Search results for "Exchange"
showing 10 items of 2035 documents
Exchange Rate and Macroeconomic Fluctuations as Sources of Luck in CEO Compensation
2011
Exchange rate and other macroeconomic fluctuations can be considered sources of good or bad “luck” for corporate performance. Incentive effects of performance-based compensation for management may be weakened or biased by macroeconomic influences on remuneration depending on the ability of management to adjust operations. We decompose the changes in CEO-compensation to distinguish between (anticipated-and unanticipated) macroeconomic and “intrinsic” sources. Total US CEO-compensation is measured both including options awarded and options exercised. Both depend strongly on variations in macro-factors but the time patterns differ. Allowing for asymmetric effects on compensation we find that c…
An anomaly in inclusive pion double charge exchange on 16O at about 1GeV
1996
The new results on the inclusive double charge exchange (DCX) reaction 16O(π-,π+)X at incident kinetic energy T0=0.75 and 1.15GeV are presented. The data were taken without using Cherentov counters. The new DCX cross sections agree well with the old ones. Both the values are about an order of magnitude larger than the theoretical cross sections calculated for the standard sequential mechanism. Two other approaches wich seem to explain the discrepancy are also briefly reviewed. Vicente Vacas, Manuel Jose, Manuel.J.Vicente@ific.uv.es
Measuring Uncertainty in the Portfolio Selection Problem
2018
In this paper, we propose a new index for ranking portfolios based on the credibility expected return and loss on their investment. We assume that the return on a given portfolio is modeled as a trapezoidal fuzzy variable, whose credibility distribution is built using the data set of its historical returns. The credibilistic loss on the investment for a given portfolio is measured by means of a suitable loss function. In order to take risk-adverse investor attitudes into account, we analyze the performance of some credibility measures related to loss and risk on the investment for a given portfolio and their relationship with similar possibility measures. A numerical example is presented sh…
Patterns of trading profiles at the Nordic Stock Exchange. A correlation-based approach.
2016
We investigate the trading behavior of Finnish individual investors trading the stocks selected to compute the OMXH25 index in 2003 by tracking the individual daily investment decisions. We verify that the set of investors is a highly heterogeneous system under many aspects. We introduce a correlation based method that is able to detect a hierarchical structure of the trading profiles of heterogeneous individual investors. We verify that the detected hierarchical structure is highly overlapping with the cluster structure obtained with the approach of statistically validated networks when an appropriate threshold of the hierarchical trees is used. We also show that the combination of the cor…
High Frequency Data Analysis in an Emerging and a Developed Market
2002
We compare distributional properties of high frequency (tick by tick) returns of stocks traded at the NASDAQ, NYSE, and BSE (Budapest Stock Exchange). In particular, we model returns with a mixture of a degenerate (zero) and a symmetric stable distribution. We measure time with the number of successive price changes on the market and study the convergence of the index of stability on increasing time horizons. We apply results to calculate expected waiting times to reach given levels of value at risk.
Diacylglycerols containing Omega 3 and Omega 6 fatty acids bind to RasGRP and modulate MAP kinase activation.
2003
We elucidated the effects of different diacylglycerols (DAGs), i.e. 1-stearoyl-2-arachidonoyl-sn-glycerol (SAG), 1-stearoyl-2-docosahexaenoyl-sn-glycerol (SDG), and 1-stearoyl-2-eicosapentaenoyl-sn-glycerol (SEG), on [3H]PDBu binding to RasGRP. The competition studies with these DAGs on [3H]PDBu binding to RasGRP revealed different Ki values for these DAG molecular species. Furthermore, we transfected human Jurkat T cells by a plasmid containing RasGRP and assessed the implication of endogenous DAGs on activation of MAP kinases ERK1/ERK2, induced by phorbol-12-myristate-13-acetate (PMA). In control cells, GF109203X, a protein kinase C inhibitor, inhibited ERK1/ERK2 activation. However, this…
Toward a formalization of a two traders market with information exchange
2014
This paper shows that Hamiltonians and operators can also be put to good use even in contexts which are not purely physics based. Consider the world of finance. The work presented here {models a two traders system with information exchange with the help of four fundamental operators: cash and share operators; a portfolio operator and an operator reflecting the loss of information. An information Hamiltonian is considered and an additional Hamiltonian is presented which reflects the dynamics of selling/buying shares between traders. An important result of the paper is that when the information Hamiltonian is zero, portfolio operators commute with the Hamiltonian and this suggests that the dy…
L'ouverture de la Chine et ses impacts sur l'économie chinoise
2012
In the early 1980s, Chinese government has adopted an opening up policy in order to attract capital, skills and modern advanced technology that are necessary for the economic development of China. Indeed, this policy has already borne fruit. China, that was almost self-sufficient until the 1980s, has now become the largest exporter and the second largest recipient of foreign direct investment in the world. Until now, most of the research on the economic opening up policy of China, however, has concentrated on the demonstration of the positive effects of exports and FDI inflows on the domestic economy of China. In this thesis, based on the analysis of economics of production, we study the re…
Growth, inflation and the exchange rate regime
1996
Abstract According to the Balassa-Samuelson effect, growth and inflation are positively correlated in economies with pegged currencies. This paper shows that the costs of inflation on long-term growth are underestimated in samples that include countries and periods with fixed exchange rate regimes.
Labour Market Institutions and Inflation Differentials in the EU
2015
Adopting a simple Phillips curve framework, we show that different labour market institutions across EU countries are associated with significant differences in the response of inflation to unemployment and exchange rate shocks. More wage coordination and higher union density flatten the Phillips curve and increase the inflation response to the real exchange rate, i.e. the exchange rate pass-through. In addition, using a new approach to the classification of goods and services as "traded" or "non-traded", we show that both these institutional effects are significantly stronger for the more exposed (traded) sector.