Prose writers of Germany.

Selections from the writings, in English translation by Hedge and others, with biographical and critical sketch of each author.

Faust: a tragedy.

Mode of access: Internet.

School of Nursing Class of 1993

Top Row: Kristen Clark, Katherine Grinenko, Shinyi Tang, Troy Tann, Kelly Pasanen, Barbara Loson, Dennis Lake, Lisa Mancuso, Elizabeth Kim, Linda Dengate, Linda Morse, Stacey Horner, Juliet McKeone, Laura Schenk, Corrie Boguth

Row 2: Valerie Straka, Jamie T. Mose, Robert VanCamp, Cary Johnson, Laura Chamberlain, Kenyatta A. Paige, Kevin T. Sprecher, Jean L. Novak, Amanda Sue Niskar, Lisa Oliverio, Rosalyn Baumann, Elaine Schultz, Jennifer Lee Bastress, Kristen Hedge

Row 3: Jennifer Joh, Jennifer Monroe, Marion Tauriainen, Anne Chesky, Michael Fournier, Amy Sebright, Brian Simmons, Ann Luciano, Robin Van Eck, Beth Hart

Row 4: Jacqueline weibel, Dawn Garrett, Vicki McWalters, Malina Rocoff, Holly Medley, Ann Kosky, Tina L. Kessey, Caesanea A. Smith, Michelle Koch, Julie C. Wolf

Row 5: Robin Wygant, Cynthia Nichols, Susan Worek, Sandi Sassack, Timothy Wright, Bridgette Nichols, Kelly Sheridan, Kristin Sirosky, Kathy Kentala, Susan Oslund, Zaleha Williams, Heidi C. Goiz

Row 6: Kathryn Erdmann, Karen Crandall, Darryl Anderson, Karla Stoermer, Janice Lindberg, Beverly Jones, Rhetaugh G. Duman, Elisabeth Pennington, Violet Barkauskas, Laura Stock, Jacqueline Mickle, Catharine Quinn, Laura Nourse

Row 7: Christopher Kelly, Deborah Zolinski, Victoria Buckles, Pamela Brown, Stephanie Macey, Meredith Muncy, Susan, M. Smashey, Laura Welch, Rene Thompson, Sarah Scott, Juliette Lovell, Diane Ferguson, Deborah Ann Dolasinski, Cynthia Zammit, Lorie Malarney

Row 8: Janet Ingram, Rosemary Stafford, Diane Mayernik, Thea Picklesimer, Hannah Clark, JoyMarie Bruhowzki, Jennifer Beckert, Elizabeth Bryant, Jennifer Voeffray, Jane Perrin, Sophia Jan, Diana apostolou, Deborah Ruzicka, Liesel Culver

Row 9: Lori Wessman, Nicole Kerridge, Julia Oman, Melissa Naser, Jennifer Cole, Elizabeth Brickman, Detria Williams, Kris Haaksma, Alison Flaskamp, Nela L. Humm, Carol Taylor, Dena Mitchell, Karen L. Domke

Essays on International Asset Allocation and Pricing

Thesis (Ph.D.)--University of Washington, 2016-06

Management motivation for using financial derivatives in Australia

This study takes a direct approach to determine management motivation for the use of financial derivatives. We survey a sample of Australian firms on attitudes to derivative use and financial risk management. Management views are sought on the importance of a series of theoretical reasons for using derivatives. Generally, we find that managers are focused on the broad reduction of risk and volatility of cash flows and earnings in using derivatives. Specific issues such as reducing bankruptcy costs, debt levels and taxation are not considered as important. A further interesting result from this research is that even though firms may use derivatives they may not necessarily hedge all of their annual exposures across different financial risks. This helps explain the inconsistency of results in many empirical studies on the determinants of derivative use.

Measuring market power in electricity generation: A long-term perspective using a programming model

This paper focuses on measuring the extent to which market power has been exercised in a recently deregulated electricity generation sector. Our study emphasises the need to consider the concept of market power in a long-run dynamic context. A market power index is constructed focusing on differences between actual market returns and long-run competitive returns, estimated using a programming model devised by the authors. The market power implications of hedge contracts are briefly considered. The state of Queensland Australia is used as a context for the analysis. The results suggest that generators have exercised significant market power since deregulation.

Cosuppression of eukaryotic release factor 1-1 in Arabidopsis affects cell elongation and radial cell division

The role of the eukaryotic release factor 1 (eRF1) in translation termination has previously been established in yeast; however, only limited characterization has been performed on any plant homologs. Here, we demonstrate that cosuppression of eRF1-1 in Arabidopsis (Arabidopsis thaliana) has a profound effect on plant morphology, resulting in what we term the broomhead phenotype. These plants primarily exhibit a reduction in internode elongation causing the formation of a broomhead-like cluster of malformed siliques at the top of the inflorescence stem. Histological analysis of broomhead stems revealed that cells are reduced in height and display ectopic lignification of the phloem cap cells, some phloem sieve cells, and regions of the fascicular cambium, as well as enhanced lignification of the interfascicular fibers. We also show that cell division in the fascicular cambial regions is altered, with the majority of vascular bundles containing cambial cells that are disorganized and possess enlarged nuclei. This is the first attempt at functional characterization of a release factor in vivo in plants and demonstrates the importance of eRF1-1 function in Arabidopsis.

Sampling tissue for DNA analysis of trees: Trunk cambium as an alternative to canopy leaves

The number of studies of tropical tree species that use molecular tools is increasing, most of which collect leaf tissue for genomic DNA extraction. In tropical trees the canopy is not only frequently inaccessible, but also, once reached, the leaf tissue is often heavily defended against herbivory by high concentrations of anti-predation compounds, which may inhibit downstream applications, particularly PCR. Cambium tissue, accessed directly from the tree trunk at ground level, offers a readily accessible resource that is less hampered by the presence of defensive chemicals than leaf tissue. Here we describe a simple method for obtaining tissue from the cambial zone for DNA extraction and test the applicability of the method in a range of tropical tree species. The method was used successfully to extract DNA from 11 species in nine families. A subset of the DNA extracts was tested in more detail and proved to be highly suitable for AFLP analysis.

Energy derivative market and derivative pricing via simulation

The deregulation of power industry worldwide has delivered the efficiency gains to the society; meanwhile, the intensity of competition has increased uncertainty and risks to market participants. Consequently, market participants are keen to hedge the market risks and maintain a competitive edge in the market; and this is a good explanation to the flourish of electricity derivative market. In this paper, the authors gave a comprehensive review of derivative contract pricing methods and proposed a new framework for energy derivative pricing to suit the needs of a deregulated electricity market

ESTRUTURA E DINÂMICA DO FUNCIONAMENTO PSÍQUICO DE HOMENS ENVOLVIDOS EM VIOLÊNCIA DOMÉSTICA

A violência, de qualquer tipo e natureza, é um fenômeno que acontece desde os primórdios. A Organização Mundial de Saúde define violência como o uso intencional da força física ou do poder, real ou por ameaça, contra a própria pessoa, contra outra pessoa, contra um grupo ou uma comunidade, que pode resultar em morte, lesão, dano psicológico, problemas de desenvolvimento ou privação. A violência doméstica é definida pela APA como qualquer ação que causa dano físico a um ou mais membros de sua unidade familiar e pode ocorrer a partir de um conflito de gerações e de gênero, configurando-se por agressão física, abuso sexual, abuso psicológico, negligência, dentro da família, perpetradas por um agressor em condições de superioridade (física, etária, social, psíquica e/ou hierárquica). Esta pesquisa tem como objetivo investigar a Estrutura e dinâmica do Funcionamento Psíquico de Homens Envolvidos em Violência Doméstica. Utilizou-se o método clínico-qualitativo, com quatro homens em situação de violência doméstica. Como forma de coleta de dados foi empregada uma entrevista e o Teste das Relações Objetais (TRO) de Phillipson. Ao analisar os resultados, pode-se observar que o ego fragilizado teme a solidão, as situações de perda, e os ataques destrutivos do id e o superego permissivo não os contêm, e para suportar os ataques persecutórios dos objetos, e em função da persecutoriedade e da culpa persecutória o ego recorre a identificação projetiva maciça e a idealização para proteger-se da destrutividade, permanecendo na posição esquizoparanóide. Conclui-se que a análise da estrutura e da dinâmica psíquica e o tratamento psicológico (individual ou em grupo) de homens envolvidos em violência doméstica, em conjunto com outras medidas judiciais e sociais são ações necessárias, pois, pode ser uma forma de ajudá-los a enfrentar suas limitações, lidar com suas angústias, entender e controlar os impulsos, rever e compreender suas crenças e trabalhar sua autoestima. Partindo-se do pressuposto que a violência doméstica ocorre na relação entre homem-mulher, o tratamento e o entendimento dos aspectos psicológicos de homens envolvidos em violência doméstica são de extrema importância para minimizar este fenômeno, e deve ser aliado às ações, já existentes dirigidas às mulheres.

The sensitivity of US banks' stock returns to interest and exchange rate changes

Purpose – The purpose of this paper is to investigate the impact of foreign exchange and interest rate changes on US banks’ stock returns. Design/methodology/approach – The approach employs an EGARCH model to account for the ARCH effects in daily returns. Most prior studies have used standard OLS estimation methods with the result that the presence of ARCH effects would have affected estimation efficiency. For comparative purposes, the standard OLS estimation method is also used to measure sensitivity. Findings – The findings are as follows: under the conditional t-distributional assumption, the EGARCH model generated a much better fit to the data although the goodness-of-fit of the model is not entirely satisfactory; the market index return accounts for most of the variation in stock returns at both the individual bank and portfolio levels; and the degree of sensitivity of the stock returns to interest rate and FX rate changes is not very pronounced despite the use of high frequency data. Earlier results had indicated that daily data provided greater evidence of exposure sensitivity. Practical implications – Assuming that banks do not hedge perfectly, these findings have important financial implications as they suggest that the hedging policies of the banks are not reflected in their stock prices. Alternatively, it is possible that different GARCH-type models might be more appropriate when modelling high frequency returns. Originality/value – The paper contributes to existing knowledge in the area by showing that ARCH effects do impact on measures of sensitivity.

Short-horizon excess returns and exchange rate and interest rate effects

stocks. We examine the effects of foreign exchange (FX) and interest rate changes on the excess returns of U.S. stocks, for short-horizons of 1-40 days. Our new evidence shows a tendency for the volatility of both excess returns and FX rate changes to be negatively related with FX rate and interest rate effects. Both the number of firms with significant FX rate and interest rate effects and the magnitude of their exposures increase with the length of the return horizon. Our finding seems inconsistent with the view that firms hedge effectively at short-return horizons.

Optimális kvótapozíció EU ETS-ben résztvevő villamoserőmű esetében (reálopciós megközelítés)

Az Európai Emissziókereskedelmi Rendszer (EU ETS) életbe lépésével a villamos erőművek új költségelemmel és kockázati faktorral találkoztak: tényleges szén-dioxid kibocsátásukat emissziós kvótával szükséges lefedniük (megfelelési kötelezettség). Az emisszió lefedésének kötelezettsége nem azonnali: mindig a következő év áprilisának végéig kell elszámolni a megelőző év összes kibocsátásával. Az új termelési tényező az árampiaci liberalizáció mellett tovább növelte az erőművekkel kapcsolatos döntések komplexitását, tovább erősítve az igényt a piaci kockázatok hatékony kezelésére. A cikkben arra a kérdésre keressük a választ, hogy az erőmű év közben milyen mennyiségű emissziós kvótát birtokoljon. Az előző (2005-2007) és a jelenlegi (2008-2012) kereskedési szakasz esetében az éves kvótamennyiséget ingyenes allokáció útján kapták meg a piaci szereplők. Az első kereskedési szakaszban sok szereplő a kelleténél több kvótát tartott magánál, amelyek a 2006 tavaszi kvótapiaci árzuhanás után folyamatosan elértéktelenedtek. Azok a szereplők viszont, akik feleslegüket korai ügyletekkel értékesíteni tudták, jelentős mennyiségű jövedelmet realizáltak. A cikkben először a villamoserőmű reálopciós döntési modelljét ismertetjük, majd megvizsgáljuk, milyen származtatott terméknek feleltethető meg az erőmű. Ezután a tőzsdei pénzügyekben ismert dinamikus delta hedge stratégia alkalmazásával, és a járulékosan számított emissziós egységre vonatkozó delta paraméter számításával jutunk el az alapkérdés (optimális kvótapozíció) megválaszolásához. Végül összehasonlítjuk az optimális kvótapozíciót a várható kibocsátással, valamint bemutatjuk, hogy a két mennyiség csak közelítéssel egyenlő egymással.

Properties of risk capital allocation methods: Core Compatibility, Equal Treatment Property and Strong Monotonicity

In finance risk capital allocation raises important questions both from theoretical and practical points of view. How to share risk of a portfolio among its subportfolios? How to reserve capital in order to hedge existing risk and how to assign this to different business units? We use an axiomatic approach to examine risk capital allocation, that is we call for fundamental properties of the methods. Our starting point is Csóka and Pintér (2011) who show by generalizing Young (1985)'s axiomatization of the Shapley value that the requirements of Core Compatibility, Equal Treatment Property and Strong Monotonicity are irreconcilable given that risk is quantified by a coherent measure of risk. In this paper we look at these requirements using analytic and simulations tools. We examine allocation methods used in practice and also ones which are theoretically interesting. Our main result is that the problem raised by Csóka and Pintér (2011) is indeed relevant in practical applications, that is it is not only a theoretical problem. We also believe that through the characterizations of the examined methods our paper can serve as a useful guide for practitioners.

Hedging under liquidity constraints

Although risk management can be justified by financial distress, the theoretical models usually contain hedging instruments free of funding risk. In practice, management of the counterparty risk in derivative transactions is of enhanced importance, consequently not only is trading on exchanges subject to the presence of a margin account, but also in bilateral (OTC) agreements parties will require margins or collateral from their partners in order to hedge the mark-tomarket loss of the transaction. The aim of this paper is to present and compare two models where the financing need of the hedging instrument also appears, influencing the hedging strategy and the optimal hedging ratio. Both models contain the same source of risk and optimisation criterion, but the liquidity risk is modelled in different ways. In the first model, there is no additional financing resource that can be used to finance the margin account in case of a margin call, which entails the risk of liquidation of the hedging position. In the second model, the financing is available but a given credit spread is to be paid for this, so hedging can become costly.