Delay and Haircuts in Sovereign Debt: Recovery and Sustainability

One of the striking aspects of recent sovereign debt restructurings is, conditional on default, delay length is positively correlated with the size of "haircut", which is size of creditor losses. In this paper, we develop an incomplete information model of debt restructuring where the prospect of uncertain economic recovery and the signalling about sustainability concerns together generate multi-period delay. The results from our analysis show that there is a correlation between delay length and size of haircut. Such results are supported by evidence. We show that Pareto ranking of equilibria, conditional on default, can be altered once we take into account the ex ante incentive of sovereign debtor. We use our results to evaluate proposals advocated to ensure orderly resolution of sovereign debt crises.

Enhancing Interns’ Aspirations towards the Labour Market through Skill-Acquisition: The Second Chance Schools Experience

Second Change School programmes are active in a number of European countries. These schools offer vulnerable young adults an alternative opportunity to enhance their employability skills by alternating education with work experience. People enrolling in these programmes disengaged from schools at an early age. They already experienced or are at-risk to enter into unemployment. This paper examines the impact of the Second Chance Schools on their participants’ aspirations towards the labour market through skill-acquisition. We are able to identify the perception of Second Chance Schools’ interns regarding entry to the professional life. A third of them, for example, consider their attitude or their surroundings as a barrier preventing them from getting a job. However, our results emphasise the role of the interns’ coach in improving their aspirations towards the labour market. We also show that when compared to male interns, female interns have a stronger (positive) perception of the school as a place where they can gain skills.

La responsabilidad patrimonial de la Administración Pública Urbanística

En la memoria del trabajo se detallan las tareas realizadas durante los cuatro años en los que he sido beneficiaria de la beca FI, que me permitió incorporarme en el área de Derecho Administrativo de la Universidad de Girona, bajo la dirección del Dr. Joan M. Trayter Jiménez, para la elaboración del proyecto de investigación "La responsabilidad patrimonial de la Administración Púbica Urbanística", que una vez terminado dará lugar a la Tesis Doctoral. Durante el primer año realizé y superé los cursos del programa de Doctorado “Globalización y Derecho: el Derecho Europeo como referencia”; que me permitió obtener la renovación de la Beca FI, para la elaboración y defensa en el año posterior de la tesina titulada "La responsabilidad patrimonial de la Administración Pública por cambio de la ordenación territorial o urbanística”; con la consiguiente obtención del Diploma de Estudios Avanzados en Derecho. En líneas generales, puedo destacar -además de la investigación en la elaboración de la Tesis-, la realización de dos estancias de investigación en la University of Oxford, bajo la tutorización del Prof. Paul Craig, del St. John's College; gracias a la concesión de una beca por parte del "Institut d'Estudis Autonòmics de Catalunya" y otra, por la Generalitat de Catalunya, dirigida a estancias de investigación en el extrangero. También diversas publicaciones traducidas en la participación en dos libros, un artículo, una recensión y una comunicación; así como la asistencia a distintos Congresos de Derecho Administrativo y seminarios, la realización de distintos cursos entre ellos un Posgrado de Derecho Urbanístico en la UdG y la docencia realizada. Asimismo he devenido miembro de los proyectos de investigación del grupo de investigación del Área; importantes por formar parte del Plan Nacional I+D, financiados por el Ministerio de Educación y Ciencia.

Daisy Roots Garden Project

In the summer of 2009 a local Men’s group that met in St Helena’s thought that it might be a good idea to sow a wild garden on the site.  Then came the raised beds – 2 were placed in the garden area opposite the front door of the house and as it was winter there was not much happening and they were quickly renamed the ‘coffins’.  This was the start of ‘Daisy Roots’. Dublin City Council provided top soil and water butts.  An Taisce funded the start up phase of the project and now continue to provide funds for insurance and some development work.  At the right hand side of St Helena’s there is, what was the old stable yard of the ‘big house’.  This had been used to house a large ‘lock up container and a porta-cabin.  These have been now removed and this is where the main part of the garden is. Following a conference of Business in the Community Ireland, DX Ltd expressed an interest in getting involved in a local project.  Together DX staff and the volunteers reclaimed the old stables and gave them new roofs and new doors.  Paths were put in between the raised vegetable beds and new raised beds were built.  A seating area was developed.  The garden is now wheelchair accessible and there are wheelchair accessible flowerbeds in the garden also.  The newest projects in the garden are a memorial flowerbed and a propagator. Dublin City Council via Cherry Orchard Regeneration Board Initiative Type Community Food Growing Projects Location Dublin 11 Funding Dublin City Council via Cherry Orchard Regeneration Board Partner Agencies An Taisce Dublin City Council HSE Tolka Area Partnership

Els apareguts i el culte de les ànimes del Purgatori (segles XIV-XVII). Estudi i edició de textos catalans

Report for the scientific sojourn carried out at the Institut National d'Histoire de l'Art (INHA), France, from 2010 to 2012. It has focused on the analysis and editing of tales of human apparitions from the other world belonging to the Catalan culture or referring to it. We have studied and edited different versions of the process of Esperança Alegre (Lleida, 1500) and the Peregrinació del Venturós Pelegrí. These medieval works have been preserved in sources of the late sixteenth century or later. We have located a manuscript of the Esperança Alegre's tale, unknown to us at the beginning of this research (Biblioteca Nacional de España, ms. 1701), which differs from the version of ms. Baluze 238 of the Bibliothèque Nationale de France. The scribe of the ms. 1701 adds several paragraphs where considers the case as a diabolical phantasmagoria. About the Venturós Pelegrí, we have tried to establish firm criteria for the classification of many editions from the seventeenth to nineteenth centuries. We have been looking for printed books in the libràries of the world and we have made several requests for photographic reproductions, in order to classify undated editions by comparing woodcuts and other decorative elements. In the legend of Prince Charles of Viana (1421-1461), the appearances of his ghost are accompanied by rumors of his poisoning and of his sanctity. In addition, we have studied the cycles of masses for the souls in Purgatory linked to the hagiographies of St. Amadour and St. Vincent Ferrer, as well as the appearances described in L'Ànima d’Oliver of Francesc Moner, in the Carmelite chronicles of Father John of St. Joseph (1642-1718) and in some folktales collected from the eighteenth to the twentieth century. All this have allowed us to verify the evolution of certain cultural paradigms since the Middle Ages to the present.

Ultrathin strut biodegradable polymer sirolimus-eluting stent versus durable polymer everolimus-eluting stent for percutaneous coronary revascularisation (BIOSCIENCE): a randomised, single-blind, non-inferiority trial.

BACKGROUND: Refinements in stent design affecting strut thickness, surface polymer, and drug release have improved clinical outcomes of drug-eluting stents. We aimed to compare the safety and efficacy of a novel, ultrathin strut cobalt-chromium stent releasing sirolimus from a biodegradable polymer with a thin strut durable polymer everolimus-eluting stent. METHODS: We did a randomised, single-blind, non-inferiority trial with minimum exclusion criteria at nine hospitals in Switzerland. We randomly assigned (1:1) patients aged 18 years or older with chronic stable coronary artery disease or acute coronary syndromes undergoing percutaneous coronary intervention to treatment with biodegradable polymer sirolimus-eluting stents or durable polymer everolimus-eluting stents. Randomisation was via a central web-based system and stratified by centre and presence of ST segment elevation myocardial infarction. Patients and outcome assessors were masked to treatment allocation, but treating physicians were not. The primary endpoint, target lesion failure, was a composite of cardiac death, target vessel myocardial infarction, and clinically-indicated target lesion revascularisation at 12 months. A margin of 3·5% was defined for non-inferiority of the biodegradable polymer sirolimus-eluting stent compared with the durable polymer everolimus-eluting stent. Analysis was by intention to treat. The trial is registered with ClinicalTrials.gov, number NCT01443104. FINDINGS: Between Feb 24, 2012, and May 22, 2013, we randomly assigned 2119 patients with 3139 lesions to treatment with sirolimus-eluting stents (1063 patients, 1594 lesions) or everolimus-eluting stents (1056 patients, 1545 lesions). 407 (19%) patients presented with ST-segment elevation myocardial infarction. Target lesion failure with biodegradable polymer sirolimus-eluting stents (69 cases; 6·5%) was non-inferior to durable polymer everolimus-eluting stents (70 cases; 6·6%) at 12 months (absolute risk difference -0·14%, upper limit of one-sided 95% CI 1·97%, p for non-inferiority <0·0004). No significant differences were noted in rates of definite stent thrombosis (9 [0·9%] vs 4 [0·4%], rate ratio [RR] 2·26, 95% CI 0·70-7·33, p=0·16). In pre-specified stratified analyses of the primary endpoint, biodegradable polymer sirolimus-eluting stents were associated with improved outcome compared with durable polymer everolimus-eluting stents in the subgroup of patients with ST-segment elevation myocardial infarction (7 [3·3%] vs 17 [8·7%], RR 0·38, 95% CI 0·16-0·91, p=0·024, p for interaction=0·014). INTERPRETATION: In a patient population with minimum exclusion criteria and high adherence to dual antiplatelet therapy, biodegradable polymer sirolimus-eluting stents were non-inferior to durable polymer everolimus-eluting stents for the combined safety and efficacy outcome target lesion failure at 12 months. The noted benefit in the subgroup of patients with ST-segment elevation myocardial infarction needs further study. FUNDING: Clinical Trials Unit, University of Bern, and Biotronik, Bülach, Switzerland.

Conflits politiques et réseaux sociaux au XVIIIe siècle

Abstract: On Sunday 1745-8-29 a small upheaval occurred in Bagnes, a rather marginal mountain valley in the Swiss Alps, against the abbot of St-Maurice, the local feudal lord. In our perspective, this movement was nothing but one element in a long-term struggle, carried out by a stable and quite well organized political faction. The detailed analysis of the conflicts, of their protagonists as well as an analysis of the mobilization networks allows to highlight crucial aspects of local political life and reveals the active role of working classes. The micro-historical approach leads to some conclusions which challenge classical interpretation of pre-modern rural revolts. The case of Bagnes sheds light on the active and innovative character of popular politics, still underestimated in studies about pre-modern rural societies. The participants in the struggle against the abbot had a political program which was not limited to the quest for local autonomy. They fought for an opening of local corporations and a weakening of the control mechanism, for economic, political and cultural evolution of their valley. Bagnes rebels were decidedly "innovative rebels" Résumé: Le dimanche 29 août 1745, une petite émeute éclate à Bagnes, une vallée marginale des Alpes suisses, contre le seigneur, l'abbé de St-Maurice. Dans notre perspective, cette révolte n'est qu'un élément d'une lutte de longue haleine, pendant laquelle l'opposition au seigneur représente une partie active et bien organisée du conflit. L'analyse détaillée des protagonistes des luttes politiques, ainsi que des réseaux sociaux qui influencent la mobilisation, permet de mieux comprendre les dynamiques d'organisation de la vie politique locale et le rôle actif des couches populaires. Cette perspective autorise quelques conclusions, qui remettent en question les interprétations classiques des révoltes rurales d'Ancien Régime. Dans le cas de Bagnes, le caractère actif et novateur de la « politique populaire » encore négligé dans les études sur la période moderne, apparaît évident. Les protagonistes de la lutte contre l'abbé soutiennent un projet politique qui ne se réduit pas à une autonomie maximale de la région. Au contraire, ils prônent une ouverture des corporations locales, une transformation des structures économiques, politiques et culturelles de la vallée. Les émeutiers du Châble étaient décidément des « rebelles-novateurs ».

Deux réminiscences des Catilinaires chez Saint Jerôme et Saint Augustin

Two reminiscences from the Cicero's speeches against Catiline in the letters of St Jerome and St Augustine.

Missale [avec notation en neumes].

Notes marginales : départ d'Antoine Limousin, enfant de chœur à Saint-Maur, en 1678 (26 mars 1678, f. 7v) ; serments du nouvel abbé de Saint-Maur (XVe-XVIe s., f. 8v et XVe s., f. 150) ; « Husson fil. Jeh. Hua » (XVe s., f. 299v).

Uuden liiketoimintaympärist��n määrittäminen teollisessa yrityksessä kan-sainvälisen markkinointitutkimuksen avulla, Case: Finnsementti Oy

Tämän tutkimuksentavoitteena on selvittää, millä tavoin teollinen yritys voi kansainvälisen markkinointitutkimuksen avulla määrittää ja analysoida uutta liiketoimintaympärist��ä. Teolliset markkinat, teollinen markkinointi-tutkimus sekä yrityksien kohtaamatmikro- ja makroympärist��t ovat erityi-sen tarkastelun kohteena. Tutkimuksen keskeisin aineisto on saatu haastattelujen ja sekundaaristen lähteiden kautta. Tutkimuksen olennaisimpiin tuloksiin liittyy malli, jolla teollinen yritys voi määrittää kohtaamansa toimintaympärist��n eri tekijöitä. Mallissa mikro- ja makroympärist��n eri tekijät ovat keskeisessä roolissa. Tutkimuksen empiirisen osan tuloksista merkittävin on Pietarin ja Venäjän sementtimarkkinoiden ominaispiirteiden löytäminen ja analysointi. Pietarin ja Venäjän taloudellinen kasvu jatkuu lähivuosinakin voimakkaana, ja markkina-alue on suomalaisille yrityksille tulevaisuudessa tärkeässä asemassa, kuten myös esimerkkiyrityksenä olleelle sementtitehtaalle. Myös suurin osa tutkimuksessa selvinneist�� alueen toimintaympärist��n tekijöist�� puoltaa teollisen yrityksen vientitoiminnan aloittamista alueelle.

Sant Llorenç del Montsec (La Noguera): un despoblat medieval

The medieval deserted village of St. Lloreng, a fortified place in the west lands of Catalonia, in Lleida, near Aragon, is studied from its origins in 11th. century unti1 14th.C. The growth and evolution of population during this time is shown by the houses, placed between the castle and the church, some so simply with only one room, some wider. The authors don't know why the village became deserted, but they indicate the possible move of the population into the limits of the Ager valley.

La profesionalización de la enfermería en Lleida a partir de las Hijas de la Caridad

El objetivo del estudio es describir el proceso de profesionalización de la enfermería en Lleida a partir de la llegada de las Hijas de la Caridad de San Vicente de Paúl en el Hospital de Santa María. MATERIAL Y MÉTODO: Estudio hist��rico mediante técnica de observación documental y análisis de documentos legislativos. Los documentos utilizados son: copia de la escritura del establecimiento de las Hijas de la Caridad en el Hospital de Santa María (1792) y las Constituciones para el gobierno del Santo Hospital General de la Ciudad de Lérida (1797). RESULTADOS: En la copia de la escritura se establece que las hermanas se encargarán del régimen y cuidados de los enfermos según las reglas de su instituto; y que tanto el gobierno y dirección interior y exterior de ellas dependerá de la Congregación. En las Constituciones del 1797 se acredita que han resultado beneficiosas tanto para la organización del hospital como para la atención sanitaria. Ponen énfasis en posibles divulgaciones negativas con respecto a ellas. CONCLUSIONES Y DISCUSIÓN: El establecimiento de las Hijas de la Caridad mejoró la atención sanitaria de los enfermos y la salubridad del centro. La contraprestación económica nos ayuda para que podamos hablar de profesionalización de enfermería.

Organizing automation maintenance business in Russia

The target of this thesis is to find out potential of automation maintenance services in Russian industry, especially in the region of St. Petersburg. At the beginning of this study the industrial maintainability and process efficiency are discussed from the point of view of process automation. A survey of the present technology and maintenance methods has been made during five visits to local plants. The results of the interviews are analyzed numerically to clarify the common needs and the potential of automation maintenance services. The most interesting services are evaluated by their required resources to find economically justified solutions for the needs of the industry. As results of this study, some service products that would interest interviewed companies have been introduced. These could be offered to the industry to enhance cost-efficiency and productivity of processes.

Toccata in A Minor

Soitinnus: Urut.