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Facts about global justice
(2014)
The recent financial crisis highlighted the limits of the "originate to distribute" model of banking, but its nexus with the macroeconomy remains unexplored. I build a business cycle model with banks engaging in credit risk transfer (CRT) under informational externalities. Markets for CRT provide liquidity insurance to banks, but the emergence of a pooling equilibrium can also impair the banks’ monitoring incentives. In normal times and in face of standard macro shocks the insurance benefits of CRT prevail and the business cycle is stabilized. In face of financial/liquidity shocks the extent of informational asymmetries is larger and the business cycle is amplified. The macro model with CRT can also reproduce well a number of macro and banking statistics over the period of rapid growth of this banks’ business model.
Objective: To examine risk of malignancy and death in patients with kidney transplant who receive the immunosuppressive drug sirolimus.
Design: Systematic review and meta-analysis of individual patient data.
Data sources: Medline, Embase, and the Cochrane Central Register of Controlled Trials from inception to March 2013.
Eligibility: Randomized controlled trials comparing immunosuppressive regimens with and without sirolimus in recipients of kidney or combined pancreatic and renal transplant for which the author was willing to provide individual patient level data. Two reviewers independently screened titles/abstracts and full text reports of potentially eligible trials to identify studies for inclusion. All eligible trials reported data on malignancy or survival.
Results: The search yielded 2365 unique citations. Patient level data were available from 5876 patients from 21 randomized trials. Sirolimus was associated with a 40% reduction in the risk of malignancy (adjusted hazard ratio 0.60, 95% confidence interval 0.39 to 0.93) and a 56% reduction in the risk of non-melanoma skin cancer (0.44, 0.30 to 0.63) compared with controls. The most pronounced effect was seen in patients who converted to sirolimus from an established immunosuppressive regimen, resulting in a reduction in risk of malignancy (0.34, 0.28 to 0.41), non-melanoma skin cancer (0.32, 0.24 to 0.42), and other cancers (0.52, 0.38 to 0.69). Sirolimus was associated with an increased risk of death (1.43, 1.21 to 1.71) compared with controls.
Conclusions: Sirolimus was associated with a reduction in the risk of malignancy and non-melanoma skin cancer in transplant recipients. The benefit was most pronounced in patients who converted from an established immunosuppressive regimen to sirolimus. Given the risk of mortality, however, the use of this drug does not seem warranted for most patients with kidney transplant. Further research is needed to determine if different populations, such as those at high risk of cancer, might benefit from sirolimus.
Library Buildings around the World" is a survey based on researches of several years. The objective was to gather library buildings on an international level starting with 1990.
The parts Germany, France, United Kingdom, United States have been thoroughly revised, supplemented and completed for this 2nd edition. A revision of the other countries is planned for the next edition.
Brachiacantha Dejean (Coccinellinae: Hyperaspidini), containing 49 species, is discussed, species described, illustrations provided, and a key to all recognized taxa included. Coccinella octopustulata F., Cleothera groendali Mulsant, Hyperaspis argentinica Weise, Hyperaspis blandula Weise, and Hyperaspis egae Crotch are transferred to Brachiacantha. Cleothera billoti parva Mulsant is recognized as a valid species and transferred to Brachiacantha. Brachiacantha arrowi Brèthes, Brachiacantha australe Leng, Brachiacantha manni Nunenmacher, and Brachiacantha propria Kirsch are recognized as synonyms of Brachiacantha groendali (Mulsant). A total of 29 new species of Brachiacantha are described; B. amber, B. anita, B. april, B. cathy, B. clara, B. charlotte, B. danielle, B. darlene, B. debbie, B. eleanor, B. emma, B. esther, B. eva, B. gail, B. hazel, B. jamie, B. joanne, B. jill, B. juanita, B. lauren, B. leslie, B. lynn, B. monica, B. pauline, B. pseudoarrowi, B. regina, B. sally, B. valerie, and B. veronica. Lectotypes are designated for B. argentinica (Weise), B. armandi (Mulsant), B. arrowi Brèthes, B. bahiensis Brethès, B. bilineata Weise, B. blandula Weise, B. bruchi Weise, B. loricata (Mulsant), B. octopustulata (F.), B. propria Kirsch.
Three new species of Pselnophorus are described from the Nearctic region. Pselnophorus chihuahuaensis Matthews, Gielis, and Watkins, Pselnophorus hodgesi Matthews, Gielis, and Watkins, and Pselnophorus kutisi Matthews, Gielis, and Watkins, are described and distinguished from the only previously named Nearctic congener Pselnophorus belfragei (Fish). Illustrations of the adults and male and female genitalia are provided along with a key to males.
The ladybeetle Anovia sp. (Coleoptera: Coccinellidae: Noviini), known as an important natural enemy of the Colombian fluted scale, Crypticeria muticicatrices Kondo and Gullan (Hemiptera: Coccoidea: Monophlebidae) is here identified as A. punica Gordon, 1972, and reported for the first time from Peru. Here we provide information and illustrations of the great variation in color and dorsal patterns of A. punica found in Colombia and Peru.
The fauna of the small carrion beetles and round fungus beetles (Leiodidae) of the oceanic islands of the West Indies is reviewed with 11 genera and 81 species recorded. Keys to adults of all genera and species, descriptions, and figures are provided to aid in identification. All species are endemic to the islands of the West Indies. Most species are endemic to a single island, but some species in the Lesser Antilles occur on more than one island. It is certain that more species remain to be discovered, especially on larger and less explored islands. Two new genera are described: Parvocyrtusa (type species Parvocyrtusa hispaniolensis), and Pseudolionothus (type species Pseudolionothus insularis). The genus Pseudoagathidium Angelini is reported from the New World for the first time with one species. The higher taxa and 61 new species and their island distributions are as follows: Cholevinae, Eucatopini, Eucatops Portevin (first West Indian record): E. annulus, Hispaniola. Ptomaphagini, Proptomaphaginus Szymczakowski (four species, no new taxa), Greater Antilles and Bahamas (new genus record). Anemadini, Dissochaetus Reitter (five species, one new species): D. santalucia, St. Lucia. Leiodinae, Agathidiini, Agathidium Panzer (first West Indian record): A. minutum, Hispaniola. Pseudoagathidium Angelini (first New World record): P. ignotum, St. Vincent. Leiodini, Isoplastus Horn (first West Indian record): I. hispaniolensis, Hispaniola. Zeadolopus Broun (five known species, 28 new species): Z. acinaces, Hispaniola; Z. angulatus, St. Vincent; Z. antiguensis, Antigua, Saba, Montserrat; Z. atratus, Cuba; Z. bahamensis, Bahamas Islands (Andros Island); Z. caborojo, Hispaniola; Z. carinatus, Jamaica; Z caymanensis, Cayman Islands (Grand Cayman); Z. cubensis, Cuba; Z. dominica, Dominica; Z. exiguus, Hispaniola; Z. flavidus, Cuba; Z. hatomayor, Hispaniola; Z. hispaniolensis, Hispaniola; Z. iviei, Hispaniola; Z. jarabacoa, Hispaniola; Z. lavega, Hispaniola; Z. longipes, Hispaniola; Z. lucidus, Cuba; Z. miniusculus, Hispaniola; Z. nanus, Hispaniola; Z. nesiotes, St. Lucia and Martinique; Z. oviedoensis, Hispaniola; Z. parvantilliensis, Montserrat, Guadeloupe, Dominica, Martinique, St. Lucia, St. Vincent, Grenada; Z. paulus, Hispaniola; Z. pedernales, Hispaniola; Z. pusillus, Cuba. Parvocyrtusa (new genus, one new species): P. hispaniolensis, Hispaniola. Pseudolionothus (new genus, two new species): P. andersoni, Cuba; P. insularis, Hispaniola. Scotocryptini, Aglyptinus Cockerell (five known species, 19 new species): A. angulatus, Hispaniola; A. bahamensis, Bahamas Islands (Andros Island); A. biserriatus, Cuba; A. capitaneus, Cuba; A. dominica, Dominica; A. fortipunctatus, Cuba; A. grandis, Hispaniola; A. grenadensis, Grenada; A. hemipterus, Jamaica; A. hispaniolensis, Hispaniola; A. longipalpus, Hispaniola; A. luciae, St. Lucia; A. maculatus, Jamaica; A. martiniquensis, Martinique; A. minutus, Cuba; A. parvoculus, Jamaica; A. parvus, St. Lucia; A. sinuatus, Cuba; A. vincentii, St. Vincent. Creagrophorus Matthews (one known species, seven new species): C. bicolor, Martinique; C. cubensis, Cuba; C. dominica, Dominica; C. hispaniolensis, Hispaniola; C. microdentatus, Hispaniola; C. santalucia, St. Lucia; C. unidentatus, St. Vincent and Grenada.
A new species of soft scale from Mexico, Toumeyella martinezi Kondo and Gonzalez sp. nov. (Hemiptera: Coccoidea: Coccidae) collected on Myrtillocactus geometrizans (Mart. ex Pfeiff.) Console (Cactaceae) is described and illustrated. An updated taxonomic key to the soft scale insects of the genus Toumeyella Cockerell known from Mexico is provided. A list of all currently known species of Toumeyella worldwide is given.
We provide new state and county records of biting midges in the genus Culicoides Latreille (Diptera: Ceratopogonidae) from the southeastern United States collected with CDC miniature light traps during 2007–2012 in Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, and Texas. The primary goals of the surveys were to identify the presence of exotic Culicoides, and determine the ranges of known and possible vectors of bluetongue virus (BTV) and epizootic hemorrhagic disease virus (EHDV). Included are the fi rst records of: Culicoides (Amossovia) beckae Wirth and Blanton from Louisiana and Mississippi, C. (A.) oklahomensis Khalaf from Alabama and Arkansas, C. (Avaritia) alachua Jamnback and Wirth from Alabama, C. (Culicoides) neopulicaris Wirth from Alabama, C. (Drymodesmyia) butleri Wirth and Hubert from Texas, C. (Hoffmania) insignis Lutz from Mississippi, C. (Oecacta) barbosai Wirth and Blanton from Georgia, C. (Silvaticulicoides) loisae Jamnback from Alabama, and C. kirbyi Glick and Mullen from Mississippi. We also provide new Florida county records for C. alachua, C. barbosai, C. (Beltranmyia) hollensis (Melander and Brues), C. insignis, and C. (Monoculicoides) sonorensis Wirth and Jones; a new Georgia county record for C. alachua; and new Alabama county records for C. insignis, and C. sonorensis.
A revised checklist for the butterfl y families Hedylidae and Hesperiidae (Lepidoptera) of Trinidad (Trinidad and Tobago) is presented, bringing nomenclature in line with modern usage, and indicating synonyms from earlier lists and papers. The following are new records for Trinidad: Thessia athesis (Hewitson), Bungalotis clusia Evans, Sarmientoia eriopis (Hewitson), Pellicia tyana toza Evans, Quadrus contubernalis contubernalis (Mabille) and Decinea decinea derisor (Mabille). The checklist includes two species of Hedylidae and 314 species of 157 genera of Hesperiidae, comprising 87 species of 37 genera of Eudaminae, 73 species of 41 genera of Pyrginae, and 154 species of 80 genera of Hesperiinae.
We clarify the taxonomy and nomenclature of several species-group names and the family-group name for the anticheirine scarabs (Scarabaeidae: Rutelinae: Rutelini), a group that includes nearly 550 species and subspecies in 44 genera and subgenera. These clarifications are necessary due to taxonomic and nomenclatural inaccuracies in recent revisionary works. We provide a list of genera included in the anticheirine scarabs sensu Soula. Numerous nomenclatural changes are necessary due to invalid type designations or misspellings: the valid type species of Aequatoria Arrow is Chlorota associata Waterhouse; the valid type species of Chlorota Burmeister is Rutela terminata Le Peletier de Saint-Fargeau and Audinet-Serville; the valid type species of Dorysthetus Blanchard is Macraspis chlorophana Burmeister; the valid type species of Anticheira Eschscholtz is Scarabaeus virens Drury. Changes to the type species of Anticheira result in new combinations: Anticheira virens virens (Drury), new combination, Anticheira virens bleuzeni (Soula), new combination and Anticheira virens jossi (Soula), new combination. Some anticheirine species names were not associated with species descriptions or type designations, making these names nomina nuda and unavailable: “Chlorota smithi”, “Macraspis cincta guatemalensis”, “Parachlorota equatoriana”, “Parachlorota pardoi”, “Pseudothyridium (Megathyridium) bousqueti”, “Theuremaripa rivae brasiliensis” and “Thyridium cupriventre blanchardi”. Dorysthaetus rufipennis Dejean is a nomen nudum and an unavailable name. We correct numerous misspellings from Soula’s five volumes on anticheirine scarabs and provide a list to avoid propagation of these errors by future researchers. Eighteen names are unavailable infrasubspecific names, and thirty-six of Soula’s names were misspelled. These names confuse and obscure ruteline systematics. Lastly, we provide a comprehensive list of infrasubspecific names in the anticheirine scarabs and we establish these as available or unavailable names.
Pocket gopher burrows were sampled from 22 counties within Arkansas to determine the associated faunal composition of three major families of Coleoptera (Histeridae, Leiodidae and Scarabaeidae) commonly associated with pocket gopher burrows. We collected eight species of Histeridae, four species of Leiodidae and eight species of Scarabaeidae from the burrows of Geomys breviceps Baird. Three of the Histeridae were new state records, Geomysaprinus goffi Ross, G. rugosifrons (Fall) and Margarinotus felipae (Lewis). All of the Leiodidae were new state records and one Scarabaeidae was a new state record, Dellacasiellus concavus (Say). The most commonly collected scarab beetles were Cryptoscatomaseter haldemani (Horn) and Geomyphilus insolitus (Brown). The most commonly collected hister beetle was Onthophilus kirni Ross. The Leiodidae were infrequently captured.
Trixagus steineri (Coleoptera: Throscidae), a new species and first genus record from The Bahamas
(2014)
Trixagus Kugelann 1794 is the second largest genus of Throscidae with 80 valid species presently assigned. Horn (1885, 1890) reviewed the species for the United States and Mesoamerica, and then Blanchard (1917) revised part of the family for Canada and the United States in a posthumous article edited by H.C. Fall. Schenkling (1928) provided the only published worldwide catalog. Yensen (1975) provided a modern revision for the species for Canada and the United States, and then (Yensen 1980) described T. cobosi from Panama and provided a new key to all of the described American species. Among these studies only T. chevrolati (Bonvouloir 1859) was recorded from southern Florida, thus being a species potentially shared with The Bahamas. Aulonothroscus bicarinatus Fleutiaux (1911, 1947) (Blackwelder 1944), from Guadeloupe, is the only other throscid species previously described from the West Indies. Prior to the work of Lawrence and Newton (1995) the subfamily Lissominae received divergent treatment and was usually treated as a subfamily of Throscidae (e.g., Schenkling 1928, Blackwelder 1944, Yensen 1975). This subfamily is represented in The Bahamas by two species of Drapetes Megerle 1821 (Turnbow and Thomas 2008). Representation of the subsequently restricted family in The Bahamas was provided by two undetermined species of Aulonothroscus Horn listed by Turnbow and Thomas (2008) from Andros, Eleuthera, and Great Inagua islands; these will be treated separately from here. The reporting of a new species of Trixagus from New Providence Island provides a second genus from the country and the entire Lucayan Archipelago, and suggests that related species of both genera from Hispaniola and Cuba are probable and await discovery (Peck 2005; Perez-Gelabert 2008).
On 23 July 2014, the U.S. Securities and Exchange Commission (SEC) passed the “Money Market Reform: Amendments to Form PF ,” designed to prevent investor runs on money market mutual funds such as those experienced in institutional prime funds following the bankruptcy of Lehman Brothers. The present article evaluates the reform choices in the U.S. and draws conclusions for the proposed EU regulation of money market funds.
Can a tightening of the bank resolution regime lead to more prudent bank behavior? This policy paper reviews arguments for why this could be the case and presents evidence linking changes in bank resolution regimes with bank risk-taking. The authors find that the tightening of bank resolution in the U.S. (i.e., the introduction of the Orderly Liquidation Authority) significantly decreased overall risk-taking of the most affected banks. This effect, however, does not hold for the largest and most systemically important banks – too-big-to-fail seems to be unresolved. Building on the insights from the U.S. experience, the authors derive principles for effective resolution regimes and evaluate the emerging resolution regime for Europe.
A recent proposal by the Financial Stability Board (FSB) suggests a new risk capital buffer for globally operating systemically important financial institutions. The suggested metric, “Total Loss Absorbing Capacity“ (TLAC), is composed of Tier-1 capital and loss absorbing debt. In a crisis situation, “bail-in-able” debt is to be written down or converted into equity. Jan Krahnen argues that the credibility of bail-in, in the case of systemically important financial institutions, hinges crucially on the design of TLAC and the requirements that will be placed on loss absorbing “bail-in-able” debt.The fear of direct systemic consequences through bail-in could be overcome, if a holding ban were placed on the “bail-in-bonds” of financial institutions. The holding ban would stipulate that these bonds cannot be held by other institutions within the banking sector.
Twenty six species of the genus Purenleon Stange (Neuroptera: Myrmeleontidae: Nemoleontini) are recognized from the New World, of which ten are described as new species: P. oaxacae, P. fernandezi, P. tibialis, P. adamsi, P. andinus, P. apache, P. aztecus, P. cavei, P. farri and P. toltecus. Neotypes are designated for Psammoleon banksi Esben-Petersen 1933 and for Formicaleo inaequalis Navás 1913. The larvae of sixteen species have been reared and are described with data on their biologies. The genus is subdivided into three species groups based mostly on leg structure. The inscriptus group consists of fi ve species, the tibialis group consists of two species and the rest of the species are in the bistictus group. Keys to the species based both on adults and larvae are provided and descriptions given.
Besides the two species at present known belonging to the genus Trichonotuloides Balthasar (T. glyptus (Bates) and T. latecrenatus (Bates)), two new Mexican species, T. alfonsinae and T. hansferyi, are herein described (Coleoptera: Scarabaeidae: Aphodiinae). The complete set of fi gures is supplied for all taxa herein dealt with.
The known range of Oxybleptes meridionalis Smetana (Coleoptera: Staphylinidae) is expanded in Florida, USA, from Indian River and Manatee counties to now include Brevard, Highlands, Orange, Seminole and Volusia. Oxybleptes davisi (Notman) is confi rmed to exist in Florida, with records from Leon, Liberty and Wakulla counties in the Panhandle, and Orange County in central Florida. Lissohypnus texanus Casey is newly reported from Florida. A new species, Lissohypnus fullertoni, is described from Florida. Diochus schaumii Kraatz reverts to this original spelling; its widespread form in Florida is identical to that in the northeastern USA.
Aleurolobus confusus David and Subramaniam and Bemisia lespedezae (Danzig) occurring on Stephanandra incisa (Thunb.) and Lespedeza bicolor Turcz. are newly documented in the Korean fauna of whiteflies (Hemiptera: Aleyrodidae). Characteristics of these species are briefly redescribed and illustrative photographs and information on their distribution and hosts are provided. A dichotomous key to whiteflies of Korea is given for correct species identification. In addition, the current status of Bemisia takahashii (Danzig) in Korea is discussed based on the results of a survey of the whiteflies of Korea and related papers.
Two new species of pselaphine staphylinids in the genus Batrisodes are described: B. (Declivodes) dorothae Ferro and Carlton from Feliciana Preserve, Louisiana; and B. (Babnormodes) spretoides Ferro and Carlton from Great Smoky Mountains National Park, Tennessee. They differ from all other described Batrisodes species in secondary male characters, especially details of the frontal region of the head. These two species bring the total diversity of the genus in North America to 88 species. Specimens were imaged using light microscopy, scanning electron microscopy, and X-ray microtomography (micro-CT) techniques. Utility of multiple imaging techniques, especially micro-CT, is discussed.
Taxonomic revision of North American Eusphalerum Kraatz, 1857 (Coleoptera, Staphylinidae, Omaliinae)
(2014)
The North American species of the genus Eusphalerum Kraatz (Coleoptera, Staphylinidae, Omaliinae) are revised. The taxonomic history, natural history, geographical distribution of the genus, characters, species groups, diversity, and biogeography of North American species are presented. Two main phylogenetic lineages and 13 species groups are provisionally recognized. The following new synonymies are proposed: Eusphalerum farrarae (Hatch, 1944) = E. lawrencei Hatch, 1957; Eusphalerum californicum (Fauvel, 1878) = E. atriventre (Casey, 1894), = E. nigerrimum (Casey, 1894), = E. gilvipenne (Casey, 1894), = E. dichroum (Fall, 1922), = E. bonnelli (Hatch, 1944), = E. lunae Hatch, 1957; Eusphalerum fraternum (Casey, 1894) = E. minskae (Hatch, 1944); Eusphalerum rugulosum (Mäklin, 1853) = E. grayae (Hatch, 1944); Eusphalerum orientale (Bernhauer, 1912) = E. frosti (Bernhauer, 1928). The following lectotypes are designated: E. subangulatum (Casey), E. californicum (Fauvel), E. gilvipenne (Casey), E. diversicolle (Casey), E. convexum (Fauvel), E. fraternum (Casey), E. horni (Fauvel), E. orientale (Bernhauer), E. pothos (Mannerheim), and E. punctatum (Casey). The following new species are described: Eusphalerum pilosum (California); E. klimaszewskii (British Columbia); E. chatzimanolisi (California); E. carolinensis (Kentucky, Missouri, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia); E. caterinoi (California); E. luteipes (California); E. thayeranum (Alberta, British Columbia, Idaho, Indiana (doubtful record), Oregon, Washington); E. margaretae (Tennessee); E. newtoni (British Columbia, Oregon, California); E. parvispiculum (California, Oregon); E. uncinatum (British Columbia, California, Oregon, Washington). Eusphalerum lapponicum (Mannerheim, 1830) is excluded from the North American fauna. The following new combination is proposed: Xylodromus segmentarius (Mäklin, 1852: 322) (ex Omalium), wrongly attributed to Eusphalerum in the literature. Omalium marginatum Say, 1832 is considered a doubtful species, probably not Eusphalerum. A key to the 27 recognized North American Eusphalerum species and a catalog of the species are provided.
Past concepts and synonymies of Anadenobolus monilicornis (Porat, 1876) (Spirobolida: Rhinocricidae), including the implied synonymy of Rhinocricus ectus Chamberlin, 1920, are consolidated into a formal account with the fi rst illustrations of the holotype. Prior to 1492, A. monilicornis was probably indigenous to an unknown number of southern Antillean islands, but through modern commerce, man has introduced it to Florida, Bermuda, Barbados, the Cayman Islands, and Jamaica, and probably repeatedly (re)introduced conspecifi c material to all the Lesser Antilles, resulting in subcontinuous gene pool mixing and reticulate evolution. A broad species concept is necessary to encompass the multitudinous variants, some of which have been recognized as species; only one true Caribbean species of Anadenobolus Silvestri, 1897, may exist, for which arboreus (Saussure, 1859) is the oldest name. The distribution of A. monilicornis presently extends from Bermuda and southern coastal Florida through the Greater and Lesser Antilles (excepting Cuba) to eastern coastal Venezuela and central Suriname, with outlier populations in Jamaica, the Cayman Islands, and Tampa Bay and the eastern Floridian panhandle; excepting Barbados, the indigenous range may have extended from Hispaniola through the same area. Introductions into Manitoba, Canada, and North Carolina, USA, have not yielded viable populations. Localities are newly recorded from St. Thomas, US Virgin Islands.
Distributional records of the 71 tiger beetle species and subspecies known for Argentina are given together with a key and habitus photos (Coleoptera: Cicindelidae). Brasiella (Brasiella) cuyabaensis Mandl, 1970 and Brasiella (Gaymara) rotundatodilatata (Horn, 1925) are reported as new for the fauna of Argentina. Brasiella (Brasiella) stamatovi (Sumlin, 1979) is transferred to Cylindera (Plectographa), becoming C. (P.) stamatovi (Sumlin), new combination. Cylindera (Plectographa) siccalacicola (Sumlin, 1979) is placed into synonymy under Cylindera (Plectographa) hassenteufeli (Mandl, 1960), new synonymy. A lectotype is designated for Cylindera (Plectographa) patagonica bergiana (Horn, 1895).
We characterize optimal redistribution in a dynastic family model with human capital. We show how a government can improve the trade-off between equality and incentives by changing the amount of observable human capital. We provide an intuitive decomposition for the wedge between human-capital investment in the laissez faire and the social optimum. This wedge differs from the wedge for bequests because human capital carries risk: its returns depend on the non-diversi
able risk of children's ability. Thus, human capital investment is encouraged more than bequests in the social optimum if human capital is a bad hedge for consumption risk.
Money is more than memory
(2014)
Impersonal exchange is the hallmark of an advanced society. One key institution for impersonal exchange is money, which economic theory considers just a primitive arrangement for monitoring past conduct in society. If so, then a public record of past actions — or memory — supersedes the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equality between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which proves to be crucial in promoting large-scale cooperation.
Five new species of Cerambycidae (Coleoptera) from Peru and Bolivia, and two new records for Peru
(2014)
The following four new species of Cerambycidae are described from Bolivia: Chrysoprasis imitatrix (Heteropsini); Carneades vigneaulti (Colobotheini); Colobothea larriveei (Colobotheini); Colobothea boliviana (Colobotheini). Esthlogena (Pseudotaxia) bella (Pteropliini) is described from Peru. A key to species of Carneades Bates, 1869 is provided. The other new species are included in previously published keys. Additionally, two new country records are reported for the fauna of Peru.
Emotions-at-risk: an experimental investigation into emotions, option prices and risk perception
(2014)
This paper experimentally investigates how emotions are associated with option prices and risk perception. Using a binary lottery, we find evidence that the emotion ‘surprise’ plays a significant role in the negative correlation between lottery returns and estimates of the price of a put option. Our findings shed new light on various existing theories on emotions and affect. We find gratitude, admiration, and joy to be positively associated with risk perception, although the affect heuristic predicts a negative association. In contrast with the predictions of the appraisal tendency framework (ATF), we document a negative correlation between option price and surprise for lottery winners. Finally, the results show that the option price is not associated with risk perception as commonly used in psychology.
This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists. Our empirical results prove that investing in such a hypothetical index provides strong financial returns. While the results show an exponential growth in sales since 2006, the geometric annual return of the MENA art index is a stable13.9 percent over the whole period. We conclude that investing in MENA paintings would have been profitable but also note that we examined the performance of an emerging art market that has only seen an upward trend without any correction, yet.
The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions (SADF test) to detect explosive behaviors directly in the time series of four different art market segments (“Impressionist and Modern”, “Post-war and Contemporary”, “American”, and “Latin American”) for the period from 1970 to 2013. We identify two historical speculative bubbles and find an explosive movement in today’s “Post-war and Contemporary” and “American” fine art market segments.
This paper investigates the impact of news media sentiment on financial market returns and volatility in the long-term. We hypothesize that the way the media formulate and present news to the public produces different perceptions and, thus, incurs different investor behavior. To analyze such framing effects we distinguish between optimistic and pessimistic news frames. We construct a monthly media sentiment indicator by taking the ratio of the number of newspaper articles that contain predetermined negative words to the number of newspaper articles that contain predetermined positive words in the headline and/or the lead paragraph. Our results indicate that pessimistic news media sentiment is positively related to global market volatility and negatively related to global market returns 12 to 24 months in advance. We show that our media sentiment indicator reflects very well the financial market crises and pricing bubbles over the past 20 years.
Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.
Determining the appropriate approach to MMF reform has been difficult. Banks regulators supported requiring MMFs to trade at a floating net asset value (NAV) rather than a stable $1 share price. By definition, a floating NAV prevents MMFs from breaking the buck but is unlikely to eliminate the risk of large redemptions in a time of crisis. Other reform proposals have similar shortcomings. More fundamentally, the SEC’s reforms may substantially reduce the utility of MMFs for many investors, which could, in turn, affect the availability of short term credit.
The shape of MMF reform has been influenced by a turf war among regulators as the SEC has battled with bank regulators both about the need for additional reforms and about the structure and timing of those reforms. Bank regulators have been influential in shaping the terms of the debate by using banking rhetoric to frame the narrative of MMF fragility. This rhetoric masks a critical difference between banks and MMFs – asset segregation. Unlike banks, MMF sponsors have assets and operations that are separate from the assets of the MMF itself. This difference has caused the SEC to mistake sponsor support as a weakness rather than a key stability-enhancing feature. As a result, the SEC mistakenly adopted reforms that burden sponsor support instead of encouraging it.
As this article explains, required sponsor support offers a novel and simple regulatory solution to MMF fragility. Accordingly this article proposes that the SEC require MMF sponsors explicitly to guarantee the $1 share price. Taking sponsor support out of the shadows embraces rather than ignores the advantage that MMFs offer over banks through asset partitioning. At the same time, sponsor support harnesses market discipline as a constraint against MMF risk-taking and moral hazard.
A new species of Nephus Mulsant (Coleoptera: Coccinellidae) from southern Florida is described: Nephus (Nephus) alyssae. This represents the fi rst member of the subgenus Nephus reported in the southeastern United States. Florida species previously placed in the genus Nephus, now placed in Scymnobius Casey, are compared with the new species.
A newly discovered population of Xystocheir brachymacris Shelley, 1996 (Polydesmida: Xystodesmidae: Xystocheirini), in Placer County (Co.), California, exhibits an unusual grayish-black color dorsally with mottled, ovoid patches at paranotal bases; it cons titutes northern generic and specifi c range extensions of ~28.4 km (17.6 mi). The gonopods differ from those in the El Dorado Co. population in having shorter/acuminate prefemoral processes and blade-like, rather than spatulate, processes “B” that angle away from the solenomere instead of overhanging it. Additionally, a strong distomedial prefemoral lobe, absent from the El Dorado population, arises from the stem in Placer Co. males. Authorship of Xystocheirini is properly attributed to Hoffman, 1980.
The rediscovery of an older available name threatens the stability of the long accepted name of Strategus oblongus (Palisot de Beauvois, 1807) (Coleoptera: Scarabaeidae) from Hispaniola. Using Article 23.9 of the International Code of Zoological Nomenclature, Scarabaeus monoceros Nicolson, 1776 is designated a nomen oblitum to maintain nomenclatural stability while its junior synonym, Scarabaeus oblongus Palisot de Beauvois, 1807, is designated a nomen protectum.
Multiple sources of confusion surround the identity of Ochodaeus grandiceps Fairmaire, 1897, from Sichuan, China (Coleoptera: Ochodaeidae). Herein the type specimen is illustrated to solve these taxonomic issues. Examination of the holotype indicates that the species must be transferred to the genus Nothochodaeus Nikolajev, 2005, resulting in a new combination. The genus Mimochodaeus Nikolajev, 2009, based on a misidentifi cation of O. grandiceps as its purported type species, is discussed. Finally, Cuban specimens had been treated erroneously as belonging to O. grandiceps, and so the species had remained undescribed. A new species, Parochodaeus perdidus, is described to accommodate them.
A gomphid male from west-central Wisconsin (Eau Claire County, North Fork Eau Claire River, 11 June 1994, K. J. Tennessen leg) with characters that are intermediate between Ophiogomphus carolus Needham, 1897 and Ophiogomphus rupinsulensis (Walsh), 1862 is described and illustrated. The specimen appears to be a hybrid based on intermediate character states of 1) color pattern (slightly closer to O. carolus), 2) hamule morphology (shaped slightly more like those of O. carolus), and 3) anal appendage morphology (slightly more like those of O. rupinsulensis).
How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop a rich overlapping generations model featuring an explicit family structure, extensive and intensive margins of labor supply, endogenous accumulation of labor market experience as well as standard intertemporal consumption-savings choices in the presence of uninsurable idiosyncratic labor productivity risk. We calibrate the model to US macro, micro and tax data and characterize the labor income tax Laffer curve under the current choice of the progressivity of the labor income tax code as well as when varying progressivity. We find that more progressive labor income taxes significantly reduce tax revenues. For the US, converting to a flat tax code raises the peak of the Laffer curve by 6%, whereas converting to a tax system with progressivity similar to Denmark would lower the peak by 7%. We also show that, relative to a representative agent economy tax revenues are less sensitive to the progressivity of the tax code in our economy. This finding is due to the fact that labor supply of two earner households is less elastic (along the intensive margin) and the endogenous accumulation of labor market experience makes labor supply of females less elastic (around the extensive margin) to changes in tax progressivity.
An adventive female Julidae (Julida), discovered in a moist, grassy depression in the Peninsula de Brunswick south of Punta Arenas, Chile, and assigned to Cylindroiulus Verhoeff, 1894, is the fi rst vouchered milliped from southern Patagonia. The southernmost milliped ever collected in Chile, South America, and the Western Hemisphere, it may also constitute the southernmost in the world as the site is only ~1,176 km (735 mi) northwest of the Antarctic Peninsula. Records are consolidated of the two families, three genera, and fi ve species of this Holarctic order that are known from South America. They are documented from Argentina, Chile, and southern Peru and Brazil; three species are known from the Juan Fernandez Islands.
US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we suggest a strategy for fitting stockholding numbers, while replicating that saving rates increase in wealth, too. The key is introducing subsistence consumption to an Epstein-Zin-Weil utility function, creating endogenous risk-aversion differences across rich and poor. A closed-form solution for the model with insurable labor-income risk serves as calibration guide for numerical simulations with uninsurable labor-income risk.
Eleven Neotropical species of Laemophloeus Dejean with antennal clubs composed of three antennomeres are reviewed, diagnosed, and illustrated. Six of the species are described as new: L. capitesculptus Thomas, n. sp., L. corporeflavus Thomas, n. sp., L. dozieri Thomas, n. sp., L. insulatestudinorum Thomas, n. sp., L. planaclavatus Thomas, n. sp., and L. taurus Thomas, n. sp. Four new synonymies are proposed: L. catharinensis Kessel (=L. incisus Sharp), new synonym; L. similans Kessel (=L. incisus Sharp), new synonym; L. distinguendus Sharp (=L. megacephalus Grouvelle), new synonym, and L. chevrolati Grouvelle (=L. lecontei Grouvelle), new synonym. A key to the species is provided.
The crape myrtle aphid Sarucallis kahawaluokalani (Kirkaldy) (Hemiptera: Aphididae) collected on Lagerstroemia indica (Lythraceae) is herein reported as a new invasive species in the city of Palmira, State of Valle del Cauca, and on San Andres island, in the State of San Andres, Old Providence and Santa Catalina, Colombia. The species is illustrated and diagnosed. A brief review of recent invasive species in Colombia, i.e., Ceroplastes rubens Maskell (Hemiptera: Coccidae), Crypticerya multicicatrices Kondo and Unruh (Hemiptera: Monophlebidae) [invasive on the island of San Andres], Diaphorina citri Kuwayama (Hemiptera: Liviidae), Harmonia axyridis (Pallas) (Coleoptera: Coccinellidae), Maconellicoccus hirsutus (Green) (Hemiptera: Pseudococcidae) and Singhiella simplex (Singh) (Hemiptera: Aleyrodidae); and other adventive (but non-invasive) species in Colombia, i.e., Anagyrus kamali Moursi (Hymenoptera: Encyrtidae), Gyranusoidea indica Shafee, Alam and Agarwal (Hymenoptera: Encyrtidae), and Tamarixia radiata (Waterston) (Hymenoptera: Eulophidae) is provided.
New North American records of Pyraloidea (Lepidoptera: Crambidae, Pyralidae) from southern Florida
(2014)
We report six new North American records, one new state record, and one rare record of pyraloid moths from southern Florida, together with diagnostic characters for all taxa. We transfer Ennomosia Amsel from Spilomelinae to Glaphyriinae, Cangetta micralis (Hampson) n. comb. from Deuterophysa Warren, and Microthyris lelex (Cramer) n. comb. from Cyclocena Möschler. We revise Pseudocabotia Blanchard and Knudson rev. stat. to a subgenus of Ancylosis Zeller, with its type species A. (P.) balconiensis (Blanchard and Knudson) n. comb., and discuss the classifi cation of Cabotia Ragonot as a subgenus of Ancylosis.