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In a recently published study on mineral waters from various manufacturers, scientists at Johann Wolfgang Goethe University Frankfurt established that some of the samples exam-ined in an in vitro test system revealed the presence of not otherwise specified substances with hormone-like activity. The scientists noted that this effect was determined more particu-larly in samples taken from mineral water in bottles made of the plastic, PET. Amongst the public at large this prompted questions about the potential health impact of drinking mineral water from PET bottles. The Federal Institute for Risk Assessment (BfR) has undertaken an initial, provisional assessment of the study findings.
Traditional New Keynesian models prescribe that optimal monetary policy should aim at price stability. In the absence of a labor market frictions, the monetary authority faces no unemployment/inflation trade-off. I study the design of optimal monetary policy in a framework with sticky prices and matching frictions in the labor market. Optimal policy features deviations from price stability in response to both productivity and government expenditure shocks. When the Hosios 1990 condition is not met, search externalities make the flexible price allocation unfeasible. Optimal deviations from price stability increase with workers’ bargaining power, as firms´ incentives to post vacancies fall and unemployment fluctuates above the Pareto efficient one.
Recent empirical research suggests that measures of investor sentiment have predictive power for future stock returns at intermediate and long horizons. Given that sentiment indicators are widely published, smart investors should exploit the information conveyed by the indicator and thus trigger an immediate market response to the publication of the sentiment indicator. The present paper is the first to empirically analyze whether this immediate response can be identified in the data. We use survey-based sentiment indicators from two countries (Germany and the US). Consistent with previous research we find predictability at intermediate horizons. However, the predictability in the US largely disappears after 1994. Using event study methodology we find that the publication of sentiment indicators affects market returns. The sign of this immediate response is the same as the sign of the intermediate horizon predictability. This is consistent with sentiment being related to mispricing but is inconsistent with the sentiment indicator providing information about future expected returns.
JEL-Classification: G12, G14
The northern plains of Saudi Arabia are an area of approximately 231,000 km2, or roughly equivalent to the size of the whole of the United Kingdom. During previous ABBA Surveys in this area in late winter and spring significant numbers of wintering species such as Dotterel Charadrius morinellus, sandgrouse Pterocles sps and eagles and vultures have been recorded, as well as the threatened Sociable Plover Vanellus gregarius. The main objective of ABBA Survey 40 (30 January - 28 February 2009) was to assess wintering populations of these birds in northern Arabia through sampling methods. In all 21 timed walked censuses in the early morning and 25 driven transect counts (over a total distance of 1511 km) were carried out. Unfortunately most of the region had suffered a severe drought over an extended period, perhaps the previous ten years or longer, and in most of the survey area there had been no rain at all during the winter/spring period of 2008/2009. This lack of rain had resulted in a complete lack of green vegetation in most of the western part of the area studied. Consequently the census results showed low species diversity and small populations.
There is every reason to welcome the revised edition (2009) of Thomas Olander’s dissertation (2006), which I have criticized elsewhere (2006). The book is very well written and the author has a broad command of the scholarly literature. I have not found any mistakes in Olander’s rendering of other people’s views. This makes the book especially useful as an introduction to the subject. It must be hoped that the easy access to a complex set of problems which this book offers will have a stimulating effect on the study of Balto-Slavic accentology.
West Slavic accentuation
(2009)
At the time of the earliest reconstructible dialectal divergences, which belong to the Late Middle Slavic period of my chronology (stages 7.0 - 8.0 of Kortlandt 1989a, 2003, 2008), the West Slavic languages represented the most conservative part of the Slavic dialects (cf. Kortlandt 1982b: 191 and 2003: 231).
It appears that the complexity of Slavic historical accentology is prohibitive for most non-specialists in the field. It may therefore be useful to approach the subject from a number of different angles in order to render it more accessible to a wider audience. In the following I shall discuss the separate accent paradigms and their development from the Late Balto-Slavic system, which is structurally similar to that of modern Lithuanian, up to the end of the Proto-Slavic period, when the system resembled what we find in modern Serbo-Croatian. The numbering of the stages 1.0 through 10.12 is the same as in my earlier publications (1989, 2003, 2005, 2006a, 2008b). For the rise and development of the accentual system up to the end of the Balto-Slavic period I may refer to my discussion (2006b, 2008a) of Olander’s dissertation (2006). It resulted in a system of four major and two minor accent types.
When at the end of Hans Sachs' tragedy of Tristrant, dated February 7th, 1553, the herold takes the floor, he calls to the audience to recognize that this is a tragedy, Auß der wird offentlich erkendt, Wie solche unorndliche lieb Hat so ein starck mechtigen trieb, Wo sie einnimbt ein junges hertz Mit bitter angst, senenden schmertz, Darinn sie also heftig wüt, Verkert hertz, sin, vernunft und gmüt, Wird leichtfertig, verwegen gantz, Schlecht seel, lieb, ehr, gut in die schantz, Acht fürbas weder sitten noch tugent, (184,32-185,3) (1) ....