Search results for "PREM"
showing 10 items of 1115 documents
Les débats autour de l'"école moyenne" dans les pays européens : permanence et renouvellement
2000
International audience; In all the European countries, the organisation of the first stage of secondary education has been the object of major debate and structural reform throughout the twentieth century. The focus, which is clearly political, centres on the ideal proportion between a common education for all the children of a particular age and a first taste of differentiation. The countries concerned have made different choices, from separate courses to integrated systems, from primary to secondary, according to historical heritage and ideological contexts which are themselves varied, but it always remains a choice for society. Since the eighties, we have seen the growth of a certain sce…
L'ottemperanza al giudicato europeo: un puzzle da costruire
2023
The paper analyses different remedies used by the Supreme Court to execute judgments of the ECHR in the Italian system. Indeed, the solution adopted by the Constitutional Court - based on the revision - was not satisfactory. Lastly, the Cartabia reform has inserted in the criminal procedure code a new remedy under the competence of the Supreme Court that will pose some practical issues.
Trading with Asymmetric Volatility Spillovers
2007
: We study the profitability of trading strategies based on volatility spillovers between large and small firms. By using the Volatility Impulse-Response Function of Lin (1997) and its extensions, we detect that any volatility shock coming from small companies is important to large companies, but the reverse is only true for negative shocks coming from large firms. To exploit these asymmetric patterns in volatility, different trading rules are designed based on the inverse relationship existing between expected return and volatility. We find that most strategies generate excess after-transaction cost profits, especially after very bad news and very good news coming from large or small firm…
Volatility risk premia and financial connectedness
2014
In this paper we use the Diebold Yilmaz (2009 and 2012) methodology to construct an index of connectedness among five European stock markets: France, Germany, UK, Switzerland and the Netherlands, by using volatility risk premia. The volatility risk premium, which is a proxy of risk aversion, is measured by the difference between the implied volatility and expected realized volatility of the stock market for next month. While Diebold and Yilmaz focus is on the forecast error variance decomposition of stock returns or range based volatilities employing a stationary VAR in levels, we account for the (locally) long memory stationary properties of the levels of volatility risk premia series. The…
Financial connectedness among European volatility risk premia
2015
In this paper we use the Diebold Yilmaz (2009 and 2012) methodology to estimate the contribution and the vulnerability to systemic risk of volatility risk premia for five European stock markets: France, Germany, UK, Switzerland and the Netherlands. The volatility risk premium, which is a proxy of risk aversion, is measured by the difference between the implied volatility and expected realized volatility of the stock market for next month. While Diebold and Yilmaz focus is on the forecast error variance decomposition of stock returns or range based volatilities employing a stationary VAR in levels, we account for the (locally) long memory stationary properties of the levels of volatility ris…
An index of financial connectedness applied to variance risk premia
2014
The purpose is to construct an index of financial connectedness among France, Germany, UK, Switzerland and the Netherlands variance risk premia. The variance risk premium of each country stock market is measured by the difference between the (square) of implied volatility and expected realized variance of the stock market for next month. The total and directional indices of financial connectedness are obtained from the forecast error variance decomposition of a Vector Autoregressive Model, VAR, as recently suggested by Diebold and Yilmaz. While the authors main focus is on connectedness among financial returns, they base their analysis on a short memory stationary VAR. Given the long memory…
Cyclic Complexity of Words
2014
We introduce and study a complexity function on words $c_x(n),$ called \emph{cyclic complexity}, which counts the number of conjugacy classes of factors of length $n$ of an infinite word $x.$ We extend the well-known Morse-Hedlund theorem to the setting of cyclic complexity by showing that a word is ultimately periodic if and only if it has bounded cyclic complexity. Unlike most complexity functions, cyclic complexity distinguishes between Sturmian words of different slopes. We prove that if $x$ is a Sturmian word and $y$ is a word having the same cyclic complexity of $x,$ then up to renaming letters, $x$ and $y$ have the same set of factors. In particular, $y$ is also Sturmian of slope equ…
Futures pricing in electricity markets based on stable CARMA spot models
2012
We present a new model for the electricity spot price dynamics, which is able to capture seasonality, low-frequency dynamics and the extreme spikes in the market. Instead of the usual purely deterministic trend we introduce a non-stationary independent increments process for the low-frequency dynamics, and model the large uctuations by a non-Gaussian stable CARMA process. The model allows for analytic futures prices, and we apply these to model and estimate the whole market consistently. Besides standard parameter estimation, an estimation procedure is suggested, where we t the non-stationary trend using futures data with long time until delivery, and a robust L 1 -lter to nd the states of …
Comparison of spike parameters from optically identified GABAergic and glutamatergic neurons in sparse cortical cultures
2015
We are pleased to note that our publication “Comparison of spike parameters from optically identified GABAergic and glutamatergic neurons in sparse cortical cultures” by Weir et al. (2015) raised some discussion on the feasibility of solely electrophysiological discrimination of distinct neuronal subpopulations in vitro. We agree with Becchetti and Wanke (2015) that their report and our study on the same question were conducted with different technical approaches and that this may explain the observed differences between both studies. Although we obviously recorded a reduced spontaneous neuronal activity under our sparse culture conditions, these conditions were necessary to enable the uneq…
1993. La cuarta victoria socialista de Felipe González
2014
Este documento tiene los siguientes epígrafes: Una larga y difícil precampaña electoral para los socialistas. La semana negra. Felipe González abucheado en la Universidad Autónoma de Madrid. Felipe González Premio Carlomagno 1993. "La crisis de la economía sigue sin tocar fondo". 20% de paro. La crisis socialista en Francia e Italia. Joan Lerma valencianiza la federación valenciana. Encuestas y campaña electoral: resultado incierto. El juez Baltasar Garzón entra en campaña. Los debates televisivos Felipe González-José María Aznar. Felipe González gana las elecciones por cuarta vez. Gana el PSOE, pierde el PSPV-PSOE. «Los ciudadanos nunca se equivocan en las urnas; los errores han sido nuest…