Sovereign Credit Rating Announcements and Equity Market Response: Evidence from the European Markets

This thesis examines the equity market reactions on credit rating announcements. The study covers 12 European countries during the period of 2000-2012. By using an event study methodology and daily collected stock market returns, the impact of the sovereign credit rating announcements to national stock indices is examined. The thesis finds evidence for the rating downgrades having a statistically significant negative effect on the stock markets. This finding is in line with earlier literature (see Brooks, 2004). The paper also discusses whether the changes in the sovereign credit ratings are contagious, anticipated by the market, and persistent. There is some evidence found for the contagion effects in case of downgrades, but not for upgrades. Markets seem to anticipate rating upgrades, but not downgrades. In addition, market´s reaction towards rating announcements seems not to be persistent.

The impact of leadership and quality climate on hospital performance

Objective. To explore the relationship between leadership effectiveness and health-care trust performance, taking into account external quality measures and the number of patient complaints; also, to examine the role of care quality climate as a mediator. Design. We developed scales for rating leadership effectiveness and care quality climate. We then drew upon UK national indices of health-care trust performance—Commission for Health Improvement star ratings, Clinical Governance Review ratings and the number of patient complaints per thousand. We conducted statistical analysis to examine any significant relationships between predictor and outcome variables. Setting. The study is based on 86 hospital trusts run by the National Health Service (NHS) in the UK. The data collection is part of an annual staff survey commissioned by the NHS to explore the quality of working life. Participants. A total of 17 949 employees were randomly surveyed (41% of the total sample). Results. Leadership effectiveness is associated with higher Clinical Governance Review ratings and Commission for Health Improvement star ratings for our sample (ß = 0.42, P < 0.05; ß = 0.37, P < 0.05, respectively), and lower patient complaints (ß = –0.57, P < 0.05). In addition, 98% of the relationship between leadership and patient complaints is explained by care quality climate. Conclusions. Results offer insight into how non-clinical leadership may foster performance outcomes for health-care organizations. A frequently neglected area—patient complaints—may be a valid measure to consider when assessing leadership and quality in a health-care context.

Source records of the great war : a comprehensive and readable source record of the world's great war, emphasizing the more important events, and presenting these as complete narratives in the actual words of the chief officials and most eminent leaders ... presenting documents from government archives and other authoritative sources, with outline narratives, indices, chronologies, and courses of reading on sociological movements and individual national activities /

"The war with Germany, a statistical summary by Leonard P. Ayres ... chief of the Statistics branch of the General staff": v. 7, 153 p. at end.

The contribution of multitemporal information from multispectral satellite images for automatic land cover classification at the national scale

Thesis submitted to the Instituto Superior de Estatística e Gestão de Informação da Universidade Nova de Lisboa in partial fulfillment of the requirements for the Degree of Doctor of Philosophy in Information Management – Geographic Information Systems

Assessment of terrestrial small mammals and a record of the critically endangered shrew Crocidura wimmeri in Banco National Park (Cote d'Ivoire)

This study investigated the small mammal community of the periurban Banco National Park (34 km(2)), Abidjan, Cote d'Ivoire, using identical numbers of Sherman and Longworth traps. We aimed to determine the diversity and distribution of rodents and shrews in three different habitats: primary forest, secondary forest and swamp. Using 5014 trap-nights, 91 individuals were captured that comprised seven rodent and four shrew species. The trapping success was significantly different for each species, i.e., the Longworth traps captured more soricids (31/36 shrews), whereas the Sherman traps captured more murids (37/55 mice). The most frequent species was Praomys cf. rostratus, followed by Crocidura buettikoferi, Hybomys trivirgatus and Crocidura jouvenetae. Indices of species richness (S) and diversity (H') were greatest in primary forest, followed by secondary forest and swamp. - Several expected species, such as Crocidura obscurior, were not found, whereas we captured four specimens of the critically endangered (IUCN 2012) Wimmer's shrew Crocidura wimmeri, a species that has vanished from its type locality, Adiopodoume. Therefore, Banco National Park represents an important sanctuary, not only for plants, birds and primates, but also for other small forest vertebrates.

Regional industrialisation without national growth: The Catalan industrialization and the growth of Spanish economy (1830-1861)

This paper has two main objectives. First, it provides a stylised descriptionof the Catalan industrial path of the period 1830-1861. Second, it reviewsthe evolution of the Catalan industry in the Spanish context and, thus, canserve to describe the relative importance of the Catalan industrialexperience. Consequently, it is mainly devoted to computing and analysing thegrowth rates of Catalan industries during the early phase of industrialisation.The results show that Catalonia experienced a true process ofindustrialisation during the period 1830 to 1861, but that its contributionin rapid increase in Spanish GDP was relatively small.

Cross-national neighbouring effects on European regional specialization

In undertaking an analysis of neighbouring effects on European regional patterns of specialization, this paper makes two main contributions to the literature. First, we use a spatial weight matrix that takes into consideration membership of an EU cross-border regional association. We then compare our results with those obtained using a contiguity matrix and constitute an upper bound for our parameter of interest. In a further stage, we divide the CBR associations on the basis of their longstanding and the intensity of their cooperation to determine whether the association type has a significant impact. Second, we examine the sensitivity of our results to the use of alternative relative specialization indices.

A state-space approach for measuring regional manufacturing production indices

In this paper we propose a latent variable model, in the spirit of Israilevich and Kuttner (1993), to measure regional manufacturing production. To test the validity of the proposed methodology, we have applied it for those Spanish regions that have a direct quantitative index. The results demonstrate the accuracy of the methodology proposed and show that it can overcome some of the difficulties of the indirect method applied by the INE, the Spanish National Institute of Statistics.

Interannual Variability of Upwelling Indices in the Southeastern Arabian Sea: A Satellite Based Study

Increase in sea surface temperature with global warming has an impact on coastal upwelling. Past two decades (1988 to 2007) of satellite observed sea surface temperatures and space borne scatterometer measured winds have provided an insight into the dynamics of coastal upwelling in the southeastern Arabian Sea, in the global warming scenario. These high resolution data products have shown inconsistent variability with a rapid rise in sea surface temperature between 1992 and 1998 and again from 2004 to 2007. The upwelling indices derived from both sea surface temperature and wind have shown that there is an increase in the intensity of upwelling during the period 1998 to 2004 than the previous decade. These indices have been modulated by the extreme climatic events like El–Nino and Indian Ocean Dipole that happened during 1991–92 and 1997–98. A considerable drop in the intensity of upwelling was observed concurrent with these events. Apart from the impact of global warming on the upwelling, the present study also provides an insight into spatial variability of upwelling along the coast. Noticeable fact is that the intensity of offshore Ekman transport off 8oN during the winter monsoon is as high as that during the usual upwelling season in summer monsoon. A drop in the meridional wind speed during the years 2005, 2006 and 2007 has resulted in extreme decrease in upwelling though the zonal wind and the total wind magnitude are a notch higher than the previous years. This decrease in upwelling strength has resulted in reduced productivity too.

Refinance operations of the national bank for agriculture and rural development-the kerala experience

NABARD has completed 14 years of operation.ln the light of its experiences and achievements, the performance ev.ilu.ilion of the National Bank need to be looked into.This could provide certain criteria for its strength and weakness which may help in consolidating the institution for better utilisation of its potentialities. It is also noteworthy that no evaluative study on the National Bank has been conducted in Kerala. The Major objective of this study is to evaluate the role of NABARD in catering to the long-term agricultural requirements of Kerala for 1982 to 1992.This is done by analysing the quantum and quality of NABARD's schematic refinance. The qualitative indices like (1) the efficiency of loan recovery, (2) the impact or financial viability of NABARD refinanced schemes, (3) the credit gap, (4) the commitment-disbursement gap, and (5) the imbalances in the NABARD refinance form the core of the study.Hypotheses were formulated inorder to study and analyse these qualitative indices. The study is presented in eight chapters

The geography of tyranny and despair: development indicators and the hypothesis of genetic inevitability of national inequality

Development geography has long sought to understand why inequalities exist and the best ways to address them. Dependency theory sets out an historical rationale for under development based on colonialism and a legacy of developed core and under-developed periphery. Race is relevant in this theory only insofar that Europeans are white and the places they colonised were occupied by people with darker skin colour. There are no innate biological reasons why it happened in that order. However, a new theory for national inequalities proposed by Lynn and Vanhanen in a series of publications makes the case that poorer countries have that status because of a poorer genetic stock rather than an accident of history. They argue that IQ has a genetic basis and IQ is linked to ability. Thus races with a poorer IQ have less ability, and thus national IQ can be positively correlated with performance as measured by an indicator like GDP/capita. Their thesis is one of despair, as little can be done to improve genetic stock significantly other than a programme of eugenics. This paper summarises and critiques the Lynn and Vanhanen hypothesis and the assumptions upon which it is based, and uses this analysis to show how a human desire to simplify in order to manage can be dangerous in development geography. While the attention may naturally be focused on the 'national IQ' variables as a proxy measure of 'innate ability', the assumption of GDP per capita as an indicator of 'success' and 'achievement' is far more readily accepted without criticism. The paper makes the case that the current vogue for indicators, indices and cause-effect can be tyrannical.

On the use of headline indices to link environmental quality and income at the level of the nation state

This paper deconstructs the relationship between the Environmental Sustainability Index (ESI) and national income. The ESI attempts to provide a single figure which encapsulates environmental sustainability' for each country included in the analysis, and this allied with a 'league table' format so as to name and shame bad performers, has resulted in widespread reporting within the popular presses of a number of countries. In essence, the higher the value of the ESI then the more 'environmentally sustainable' a country is deemed to be. A logical progression beyond the use of the ESI to publicise environmental sustainability is its use within a more analytical context. Thus an index designed to simplify in order to have an impact on policy is used to try and understand causes of good and bad performance in environmental sustainability. For example the creators of the ESI claim that ESI is related to GDP/capita (adjusted for Purchasing Power Parity) such that the ESI increases linearly with wealth. While this may in a sense be a comforting picture, do the variables within the ESI allow for alternatives to the story, and if they do then what are the repercussions for those producing such indices for broad consumption amongst the policy makers, mangers, the press, etc.? The latter point is especially important given the appetite for such indices amongst non-specialists, and for all their weaknesses the ESI and other such aggregated indices will not go away. (C) 2007 Elsevier Ltd. All rights reserved.

Transaction based indices for the UK commercial real estate market: an exploration using IPD transaction data

The nature of private commercial real estate markets presents difficulties for monitoring market performance. Assets are heterogeneous and spatially dispersed, trading is infrequent and there is no central marketplace in which prices and cash flows of properties can be easily observed. Appraisal based indices represent one response to these issues. However, these have been criticised on a number of grounds: that they may understate volatility, lag turning points and be affected by client influence issues. Thus, this paper reports econometrically derived transaction based indices of the UK commercial real estate market using Investment Property Databank (IPD) data, comparing them with published appraisal based indices. The method is similar to that presented by Fisher, Geltner, and Pollakowski (2007) and used by Massachusett, Institute of Technology (MIT) on National Council of Real Estate Investment Fiduciaries (NCREIF) data, although it employs value rather than equal weighting. The results show stronger growth from the transaction based indices in the run up to the peak in the UK market in 2007. They also show that returns from these series are more volatile and less autocorrelated than their appraisal based counterparts, but, surprisingly, differences in turning points were not found. The conclusion then debates the applications and limitations these series have as measures of market performance.

Are Reanalysis Data Useful for Calculating Climate Indices over South America?

Precipitation and temperature climate indices are calculated using the National Centers for Environmental Prediction/National Center for Atmospheric Research (NCEP/NCAR) reanalysis and validated against observational data from some stations over Brazil and other data sources. The spatial patterns of the climate indices trends are analyzed for the period 1961-1990 over South America. In addition, the correlation and linear regression coefficients for some specific stations were also obtained in order to compare with the reanalysis data. In general, the results suggest that NCEP/NCAR reanalysis can provide useful information about minimum temperature and consecutive dry days indices at individual grid cells in Brazil. However, some regional differences in the climate indices trends are observed when different data sets are compared. For instance, the NCEP/NCAR reanalysis shows a reversal signal for all rainfall annual indices and the cold night index over Argentina. Despite these differences, maps of the trends for most of the annual climate indices obtained from the NCEP/NCAR reanalysis and BRANT analysis are generally in good agreement with other available data sources and previous findings in the literature for large areas of southern South America. The pattern of trends for the precipitation annual indices over the 30 years analyzed indicates a change to wetter conditions over southern and southeastern parts of Brazil, Paraguay, Uruguay, central and northern Argentina, and parts of Chile and a decrease over southwestern South America. All over South America, the climate indices related to the minimum temperature (warm or cold nights) have clearly shown a warming tendency; however, no consistent changes in maximum temperature extremes (warm and cold days) have been observed. Therefore, one must be careful before suggesting an), trends for warm or cold days.