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The term structure of equity yields - a bottom-up approach
Get PDFThis paper proposes a novel perspective on the term structure of market equity yields. Instead of using market dividend futures, we aggregate equity yields of individual firms to estimate the market equity yield curve. This approach allows studying the aggregation effect that shapes the market equity yield curve. During the period from 1990 to 2019, we find a positive aggregation effect: companies with high equity yields were expected to grow at higher rates than companies with low equity yields. Thus, high-yield companies were expected to generate an increasing share of total market dividends when expanding the investment time horizon. Under the assumption of flat firm risk premia, this implies an upward-sloping term structure of equity risk premia. Together with the concave bond yield curve, the market equity yield curve was upward-sloping
The Black Archive #68: The Happiness Patrol
No full text“Have a nice death!”
The Happiness Patrol is perhaps one of the most peculiar tales in Doctor Who. The story gradually gained a reputation as a gay rights allegory then, twenty-two years after broadcast, became the focus of press outrage over alleged BBC bias, before being name-dropped by the Archbishop of Canterbury in his Easter sermon the following year.
So this Black Archive asks: is The Happiness Patrol queer? Is it really political? Why did it take so long for the press to complain? And what does the story really say about happiness
The new public art: collectivity and activism in Mexico since the 1980s
No full textMexico has long been lauded and studied for its post-revolutionary public art, but recent artistic practices have raised questions about how public art is created and for whom it is intended. In The New Public Art, Mara Polgovsky Ezcurra, together with a number of scholars, artists, and activists, looks at the rise of community-focused art projects, from collective cinema to off-stage dance and theatre, and the creation of anti-monuments that have redefined what public art is and how people have engaged with it across the country since the 1980s.
The New Public Art investigates the reemergence of collective practices in response to privatization, individualism, and alienating violence. Focusing on the intersection of art, politics, and notions of public participation and belonging, contributors argue that a new, non-state-led understanding of "the public" came into being in Mexico between the mid-1980s and the late 2010s. During this period, community-based public art bore witness to the human costs of abuses of state and economic power while proposing alternative forms of artistic creation, activism, and cultural organization
A Bayesian policy learning model of COVID-19 non-pharmaceutical interventions
No full textThis article examines the impact of non-pharmaceutical interventions on the initial exponential growth of the infected population and the final exponential decay of the infected population. We employ a Bayesian dynamic model to test whether there is learning, a random walk pattern, or another type of learning with evolving epidemiological data over time across 168 countries and 41,706 country-date observations. Although we show that Bayesian learning is not taking place, most policy measures appear to assert some effect. In particular, we show that economic policy variables are of importance for the main epidemiological parameters derived from the policy learning model. In an empirical second-stage application, we further investigate the underlying dynamics between the epidemiological parameters and household debt repayments, a key economic variable, in the UK. Results show no Bayesian learning, although a higher transmission rate would increase household debt repayments, while the recovery rate would have a negative impact. Therefore, suboptimal learning is taking place
Formation of ER-lumenal intermediates during export of Plasmodium proteins containing transmembrane-like hydrophobic sequences
Get PDFDuring the blood stage of a malaria infection, malaria parasites export both soluble and membrane proteins into the erythrocytes in which they reside. Exported proteins are trafficked via the parasite endoplasmic reticulum and secretory pathway, before being exported across the parasitophorous vacuole membrane into the erythrocyte. Transport across the parasitophorous vacuole membrane requires protein unfolding, and in the case of membrane proteins, extraction from the parasite plasma membrane. We show that trafficking of the exported Plasmodium protein, Pf332, differs from that of canonical eukaryotic soluble-secreted and transmembrane proteins. Pf332 is initially ER-targeted by an internal hydrophobic sequence that unlike a signal peptide, is not proteolytically removed, and unlike a transmembrane segment, does not span the ER membrane. Rather, both termini of the hydrophobic sequence enter the ER lumen and the ER-lumenal species is a productive intermediate for protein export. Furthermore, we show in intact cells, that two other exported membrane proteins, SBP1 and MAHRP2, assume a lumenal topology within the parasite secretory pathway. Although the addition of a C-terminal ER-retention sequence, recognised by the lumenal domain of the KDEL receptor, does not completely block export of SBP1 and MAHRP2, it does enhance their retention in the parasite ER. This indicates that a sub-population of each protein adopts an ER-lumenal state that is an intermediate in the export process. Overall, this suggests that although many exported proteins traverse the parasite secretory pathway as typical soluble or membrane proteins, some exported proteins that are ER-targeted by a transmembrane segment-like, internal, non-cleaved hydrophobic segment, do not integrate into the ER membrane, and form an ER-lumenal species that is a productive export intermediate. This represents a novel means, not seen in typical membrane proteins found in model systems, by which exported transmembrane-like proteins can be targeted and trafficked within the lumen of the secretory pathway
Measuring the efficiency and productivity of U.K. insurance market
Get PDFThe U.K. insurance industry has a dominant international presence, suggesting strong competitiveness and performance. Yet, its efficiency and productivity has rarely being investigated. The purpose of this paper is to provide an overview of insurers' performance in the U.K. insurance market from 1996 to 2017, using stochastic frontier analysis to measure efficiency scores and productivity at the firm level. Results show the U.K. insurance industry could improve by about 40% in terms of cost efficiency and by 70% in terms of profit efficiency. In addition, our model reveals a higher cost efficiency score compared to profit efficiency, implying that there are higher inefficiencies on the income side of the insurance industry as measured by our profit function. In terms of total factor productivity (TFP) growth, we report a steady decline over time while on average is negative. By decomposing TFP growth into its underlying components, we reveal that the reported negative trend in TFP growth over time has mainly been driven by the enhanced competition that resulted in a drop in markup, while the scale and cost efficiency has also driven TFP growth down. However, from a positive point of view, we report evidence of both β-convergence and σ-convergence in cost and profit efficiency
Inheritance matters: kinship, property, law
No full textBook synopsis: This book makes a compelling case for placing the social and legal practices of inheritance centre stage to make sense of fundamental questions of our time.
Drawing on historical, literary, sociological, and legal analysis, this rich collection of original, interdisciplinary and international contributions demonstrates how inheritance is and has always been about far more than the set of legal processes for the distribution of wealth and property upon death.
The contributions range from exploring the intractable tensions underlying family disputes and the legal and political debates about taxation, to revisiting literary plots in the past and presenting a contemporary artistic challenge of heirship.
With an introduction that presents a critical mapping of the field of inheritance studies, this collection reveals the complexity of ideas about 'passing on', 'legacies', and 'heirlooms'; troubles some of the enduring consequences of 'charitable bequests', 'family money', and 'estate planning; and, deepens our understanding of the intimate and political practices of inheritance
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