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Central banks sowing the seeds for a green financial sector? NGFS membership and market reactions
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In December 2017, during the One Planet Summit in Paris, a group of eight central banks and supervisory authorities launched the “Network for Greening the Financial Sector” (NGFS) to address challenges and risks posed by climate change to the global financial system. Until 06/2023 an additional 69 central banks from all around the world have joined the network. We find that the propensity to join the network can be described as a function in the country’s economic development (e.g., GDP per capita), national institutions (e.g., central bank independence), and performance of the central bank on its mandates (e.g., price stability and output gap). Using an event study design to examine consequences of network expansions in capital markets, we document that a difference portfolio that is long in clean energy stocks and short in fossil fuel stocks benefits from an enlargement of the NGFS. Overall, our results suggest that an increasing number of central banks and supervisory authorities are concerned about climate change and willing to go beyond their traditional objectives, and that the capital market believes they will do so.
Despite a number of helpful changes, including the adoption of an inflation target, the Fed’s monetary policy strategy proved insufficiently resilient in recent years. While the Fed eased policy appropriately during the pandemic, it fell behind the curve during the post-pandemic recovery. During 2021, the Fed kept easing policy while the inflation outlook was deteriorating and the economy was growing considerably faster than the economy’s natural growth rate—the sum of the Fed’s 2% inflation goal and the growth rate of potential output.
The resilience of the Fed’s monetary policy strategy could be enhanced, and such errors be avoided with guidance from a simple natural growth targeting rule that prescribes that the federal funds rate during each quarter be raised (cut) when projected nominal income growth exceeds (falls short) of the economy’s natural growth rate. An illustration with real-time data and forecasts since the early 1990s shows that Fed policy has not persistently deviated from this simple rule with the notable exception of the period coinciding with the Fed’s post-pandemic policy error.
In this study, we unpack the ESG ratings of four prominent agencies in Europe and find that (i) each single E, S, G pillar explains the overall ESG score differently,(ii) there is a low co-movement between the three E, S, G pillars and (iii) there are specific ESG Key Performance Indicators (KPIs) that are driving these ratings more than others. We argue that such discrepancies might mislead firms about their actual ESG status, potentially leading to cherry-picking areas for improvement, thus raising questions about the accuracy and effectiveness of ESG evaluations in both explaining sustainability and driving capital toward sustainable companies.
What are the aggregate and distributional consequences of the relationship be-tween an individual’s social network and financial decisions? Motivated by several well-documented facts about the influence of social connections on financial decisions, we build and calibrate a model of stock market participation with a social network that emphasizes the interplay between connectivity and network structure. Since connections to informed agents help spread information, there is a pivotal role for factors that determine sorting among agents. An increase in the average number of connections raises the average participation rate, mostly due to richer agents. A higher degree of sorting benefits richer agents by creating clusters where information spreads more efficiently. We show empirical evidence consistent with the importance of connectivity and sorting. We discuss several new avenues for future research into the aggregate impact of peer effects in finance.
Amendments in SEPA regulations, new rules for alternative investment fund managers, and the modernization of the UCITS framework, as well as the upcoming implementation of DORA and MiCA.
We delve into the EU's regulatory changes aimed at boosting transparency in sustainable investments. By examining disparities among ESG rating agencies, we assess how these differences challenge standardization and consensus. Our analysis underscores the critical need for clearer ESG assessments to guide the sustainable investment landscape.
The enigmatic ‘y-larvae’ (Thecostraca: Facetotecta) are microscopic marine planktonic crustaceans that were discovered more than a century ago, yet to this day their adults remain unknown. Despite occurring locally in large diversities, and therefore presumably being of ecological importance, only 17 species have been described globally, rendering it practically impossible to identify any y-larval specimen from any locality. The fact that species have been based on different life stages (nauplii and/or cyprids) further hampers identification. Y-larvae include many forms with planktotrophic (feeding) nauplii and even more with lecithotrophic (non-feeding) nauplii. At one coral-reef locality on the shore of Sesoko Island (Okinawa, Japan), extensive fieldwork in 2018 and 2019 confirmed an enormous taxonomic diversity of y-larvae there. Here, we present morphological diagnoses and an identification key for 34 lecithotrophic y-naupliar types (or morphospecies), which will correspond minimally to the same number of species when described. As a temporary measure, all are referred to by alphabetical parataxonomic designations, except for three that have been formally described already within the genus Hansenocaris Itô, 1985. To this should be added an additional 7–9 planktotrophic y-naupliar morphospecies, which are only treated briefly. Most often, y-larval taxonomy has been based on the cyprid stage, but the large morphological diversity of y-nauplii suggests that nauplii are at least as important for taxonomy. Lecithotrophic y-nauplii display a multitude of body shapes, the form-evolution of which is discussed here with reference to a recent molecular phylogeny of Facetotecta partly based on material from the same site. An indirect estimate of the relative abundances of all 34 lecithotrophic y-naupliar morphospecies is presented, based on laboratory-reared final-instar specimens. This treatment is intended as a step towards a proper taxonomy and a revised classification of Facetotecta, which will involve detailed descriptions of both nauplii and cyprids. Until such work progresses, the present overview of the y-naupliar fauna of a single Okinawan locality known to be a hotspot of y-larval diversity is offered as a baseline for further surveys of Facetotecta elsewhere in the Indo-West Pacific and beyond.
Two new species of aulacid wasps, Pristaulacus iuliae Turrisi & Nobile sp. nov. from South India (Karnataka) and Pristaulacus ninae sp. nov. from Peninsular Malaysia (Pahang), are described, figured and compared with most related species. Based on the present addition, the Indomalayan area currently includes 27 species of Pristaulacus Kieffer out of 61 known from the whole Oriental Region, which is however a largely underestimated number. An identification key to species and an updated checklist of Pristaulacus occurring in the Indomalayan area are provided.
I discuss the investigation of heavy exotic mesons using lattice QCD static potentials and the Born-Oppenheimer approximation. I summarize selected recent results for b¯b¯qq tetraquarks, for I = 0 bottomonium and for I = 1 bottomonium.
We create an alternative version of the present utility value formula to explicitly show that every store-of-value in the economy bears utility-interest (non-pecuniary income) for ist holder regardless of possible interest earnings from financial markets. In addition, we generalize the well-known welfare measures of consumer and producer surplus as present value concepts and apply them not only for the production and usage of consumer goods and durables but also for money and other financial assets. This helps us, inter alia, to formalize the circumstances under which even a producer of legal tender might become insolvent. We also develop a new measure of seigniorage and demonstrate why the well-established concept of monetary seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money and financial instruments such as debt certificates to become – somewhat paradoxically – net wealth of the society.
Yes, they are. The securities services industry is at a tipping point of its digital transformation and will now see industry solutions to scale. We identify three fundamental drivers being adopted more broadly: cloud migration, data, and digitization. This triage also drives the scaling of Clearstream’s digital infrastructure D7, one of the leading digital infrastructures globally.
This study explores high-frequency cross-asset lead-lag relationships for various market microstructure dimensions. Utilizing data from stocks, futures, and exchange traded products, the findings uncover significant lead-lag patterns, particularly among fundamentally related instruments. Our results demonstrate that knowledge about lead-lag relationships can be leveraged for forecasting short-term changes in financial markets.
Nowadays, firms lack information to derive the share of wallet, a vital metric that identifies how much additional spending a firm could capture from each customer. However, decoding Blockchain data enables observing all transactions of each wallet, respectively customer, on the Ethereum NFT market. To shed light on the share of wallet, we analyzed 22.7 million transactions from over 1.3 million customers across eight competing firms on the Ethereum NFT market.
In a year marked by challenging market dynamics, the importance of ESG investments remains unwavering. But the wave of ESG regulations and requests generates a demand for more scalable ways to collect and analyze ESG data. The rise of AI could mark a turning point in an industry heavily burdened by reporting requirements, and unlock the true potential of ESG for businesses and investors alike.
Thomas Bowrey, who was an employee of the British colonial government, visited the Malay-speaking region at the end of the 17th century and published a dictionary of Malay (1701) which consists of 12,683 headwords. It is one of the oldest and largest collections of data on this language, which was the first language of the people he came into contact with while travelling through the Malay Peninsula, spending most of his time in harbours along its west coast. Malay, which was spoken in the various trading centres of this area (e.g. Penang, Malacca), had long previously begun to develop into a form of lingua franca during Bowrey’s stay there due to the fact that traders, especially those from Arabic countries (beginning in the 12th century), China (from the 15th century onwards), Portugal (since 1511), the Netherlands (since 1641), and less so from England, came into contact with Malays speaking their local dialects in the various trading posts in Malaya and probably began to become acquainted with the trade-language variant. Thus, Bowrey must have observed and recorded elements of both.
The data he collected is not limited to Malay variants spoken in coastal areas, but includes material from dialects which he encountered during his travels throughout the Malay Peninsula, though without, however, describing the locations in which he took notes on the lexicon and clauses. Not all of his material was written into manuscript form during his stay in Southeast Asia. A large part of his notes taken in situ were prepared for publication during his long journey home. His notes, which were used to print his dictionary, are in part kept in British libraries. Most of the material accessible to the public was studied during the preparation of this thesis.
Earlier works on this dictionary are quite limited in scope. They deal with very specific aspects such as the meanings of headwords found between the letters A and C (Rahim Aman, 1997 & 1998), and the work of Nor Azizah, who deals with the lexical change found in Bowrey’s dictionary between D and F, and syntactic and sociolinguistic aspects (Mashudi Kader, 2009), and collective nouns by Tarmizi Hasrah (2010). This study will discuss Bowrey’s dictionary as a whole in order to describe its contribution to our knowledge of linguistic and non-linguistic facts in 17th century Malaya. Besides analysing Malay synchronically, this thesis also deals with historical-comparative questions and asks whether Bowrey contributes to our knowledge of the changes to the Malay language between the 17th and 21st centuries.
In order to answer the research questions, this study not only relies on the dictionary in its entirety, but also on the notes found in British libraries as well as other material on early Malay, such as the Pigafetta list (1523), Houtman (1598–1603), and the Wilkinson dictionary (1901) as a complement to Bowrey’s dictionary; at the same time, the Malay Concordance Project (online), the SEAlang Project (online), Kamus Besar Bahasa Indonesia (online), and Kamus Dewan Edisi Keempat (2007) will represent modern Malay. It should be borne in mind that in contrast to the Thomas Bowrey dictionary (TBD), Kamus Dewan Edisi Keempat (KDE4) does not hold information on colloquial forms of Malay, many of which reflect features of lingua franca Malay. This study is divided into two different branches, namely the consideration of synchronic aspects and historical comparative aspects.
Finally, this study concludes that the Malay language in Thomas Bowrey’s dictionary is heavily influenced by both external and internal factors prevalent to the 17th century. The Malay language recorded in the Thomas Bowrey dictionary is very similar to modern Malay. The similarities between the Malay language of the 17th century and the Malay language of today are considerable, even though there are, of course, still some notable variances.
For genus g=2i≥4 and the length g−1 partition μ=(4,2,…,2,−2,…,−2) of 0, we compute the first coefficients of the class of D¯¯¯¯(μ) in PicQ(R¯¯¯¯g), where D(μ) is the divisor consisting of pairs [C,η]∈Rg with η≅OC(2x1+x2+⋯+xi−1−xi−⋯−x2i−1) for some points x1,…,x2i−1 on C. We further provide several enumerative results that will be used for this computation.
Highlights
• TAM polarization induces CP RNA.
• CP RNA expression is regulated by HIF-2 and STAT1.
• CP RNA is transferred from TAMs to HT1080 cells.
• CP RNA is translated by HT1080 cells and protects from ferroptosis.
• Co-cultured HT1080 cells decrease iron and lipid peroxidation.
Abstract
Solid tumors are characterized by hypoxic areas, which are prone for macrophage infiltration. Once infiltrated, macrophages polarize to tumor associated macrophages (TAM) to support tumor progression. Therefore, the crosstalk between TAMs and tumor cells is of current interest for the development of novel therapeutic strategies. These may comprise induction of an iron- and lipid peroxidation-dependent form of cell death, known as ferroptosis. To study the macrophage - tumor cell crosstalk we polarized primary human macrophages towards a TAM-like phenotype, co-cultured them with HT1080 fibrosarcoma cells, and analyzed the tumor cell response to ferroptosis induction. In TAMs the expression of ceruloplasmin mRNA increased, which was driven by hypoxia inducible factor 2 and signal transducer and activator of transcription 1. Subsequently, ceruloplasmin mRNA was transferred from TAMs to HT1080 cells via extracellular vesicles. In tumor cells, mRNA was translated into protein to protect HT1080 cells from RSL3-induced ferroptosis. Mechanistically this was based on reduced iron abundance and lipid peroxidation. Interestingly, in naïve macrophages also hypoxia induced ceruloplasmin under hypoxia and a co-culture of HT1080 cells with hypoxic macrophages recapitulated the protective effect observed in TAM co-cultures. In conclusion, TAMs provoke tumor cells to release iron and thereby protect them from lipid peroxidation/ferroptosis.
• Mexican and German populations of L. sericata differ in their development times.
• Mexican L. sericata had a shorter development time at 20°C than German flies.
• At 30 °C, German L. sericata pupariated and eclosed earlier than the Mexican flies.
• Differences in study design make the comparison of developmental studies difficult.
Abstract
The cosmopolitan blow fly Lucilia sericata is often used in forensic case work for estimating the minimum postmortem interval (PMImin). For this, the age of immature specimens developing on the dead body is calculated by measuring the time taken to reach the sampled developmental stage at a given temperature. To test whether regional developmental data of L. sericata is valid on a global scale, the time taken to reach different developmental stages was compared between a population from Mexico and one from Germany at two different constant temperatures.
The German population of L. sericata was collected in Frankfurt/Main, while the Mexican population originated near Oaxaca de Juarez and was transported to Germany in the larval stage. Only the F1 generation was used to avoid adaption of the Mexican flies. Eggs were immediately placed at 20 °C and 30 °C. Five times 30 freshly eclosed larvae per replicate (n = 5) were then transferred to a cup of minced meat in separate containers. The larvae were checked every 8 h for migration, pupariation or emergence of adult flies. The time at which the first individual and 50 % of the specimens per container entered each of these stages, was recorded.
Significant differences in the time of development between the two populations were observed at both temperatures. At 20 °C, the first specimens of the Mexican population reached all developmental stages a little (< 1 day to < 2 days) earlier than the German L. sericata. At 30 °C, the Mexican flies also reached the post-feeding stage slightly earlier (0.2 days). However, at 30 °C, the German flies started pupariation significantly earlier (after 5 days) than the Mexican flies (6.9 days) and the adults from Germany also emerged earlier (10.5 days compared to 13.1 days). The same pattern was observed when looking at 50 % of the total number of specimens per container. A comparison with previously published developmental studies was difficult as the experimental design varied widely between studies. However, the results were within the range of most studies. Our study has shown that age estimation can vary widely depending on the population on which the reference data used for the calculations are based. This highlights the importance of using local and population-specific developmental data for estimating the age of blow flies in case work.