engagement. Results show that it partially mediates the relationships that all job features have with work engagement. Safety proved to be a partial mediator of the relationships that autonomy, co-worker relations, supervisor support, procedural justice, interactional justice, and self-efficacy have with work engagement, and fully mediate the relationship between neuroticism and work engagement. Findings also show that availability partially mediates the positive relationships that extraversion and self-efficacy have with work engagement, and fully mediates the negative relationship that neuroticism has with work engagement. Finally, a positive relationship was found between work engagement and OCB. Research and organizational implications are discussed.

Successful aging at 100 years: the relevance of subjectivity and psychological resources

Very old individuals seem to present an admirable capacity to overcome adversities and adapt to the challenges of advanced age. However, studies focusing successful pattern of centenarians found that they may easily fail to be categorized as successful agers when objective criteria are applied. The present study examines if centenarians can be considered successful agers. Following Rowe and Kahn's successful aging model, the primary goal was to clarify whether centenarians are able to be successful agers according to objective and subjective criteria of no major disease and disability, high cognitive and physical functioning and engagement with life. The second goal was to investigate whether socio-demographic factors, psychological, social, and economic resources are related to objective and subjective successful aging profiles.

Lärares syn på användning av vardagsanknuten matematik : En intervjustudie med fem matematiklärare i årskurs 4-6

Syftet med denna studie har varit att undersöka hur lärare på mellanstadiet ser på användandet av en matematik kopplad till elevers vardag och erfarenheter. Vad betyder det för dem, använder de det i sin undervisning, anser de att det hjälper eller hindrar eleven i sin inlärningsprocess? Undersökningen har varit empirisk och utförts genom intervjuer med fem lärare som alla har behörighet att undervisa i matematik på mellanstadiet. De resultat som framkommit visar att lärare använder sig av en konkretiserad matematik genom att ta hjälp av olika material och koppla uppgifter till de intressen och erfarenheter eleverna bär med sig. En del lärare menar att vissa elever påverkas negativt av det här då det finns vissa delar i en konkretiserad, vardagsanknuten, matematik som gör att de kan uppleva problem och förvirring. Andra lärare menar istället att de märker hur elevernas förståelse ökar och att de tycker att matematik är roligt när de ser hur skolmatematiken kan kopplas samman och relateras till deras vardag och närliggande miljö.

Desenlaces de la escala Omaha+ en los pacientes en cuidado intensivo en la fundación santa fe de Bogotá

Introducción La ventilación mecánica es fundamental en el manejo de la falla respiratoria aguda, actualmente no existe consenso sobre el momento exacto de extubación. Este estudio describe el comportamiento de la escala OMAHA+ en nuestra institución. Objetivo Principal Describir los desenlaces clínicos relacionados con la escala OMAHA+ durante la extubación de los pacientes de las unidades de cuidado intensivo del hospital universitario. Métodos Estudio descriptivo, retrospectivo, basado en el registro de la escala OMAHA+ de 68 pacientes durante el proceso de extubación en las Unidades de cuidado intensivo adulto de la Fundación Santa Fe de Bogotá durante Agosto de 2014 a Mayo de 2015. Resultados Se encontraron valores gasométricos cercanos a la normalidad, con una PaO2/FiO2 media de 261 (DS 60,6), SaO2 media de 96% (DS 2%), media de lactato sérico de 1.5 mmol/L (DS 1,2 mmol/L), con signos vitales normales. La causa más común de ingreso a UCI fue Neumonía, seguida por cirugía cardiaca y abdominal. Las medias de parámetros ventilatorios al momento de extubación fueron; PEEP de 6 (DS 0,8), volumen corriente de 8ml/Kg (DS 1,4 ml/Kg), índice de Tobín de 34 (DS 11,9), test de fuga positivo 94%, y sólo una extubación fallida. Conclusiones La escala OMAHA+ puede ser una herramienta útil, aplicable y fácilmente reproducible en los pacientes con soporte ventilatorio mecánico invasivo previo al proceso de extubación, con baja proporción de fallo. Estos resultados deben ser evaluados en estudios prospectivos.

Congruencia entre los valores personales y organizacionales y su influencia con el engagement en el trabajo : estudio de caso en una organización del sector salud

La capacidad de gestión del personal se ha convertido en un imperativo para las organizaciones modernas. Por tanto se vienen introduciendo temas como la administración en valores y el engagement de los trabajadores. Sin embargo, la relación entre estos dos aún no ha sido estudiada. El presente estudio tiene como objetivo analizar el efecto que tiene el grado de articulación y reconocimiento de los valores organizacionales y personales y organizacionales sobre los niveles de engagement de los empleados. Para esta investigación se utilizó una muestra constituida por 54 trabajadores de una organización del sector salud de la ciudad de Bogotá a quienes les fueron aplicadas dos escalas: el Inventario para Medir la Articulación entre la Persona y la Organización (Inventario APO) y Utrech Work Engagement Scale (UWES). Como principal resultado se obtuvo que de las tres dimensiones consideradas predictoras del engagement, solamente el reconocimiento de los valores organizacionales tuvo un efecto estadísticamente significativo.

Las reformas emprendidas en Túnez de la mano del FMI y el BM ¿Precedente para la revolución de los Jazmines?”(1987-2010)

El estallido de la “Revolución de los Jazmines” cuestionó el éxito de un país que por más de dos décadas fue exaltado por el Banco Mundial (BM) y el Fondo Monetario Internacional (FMI) por los logros alcanzados gracias a un programa de restructuración económica. Las exigencias e inconformidades de los manifestantes, que iban más allá de la falta de garantías democráticas, permitieron ver que el país sufría de problemas estructurales relacionados a los altos niveles de desempleo, la precariedad de la situación laboral y la desigualdad. Esta monografía pretende evaluar el papel que tuvieron las reformas económicas y en general el modelo de desarrollo que siguió Túnez de la mano del FMI y el BM, en el surgimiento y consolidación de las condiciones que dieron lugar a la Revolución de los Jazmines a finales del año 2010.