The Relationship between Risk and Expected Return in Europe

Revised: 2006-07

Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

Water for thirsty industry

(11 page pamphlet)

La protección de las invenciones mediante patentes en las universidades europeas, japonesas y estadounidenses

[ES] En los últimos años se ha producido en las universidades de todo el mundo una tendencia creciente a proteger sus invenciones a través de derechos de patentes. Este hecho refleja la mayor aplicabilidad de la investigación universitaria y la intención de transferir estos resultados al mundo empresarial.

Yemaya, No. 28, August 2008

Reflections/ Women in Fisheries Policies - Meeting the challenge. Africa/ South Africa - Righting gender injustices. Asia/ China - Contributing significantly. Europe/ Norway - Taking along the 'crewmembers'. Africa/ Uganda - Bringing in the catch. Reflections/ Women in Fisheries Policies - Recognizing women in fisheries: Policy considerations for developing countries. Asia/ The Philippines - 'Engendering' the fisheries industry development plan. Yemaya Recommends - Women in the Fishing: The Roots of Power between the Sexes. Profile - Meet Sherry Pictou. Q&A - Interview with Dr. Cornelia E. Nauen. Milestones - International legal instruments of relevance to women in fisheries. What's New, Webby? - Statement from Women’s Workshop, South Africa. Yemaya Mama in Bangkok – Cartoon. Poem - Ancient food for future generations.

The Loss of Functional Caspase-12 in Europe Is a Pre-Neolithic Event

6 p.