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If there is one thing to be learned from David Foster Wallace, it is that cultural transmission is a tricky game. This was a problem Wallace confronted as a literary professional, a university-based writer during what Mark McGurl has called the Program Era. But it was also a philosophical issue he grappled with on a deep level as he struggled to combat his own loneliness through writing. This fundamental concern with literature as a social, collaborative enterprise has also gained some popularity among scholars of contemporary American literature, particularly McGurl and James English: both critics explore the rules by which prestige or cultural distinction is awarded to authors (English; McGurl). Their approach requires a certain amount of empirical work, since these claims move beyond the individual experience of the text into forms of collective reading and cultural exchange influenced by social class, geographical location, education, ethnicity, and other factors. Yet McGurl and English's groundbreaking work is limited by the very forms of exclusivity they analyze: the protective bubble of creative writing programs in the academy and the elite economy of prestige surrounding literary prizes, respectively. To really study the problem of cultural transmission, we need to look beyond the symbolic markets of prestige to the real market, the site of mass literary consumption, where authors succeed or fail based on their ability to speak to that most diverse and complicated of readerships: the general public. Unless we study what I call the social lives of books, we make the mistake of keeping literature in the same ascetic laboratory that Wallace tried to break out of with his intense authorial focus on popular culture, mass media, and everyday life.
The papers in this volume were originally presented at the Workshop on Bantu Wh-questions, held at the Institut des Sciences de l’Homme, Université Lyon 2, on 25-26 March 2011, which was organized by the French-German cooperative project on the Phonology/Syntax Interface in Bantu Languages (BANTU PSYN). This project, which is funded by the ANR and the DFG, comprises three research teams, based in Berlin, Paris and Lyon. The Berlin team, at the ZAS, is: Laura Downing (project leader) and Kristina Riedel (post-doc). The Paris team, at the Laboratoire de phonétique et phonologie (LPP; UMR 7018), is: Annie Rialland (project leader), Cédric Patin (Maître de Conférences, STL, Université Lille 3), Jean-Marc Beltzung (post-doc), Martial Embanga Aborobongui (doctoral student), Fatima Hamlaoui (post-doc). The Lyon team, at the Dynamique du Langage (UMR 5596) is: Gérard Philippson (project leader) and Sophie Manus (Maître de Conférences, Université Lyon 2). These three research teams bring together the range of theoretical expertise necessary to investigate the phonology-syntax interface: intonation (Patin, Rialland), tonal phonology (Aborobongui, Downing, Manus, Patin, Philippson, Rialland), phonology-syntax interface (Downing, Patin) and formal syntax (Riedel, Hamlaoui). They also bring together a range of Bantu language expertise: Western Bantu (Aboronbongui, Rialland), Eastern Bantu (Manus, Patin, Philippson, Riedel), and Southern Bantu (Downing).
This paper reconsiders the effect of investor sentiment on stock prices. Using survey-based sentiment indicators from Germany and the US we confirm previous findings of predictability at intermediate time horizons. The main contribution of our paper is that we also analyze the immediate price reaction to the publication of sentiment indicators. We find that the sign of the immediate price reaction is the same as that of the predictability at intermediate time horizons. This is consistent with sentiment being related to mispricing but is inconsistent with the alternative explanation that sentiment indicators provide information about future expected returns. JEL Classification: G12, G14 Keywords: Investor Sentiment , Event Study , Return Predictability
The aim of this paper is to give the semantic profile of the Greek verb-deriving suffixes -íz(o), -én(o), -év(o), -ón(o), -(i)áz(o), and -ín(o), with a special account of the ending -áo/-ó. The patterns presented are the result of an empirical analysis of data extracted from extended interviews conducted with 28 native Greek speakers in Athens, Greece in February 2009. In the first interview task the test persons were asked to force(=create) verbs by using the suffixes -ízo, -évo, -óno, -(i)ázo, and -íno and a variety of bases which conformed to the ontological distinctions made in Lieber (2004). In the second task the test persons were asked to evaluate three groups of forced verbs with a noun, an adjective, and an adverb, respectively, by using one (best/highly acceptable verb) to six (worst/unacceptable verb) points. In the third task nineteen established verb pairs with different suffixes and the ending -áo/-ó were presented. The test persons were asked to report whether there was some difference between them and what exactly this difference was. The differences reported were transformed into 16 alternations. In the fourth task 21 established verbs with different suffixes were presented. The test persons were asked to give the "opposite" or "near opposite" expression for each verb. The rationale behind this task was to arrive at the meaning of the suffixes through the semantics of the opposites. In the analysis Rochelle's Lieber's (2004) theoretical framework is used. The results of the analysis suggest (i) a sign-based treatment of affixes, (ii) a vertical preference structure in the semantic structure of the head suffixes which takes into account the semantic make-up of the bases, and (iii) the integration of socioexpressive meaning into verb structures.
This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables the group to offer insurance with less default risk and at lower premiums than is optimal for standalone insurers. We also take into account that shareholders of groups could find it more difficult to prevent inefficient overinvestment or cross-subsidisation, which we model by higher dead-weight costs of carrying capital. The tradeoff between risk diversification on the one hand and higher dead-weight costs on the other can result in group building being beneficial for shareholders but detrimental for policyholders.
Depending on the point of time and location, insurance companies are subject to different forms of solvency regulation. In modern regulation regimes, such as the future standard Solvency II in the EU, insurance pricing is liberalized and risk-based capital requirements will be introduced. In many economies in Asia and Latin America, on the other hand, supervisors require the prior approval of policy conditions and insurance premiums, but do not conduct risk-based capital regulation. This paper compares the outcome of insurance rate regulation and risk-based capital requirements by deriving stock insurers’ best responses. It turns out that binding price floors affect insurers’ optimal capital structures and induce them to choose higher safety levels. Risk-based capital requirements are a more efficient instrument of solvency regulation and allow for lower insurance premiums, but may come at the cost of investment efforts into adequate risk monitoring systems. The paper derives threshold values for regulator’s investments into risk-based capital regulation and provides starting points for designing a welfare-enhancing insurance regulation scheme.
Depending on the point of time and location, insurance companies are subject to different forms of solvency regulation. In modern regulation regimes, such as the future standard Solvency II in the EU, insurance pricing is liberalized and risk-based capital requirements will be introduced. In many economies in Asia and Latin America, on the other hand, supervisors require the prior approval of policy conditions and insurance premiums, but do not conduct risk-based capital regulation. This paper compares the outcome of insurance rate regulation and riskbased capital requirements by deriving stock insurers’ best responses. It turns out that binding price floors affect insurers’ optimal capital structures and induce them to choose higher safety levels. Risk-based capital requirements are a more efficient instrument of solvency regulation and allow for lower insurance premiums, but may come at the cost of investment efforts into adequate risk monitoring systems. The paper derives threshold values for regulator’s investments into risk-based capital regulation and provides starting points for designing a welfare-enhancing insurance regulation scheme.