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The Chanukah omission
(2008)
In a charter issued on 5 May 1513, the mayor and city council of the city of Freiburg/Breisgau reported that several citizens wanted to be allowed to establish a bruderschaft der sengerye, a confraternity of singing. “God, the almighty, would be praised thereby, the souls would be consoled, and all men listening to the concerts would be kept from blasphemy, gaming and other secular vices” (“gott der allmechtig [würde] dardurch gelopt, die selen getröst und die menschen zu zyten, so sy dem gesang zuhorten, von gotslesterung, ouch vom spyl vnd anderer weltlicher uppigkeyt gezogen”). Considering not least the “positive effects on the pour souls” (“guettaeten, so den armen selen dardurch nachgeschechen mocht”), the request was allowed. But the petitioners had to establish their bruderschaft in exactly the form that is described in detail in the regulations (ordnung) added to the request and cited “word for word” (“von wort zu wort”) in 17 articles in the foundation charter of the confraternity.
Hong Kong’s Linked Exchange Rate System (LERS) has been in operation for twenty-five years during which time many other fixed exchange rate systems have succumbed to shocks and/or speculative attacks. This fact alone suggests that the LERS is a robust system which enjoys a large measure of credibility in financial markets. This paper intends to investigate whether this is indeed the case, and whether it has been the case throughout its 25-year history. In particular we will use the tools of modern finance to extract information from financial asset prices about market expectations that are related to the credibility of the LERS. The main focus is on how market participants ‘judged’ the various changes made to the LERS, such as the ‘seven technical measures’ introduced in September 1998 and the ‘three refinements’ made in May 2005. These changes have been characterizes as making the system less discretionary over time, and we hypothesize that they have also made it more credible as revealed in the prices of exchange rate related asset prices. We also investigate the relationship between interest rates and exchange rates in the current system in light of modern models of target-zone exchange rate systems. We will examine whether the intramarginal intervention in November 2007 changed the dynamic properties of the exchange rate as suggested by such models.
Ribosome biogenesis in eukaryotes requires the participation of a large number of ribosome assembly factors. The highly conserved eukaryotic nucleolar protein Nep1 has an essential but unknown function in 18S rRNA processing and ribosome biogenesis. In Saccharomyces cerevisiae the malfunction of a temperature-sensitive Nep1 protein (nep1-1ts) was suppressed by the addition of S-adenosylmethionine (SAM). This suggests the participation of Nep1 in a methyltransferase reaction during ribosome biogenesis. In addition, yeast Nep1 binds to a 6-nt RNA-binding motif also found in 18S rRNA and facilitates the incorporation of ribosomal protein Rps19 during the formation of pre-ribosomes. Here, we present the X-ray structure of the Nep1 homolog from the archaebacterium Methanocaldococcus jannaschii in its free form (2.2 Å resolution) and bound to the S-adenosylmethionine analog S-adenosylhomocysteine (SAH, 2.15 Å resolution) and the antibiotic and general methyltransferase inhibitor sinefungin (2.25 Å resolution). The structure reveals a fold which is very similar to the conserved core fold of the SPOUT-class methyltransferases but contains a novel extension of this common core fold. SAH and sinefungin bind to Nep1 at a preformed binding site that is topologically equivalent to the cofactor-binding site in other SPOUT-class methyltransferases. Therefore, our structures together with previous genetic data suggest that Nep1 is a genuine rRNA methyltransferase.
The Day God Blinked
(2008)
The Day God Blinked x-rays the politico-economic and socio-moral life of a rich and resourceful country called Ewawa from 1982 to 2007. The country had been ruled by a dynamic and insightful miser known as the Old Man. But because he had been in power for too long, his citizens longed for change. It happened when nobody expected it. The old man died suddenly in his sleep and was replaced by his handpicked successor. Unfortunately, the successor whom everybody had expected would do better plunged the country into terrible economic and moral crises. Lucia, the protagonist, narrates her predicament. To her, Ewawa is rotten in all totality. There is nowhere to turn for salvation. The custodians of the economic, social, moral and spiritual values of the land are not up to the task. The country is without hope. Is all doomed?
Previous evidence suggests that less liquid stocks entail higher average returns. Using NYSE data, we present evidence that both the sensitivity of returns to liquidity and liquidity premia have significantly declined over the past four decades to levels that we cannot statistically distinguish from zero. Furthermore, the profitability of trading strategies based on buying illiquid stocks and selling illiquid stocks has declined over the past four decades, rendering such strategies virtually unprofitable. Our results are robust to several conventional liquidity measures related to volume. When using liquidity measure that is not related to volume, we find just weak evidence of a liquidity premium even in the early periods of our sample. The gradual introduction and proliferation of index funds and exchange traded funds is a possible explanation for these results.
Vertov defined the basic qualities of his Cine-Eye by means of a simple negation: it sees what remains inaccessible to the human eye. This means that in his films we see media-based and media-produced images that have nothing to do with the imitation of human perception. According to Vertov, such filmic, telescopic, or microscopic perception develops, educates, and expands the viewer’s analytical abilities. Thus, we have on the one hand a media-induced perception and on the other a new assemblage or montage of the fragments of this mediated perception. This new montage is based on a specific interaction and follows poetic rather than prosaic rules. It is freed from such constraints as time, space, causality, or speed. In other words it is based on properly media-specific qualities and, following the terminology of the Russian Futurists who influenced Vertov in his youth, it constitutes zaum or transrationality.
The case for privatization, whether defined in a broad or narrow sense, has been forcefully made by its advocates against the backdrop of the much advertised poor performances of state-owned enterprises (SOEs) and theoretical arguments relating to the efficiency of private firms over public enterprises. Consequently, privatization and commercialization have been key components of the structural adjustment programmes foisted by the Bretton Woods institutions on Third World countries. Yet, the empirical findings on privatization, especially outside Africa where they exist, do not portray the strategy to be a panacea that works in all circumstances in all branches of economic activity. In spite of this, since the late 1980s, privatization has been stepped up in almost all African countries. And after about two decades of vigorous implementation of privatization programmes in Africa, there is a compelling need for a comprehensive and systematic analysis of various privatization issues, particularly the economic and social impact. This book thus establishes a clear case for a comprehensive and systematic analysis of the impact of privatization in Africa. Specifically, the book provides a state-of-the art review of privatization issues and research questions as a prelude to an in-depth study of the economic and social impact of privatization. In the light of the rich insights brought to bear on the issues, this book should stimulate the interest of researchers, donors and policy makers to undertake or support the follow-up in-depth research envisaged.
Based on a unique dataset of legislative changes in industrial countries, we identify events that strengthen the competition control of mergers and acquisitions, analyze their impact on banks and non-financial firms and explain the different reactions observed with specific regulatory characteristics of the banking sector. Covering nineteen countries for the period 1987 to 2004, we find that more competition-oriented merger control increases the stock prices of banks and decreases the stock prices of non-financial firms. Bank targets become more profitable and larger, while those of non-financial firms remain mostly unaffected. A major determinant of the positive bank returns is the degree of opaqueness that characterizes the institutional setup for supervisory bank merger reviews. The legal design of the supervisory control of bank mergers may therefore have important implications for real activity.