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Trust in policy makers fluctuates signi
cantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust affects agents' stochastic discount factors, namely the price of future risk, and through this it interacts with the monetary transmission mechanism. Using data from the Eurobarometer surveys, we analyze the link between trust and the transmission mechanism of macro and monetary shocks: Empirical results are in line with theoretical ones.
The overall aim of my work is to contribute to a future theory of epistemic violence – thereby enabling us to gain a better understanding of the various forms of direct, physical violence which are usually analysed within peace studies, IR, political theory and related fields. My perspective starts from transdisciplinary peace studies, is concerned with the sociology of knowledge, and informed by post- and de-colonial theory as well as by feminist critique and political theory...
This is the ninth post in the blog series „Movements and Institutions“.
This article disputes the conceptualization of institutionalization as a one-way process. Instead, it argues that social movement organizations can make use of contentious tactics while being institutionalized. The environmental NGO Birdlife Malta provides an example to illustrate this argument
Financing asset growth
(2012)
We document the existence of a debt anomaly that is in addition to the asset growth anomaly: for a given asset growth rate, firms that issue more debt, as well as firms that retire more debt, have lower stock returns in the 12 months starting 6 months after the calendar year of asset growth. Exploring the reasons for debt issuance, we find that managers of firms for which analyst expectations are more over-optimistic, which suffer from declining investment profitability, and whose earnings-price ratios are relatively high are inclined to rely more heavily on debt financing. On the other hand, firms that retire more debt for a given asset growth rate tend to have improving profitability but to be over-priced. We also find that the financing decision is influenced by the prior debt ratio, the asset growth rate, profitability, and CEO pay sensitivity. We interpret our results in terms of managerial incentives, signaling, and market timing.
The prevention of credit card fraud is an important application for prediction techniques. One major obstacle for using neural network training techniques is the high necessary diagnostic quality: Since only one financial transaction of a thousand is invalid no prediction success less than 99.9% is acceptable. Due to these credit card transaction proportions complete new concepts had to be developed and tested on real credit card data. This paper shows how advanced data mining techniques and neural network algorithm can be combined successfully to obtain a high fraud coverage combined with a low false alarm rate.
For the efficient management of large image databases, the automated characterization of images and the usage of that characterization for searching and ordering tasks is highly desirable. The purpose of the project SEMACODE is to combine the still unsolved problem of content-oriented characterization of images with scale-invariant object recognition and modelbased compression methods. To achieve this goal, existing techniques as well as new concepts related to pattern matching, image encoding, and image compression are examined. The resulting methods are integrated in a common framework with the aid of a content-oriented conception. For the application, an image database at the library of the university of Frankfurt/Main (StUB; about 60000 images), the required operations are developed. The search and query interfaces are defined in close cooperation with the StUB project “Digitized Colonial Picture Library”. This report describes the fundamentals and first results of the image encoding and object recognition algorithms developed within the scope of the project.
The concept of the "comprehensive approach" has become a paradigm for international state engagement in the field of fostering sustainable peace in crisis-ridden countries. This approach stipulates joint actions of different governmental institutions. The ministry of defence, providing interventionist armed forces; the ministry of interior, providing police personal; the ministry of foreign affairs, providing crisis aid and the ministry of economic cooperation and development define the core actors on the highest level, whilst the implementation of this approach is left to the various, highly heterogeneous employees of the ministries and their sub-contractors...