Optimal Capital Requirements in Financial Networks with Fire Sales

I explore and analyze a problem of finding the socially optimal capital requirements for financial institutions considering two distinct channels of contagion: direct exposures among the institutions, as represented by a network and fire sales externalities, which reflect the negative price impact of massive liquidation of assets.These two channels amplify shocks from individual financial institutions to the financial system as a whole and thus increase the risk of joint defaults amongst the interconnected financial institutions; this is often referred to as systemic risk. In the model, there is a trade-off between reducing systemic risk and raising the capital requirements of the financial institutions. The policymaker considers this trade-off and determines the optimal capital requirements for individual financial institutions. I provide a method for finding and analyzing the optimal capital requirements that can be applied to arbitrary network structures and arbitrary distributions of investment returns.

In particular, I first consider a network model consisting only of direct exposures and show that the optimal capital requirements can be found by solving a stochastic linear programming problem. I then extend the analysis to financial networks with default costs and show the optimal capital requirements can be found by solving a stochastic mixed integer programming problem. The computational complexity of this problem poses a challenge, and I develop an iterative algorithm that can be efficiently executed. I show that the iterative algorithm leads to solutions that are nearly optimal by comparing it with lower bounds based on a dual approach. I also show that the iterative algorithm converges to the optimal solution.

Finally, I incorporate fire sales externalities into the model. In particular, I am able to extend the analysis of systemic risk and the optimal capital requirements with a single illiquid asset to a model with multiple illiquid assets. The model with multiple illiquid assets incorporates liquidation rules used by the banks. I provide an optimization formulation whose solution provides the equilibrium payments for a given liquidation rule.

I further show that the socially optimal capital problem using the ``socially optimal liquidation" and prioritized liquidation rules can be formulated as a convex and convex mixed integer problem, respectively. Finally, I illustrate the results of the methodology on numerical examples and

discuss some implications for capital regulation policy and stress testing.

Le style de gestion du personnel comme déterminant des comportements antisociaux observés au travail

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

A Scoping Review of Psychological Interventions for PTSD in Military Personnel and Veterans.

Post-traumatic stress disorder (PTSD) has emerged as a key concern for military and veteran populations. This article describes what is being done programmatically and therapeutically to treat PTSD in military personnel and veterans returning from deployment. This scoping review demonstrates that (1) research published in this area has been rapidly increasing since its inception in the 1980s; (2) the vast majority of articles focus on cognitive-behavioral approaches to treatment, and this area of the literature presents strong evidence for these approaches; and (3) there is a lack of randomized controlled trials for treatments, such as art therapies and group therapies.

International Sales of UK Television Content: Change and Continuity in ‘the space in between’ Production and Consumption

Focusing on the UK, this article addresses key issues facing the international distribution industry arising from over-the-top digital distribution and the fragmentation of audiences and revenues. Building on the identification of these issues, it investigates the extent to which UK distribution has altered over a ten-year period, pinpointing continuities in the destination and type of sales alongside changes in the role and structure of the industry as UK-based distributors adapt to a changing UK broadcasting landscape and global production environment. At one level increasing US ownership of UK-based distributors and the arrival of OTT players like Netflix, highlight the tensions between the national orientations of UK broadcasters and the global aspirations of independent producers and distributors. At another level VOD has boosted international sales of UK drama. Although the full impact of SVOD on content and rights has yet to materialise, significant changes in the industry predate the arrival of SVOD.

Tianjin sales of land by auctions:Italian Colonialism in the early twentieth century China

s a signatory to the Boxer Protocol in 1901, Italy came into possession of the Tianjin concession, its only colonial possession in China. The Italian settlement was situated on the Hai River, and most of the land consisted of cemeteries and salt deposits. Italian administration of the settlement encountered many difficulties. Expropriation of land from the Chinese occupants was not easy, and it proved equally difficult to attract Italian investors. However despite the fact that Italian public opinion supported the abandonment of the concession, the Italian government was ultimately obliged to undertake a project for its urban development. Success in Tianjin became a national challenge for Italy, with the National Trust providing the necessary economic support. The history of the Italian settlement in Tianjin therefore sheds light on the politics of colonialism and on Italy's economic and political agendas at the turn of the twentieth century.

Standardisation of the Selling Process in Franchising : A Take on Sales Funnel Management

This paper addresses the two opposing extremes of standardisation in franchising and the dynamics of sales in search of a juncture point in order to reduce franchisees’ uncertainties in sales and improve sales performance. A conceptual framework is developed based on both theory and practice in order to investigate the sales process of a specific franchise network. The research is conducted over a period of six weeks in form of a customised sales report considering the sales funnel concept and performance indicators along the sales process. The received quantitative data is analysed through descriptive statistics and logistic regressions in respect to what variations in the sales process can be discovered and what practices yield higher performance. The results indicate an advantage of a prioritisation guideline regarding the activities and choices to make as a salesperson over strict standardisation. Defining the sales funnel plus engaging in the process of monitoring sales in itself has proven to be a way of reducing uncertainty as the franchisor and franchisees alike inherently gain a greater understanding of the process. The extended knowledge gained from this research allowed for both practical as well as theoretical implications and expands the knowledge on standardisation of sales and the appropriateness of the sales funnel and its management for dealing with the dilemma between standardisation and flexibility of sales in franchising contexts.

Improving the Utilization of Front-Line Service Delivery System Personnel

There are two types of work typically performed in services which differ in the degree of control management has over when the work must be done. Serving customers, an activity that can occur only when customers are in the system is, by its nature, uncontrollable work. In contrast, the execution of controllable work does not require the presence of customers, and is work over which management has some degree of temporal control. This paper presents two integer programming models for optimally scheduling controllable work simultaneously with shifts. One model explicitly defines variables for the times at which controllable work may be started, while the other uses implicit modeling to reduce the number of variables. In an initial experiment of 864 test problems, the latter model yielded optimal solutions in approximately 81 percent of the time required by the former model. To evaluate the impact on customer service of having front-line employees perform controllable work, a second experiment was conducted simulating 5,832 service delivery systems. The results show that controllable work offers a useful means of improving labor utilization. Perhaps more important, it was found that having front-line employees perform controllable work did not degrade the desired level of customer service.

A Lender's Vorpal Sword: Expungement Affidavits & Their Power to Void Sheriff's Sales & Revert Mortgages Back to the Homeowner

Like many Americans across the country, Michigan residents have faced a staggering number of foreclosures in the last few years.2 In 2009, Laura Buttazzoni was one of the many Michigan homeowners facing the dire reality that she was going to lose her home.3 After Buttazzoni’s failed attempt to sell her home, her bank initiated a sheriff’s sale in late 2009.4 After the statutory redemption period expired,5 Fannie Mae evicted Buttazzoni and relisted the home in 2011.6 Even though Buttazzoni’s home was foreclosed, sold at a sale, and relisted on the market—she was not done with the property. In June 2012, nearly three years after Buttazzoni’s eviction, Fannie Mae executed an “expungement affidavit,” which voided the 2009 sheriff’s sale and reverted the mortgage back to Buttazzoni’s name.

The Impact of Supervisory Monitoring On High-End Retail Sales Productivity

Based on a two-stage analysis of a panel of data on 12 outlets of a high-end retailer for 24 months, we investigate how the level of supervisory monitoring affects retail sales productivity. In the first stage, we use Data Envelopment Analysis (DEA) to compute the relative productivity of retail outlets in using their labor and capital resources to generate store sales. In the second stage, we regress the logarithm of DEA scores on contextual variables to obtain consistent estimators of the impact of contextual variables on productivity (Banker and Natarajan in Operation Research 56:48-58, 2008). Contrary to agency theoretic prediction that supervisory monitoring leads to an increase in retail sales productivity, our empirical results indicate that the higher the level of supervisory monitoring, the lower is the retail sales productivity for high-end retail outlets.

Markets, Depots and Sales Tables: The Women's Institute's Rural Retailing

In 1917 the Coventry Evening Telegraph noted that the problems of ‘surplus garden produce’ had arisen and that ‘smallholders were being encouraged to group together in order to bring their supplies in quantity to market. Women’s Institutes have been formed, and these arrange for the opening of a market for a certain number of hours one day a week’. WIs, which had begun being formed under the auspices of the Agricultural Organisation Society from 1915 could be seen to be one of the earliest examples of Farmers Markets. These rural women were to improve the food supply in wartime when there was a food crisis; shortages, queues, price rises and in 1918 the introduction of rationing. The WIs encouraged food saving and preservation their markets enabled small holders, cottage gardeners and allotment holders to find a financial non- exploitive outlet for their produce. Markets and retail outlets developed in a number of towns or even cities in rural areas: Worcester, Leamington Spa and Lichfield and in post-war Britain depot trading centres were set up in some county towns Maidstone in Kent in 1919, Winchester in 1920. Between them they provided rural women with a retail space initially for their garden produce and then in time for the preserves, baking and craftwork. Jam, cakes, toys, knitted toys and garments even a wedding trousseau were ordered or sold through these retail outlets. The Markets were not restricted to WI members and often sold work produced by small­holders, the disabled and ex-servicemen. Membership required buying at least one share; as they were a co-operative venture there was a limit on the number of shares it was possible to purchase. Sales tables at some monthly WI meeting provided yet another retail outlet for rural women. This paper will explore the significance of these retail opportunities to rural women: as a chance to earn much needed cash, in placing a value on domestic labour and as an indication that when looking at rural women’s lives, in first half of the twentieth century, divisions between being consumers and producers of food and domestic products may be more fluid than it is something assumed.

Les représentations du travail des jeunes salariés d'agence de location de personnel

Le travail est un phénomène social total au coeur des mécanismes de production et de reproduction de la société moderne. Les changements dans les modes de régulation et dans les représentations sociales que se font les acteurs sociaux du travail font de ce dernier un objet d’étude pertinent pour comprendre les transformations que subissent les sociétés occidentales. Dans ce contexte, les agences de location de personnel deviennent des agents régulateurs adaptés aux logiques du monde du travail postfordiste. L’objectif de ce mémoire est de dégager les formes que peut revêtir le rapport au travail chez les jeunes salariés employés par le biais d’agences de location de personnel. À partir d’un corpus de données empiriques discursives, l’enquête expose le rapport transactionnel que possèdent ces salariés envers les agences de placement. Les analyses plus fines dégagent quatre rapports types envers le travail en agence de placement : le rapport de l’opportuniste, le rapport de l’aspirant, le rapport du contenté et le rapport du résigné. C’est en s’intéressant à l’articulation entre les stratégies individuelles mobilisées, la centralité relative du travail et le cheminement ainsi que les perspectives d’avenir que sont dégagées les logiques inhérentes à chacun des rapports types identifiés, témoignant des multiples formes que peut prendre le rapport au travail des jeunes salariés en agence de location de personnel.

Création d’un groupe de soutien au développement de l’identité professionnelle du nouveau personnel enseignant en techniques humaines.

Cette recherche porte sur le thème de l’accompagnement du développement de l’identité professionnelle pour le nouveau personnel enseignant en techniques humaines. Plus précisément, nous voulons mesurer l’impact d’un projet novateur, soit la création d’un groupe de soutien en période d’insertion professionnelle. La problématique s’articule principalement autour du fait que, dans les trois techniques humaines ciblées, les nouveaux professeurs et professeures sont embauchés d’abord et avant tout pour leurs compétences disciplinaires. À leur arrivée au collégial, leur emploi est précaire et leurs tâches morcelées. Malgré le fait qu’ils débutent dans un état d’urgence, cette transition professionnelle semble être laissée pour compte ainsi que le soutien psychologique. Ce contexte, qui favorise l’isolement, influence parfois la motivation à s’engager dans leur deuxième carrière. Au cégep de Sainte-Foy, il n’existe pas de mentorat départemental ni d’accompagnement spécifique. Seul le programme d’accueil et d’intégration offre une série d’activités obligatoires. Le cadre de référence présente deux classifications des besoins du nouveau personnel enseignant au collégial au regard des travaux de Raymond (2001) et Caplan, Clough, Ellis et Muncey (2009). La recension des écrits nous a également permis de distinguer l’insertion, l’identité et le développement professionnels. Les différents dispositifs d’insertion pédagogique des nouveaux enseignants ont également fait l’objet d’une recherche documentaire. Ces assises théoriques ont guidé le choix du développement de notre groupe de soutien sous l’angle d’une communauté d’apprentissage favorisant l’interaction entre pairs. Cet essai poursuit trois objectifs : 1) concevoir le processus d’accompagnement et la trousse éducative pour le groupe de soutien, 2) valider le processus d’accompagnement et la trousse éducative auprès d’un groupe de nouveaux professeurs et professeures provenant des trois techniques humaines et 3) analyser le point de vue de professeurs et professeures par rapport au processus d’accompagnement et à la trousse éducative proposés. Nos objectifs de recherche nécessitaient une méthodologie appropriée. Celleci repose sur une approche méthodologique qualitative, une posture épistémologique interprétative et une recherche de type recherche développement. Dix participantes ont pris part au processus d’accompagnement proposé soit : des entrevues individuelles semi-dirigées et des rencontres de groupe. Les données ont été recueillies grâce à des entrevues semi-dirigées, des rencontres de groupe de discussion, des autoévaluations des participantes ainsi qu’un questionnaire d’évaluation finale. La triangulation des méthodes de collecte de données a été utilisée afin d’assurer la rigueur de nos travaux. L’analyse de contenu s’est faite par l’entremise du logiciel Transana qui a aidé à la transcription des enregistrements, au codage et à la production de rapports synthèse. La dimension éthique a été au coeur de nos préoccupations et nous avons d’ailleurs pris plusieurs précautions à cet effet. Les données obtenues nous ont permis de répondre à notre question de recherche en démontrant que la création du groupe de soutien a eu des retombées positives sur le nouveau personnel enseignant en techniques humaines. Ce nouveau dispositif d’accompagnement a permis de raffiner la classification des besoins de notre cadre de référence. Les catégories émergentes ont révélé des spécificités propres à la deuxième carrière. La formule du groupe de soutien telle que mise à l’essai a, pour sa part, été fortement appréciée des participantes autant pour son fonctionnement que pour son contenu. L’ensemble de ce processus a bonifié la représentation de l’identité professionnelle de Gohier et al. (2001). Les données obtenues nous ont également permis de valider notre cadre d’intervention et de dégager des éléments favorisant la transférabilité des résultats obtenus. Nous pensons d’ailleurs que le groupe de soutien constitue une avenue pertinente et essentielle au sein de la communauté collégiale.

La supervision du personnel enseignant : une étude comparative Québec-Chine

Méthodologie: Étude menée par questionnaire auprès d’enseignants du primaire, du secondaire et de la formation professionnelle

Le vieillissement du personnel enseignant au Québec : une approche systémique de solution de problèmes

Le vieillissement du personnel enseignant se manifeste à la grandeur du Québec. Partout, dans toutes les commissions scolaires, on parle du besoin de se renouveler, d'avoir du "sang neuf". Pourtant, on oublie une réalité cruciale. Ces hommes et ces femmes qui ont donné 20, 30, parfois 40 ans de leur vie à l'enseignement, ont atteint une maturité incontestable. Ces personnes ont tout un bagage de connaissances et d'expériences à apporter aux enseignants débutants. L'envers de la médaille, c'est aussi le fait que l'absence de jeunes enseignants se fait cruellement sentir dans nos écoles. Les étudiants manifestent clairement le besoin de voir autres choses que des têtes blanches... Ils ont besoin de grands-parents, bien sûr, mais aussi de parents et plus que tout, de grands frères et de grandes soeurs qui ont le goût d'être avec eux et de vivre avec eux des expériences enrichissantes tous les jours, et non pas uniquement de temps en temps... Oui, le personnel enseignant du Québec a pris de l'âge (moyenne d'âge: 48 ans pour les enseignants(tes) du primaire et du secondaire). Peut-on espérer des stratégies qui géreraient ce vieillissement de façon positive? Ce travail veut souligner qu'avec le vieillissement vient aussi l'expérience, les connaissances et la maturité. Il voudrait de plus explorer des façons de vivre le vieillissement de façon à ce que chacun(e) puisse donner le meilleur de soi-même. Il voudrait surtout apporter des pistes pour que tous, jeunes et moins jeunes, trouvent leur vrai place dans l'organisation scolaire.