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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Voucher from the Engineer Department of Port Dalhousie and Thorold Railway Extension for April and May, paid to James and Benson Co. for fence repairs, May 11, 1857

Voucher from the Engineer Department of Port Dalhousie and Thorold Railway Extension for April and May, paid to James and Benson Co. for fence repairs, May 11, 1857.

Credibility and Signaling in Disinflation- a Cross Country Examination

This paper develops a model of money demand where the opportunity cost of holding money is subject to regime changes. The regimes are fully characterized by the mean and variance of inflation and are assumed to be the result of alternative government policies. Agents are unable to directly observe whether government actions are indeed consistent with the inflation rate targeted as part of a stabilization program but can construct probability inferences on the basis of available observations of inflation and money growth. Government announcements are assumed to provide agents with additional, possibly truthful information regarding the regime. This specification is estimated and tested using data from the Israeli and Argentine high inflation periods. Results indicate the successful stabilization program implemented in Israel in July 1985 was more credible than either the earlier Israeli attempt in November 1984 or the Argentine programs. Government’s signaling might substantially simplify the inference problem and increase the speed of learning on the part of the agents. However, under certain conditions, it might increase the volatility of inflation. After the introduction of an inflation stabilization plan, the welfare gains from a temporary increase in real balances might be high enough to induce agents to raise their real balances in the short-term, even if they are uncertain about the nature of government policy and the eventual outcome of the stabilization attempt. Statistically, the model restrictions cannot be rejected at the 1% significance level.

The Credibility and Authoritativeness of Documentary Information in Determining Refugee Status: The Canadian Experience

This article reviews the origins of the Documentation, Information and Research Branch (the 'Documentation Center') of Canada's Immigration and Refugee Board (IRB), established in 1988 as a part of a major revision of the procedure for determination of refugee status. The Documentation Center conducts research to produce documents describing conditions in refugee-producing countries, and also disseminates information from outside. The information is available to decision-makers, IRB staff, counsel and claimants. Given the importance of decisions on refugee status, the article looks at the credibility and the authoritativeness of the information, by analyzing the structure of information used. It recalls the different types of information 'package' produced, such as a country profiles and the Question and Answer Series, the Weekly Madia Review, the 'Perspectives' series, Responses to Information Requests and Country files, and considers the trend towards standardization across the country. The research process is reviewed, as are the hiring criteria for researchers, the composition of the 'collection', how acquisitions are made, and the development of databases, particularly on country of origin (human rights material) and legal information, which are accessible on-line. The author examines how documentary information can be used by decision-makers to draw conclusions as to whether the claim has a credible basis or the claimant has a well-founded fear of persecution. Relevant caselaw is available to assess and weigh the claim. The experience of Amnesty International in similar work is cited for comparative purposes. A number of 'safeguards' are mentioned, which contribute to the goal of impartiality in research, or which otherwise enhance the credibility of the information, and the author suggests that guidelines might be drafted to explain and assist in the realization of these aims. Greater resources might also enable the Center to undertake the task of 'certifying' the authoritativeness of sources. The author concludes that, as a new institution in Canadian administrative law, the Documentation Center opens interesting avenues for the future. Beacause it ensures an acceptable degree of impartiality of its research and the documents it produces, it may be a useful model for others tribunals adjudicating in fields where evidence is either difficult to gather, or is otherwise complex.

Microbe-associated molecular pattern (MAMP) signatures, synergy, size and charge: influences on perception or mobility and host defence responses

Triggering of defences by microbes has mainly been investigated using single elicitors or microbe-associated molecular patterns (MAMPs), but MAMPs are released in planta as complex mixtures together with endogenous oligogalacturonan (OGA) elicitor. We investigated the early responses in Arabidopsis of calcium influx and oxidative burst induced by non-saturating concentrations of bacterial MAMPs, used singly and in combination: flagellin peptide (flg22), elongation factor peptide (elf18), peptidoglycan (PGN) and component muropeptides, lipo-oligosaccharide (LOS) and core oligosaccharides. This revealed that some MAMPs have additive (e.g. flg22 with elf18) and even synergistic (flg22 and LOS) effects, whereas others mutually interfere (flg22 with OGA). OGA suppression of flg22-induced defences was not a result of the interference with the binding of flg22 to its receptor flagellin-sensitive 2 (FLS2). MAMPs induce different calcium influx signatures, but these are concentration dependent and unlikely to explain the differential induction of defence genes [pathogenesis-related gene 1 (PR1), plant defensin gene 1.2 (PDF1.2) and phenylalanine ammonia lyase gene 1 (PAL1)] by flg22, elf18 and OGA. The peptide MAMPs are potent elicitors at subnanomolar levels, whereas PGN and LOS at high concentrations induce low and late host responses. This difference might be a result of the restricted access by plant cell walls of MAMPs to their putative cellular receptors. flg22 is restricted by ionic effects, yet rapidly permeates a cell wall matrix, whereas LOS, which forms supramolecular aggregates, is severely constrained, presumably by molecular sieving. Thus, MAMPs can interact with each other, whether directly or indirectly, and with the host wall matrix. These phenomena, which have not been considered in detail previously, are likely to influence the speed, magnitude, versatility and composition of plant defences.

Accountability, completeness, credibility and the audit expectations gap

This article deals with two concerns in achieving greater accountability in social reports: the lack of completeness of reporting, and the lack of credibility of reports. The article focuses, in particular, on the role of social audits in improving the completeness and credibility of reporting, thereby reducing the audit expectations gap. We suggest that this gap arises due to an over-emphasis on the validity of performance data at the expense of addressing completeness and credibility, both of which, we argue, require stakeholder involvement. The article reviews recent guidelines aimed at ensuring that companies produce reports that are complete in all material respects including those produced by the Global Reporting Initiative and the Federation des Experts Comptables Europeens, focusing particularly on AccountAbility's AA1000 Standard and AA1000S Assurance Standard. Finally, the article considers the development of a practical approach to social audit following principles increasingly being incorporated into developing assurance guidelines aimed at reducing the audit expectations gap.

Delayed allegations of sexual abuse, complainant credibility and juror verdict

This study investigated laypersons' perceptions of memory evidence in a mock childhood sexual abuse trial. Results indicated that delay, memory type (continuous vs. recovered) and the nature of the alleged sexual assault (penetrative vs. fondling) influenced both how witnesses were perceived and the outcome of the trial.

Inflation targeting, credibility and confidence crises

We study the interplay between the central bank transparency, its credibility, and the ination target level. Based on a model developed in the spirit of the global games literature, we argue that whenever a weak central bank adopts a high degree of transparency and a low target level, a bad and self conrmed type of equilibrium may arise. In this case, an over-the-target ination becomes more likely. The central bank is considered weak when favorable state of nature is required for the target to be achieved. On the other hand, if a weak central bank opts for less ambitious goals, namely lower degree of transparency and higher target level, it may avoid condence crises and ensure a unique equilibrium for the expected ination. Moreover, even after ruling out the possibility of condence crises, less ambitious goals may be desirable in order to attain higher credibility and hence a better coordination of expectations. Conversely, a low target level and a high central bank transparency are desirable whenever the economy has strong fundamentals and the target can be fullled in many states of nature.

Optimal-state-dependent rules, credibility, and inflationary inertia

This paper examines the output losses caused by disinflation and the role of credibility in a model where pricing mIes are optimal and individual prices are rigid. Individual nominal rigidity is modeled as resulting from menu costs. The interaction between optimal pricing mIes and credibility is essential in determining the inflationary inertia. A continued period of high inflation generates an asymmetric distribution of price deviations, with more prices that are substantially lower than their desired leveIs than prices that are substantially higher than the optimal ones. When disinflation is not credible, inflationary inertia is engendered by this asymmetry: idiosyncratic shocks trigger more upward than downward adjustments. A perfect1y credible disinflation causes an immediate change of pricing rules which, by rendering the price deviation distribution less asymmetric, practically annihilates inflationary inertia. An implication of our model is that stabilization may be sucessful even when credibility is low, provided that it is preceded by a mechanism of price alignment. We also develop an analytical framework for analyzing imperfect credibility cases.