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Shortcomings revealed by experimental and theoretical researchers such as Allais (1953), Rabin (2000) and Rabin and Thaler (2001) that put the classical expected utility paradigm von Neumann and Morgenstern (1947) into question, led to the proposition of alternative and generalized utility functions, that intend to improve descriptive accuracy. The perhaps best known among those alternative preference theories, that has attracted much popularity among economists, is the so called Prospect Theory by Kahneman and Tversky (1979) and Tversky and Kahneman (1992). Its distinctive features, governed by its set of risk parameters such as risk sensitivity, loss aversion and decision weights, stimulated a series of economic and financial models that build on the previously estimated parameter values by Tversky and Kahneman (1992) to analyze and explain various empirical phenomena for which expected utility doesn't seem to offer a satisfying rationale. In this paper, after providing a brief overview of the relevant literature, we take a closer look at one of those papers, the trading model of Vlcek and Hens (2011) and analyze its implications on Prospect Theory parameters using an adopted maximum likelihood approach for a dataset of 656 individual investors from a large German discount brokerage firm. We find evidence that investors in our dataset are moderately averse to large losses and display high risk sensitivity, supporting the main assumptions of Prospect Theory.
Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this decrease of output will be accompanied by reductions of asset returns. We quantify these effects for the US economy by developing an overlapping generations model with risky and risk-free assets. Without adjustments of human capital, risky returns decrease until 2035 by about 0.7 percentage point, and the risk-free rate by about one percentage point, leading to substantial welfare losses for asset rich households. Per capita output is reduced by 6%. Endogenous human capital adjustments strongly mitigate these effects. We conclude that human capital policies will be crucial in the context of labor shortages.
We study whether the presence of low-latency traders (including high-frequency traders (HFTs)) in the pre-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a unique dataset from the Tokyo Stock Exchange (TSE) based on server-IDs and find that HFTs dynamically alter their presence in different stocks and on different days. In spite of the lack of immediate execution, about one quarter of HFTs participate in the pre-opening period, and contribute significantly to market quality in the pre-opening period, the opening auction that ensues and the continuous trading period. Their contribution is largely different from that of the other HFTs during the continuous period.
The equity trading landscape all over the world has changed dramatically in recent years. We have witnessed the advent of new trading venues and significant changes in the market shares of existing ones. We use an extensive panel dataset from the European equity markets to analyze the market shares of five categories of lit and dark trading mechanisms. Market design features, such as minimum tick size, immediacy and anonymity; market conditions, such as liquidity and volatility; and the informational environment have distinct implications for order routing decisions and trading venues' resulting market shares. Furthermore, these implications differ distinctly for small and large trades, probably because traders jointly optimize their trade size and venue choice. Our results both confirm and go beyond current theoretical predictions on trading in fragmented markets.
Using two datasets containing demographically representative samples of the Dutch population, I study how lifetime experiences of aggregate labor market conditions affect personality. Three sets of findings are reported. First, experienced aggregate unemployment is negatively correlated with the levels of all Big Five personality traits, except for conscientiousness (no significant correlation). Second, in panel data models with individual fixed effects I find that changes in experienced aggregate unemployment cause changes in emotional stability and agreeableness for men, and conscientiousness for women. The correlation is positive, and effects are economically large. Thirdly, I report suggestive evidence that the main driver is experienced aggregate unemployment, instead of other macroeconomic variables as experienced GDP, stock market returns or inflation. Taken together, these findings suggest that changes in Big Five personality traits are systematically related to experienced aggregate labor market conditions.
This paper is the outcome of a related broader project, exploring the explanatory power of the Legal Theory of Finance, which proposes a new institution-based analytical framework for the analysis of phenomena of financial markets. One of its most important theoretical assumptions, the legal construction of financial markets, is highlighted by the example of the private creation of money by structured finance products in this paper. Further implications can then be shown referring to pari passu clauses and collective action clauses, which are both exhibit a differential application of these legal rules according to the hierarchical status of the respective market participant, and can therefore endanger sovereign debt restructurings. Legal instruments to avoid this are briefly explored. An example of another key role of the law in crisis that is the task to resolve the tension between market discipline and financial stability is exemplified by the regulation of the OTC derivatives market and proposals of effective loss-sharing among CCPs. Related questions about the significance of legal rules to ensure financial stability are raised in the analysis of minimum capital requirements under Basel III.
Na temelju terenskoga istraživanja u radu se donosi sinkronijski prikaz naglasnih paradigma imenica e-vrste i i-vrste u slivanjskim govorima Slivna Ravnoga, Mihalja, Blaca i Podgradine. Riječ je o govorima koji pripadaju istočnohercegovačkomu dijalektu, slivanjsko-zažapskomu govornom tipu. Utvrdit će se postoje li kolebanja u pojedinoj paradigmi i među paradigmama te čuvanje kračine u d./l./i.
Rad opisuje jedan od dvaju interpunkcijskih znakova (središnje crte i navodnici) koji bitno odstupaju od odnosa jednoga znaka za jedno (unikodno) značenje. Dok navodnici imaju višestruke grafeme (točnije, osam) za jedno značenje, središnje crte najčešće imaju dva grafema (kraća i dulja crta) koja pokrivaju čak 11 (unikodnih i latiničnih) crtnih znakova. Dok je kriterij crtne duljine tradicionalno visoko istaknut u pravopisnim priručnicima, u predstavljenoj se kategorizaciji on nalazi tek na šestoj hijerarhijskoj razini. Osim što su u međuvremenu standardizirana dva nova unikodna crtna znaka (two-em dash i three-em dash, Unicode 6.1, siječanj 2012.), drugačija metodologija i uspoređivanje jezičnopovijesnoga i računalnojezikoslovnoga aspekta proširila je spoznaje o crtnim znakovima u hrvatskome jeziku o kojima je pisano u Portada i Stojanov (2009). Predstavlja se kategorizacija osjetljiva na dihotomiju grafičkoga prikaza i značenja koja sve crtne znakove dijeli u pet hijerarhijskih razina. Između 44 unikodna vodoravna i neprekinuta crtna znaka, podjelom prema tipu, vremenu, funkciji, smjeru i visini, došlo se do 11 latiničnih suvremenih pismovnih vodoravnih središnjih znakova među kojima svaki latinični jezik odabire svoje crtne znakove. Svim se crtnim unikodnim grafemima opisalo značenje i uporaba. S druge strane, crtni se znakovi promatraju u kroatističkoj jezičnopovijesnoj pravopisnoj perspektivi. U odnosu na bogati repozitorij unikodno standardiziranih crtnih znakova utvrdilo se da je pravopisna norma bitno redukcijska. Pravopisno normiranje crtnih znakova podijelilo se u dva razdoblja i tri skupine, ovisno o grafemskome obliku (prva i druga generacija pravopisnih pri ručnika) i nazivlju (prijestandardna faza i dva standardna smjera normiranja ovisno o prihvaćanju terminoloških parova spojnica – crtica i crtica – crta). Na temelju jezičnopovijesnoga i računalnojezikoslovnoga poredbenog istraživanja te na temelju supostavljanja unikodne standardizacije crtnih znakova pravopisnoj tradiciji opisa središnjih crta željelo se ukazati na (i) potrebu za širim i interdisciplinarnim pristupom opisa pisane jezične prakse, (ii) nedovoljnost opisa školske razine pravopisnih priručnika za suvremeno pisanje, kao i na (iii) nedostatnost postojeće kroatističke kodifikacije obaju terminoloških smjerova. Da bi se pravopisni priručnici mogli nazvati znanstveno utemeljenim djelima, u znatnijoj bi mjeri trebali opisati računalno pisanje i na razini interpunkcije uvesti razlikovanje znaka i grafema. Jedno od takvih mjesta opisa prema kojima bi pravopisi mogli unaprijediti svoju tehnološku suvremenost jest pitanje pisanja spojnice na početku prelomljena retka o čemu se iznijelo osam argumenata za odbacivanje aktualne tradicije. Raščlamba je pokazala da ima opravdanosti da se crtna kodifikacija temelji na trima ili četirima znakovima koji se iz 11 unikodnih latiničnih znakova svode uspostavljanjem osnovnih skupina središnjih crta, radno nazvanih c1, c2, c3 i c4 kao najkraća, srednje duga, duga i jako duga središnja crta.
U hrvatskoj jezikoslovnoj tradiciji element se formalni je pokazatelj pripadnosti pojedinoga glagola skupini povratnih glagola. Taj se element dosad smatrao zamjenjivim zamjenicom sebe u tzv. pravih povratnih glagola. U ovome se radu na temelju postavaka više autora (Zec 1985, Sells, Zaenen i Zec 1987, Moskovljević 1997, Medová 2009, Oliva 2010) pokušava dokazati neistovjetnost elemenata se i sebe. Slobodna zamjena tih dvaju elemenata rezultira promjenom značenja i gramatičkom neovjerenošću. Iz toga proizlazi i drugačija podjela povratnih glagola. U radu će se usporedbom nekoliko povratnih glagola i njihovih prijelaznih parnjaka iznijeti drugačiji pristup povratnim glagolima.
“Institutional Overburdening” to a large extent was a consequence of the “Great Moderation”. This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It was almost unavoidable that as a consequence expectations on future actions of central banks and their ability to control the economy reached an unprecedented peak which was hardly sustainable. Institutional overburdening has two dimensions. One is coming from exaggerated expectations on what central banks can achieve (“expectational overburdening”). The other dimension is “operational overburdening” i.e. overloading the central bank with more and more responsibilities and competences.
U radu se daje analiza i prikaz tvorbenoga sustava umanjenica u kajkavskome narječju. Analiza je provedena na primjerima iz objavljenih dijalektoloških opisa govora, kajkavskih rječnika te iz vlastite građe. U tvorbenome se opisu polazi sa sinkronijskoga stanovišta, a povijesnojezične se napomene donose tek sporadično. Navode se svi u građi potvrđeni sufiksi za tvorbu umanjenica muškoga, srednjega i ženskoga roda. Uz svaku se tvorbenu kategoriju navode i jezične značajke koje se odnose na glasovne promjene na granici osnove i sufiksa.
The loss and restoration of the phoneme /j/ plays a major role in the development of Proto-Slavic. After vowel contraction in posttonic syllables, Dybo’s law, and the rise of new /j/ in east, South, and West Slavic, contracted and uncontracted forms may have coexisted during a considerable period of time. After Dybo’s law we have *voļȃ < *vòlja "will" but *rolьjà < *orlь̀ja "plowland", after contraction *roļá in Slovincian rolåu, Old Polish rolå. The loss of distinctive tone yielded merger of the two paradigms, as a result of which most nouns of the former type adopted the accentuation of the latter. Slavic deverbal ja-stems are original proterodynamic ī/jē-stems. The proterodynamic nouns *dūšà (c) "soul" and *zorjà (c) "dawn" have probably preserved the original accentuation. The other proterodynamic jā-stems evidently adopted the accent pattern of the deverbal ā-stems.