Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001

Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Based on a new, long-run dataset on capital account regulations in a group of 16 countries over the period 1890-2001, we show that correlations increase as financial markets are liberalized. These findings are robust to controlling for both the Forbes-Rigobon bias and global averages in equity return correlations. We test the robustness of our conclusions, and show that greater synchronization of fundamentals is not the main cause of increasing correlations. These results imply that the home bias puzzle may be smaller than traditionally claimed.

Obésite, troubles alimentaires et groupe de parole à l'adolescence [Obesity, eating disorders and the group approach for adolescents].

About a third of obese adolescents also suffer from some kind of eating disorders which have to be recognized and included in the therapeutic frame. Besides this co-morbidity, most of these patients also require a psychological support. The group approach represents an adequate response to these problems, in providing a space for exchanges and an opportunity for mutual support. The group approach may even prove more beneficial than an individual treatment. Involving the parents too reinforces the improvement that adolescents can get from their participation in such groups.

China´s Economic Security Police Towards ASEAN From

After the economic reforms of 1978, China started rising very fast and started engaging other countries in the region which has served to increase its confidence in the region. In the post cold war period, China was seen as a big threat for the region because of its claims on the South China Sea. Nevertheless, this image was eliminated when China engaged ASEAN and other multilateral and regional organizations. This paper is studying China’s economic and security policies towards ASEAN. Globalization Theory is the theory being used to explain the nature of China-ASEAN relations. This research paper argues that China’s rise is promoting peace in the region. With the engagement policy, China started promoting trade and security co operations based on mutual benefits and dialogues for the peaceful resolutions of the disputes in the region. This contributed greatly to improve China’s image in the region. Additionally, China’s posture during the economic crises of 1997 also greatly contributed to improve its image. Thus, the rise of China is providing opportunity to the other countries in East Asia. Chapter One: Background On China-ASEAN Relations The use of Soft Power and engagement policy by the Chinese government has helped to change China’s image in the region. By using these policies China has been able to clear the feeling of suspicion and mistrust among the Asian states. China has increased its participation in multilateral and regional organizations, such as ASEAN. Due to this China has been able to promote economic and security co-operation among countries in the region. Thus, from being a potential threat China became a potential co-operative partner. Chapter Two: A Look into ASEAN ASEAN was originally formed on 8th August 1967 in Bangkok, Thailand, by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Nevertheless, ASEAN was not the first regional group created to act as forum for dialogue between the leaders of different countries. Thought, it is the only one which could work in the region. The aim of the foundation of ASEAN was to promote peace and stability in the Abstract 2 region and also contain the spread of communism in Southeast Asia. For this reason, China did not engage ASEAN until 1990. However, in 1978 with the establishment of the open up policy China started engaging other countries. It started building trust among its neighboring countries by using soft power. By 1992, China formalized its diplomatic ties with ASEAN as a group. The diplomatic ties between China and ASEAN focus on multilateralism and co-operation as the best way for a more peaceful Asia and the search for common security. Thus, security in the region is promoted through economic co-operation among the states. Therefore the relation between China – ASEAN emphasizes the five principles of peaceful coexistence, mutual benefits in economic co-operation, dialogue promoting trust and the peaceful settlement of disputes. Chapter Three: China-ASEAN Economic Relations Since 1978 The economic reform of 1978 has greatly contributed to the economic development of China. After the adoption of the open up policy, China has been able to establish economic and trade relations with the outside world. The realist school of thought had predicted that Asia will not be stable in the post cold war period. Nevertheless, this has not been the case in Asia. China is growing peacefully with the co-operation of countries in the region. China is establishing strong ties with its neighboring countries. China and ASEAN relations focus on mutual benefit instead of being a zero sum game. Thus these relations are aimed at encouraging trust and economic co-operation in the region. China and ASEAN have agreed on Free Trade to assure that the two parties benefit from the co-operation. The ACFTA will have a great impact on economic, political and security issues. This will enable China to increase its influence in Asia and counterbalance the influences that Japan and U.S have in the region. Chapter Four: China ASEAN Relations in the Security Perspective This Chapter is about China and ASEAN relations on security issue. The new security issues of the post cold war period need to be solved in multilateral way. China as a major power in the region, through its engagement policy has solved most Abstract 3 of the disputes in the region using multilateral means. China has also found ways to solve the dispute over Spratly Islands peacefully, through dialogue using ASEAN. Additionally, China signed the Treaty of Amity in 2003, promoted security initiatives through ARF, Declaration on Conduct of Parties in the South China Sea and documents covering non-traditional security threats, economic co-operation and agricultural co-operation in November 2002, and the Joint Declaration on Strategic. Chapter Five: Finding and Analysis This chapter provides a quantitative and qualitative analysis of the date collected throughout this research. It provides an analysis of how the rise of China is promoting peace in the region. China has been promoting mutual beneficial trade and security co-operation which has increased its influence in the region. China has also been able to solve most of the territorial and border dispute in the region through ASEAN. Thus, ASEAN has amended China’s relations with other countries in the region. Therefore, China’s foreign policy in the region has a big impact in shaping the dynamic relations in East Asia. Conclusion and Recommendations This paper concluded that the relationships between China and ASEAN are contributing to peace in the region. After China engaged ASEAN, it has been able to promote multilateral trade based on mutual benefit. This is clearly emphasized by the CAFTA. Additionally, China has solved most of the dispute in the region. It has also found way for a peaceful resolution of the dispute over Spratly Island. Nowadays, the ASEAN countries don’t see China as a threat to the region. Nevertheless, they’ve adopted deterrence measures such as establishing diplomatic relations with other big powers in the region to assure that the region continues to grow peacefully. Concerning this deterrence measures, I recommend as another way for a continued peaceful growth, the resolution of the outstanding dispute.

Family dynamics in face of Alzheimer's in one of its members

Abstract OBJECTIVE To understand the family dynamics when there is a member in the residence with Alzheimer's disease. METHOD A study of qualitative approach, using the creative sensitive method (CSM), and with participation of two families who had a member with Alzheimer's disease at home. RESULTS Three categories emerged: Effects of Alzheimer's disease and the family dynamics; Development process of Alzheimer's disease and Coping strategies in face of the disease. CONCLUSION It was possible to know the manifestations and consequences of Alzheimer's disease in the family, such as mutual help, the mobilization of resources to activate memories of the past, spirituality and faith. There was also understanding of the structure of family dynamics.

Aging effects on selective attention-related electroencephalographic patterns during face encoding.

Previous electrophysiological studies revealed that human faces elicit an early visual event-related potential (ERP) within the occipito-temporal cortex, the N170 component. Although face perception has been proposed to rely on automatic processing, the impact of selective attention on N170 remains controversial both in young and elderly individuals. Using early visual ERP and alpha power analysis, we assessed the influence of aging on selective attention to faces during delayed-recognition tasks for face and letter stimuli, examining 36 elderly and 20 young adults with preserved cognition. Face recognition performance worsened with age. Aging induced a latency delay of the N1 component for faces and letters, as well as of the face N170 component. Contrasting with letters, ignored faces elicited larger N1 and N170 components than attended faces in both age groups. This counterintuitive attention effect on face processing persisted when scenes replaced letters. In contrast with young, elderly subjects failed to suppress irrelevant letters when attending faces. Whereas attended stimuli induced a parietal alpha band desynchronization within 300-1000 ms post-stimulus with bilateral-to-right distribution for faces and left lateralization for letters, ignored and passively viewed stimuli elicited a central alpha synchronization larger on the right hemisphere. Aging delayed the latency of this alpha synchronization for both face and letter stimuli, and reduced its amplitude for ignored letters. These results suggest that due to their social relevance, human faces may cause paradoxical attention effects on early visual ERP components, but they still undergo classical top-down control as a function of endogenous selective attention. Aging does not affect the face bottom-up alerting mechanism but reduces the top-down suppression of distracting letters, possibly impinging upon face recognition, and more generally delays the top-down suppression of task-irrelevant information.

Do institutions and culture matter for business cycles?

We examine the relationship between institutions, culture and cyclical fluctuations for a sampleof 45 European, Middle Eastern and North African countries. Better governance is associated withshorter and less severe contractions and milder expansions. Certain cultural traits, such as lack ofacceptance of power distance and individualism, are also linked business cycle features. Businesscycle synchronization is tightly related to similarities in the institutional environment. Mediterraneancountries conform to these general tendencies.

A tractable consideration set structure for network revenue management

Models incorporating more realistic models of customer behavior, as customers choosing from an offerset, have recently become popular in assortment optimization and revenue management. The dynamicprogram for these models is intractable and approximated by a deterministic linear program called theCDLP which has an exponential number of columns. When there are products that are being consideredfor purchase by more than one customer segment, CDLP is difficult to solve since column generationis known to be NP-hard. However, recent research indicates that a formulation based on segments withcuts imposing consistency (SDCP+) is tractable and approximates the CDLP value very closely. In thispaper we investigate the structure of the consideration sets that make the two formulations exactly equal.We show that if the segment consideration sets follow a tree structure, CDLP = SDCP+. We give acounterexample to show that cycles can induce a gap between the CDLP and the SDCP+ relaxation.We derive two classes of valid inequalities called flow and synchronization inequalities to further improve(SDCP+), based on cycles in the consideration set structure. We give a numeric study showing theperformance of these cycle-based cuts.

Choice of partners in multiple two-person prisoner's dilemma games: An experimental study

We examine the effect of unilateral and mutual partner selection in the context of prisoner's dilemmas experimentally. Subjects play simultaneously several finitely repeated two-person prisoner's dilemma games. We find that unilateral choice is the best system. It leads to low defection and fewer singles than with mutual choice. Furthermore, with the unilateral choice setup we are able to show that intendingdefectors are more likely to try to avoid a match than intending cooperators. We compare our results of multiple games with single game PD-experiments and find no difference in aggregate behavior. Hence the multiple game technique is robust and might therefore be an important tool in the future for testing the use of mixed strategies.

Concepts of metastasis in flux: the stromal progression model.

The ability of tumor cells to leave a primary tumor, to disseminate through the body, and to ultimately seed new secondary tumors is universally agreed to be the basis for metastasis formation. An accurate description of the cellular and molecular mechanisms that underlie this multistep process would greatly facilitate the rational development of therapies that effectively allow metastatic disease to be controlled and treated. A number of disparate and sometimes conflicting hypotheses and models have been suggested to explain various aspects of the process, and no single concept explains the mechanism of metastasis in its entirety or encompasses all observations and experimental findings. The exciting progress made in metastasis research in recent years has refined existing ideas, as well as giving rise to new ones. In this review we survey some of the main theories that currently exist in the field, and show that significant convergence is emerging, allowing a synthesis of several models to give a more comprehensive overview of the process of metastasis. As a result we postulate a stromal progression model of metastasis. In this model, progressive modification of the tumor microenvironment is equally as important as genetic and epigenetic changes in tumor cells during primary tumor progression. Mutual regulatory interactions between stroma and tumor cells modify the stemness of the cells that drive tumor growth, in a manner that involves epithelial-mesenchymal and mesenchymal-epithelial-like transitions. Similar interactions need to be recapitulated at secondary sites for metastases to grow. Early disseminating tumor cells can progress at the secondary site in parallel to the primary tumor, both in terms of genetic changes, as well as progressive development of a metastatic stroma. Although this model brings together many ideas in the field, there remain nevertheless a number of major open questions, underscoring the need for further research to fully understand metastasis, and thereby identify new and effective ways of treating metastatic disease.

Riding the South Sea bubble

This paper presents a case study of a well-informed investor in the South Sea bubble. We argue that Hoare's Bank, a fledgling West End London banker, knew that a bubble was in progress and nonetheless invested in the stock; it was profitable to "ride the bubble." Using a unique dataset on daily trades, we show that this sophisticated investor was not constrained by institutional factors such as restrictions on short sales or agency problems. Instead, this study demonstrates that predictable investor sentiment can prevent attacks on a bubble; rational investors may only attack when some coordinating event promotes joint action.

Influence of noninjecting and injecting drug use on mortality, retention in the cohort, and antiretroviral therapy, in participants in the Swiss HIV Cohort Study.

OBJECTIVES: We studied the influence of noninjecting and injecting drug use on mortality, dropout rate, and the course of antiretroviral therapy (ART), in the Swiss HIV Cohort Study (SHCS). METHODS: Cohort participants, registered prior to April 2007 and with at least one drug use questionnaire completed until May 2013, were categorized according to their self-reported drug use behaviour. The probabilities of death and dropout were separately analysed using multivariable competing risks proportional hazards regression models with mutual correction for the other endpoint. Furthermore, we describe the influence of drug use on the course of ART. RESULTS: A total of 6529 participants (including 31% women) were followed during 31 215 person-years; 5.1% participants died; 10.5% were lost to follow-up. Among persons with homosexual or heterosexual HIV transmission, noninjecting drug use was associated with higher all-cause mortality [subhazard rate (SHR) 1.73; 95% confidence interval (CI) 1.07-2.83], compared with no drug use. Also, mortality was increased among former injecting drug users (IDUs) who reported noninjecting drug use (SHR 2.34; 95% CI 1.49-3.69). Noninjecting drug use was associated with higher dropout rates. The mean proportion of time with suppressed viral replication was 82.2% in all participants, irrespective of ART status, and 91.2% in those on ART. Drug use lowered adherence, and increased rates of ART change and ART interruptions. Virological failure on ART was more frequent in participants who reported concomitant drug injections while on opiate substitution, and in current IDUs, but not among noninjecting drug users. CONCLUSIONS: Noninjecting drug use and injecting drug use are modifiable risks for death, and they lower retention in a cohort and complicate ART.

A century of global equity market correlations

In this paper, we use a unique long-run dataset of regulatory constraints on capital account openness to explain stock market correlations. Since stock returns themselves are highly volatile, any examination of what drives correlations needs to focus on long runs of data. This is particularly true since some of the short-term changes in co-movements appear to reverse themselves (Delroy Hunter 2005). We argue that changes in the co-movement of indices have not been random. Rather, they are mainly driven by greater freedom to move funds from one country to another. In related work, Geert Bekaert and Campbell Harvey (2000) show that equity correlations increase after liberalization of capital markets, using a number of case studies from emerging countries. We examine this pattern systematically for the last century, and find it to be most pronounced in the recent past. We compare the importance of capital account openness with one main alternative explanation, the growing synchronization of economic fundamentals. We conclude that greater openness has been the single most important cause of growing correlations during the last quarter of a century, though increasingly correlated economic fundamentals also matter. In the conclusion, we offer some thoughts on why the effects of greater openness appear to be so much stronger today than they were during the last era of globalization before 1914.

Twitch and M-wave potentiation induced by intermittent maximal voluntary quadriceps contractions: Differences between direct quadriceps and femoral nerve stimulation.

Introduction: To investigate differences in twitch and M-wave potentiation in the quadriceps femoris when electrical stimulation is applied over the quadriceps muscle belly versus the femoral nerve trunk. Methods: M-waves and mechanical twitches were evoked using direct quadriceps muscle and femoral nerve stimulation between 48 successive isometric maximal voluntary contractions (MVC) from 10 young, healthy subjects. Potentiation was investigated by analyzing the changes in M-wave amplitude recorded from the vastus medialis (VM) and vastus lateralis (VL) muscles and in quadriceps peak twitch force. Results: Potentiation of twitch, VM M-wave, and VL M-wave were greater for femoral nerve than for direct quadriceps stimulation (P<0.05). Despite a 50% decrease in MVC force, the amplitude of the M-waves increased significantly during exercise. Conclusions: In addition to enhanced electrogenic Na(+) -K(+) pumping, other factors (such as synchronization in activation of muscle fibers and muscle architectural properties) might significantly influence the magnitude of M-wave enlargement. © 2013 Wiley Periodicals, Inc.

Multiple prisoner's dilemma games with (out) an outside option: An experimental study

Experiments in which subjects play simultaneously several finite prisoner's dilemma supergames with and without an outside optionreveal that: (i) subjects use probabilistic start and endeffect behaviour, (ii) the freedom to choose whether to play the prisoner's dilemma game enhances cooperation, (iii) if the payoff for simultaneous defection is negative, subjects' tendency to avoid losses leads them to cooperate; while this tendency makes them stick to mutual defection if its payoff is positive.

Protestants and Catholics: Similar work ethic, different social ethic

This article develops two hypotheses about economically-relevant values of Christianbelievers, according to which Protestants should work more and more effectively, as in the work ethic argument of Max Weber, or display a stronger social ethic that would lead themto monitor each other s conduct, support political and legal institutions and hold morehomogeneous values. Tests using current survey data confirm substantial partial correlations andpossible different effects in mutual social control, institutional performance and homogeneityof values but no difference in work ethics. Protestantism therefore seems conducive to capitalisteconomic development, not by the direct psychological route of the Weberian work ethic butrather by promoting an alternative social ethic that facilitates impersonal trade.