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A tale of two lost archives
(2009)
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.
This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth. Keywords: small business lending, credit access, public banks JEL Classifications: G21, D21
Local interactions between particles of a collection causes all particles to reorganize in new positions. The purpose of this paper is to construct an energy-based model of self-organizing subgroups, which describes the behavior of singular local moves of a particle. The present paper extends the Hegselmann-Krause model on consensus dynamics, where agents simultaneously move to the barycenter of all agents in an epsilon neighborhood. The Energy-based model presented here is analyzed and simulated on finite metric space. AMS Subject Classifications:81T80; 93A30; 37M05; 68U20
In Lango, Northern Uganda, 20 years of war, cattle rustling and HIV/AIDS have resulted in widespread loss of life, population displacement, and loss of property. In spite of this turmoil, some traditional cultural practices, such as widow inheritance, early child marriage, and widow cleansing continued, although they were increasingly seen to conflict with ‘modern’ development thinking, especially when infringing women and children’s rights. External development actors first tried to address this situation by ‘sensitising’ communities, but with limited success. It however soon became evident that clan leaders were instrumental in perpetuating cultural practices: in the early 2000’s, they became increasingly identified as key actors to address harmful traditions and to resolve conflicts. With the many trials faced by local communities, women’s roles in supporting the family institution and upholding cultural values had however expanded too. Several development organisations were established to address the challenges related to these changes and one was the Lango Female Clan Leaders’ Association, with a focus on promoting girls’ education and access to justice for women. This case study examines the role that these female clan leaders have successfully played in tackling current gender- related challenges. It explores the interface between traditional and modern gender concepts and the value of working with cultural resource persons to address cultural challenges. The study involved desk research, field based semistructure interviews, focus group discussions with 30 respondents and key informants, and a validation write-shop, all held in the course of 2008.
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) ....
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
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.
In late 2006/early 2007, the Cultural Research Centre (CRC), with financial and technical support from the Cross-Cultural Foundation of Uganda, carried out research in Iganga and Namutumba districts to gauge the impact of the introduction of the local language as a medium of instruction in ‘pilot’ lower primary school classes. Our research was in response to new circumstances in Uganda’s education sector, with Government introducing teaching in local languages in lower primary classes from February 2007. This was accompanied by a “thematic curriculum”, to develop early childhood skills that are fundamental to continuing educational performance in numeracy, literacy and life skills. This was a departure from the earlier emphasis on the acquisition of facts in various subjects in primary schools, mostly focusing on recall, and mostly taught in English. This nationwide policy followed a pilot initiative in four districts, including Iganga (later split into Iganga and parts of Namutumba districts), where 15 pilot schools had been chosen. Instruction in Lusoga in Primary 1 to 3 classes started there in 2005, following a period of teacher training. From the outset however, parents, teachers, pupils and others raised questions: was teaching in the local language possible, and would it make a positive difference to learning?
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.
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.
Over the last four decades the literature on bond rating changes and its effects on security prices increased significantly with almost all studies not controlling for the respective reason for those. We therefore investigate the impact of rating events on the stock and the credit default swap (CDS) market incorporating rating reviews and rating changes together with the reason mentioned by the rating agency. Our results for the general effects are in line with prior findings but conditioning on the respective reason shows that the markets’ anticipation of rating actions is largely driven by events due to changes in firms’ operating performance. Furthermore, we provide empirical evidence for the hypothesis in prior literature that a surprise downgrade does not necessarily have to be bad news for stockholders when wealth is transferred from bondholders, but negative rating actions are always bad news for bondholders. The results additionally reveal increasing rating announcement effects by declining credit quality of firms for both rating reviews and changes. JEL Classification: D82, G14, G20. Keywords: Credit Default Swaps, Credit Ratings, Credit Rating Reasons, Event Study.
The main goal of this article is to define the problem of vowel duration in Civili (H12a). It shows that the so-called Civili vowel-length desperately needs to be re-examined, because previous works on the sound system of this language hardly explain a number of phonological phenomena, such as vowel lengthening, on the basis of data at hand. Demonstrating the problem in question, the author first reviews previous works that all identify a vowel lengthening in Civili. From different analyses the complexity of the phenomenon is found out by observing differences from an analysis to another, and by regarding difficulties the different phonologists came up against. Then, the problem is also seen through the weakness of each analysis results. This eventually shows more aspects of the vowel duration issue, and leads the author to make a clear distinction between vowel length and vowel lengthening that can be all regarded as only vowel duration. Finally, the article shares a possible way for a solution through an experimental approach of the Civili sound system.
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).
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.