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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.