A macro-financial analysis of the euro area sovereign bond market. National Bank of Belgium Working Paper No. 259, June 2014

We estimate the 'fundamental' component of euro area sovereign bond yield spreads, i.e. the part of bond spreads that can be justified by country-specific economic factors, euro area economic fundamentals, and international influences. The yield spread decomposition is achieved using a multi-market, no-arbitrage affine term structure model with a unique pricing kernel. More specifically, we use the canonical representation proposed by Joslin, Singleton, and Zhu (2011) and introduce next to standard spanned factors a set of unspanned macro factors, as in Joslin, Priebsch, and Singleton (2013). The model is applied to yield curve data from Belgium, France, Germany, Italy, and Spain over the period 2005-2013. Overall, our results show that economic fundamentals are the dominant drivers behind sovereign bond spreads. Nevertheless, shocks unrelated to the fundamental component of the spread have played an important role in the dynamics of bond spreads since the intensification of the sovereign debt crisis in the summer of 2011

Growth and Euro Area Stability: The Double Dividend of a Deepened European Single Market for Services. Bertelsmann Stiftung Background Note 26 June 2015

The European Commission’s recent single market initiatives have a second important benefit beyond growth that is often overlooked: Deepening the Single Market for goods and services can also reduce imbalances in the euro area and limit its vulnerability to crises. A further integration of the Single Market thus provides a double dividend of growth and stability. This is the main issue addressed in this background note.

A geologic approach to artificial recharge site selection in the Fresno-Clovis area, California /

Issued Jan. 1980.

A study of the characteristics and labor market experience of unemployment insurance claimants exhausting benefits, July 1956-June 1957, Mississippi and the Jackson area.

Mode of access: Internet.

Area labor market review.

Description based on: Aug. 1976; title from cover.

Customer information system data pre-processing with feature selection techniques for non-technical losses prediction in an electricity market

Non-technical losses (NTL) identification and prediction are important tasks for many utilities. Data from customer information system (CIS) can be used for NTL analysis. However, in order to accurately and efficiently perform NTL analysis, the original data from CIS need to be pre-processed before any detailed NTL analysis can be carried out. In this paper, we propose a feature selection based method for CIS data pre-processing in order to extract the most relevant information for further analysis such as clustering and classifications. By removing irrelevant and redundant features, feature selection is an essential step in data mining process in finding optimal subset of features to improve the quality of result by giving faster time processing, higher accuracy and simpler results with fewer features. Detailed feature selection analysis is presented in the paper. Both time-domain and load shape data are compared based on the accuracy, consistency and statistical dependencies between features.

Italian wild hop (Humulus lupulus L.): from biodiversity evaluation to varietal selection

Hop (Humulus lupulus L.) is a dioecius perennial plant. The cultivation is specific for female plants, used mainly for brewing and pharmacology. Female inflorescence, known as cone or strobili, contains bitter acids, essential oil and polyphenols. Commercial hop cultivation provides better results in regions between 45 and 55 degrees north or south in latitude, an area that also includes the northern part of Italy, where hop is endemic. Despite several studies have been conducted on the characterization of wild hops biodiversity in the U.S.A. and Europe, a lack in literature concerning the description of Italian wild hops genetic variability is still present. The increasing request of hop varieties improved in important traits, like diseases, resistance and valuable aroma profile, is bringing the hop industry. Moreover, Italian agricultural sector needs new impulse to be competitive in the market. In this view, Italian wild hop biodiversity is a resource, useful for the obtaining of Italian hop varieties, characterized by peculiar aromatic traits and more adaptable to Mediterranean climate, making their cultivation more sustainable. Based on this consideration, the present Ph.D. thesis deals with the evaluation of the Italian hop biodiversity, through the characterization of the wild samples under different point of view. The project started with the recovery of wild hop samples in different areas of north of Italy to consitue a collection field, where 11 commercial cultivars of US and European origin were grown, to have a complete vision of the hop panorama. Ph.D. project followed different research lines, the results of each one contributed to completly characterize the northern Italian hop wild biodiversity: • the morphological description showed a high phenological variability (Study 1); • the genetic characterization confirmed the rich biodiversity of the Italian population and showed a significant genetic distance between Italian genotypes and the commercial cultivars, taken in consideration (Study 2); • the need of an early sex discrimination method leads to an improvement of a genetic marker, developing a more efficient marker (Study 3); • a complete morphologic, genetic and chemical analysis of plants gave results to select the most promising genotypes (Study 4); • the comparison between the performance of wild hops and commercial cultivars in the same collection field indicated that some wild genotypes had a higher environment adaptability (Study 5); • the evaluation of the terroir, obtained comparing commercial cultivars in the collection field and the same genotypes purchased in the market, showed the influence of the northern Italian environment on the aromatic profile (Study 5); • a new analytical method for the revelation of bioactive metabolites and a simple extraction procedure were developed (Study 6). In conclusion, the Ph.D. thesis, contains the first characterization of Italian wild hop, made under field condition. The present study: i) permits to obtain a complete and significative description of the genotypes; ii) allows the identification of the most promising wild Italian genotypes; iii) allows the identification of commercial cultivars more adaptable the northern Italian climate.

Marking high-technology market evolution through the foci of market stories:the case of local area networks

Previous research suggests that changing consumer and producer knowledge structures play a role in market evolution and that the sociocognitive processes of product markets are revealed in the sensemaking stories of market actors that are rebroadcasted in commercial publications. In this article, the authors lend further support to the story-based nature of market sensemaking and the use of the sociocognitive approach in explaining the evolution of high-technology markets. They examine the content (i.e., subject matter or topic) and volume (i.e., the number) of market stories and the extent to which content and volume of market stories evolve as a technology emerges. Data were obtained from a content analysis of 10,412 article abstracts, published in key trade journals, pertaining to Local Area Network (LAN) technologies and spanning the period 1981 to 2000. Hypotheses concerning the evolving nature (content and volume) of market stories in technology evolution are tested. The analysis identified four categories of market stories - technical, product availability, product adoption, and product discontinuation. The findings show that the emerging technology passes initially through a 'technical-intensive' phase whereby technology related stories dominate, through a 'supply-push' phase, in which stories presenting products embracing the technology tend to exceed technical stories while there is a rise in the number of product adoption reference stories, to a 'product-focus' phase, with stories predominantly focusing on product availability. Overall story volume declines when a technology matures as the need for sensemaking reduces. When stories about product discontinuation surface, these signal the decline of current technology. New technologies that fail to maintain the 'product-focus' stage also reflect limited market acceptance. The article also discusses the theoretical and managerial implications of the study's findings. © 2002 Elsevier Science Inc. All rights reserved.

Essays on the selection of securities: Decision on acquisition and issuance perspectives and decision rules

This dissertation is a discourse on the capital market and its interactive framework of acquisition and issuance of financial assets that drive the economy from both sides—investors/lenders and issuers/users of capital assets. My work consists of four essays in financial economics that offer a spectrum of revisions to this significant area of study. The first essay is a delineation of the capital market over the past half a century and major developments on capital markets on issues that pertain to the investor's opportunity set and the corporation's capital-raising availability set. This chapter should have merits on two counts: (i) a comprehensive account of capital markets and return-generating assets and (ii) a backdrop against which I present my findings in Chapters 2 through 4. ^ In Chapter 2, I rework on the Markowitz-Roy-Tobin structure of the efficient frontier and of the Separation Theorem. Starting off with a 2-asset portfolio and extending the paradigm to an n-asset portfolio, I bring out the optimal choice of assets for an investor under constrained utility maximization. In this chapter, I analyze the selection and revision-theoretic construct and bring out optimum choices. The effect of a change in perceived risk or return in the mind of an investor is ascertained on the portfolio composition. ^ Chapter 3 takes a look into corporations that issue market securities. The question of how a corporation decides what kinds of securities it should issue in the marketplace to raise funds brings out the classic value invariance proposition of Modigliani and Miller and fills the gap that existed in the literature for almost half a century. I question the general validity in the classic results of Modigliani and Miller and modify the existing literature on the celebrated value invariance proposition. ^ Chapter 4 takes the Modigliani-Miller regime to its correct prescription in the presence of corporate and personal taxes. I show that Modigliani-Miller's age-old proposition needs corrections and extensions, which I derive. ^ My dissertation overall brings all of these corrections and extensions to the existing literature as my findings, showing that capital markets are in an ever-changing state of necessary revision. ^

[construction Of Measurement Instruments In The Area Of Health].

Measurement instruments are an integral part of clinical practice, health evaluation and research. These instruments are only useful and able to present scientifically robust results when they are developed properly and have appropriate psychometric properties. Despite the significant increase of rating scales, the literature suggests that many of them have not been adequately developed and validated. The scope of this study was to conduct a narrative review on the process of developing new measurement instruments and to present some tools which can be used in some stages of the development process. The steps described were: I-The establishment of a conceptual framework, and the definition of the objectives of the instrument and the population involved; II-Development of the items and of the response scales; III-Selection and organization of the items and structuring of the instrument; IV-Content validity, V-Pre-test. This study also included a brief discussion on the evaluation of the psychometric properties due to their importance for the instruments to be accepted and acknowledged in both scientific and clinical environments.