Recreating the South Sea bubble: Lessons from an experiment in financial history

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been proposed as potentially contributing to one of the greatest periods of asset overvaluation in history: an intricate debt-for-equity swap, deferred payment for these shares, and the possibility of default on the deferred payments. We consider which aspect might have had the most impact in creating the South Sea bubble. The results of the experiment suggest that the company?s attempt to exchange its shares for government debt was the single biggest contributor to the stock price explosion, because of the manner in which the swap affected fundamental value. Issuing new shares with only partial payments required, in conjunction with the debt-equity swap, also had a significant effect on the size of the bubble. Limited contract enforcement, on the other hand, does not appear to have contributed significantly.

Regime hídrico de alguns solos de Jaboticabal

Na caracterização hídrica dos solos do Campus da Faculdade de Ciências Agrárias e Veterinárias de Jaboticabal (SP), verificou-se que o Latossolo Vermelho eutroférrico típico apresentou maior capacidade de água disponível. A retenção da água, na capacidade de campo (0,01 MPa) e ponto de murcha permanente (1,5 MPa), correlacionou-se melhor com as frações argila e silte, em relação ao teor de matéria orgânica e densidade do solo. Utilizando características hídricas, como a capacidade de água disponível, foi estabelecido por meio do balanço hídrico de Thornthwaite o regime hídrico para os solos. Verificou-se a predominância do regime hídrico ústico em todos os solos (Latossolo Vermelho Nitossolo).

Comprehensive Annual Financial Report (CAFR) of the Iowa Public Employees' Retirement System (IPERS) for the fiscal year ended June 30, 2009.

Comprehensive Annual Financial Report (CAFR) of the Iowa Public Employees Retirement System (IPERS) for the fiscal year ended June 30, 2009. NOTE: this is a large file and may take a moment to download.

Jackson County Sanitary Disposal Agency independent auditor's reports, basic financial statements and required supplementary information, schedule of findings, June 30, 2009

Audit report on the Jackson County Sanitary Disposal Agency for the year ended June 30, 2009

Wireless E911 Emergency Communications Fund Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense independent auditor's reports, basic financial statements and supplementary information, June 30, 2009.

Audit report on the Wireless E911 Emergency Communication Fund of the Iowa Homeland Security and Emergency Management Division of the Iowa Department of Public Defense for the year ended June 30, 2009

The Rebuild Iowa Office is a part of the State of Iowa and, as such, has been included in our audits of the State’s Comprehensive Annual Financial Report (CAFR) and the State’s Single Audit Report for the year ended June 30, 2009

The Rebuild Iowa Office is a part of the State of Iowa and, as such, has been included in our audits of the State’s Comprehensive Annual Financial Report (CAFR) and the State’s Single Audit Report for the year ended June 30, 2009

Avaliação do regime estacionário em colunas de amostras deformadas de solo sob saturação

Estudos sobre o movimento de solutos no solo freqüentemente são realizados em laboratório, sob condições aparentemente controladas. Uma revisão desses estudos mostrou, no entanto, que a variável tempo, para obtenção do regime estacionário tem sido freqüentemente negligenciada. Face ao exposto, o presente trabalho teve por objetivo registrar o tempo para que o fluxo da água no solo sob condições de saturação atinja o equilíbrio dinâmico, medindo-se a condutividade hidráulica saturada (K0) do solo. A condição de equilíbrio dinâmico é a etapa que antecede a aplicação do íon no solo em estudos de eluição de solutos. Utilizaram-se amostras deformadas de três solos com diferentes granulometrias: muito argilosa, média e arenosa, coletadas em área experimental da ESALQ/USP. As amostras foram acondicionadas em colunas de PVC, e utilizou-se água destilada e deaerada para saturação e posterior escoamento nas colunas, conforme montagem experimental do permeâmetro de carga constante. Pelos resultados, constatou-se que, nas amostras dos solos muito argiloso e médio, o equilíbrio dinâmico foi atingido após 15 dias de drenagem e, para o arenoso, após 27 dias, sendo a variabilidade de K0 maior nos primeiros seis dias depois de iniciado o ensaio. Essa situação evidenciou que a adoção de um tempo fixo para adição dos solutos pode levar a uma baixa confiabilidade nos resultados.

Jackson County Sanitary Disposal Agency independent auditor's reports, basic financial statements and required supplementary information, schedule of findings, June 30, 2010

Audit report on the Jackson County Sanitary Disposal Agency for the year ended June 30, 2010

Iowa Comprehensive Annual Financial Report, 1999

In accordance with Iowa Code Section421.3(5), we are please to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 1999. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's financial activity. This report is prepared in accordance with generally accepted accounting principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2009

We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 2009. As required by State statute, this report has been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board (GASB). The Department of Administrative Services and the Department of Management are responsible for both the accuracy of the presented data, and the completeness and fairness of the presentation. We believe the information presented is accurate in all material respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State’s financial activity.

Iowa Comprehensive Annual Financial Report, 2010

We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 2010. As required by State statute, this report has been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board (GASB). The Department of Administrative Services and the Department of Management are responsible for both the accuracy of the presented data, and the completeness and fairness of the presentation. We believe the information presented is accurate in all material respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State’s financial activity.

Iowa Comprehensive Annual Financial Report, 2008

In accordance with Iowa Code Section421.3(5), we are please to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ending in June 2008. The Department of Administrative Services is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's financial activity. This report is prepared in accordance with generally accepted accounting principles (GAAP) for governments Standards Board (GASB).

The European sugar regime new legislation and wto rules

[cat] El 20 de febrer de 2006 es va aprovar el Reglament núm. 318/2006 del Consell que reforma l'Organització Comuna de Mercats del sucre. L'article analitza els canvis introduïts en el nou règim europeu del sucre i valora la seva adequació a les normes i demandes internacionals de liberalització del comerç agrícola. Es conclou que la reforma ha estat el mínim necessari per fer front als reptes internacionals: la recent resolució de l'Òrgan de Solució de Diferències de l'Organització Mundial del Comerç i les demandes de liberalització plantejades en el marc de la Ronda de Doha.