Onko oppimistulokset valettu betoniin? : Tutkimus Helsingin kaupunkirakenteen ja peruskoulujen oppimistulosten välisestä yhteydestä ja kouluvalintojen vaikutuksista

The aim of this study is to find out how urban segregation is connected to the differentiation in educational outcomes in public schools. The connection between urban structure and educational outcomes is studied on both the primary and secondary school level. The secondary purpose of this study is to find out whether the free school choice policy introduced in the mid-1990´s has an effect on the educational outcomes in secondary schools or on the observed relationship between the urban structure and educational outcomes. The study is quantitative in nature, and the most important method used is statistical regression analysis. The educational outcome data ranging the years from 1999 to 2002 has been provided by the Finnish National Board of Education, and the data containing variables describing the social and physical structure of Helsinki has been provided by Statistics Finland and City of Helsinki Urban Facts. The central observation is that there is a clear connection between urban segregation and differences in educational outcomes in public schools. With variables describing urban structure, it is possible to statistically explain up to 70 % of the variation in educational outcomes in the primary schools and 60 % of the variation in educational oucomes in the secondary schools. The most significant variables in relation to low educational outcomes in Helsinki are abundance of public housing, low educational status of the adult population and high numbers of immigrants in the school's catchment area. The regression model has been constructed using these variables. The lower coefficient of determination in the educational outcomes of secondary schools is mostly due to the effects of secondary school choice. Studying the public school market revealed that students selecting a secondary school outside their local catchment area cause an increase in the variation of the educational outcomes between secondary schools. When the number of students selecting a school outside their local catchment area is taken into account in the regressional model, it is possible to explain up to 80 % of the variation in educational outcomes in the secondary schools in Helsinki.

Risk Minimizing Option Pricing for a Class of Exotic Options in a Markov-Modulated Market

We address risk minimizing option pricing in a regime switching market where the floating interest rate depends on a finite state Markov process. The growth rate and the volatility of the stock also depend on the Markov process. Using the minimal martingale measure, we show that the locally risk minimizing prices for certain exotic options satisfy a system of Black-Scholes partial differential equations with appropriate boundary conditions. We find the corresponding hedging strategies and the residual risk. We develop suitable numerical methods to compute option prices.

Comparison of the degree of creativity in the design outcomes using different design methods

This work analyses the influence of several design methods on the degree of creativity of the design outcome. A design experiment has been carried out in which the participants were divided into four teams of three members, and each team was asked to work applying different design methods. The selected methods were Brainstorming, Functional Analysis, and SCAMPER method. The `degree of creativity' of each design outcome is assessed by means of a questionnaire offered to a number of experts and by means of three different metrics: the metric of Moss, the metric of Sarkar and Chakrabarti, and the evaluation of innovative potential. The three metrics share the property of measuring the creativity as a combination of the degree of novelty and the degree of usefulness. The results show that Brainstorming provides more creative outcomes than when no method is applied, while this is not proved for SCAMPER and Functional Analysis.

Pricing Defaultable Bonds in a Markov Modulated Market

We address the problem of pricing defaultable bonds in a Markov modulated market. Using Merton's structural approach we show that various types of defaultable bonds are combination of European type contingent claims. Thus pricing a defaultable bond is tantamount to pricing a contingent claim in a Markov modulated market. Since the market is incomplete, we use the method of quadratic hedging and minimal martingale measure to derive locally risk minimizing derivative prices, hedging strategies and the corresponding residual risks. The price of defaultable bonds are obtained as solutions to a system of PDEs with weak coupling subject to appropriate terminal and boundary conditions. We solve the system of PDEs numerically and carry out a numerical investigation for the defaultable bond prices. We compare their credit spreads with some of the existing models. We observe higher spreads in the Markov modulated market. We show how business cycles can be easily incorporated in the proposed framework. We demonstrate the impact on spreads of the inclusion of rare states that attempt to capture a tight liquidity situation. These states are characterized by low risk-free interest rate, high payout rate and high volatility.

Industry perceptions of barriers to commercialization of regenerative medicine products in the UK.

AIMS: Regenerative medicine is an emerging field with the potential to provide widespread improvement in healthcare and patient wellbeing via the delivery of therapies that can restore, regenerate or repair damaged tissue. As an industry, it could significantly contribute to economic growth if products are successfully commercialized. However, to date, relatively few products have reached the market owing to a variety of barriers, including a lack of funding and regulatory hurdles. The present study analyzes industry perceptions of the barriers to commercialization that currently impede the success of the regenerative medicine industry in the UK. MATERIALS & METHODS: The analysis is based on 20 interviews with leading industrialists in the field. RESULTS: The study revealed that scientific research in regenerative medicine is thriving in the UK. Unfortunately, lack of access to capital, regulatory hurdles, lack of clinical evidence leading to problems with reimbursement, as well as the culture of the NHS do not provide a good environment for the commercialization of regenerative medicine products. CONCLUSION: Policy interventions, including increased translational government funding, a change in NHS and NICE organization and policies, and regulatory clarity, would likely improve the general outcomes for the regenerative medicine industry in the UK.

The international economic crisis from point of view of the social market economy

Conferencia dictada el día miércoles 8 de agosto de 2012 como parte de la Cátedra Konrad Adenauer, “Escuela de Economía Francisco Valsecchi” de la Pontificia Universidad Católica Argentina (UCA).

Did bankruptcy reform lead to looser mortgage lending standard? : evidence from the U. S. mortgage market 2000-2007

Resumen: El presente trabajo intenta encontrar una causa exógena al deterioro, a partir de 2005, en los estándares de crédito hipotecario que contribuyeron a la crisis subprime en los Estados Unidos. Sostenemos que la nueva provisión de la prueba de medios de la ley Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) de 2005 fue dicho shock exógeno en el mercado hipotecario. Mostramos que la prueba de medios, que impide solicitar la bancarrota bajo Chapter 7 a los deudores con mayores ingresos relativos, causó un desplazamiento de la oferta de crédito hipotecario de deudores con mayores ingresos a deudores con menores ingresos relativos. Simultáneamente, observamos que todos los deudores debieron pagar tasas de interés más altas, independientemente del nivel de ingresos. Nuestros resultados implican que la ley BAPCPA podría ser un factor que contribuyó al deterioro en los estándares de crédito en el mercado hipotecario de los Estados Unidos.

The Impact of Regulation on Pricing Behavior in the Spanish Electricity Market

In this paper we measure the impact of regulatory measures which affected the Spanish electricity wholesale market in the period 2002-2005. Our approach is based on the fact that regulation changes firms' incentives and therefore their market behavior. In the absence of any regulation firms would choose profit- maximizing prices on their residual demands so that the observed gap between optimal and actual prices provides a measure of the effect of regulation. Our results indicate that regulation has decreased wholesale prices considerably, but became less effective at the end of the sample period which explains the change of regulatory regime introduced in 2006.

Unions, Monetary Shocks and the Labour Market Cycle

Published as an article in: Economic Modelling, 2011, vol. 28, issue 3, pages 1140-1149.

The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach

This paper estimates a standard version of the New Keynesian Monetary (NKM) model augmented with financial variables in order to analyze the relative importance of stock market returns and term spread in the estimated U.S. monetary policy rule. The estimation procedure implemented is a classical structural method based on the indirect inference principle. The empirical results show that the Fed seems to respond to the macroeconomic outlook and to the stock market return but does not seem to respond to the term spread. Moreover, policy inertia and persistent policy shocks are also significant features of the estimated policy rule.

Policy Coordination in an Oligopolistic Housing Market

This paper analyzes the consequences of the interaction between two different levels of government (regulators) in the development of housing policy when their decisions determine the level of competition in the housing market. The analysis discusses the implications derived from a lack of coordination between a local regulator who controls the supply of land for housing development and a central regulator who decides on housing subsidies. The results suggest that lack of coordination has significant effects on prices and supply of houses, housing developers’ profits, and buyers’ surplus.