Policy initiatives and firms’ access to external finance: Evidence from a panel of emerging Asian economies

This paper analyses the impact of policy initiatives co-ordinated by Asian national governments on firms' access to external finance, using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand over the period of 1996-2012. Using a difference-indifferences approach and controlling for firm-level and macroeconomic factors, the results show a significant impact of policy on firms' access to external finance. After splitting firms into constrained and unconstrained, using several criteria, the results document that unconstrained firms benefited significantly in obtaining external finance, compared to their constrained counterparts. Finally, we show that the increase in access to external finance after the policy initiative helped firms to raise their investment spending, especially for unconstrained firms.

Term Structure Dynamics, Macro-Finance Factors and Model Uncertainty

This paper extends the Nelson-Siegel linear factor model by developing a flexible macro-finance framework for modeling and forecasting the term structure of US interest rates. Our approach is robust to parameter uncertainty and structural change, as we consider instabilities in parameters and volatilities, and our model averaging method allows for investors' model uncertainty over time. Our time-varying parameter Nelson-Siegel Dynamic Model Averaging (NS-DMA) predicts yields better than standard benchmarks and successfully captures plausible time-varying term premia in real time. The proposed model has significant in-sample and out-of-sample predictability for excess bond returns, and the predictability is of economic value.

Jordi Rubió i Balaguer, una visió personal

Treball de recerca realitzat per un alumne d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. Aquest treball ha tingut dos objectius principals: conèixer la figura de Jordi Rubió i Balaguer,erudit català polifacètic (bibliotecari, professor, historiador de la literatura catalana i de la cultura en general), i escriure sobre el que va aconseguir per després donar-lo a conèixer a tothom. Un dels punts més interessants del treball ha estat donar una nova visió sobre la seva figura, explicant el context i l’època en què visqué i enregistrant les converses entre l’autor i la seva àvia, filla de J.Rubió, en què recorda anècdotes i impressions del passat. Aquestes gravacions i les cartes trobades a l’Arxiu Rubió són inèdites i exclusives d'aquest treball. Al principi, s’hi explica la família de J.R.B i els seus precedents, seguit de la formació acadèmica i la maduració a Barcelona, Madrid i Hamburg. Després d’això, es parla del context polític i l’obra cultural dels anys de la Mancomunitat (1914-1925), com també d’algunes institucions com la Biblioteca de Catalunya, l'Escola de Bibliotecàries i les Biblioteques Populars, que dirigí. Abans de parlar de la seva vida personal, es fa referència a la situació cultural de Catalunya durant els anys 1925-1939. Tot això, per entendre la vida d’aquest home extraordinari que treballà tenaçment i amb vocació de servei al país durant tota la seva vida, si bé el 1939 va ser desposseït dels seus càrrecs per la dictadura franquista. Aquest treball se centra en el període anterior a 1939, durant el qual Rubió va dur una activitat frenètica.

Some personal views on the control of schistosomiasis mansoni

Our views are based, on a recent study of a district of Uniao dos Palmares (Alagoas). Although being a very compact community (32 city blocks holding two thousand families), transmission is very uneven, the geometric mean egg counts in the various blocks ranging between extremes of 96 and 1920. (Results do not correlate with the availability of domestic water supply). We thus are led to conclude that: (a) transmission is primarily peridomestic, resulting from pollution of open ditches and other collections of water; (b) control of transmission can be done on a selective basis, requiring quite medest investments. Given the inefficacy of population-based chemotherapy, when used alone, the author insists that this alternative cannot any longer be overlooked. He also regrets the emphasis placed upon vaccine development; allegations that this would, at any rate, prevent severe morbidity can be dismissed, since-whatever the cause-morbidity due to schistosomiasis has been rapidly declining in Northeast Brazil.

The impact of past direct-personal traumatic events on 12-month outcome in first episode psychotic mania: trauma and early psychotic mania.

OBJECTIVE: Past traumatic events have been associated with poorer clinical outcomes in people with bipolar disorder. However, the impact of these events in the early stages of the illness remains unclear. The aim of this study was to investigate whether prior traumatic events were related to poorer outcomes 12 months following a first episode of psychotic mania. METHODS: Traumatic events were retrospectively evaluated from patient files in a sample of 65 participants who had experienced first episode psychotic mania. Participants were aged between 15 and 28 years and were treated at a specialised early psychosis service. Clinical outcomes were measured by a variety of symptomatic and functioning scales at the 12-month time-point. RESULTS: Direct-personal traumatic experiences prior to the onset of psychotic mania were reported by 48% of the sample. Participants with past direct-personal trauma had significantly higher symptoms of mania (p=0.02), depression (p=0.03) and psychopathology (p=0.01) 12 months following their first episode compared to participants without past direct-personal trauma, with medium to large effects observed. After adjusting for baseline scores, differences in global functioning (as measured by the Global Assessment of Functioning scale) were non-significant (p=0.05); however, participants with past direct-personal trauma had significantly poorer social and occupational functioning (p=0.04) at the 12-month assessment with medium effect. CONCLUSIONS: Past direct-personal trauma may predict poorer symptomatic and functional outcomes after first episode psychotic mania. Limitations include that the findings represent individuals treated at a specialist early intervention centre for youth and the retrospective assessment of traumatic events may have been underestimated.

Personal experience with diagnostic and therapeutic aspects of human Leishmania (Viannia) braziliensis in Três Braços

Diagnostic and therapeutic aspects of human infection with Leishmania (Viannia) braziliensis found in the littoral forest of the state of Bahia are reviewed. There is pressing need for alternative cheap oral drug therapy.

La depuradora de Begues: reactor biològic o aiguamolls construïts?. Estudi comparatiu dels vectors: paràmetres de l'H2O, fangs produïts, costos capitals i d'explotació, personal

L’objectiu del present estudi és comparar els vectors de paràmetres de l’aigua, producció de fangs, costos i personal entre 2 tipus d’instal·lacions EDAR al municipi de Begues; una ja existent amb tractament secundari i terciari mitjançant un reactor biològic i una potencial amb tractament secundari i terciari mitjançant aiguamolls construïts. La finalitat del projecte és determinar, gràcies a l’estudi dels principals vectors ambientals de la infraestructura i a altres estudiats per na Susana Forero Sánchez, quina de les 2 tipologies d’instal·lació s’ajusta més al territori i a les necessitats de tractament de les aigües del mateix. Els resultats de la investigació indiquen que tant els costos d’explotació com la producció de fangs i el personal donen avantatge als aiguamolls construïts, però els costos capitals i el tractament de nutrients són favorables per a la depuradora actual. Amb el projecte de Susana Forero Sánchez, les conclusions que es poden establir en referència a la decisió d’instal·lar una depuradora o una altra segons els vectors estudiats indiquen que l’EDAR sense aiguamolls té més probabilitat de ser escollida com la més adient per les necessitats del territori d’estudi.

Aplicación de soporte para personal docente en dispositivo móvil: iPhone

Actualment és difícil no veure a gent de totes les edats amb algun tipus de Gadget electrònic. En forma de telèfons mòvils, GPS, agendes electròniques, reproductors de música, tablets o qualsevol altre dispositiu, el món digital ens aborda, la informació i les dades es digitalitzen i arriben fins a les nostres butxaques per ser accessibles en qualsevol moment. Es fa indispensable familiaritzar-se amb aquestes eines i per això s’introdueixen en els centres educatius de tot el món. En aquest projecte es combinen tots aquests fets per desenvolupar un herbari digital sobre un dispositiu mòbil, amb finalitat educativa i ús privat.

The de facto independence of regulatory agencies and its consequences for policy making and regulatory outcomes

This dissertation focuses on the practice of regulatory governance, throughout the study of the functioning of formally independent regulatory agencies (IRAs), with special attention to their de facto independence. The research goals are grounded on a "neo-positivist" (or "reconstructed positivist") position (Hawkesworth 1992; Radaelli 2000b; Sabatier 2000). This perspective starts from the ontological assumption that even if subjective perceptions are constitutive elements of political phenomena, a real world exists beyond any social construction and can, however imperfectly, become the object of scientific inquiry. Epistemologically, it follows that hypothetical-deductive theories with explanatory aims can be tested by employing a proper methodology and set of analytical techniques. It is thus possible to make scientific inferences and general conclusions to a certain extent, according to a Bayesian conception of knowledge, in order to update the prior scientific beliefs in the truth of the related hypotheses (Howson 1998), while acknowledging the fact that the conditions of truth are at least partially subjective and historically determined (Foucault 1988; Kuhn 1970). At the same time, a sceptical position is adopted towards the supposed disjunction between facts and values and the possibility of discovering abstract universal laws in social science. It has been observed that the current version of capitalism corresponds to the golden age of regulation, and that since the 1980s no government activity in OECD countries has grown faster than regulatory functions (Jacobs 1999). Following an apparent paradox, the ongoing dynamics of liberalisation, privatisation, decartelisation, internationalisation, and regional integration hardly led to the crumbling of the state, but instead promoted a wave of regulatory growth in the face of new risks and new opportunities (Vogel 1996). Accordingly, a new order of regulatory capitalism is rising, implying a new division of labour between state and society and entailing the expansion and intensification of regulation (Levi-Faur 2005). The previous order, relying on public ownership and public intervention and/or on sectoral self-regulation by private actors, is being replaced by a more formalised, expert-based, open, and independently regulated model of governance. Independent regulation agencies (IRAs), that is, formally independent administrative agencies with regulatory powers that benefit from public authority delegated from political decision makers, represent the main institutional feature of regulatory governance (Gilardi 2008). IRAs constitute a relatively new technology of regulation in western Europe, at least for certain domains, but they are increasingly widespread across countries and sectors. For instance, independent regulators have been set up for regulating very diverse issues, such as general competition, banking and finance, telecommunications, civil aviation, railway services, food safety, the pharmaceutical industry, electricity, environmental protection, and personal data privacy. Two attributes of IRAs deserve a special mention. On the one hand, they are formally separated from democratic institutions and elected politicians, thus raising normative and empirical concerns about their accountability and legitimacy. On the other hand, some hard questions about their role as political actors are still unaddressed, though, together with regulatory competencies, IRAs often accumulate executive, (quasi-)legislative, and adjudicatory functions, as well as about their performance.