160,466 research outputs found
Determinants of credit spread changes for the financial sector
No full textPurpose: Most of the credit spread literature deals with the determinants of credit spread changes for individual bonds. The purpose of this paper is to investigate the explanatory power of credit spread changes and their determinants for portfolios. Design-methodology-approach: Using ordinary least squares (OLS) regressions and monthly data from 1990 to 1997, this paper tests several new potential determinants (e.g. portfolio diversification) and expectations (and realizations) for some previously identified determinants (e.g. gross domestic product (GDP)) of credit spread changes for portfolios of financials as derived from spot curves. Findings: Strong empirical support is reported that default risk and undiversified risk are priced in credit spreads. The paper finds that forecasts for GDP and inflation are better determinants of credit spread changes than the realized values previously used in the literature, which is consistent with the notion that term structures convey expectations about future interest rates. Research limitations-implications: Interesting issues for future research include the sensitivity of the results to the use of other procedures for deriving zero-coupon spot rates, and whether forecasts of macrovariables (such as GDP) are better determinants of credit spreads for other industrial categories, such as utilities and industrials. Practical implications: The findings provide guidance for the management of risk for fixed income portfolios, for the pricing of fixed income securities differentiated by the difficulties encountered in achieving well-diversified portfolios, and for assessing the performance of credit spread portfolios managed by financial institutions. Originality-value: The empirical model, which achieves substantial explanatory power while being parsimonious, is the first to support the usage of forecasts instead of realized values in determining credit spreads, and to show that undiversifiable risk is an important component of the credit spreads of portfolios. © Emerald Group Publishing Limited
Prof. Th. W. Adorno and the author Hans Erich Nossack.
No full textProf. Th. W. Adorno and the author Hans Erich Nossack at a reception of Insel Verlag, Buchmesse Frankfurt 1966LB
Nowe spojrzenie na planowanie architektury mieszkaniowej w afryce subsaharyjskiej
No full textThe author shares his reflections on state of art in housing and urban planning, deficiencies, expectations and possibilities in the Sahel region of Africa. He notices, that the housing problem in Africa is one of the challenges, which should be solved in order to recover life dignity of African people and secure their rights to traditional family life in acceptable conditions. The paper describes the studies on the typical dispersed urban structures and the need to foster this type of settlement structure and proposals of introduction of new on light steel frame housing system in the area of Sahel, combining the traditional way of building houses with modern technology. The particularly analysed case, is the housing problem in the Republic of Chad. The author presents the basic discussion on this topic and his architectural proposals. Unfortunately, the gap between the needs and the financial feasibility of housing construction in this area, makes this project already at the starting point extremely difficult to be realized without external subventions.Problem mieszkaniowy w Afryce jest jednym z wyzwań, które należy rozwiązać, aby Afrykanie mogli odzyskać godność życiową i zabezpieczyć swoje prawa do tradycyjnego życia rodzinnego w akceptowalnych warunkach. W artykule opisano badania nad typowymi rozproszonymi strukturami miejskimi i potrzebą wspierania tego typu struktur osadniczych oraz propozycji wprowadzenia nowego systemu konstrukcji domów, opartym na lekkim szkielecie stalowym, łączącym tradycyjny sposób budowania domów z nowoczesną technologią. Przypadkiem szczególnie analizowanym jest problem mieszkaniowy w Republice Czadu. Autor przedstawia podstawową dyskusję na ten temat i swoje propozycje architektoniczne. Niestety luka między potrzebami mieszkaniowymi w Czadzie a finansową wykonalnością budownictwa mieszkaniowego w tym obszarze sprawia, że projekt ten, już w punkcie wyjścia, jest niezwykle trudny do realizacji bez uzyskania zewnętrznych dotacji
Bruhat, Cartan and Iwasawa decompositions in GLn(R), O(p, q) and GLn(Qp) / by Malak Adel Dbouk.
No full textThesis (M.S.)--American University of Beirut, Department of Mathematics, 2012.;"Advisor : Dr. Khuri Makdissi Kamal, Professor, Mathematics--Members of Committee : Dr. Abu Khuzam Hazar, Professor, Mathematics Dr. Egeileh Michel, Professor, Mathematics."Includes bibliographical references (leaf 100)Throughout my thesis I will discuss three main decompositions: the Bruhat, Cartan and Iwasawa decompositions. In the first chapter I will prove these decompositions in the general linear group of invertible matrices G. The main idea is that I have the subgroup of upper triangular matrices B of G, the maximal compact subgroup K of orthogonal matrices, A the subgroup of diagonal matrices, and the Weyl subgroup W. The Bruhat decomposition states that G is equal to the disjoint union of BwB where w belongs to W. Actually we can interpret the Bruhat decomposition in terms of flags. Given any two flags then there exists a basis of Rn that generates one of the flags and whose permutation generates the other flag. I use row and column operations to prove the result. The Iwasawa Decomposition states that G= KB. This says that every flag can be generated by an orthonormal basis. The Cartan decomposition states that G=KAK. I use the spectral theorem in addidtion to the fact that any symmetric positive definite matrix has a unique square root to prove this decomposition. In chapter 2, I prove these decompositions in the orthogonal group O(p,q). In this chapter the subgroup B is no more the subgroup of upper triangular matrices and A is no more the subgroup of diagonal matrices. In the proofs of the decompositions I use an isotropic basis of Rn under which the B and the A are easier to deal with. Another obstacle I face is making sure that the row and column operations I perform belong to O(p,q). This changes some aspects of the proof and makes it more tedious. Finally in chapter 3, I prove the decompositions in the general linear group os invertible matrices whose entries are in the field of p-adic numbers. In this chapter the maximal compact subgroup is the general linear group of invertible matrices whose entries belong to the ring of p-adic integers. A and B are still the subgroup of diagonal matrices and upper triangular matrices respectively. To prove the results we use row and column operations in addition to
Seeing the world anew : the radical vision of Martin Waldseemüller's 1507 & 1516 world maps /
No full text9781929154470 (ISBN). 192915447X (ISBN). First edition 2012. Accompanied by 2 foldeds map in front and back pockets: 1507 map -- 1516 map.; Includes bibliographical references: pages 98-107.; Maps from pockets also available online http://nla.gov.au/nla.map-vn6254227; Original version of the 1507 map: Universalis cosmographiae secundum Ptholomaei traditionem et Americi Vespucii alioru que lustrationes. [St. Dié, France? : s.n., 1507]; Original version of the 1516 map: Carta marina, navigatoria Portugallen, navigationes atque tocius cogniti orbis terre marisque formam naturamq[u]e situs et terminos nostris temporibus recognitos et ab antiquorum traditione differentes eciam quor[um] vetusti non meminerunt auctores hec generaliter indicat / consumatum est in oppido S. Deodati compositione et digestione Martini Waldseemuller Ilacomili. [St. Dié, France? : s.n., 1516]. Prologue: In a Renaissance Vision, a Glimpse of the Modern / John W. Hessler -- "An island surrounded on all sides by sea" : The World Map, 1507 / John W. Hessler -- "Land of Cuba, part of Asia" : The Carta marina, 1516 / Chet Van Duzer -- Epilogue: A Renaissance That Resonates Still / John W. Hessler -- Notes -- Afterword / Ralph E. Ehrenberg -- About the authors -- Acknowledgments -- The Maps: The 1507 World Map, 12 sheets, with commentary -- Composite: front pocket -- The 1516 Carta marina, 13 sheets, with commentary -- Composite: back pocket
Klimat społeczny w szkole inkluzyjnej
No full textAuthor presented in this paper theoretical approach to the building of social climate in an inclusive school. The publication indicatessome tendencies and directions of changes to improve the functioning of these institutions and to implement the idea of inclusive education.Autorka przedstawiła w artykule teoretyczne ujęcie zagadnienia związanego z budowaniem klimatu społecznego w szkole inkluzyjnej. W publikacji ukazano pewne dążenia i kierunki zmian, jakich należy dokonywać w masowych szkołach, aby poprawić jakość funkcjonowania tych placówek, tak by kierowały się one ideą edukacji włączającej
Ewolucja programowa FDP w polityce wschodniej w latach 1949-1969 w świetle nowych zasobów Archiwum Niemieckiego Liberalizmu
No full textZasadniczym celem artykułu jest analiza działalności programowej FDP w polityce wschodniej Republiki Federalnej Niemiec w latach 1949-1969. Autor wykorzystał nowe zasoby Archiwum Niemieckiego Liberalizmu w Gummersbach, co umożliwiło przedstawienie nowej oceny wpływu FDP na politykę wschodnią Republiki Federalnej Niemiec.The main goal of the article is to analyze the FDP's program activities in the eastern policy of the Federal Republic of Germany in the years 1949-1969. Of great importance here is the fact that the author used in this work new archives from the Archives of German Liberalism in Gummersbach. This enabled him to present a new assessment of the FDP's impact on the eastern policy of the Federal Republic of Germany
Zasady szacowania gruntów w postępowaniach scaleniowych w Polsce
No full textThe subject of the study was the principles of land estimation used for the purpose of consolidation
proceedings, as they are applied in Poland.
The work examines the legal conditions relating to the estimation of land for the purposes of
consolidation. Documents prepared in the years 2005–2017 concerning land estimation (resolutions
of the consolidation participants, and protocols from the value estimates) have been
collected for 41 consolidated sites, located in 28 districts of 11 voivodships (regions). A survey
was conducted among the surveyors-designers of the consolidation proceedings, consisting of
19 questions. In the current year, the co-author of the present article was present at meetings of
consolidation proceedings’ participants, convened in order to determine the rules for estimating
land value on two sites located in different regions, and the material she collected during those
meetings was used in the article.
The collected data were subjected to an analysis, which showed that within Poland there is no
homogeneity in the method of estimating land value for the purpose of consolidation proceedings,
and that the method used to determine the value of land, taking into account the 1-hectare
estimated rate, and the price of 1dt of rye grain, according to the provisions of the agricultural
tax, is incompatible with the principles for the valuation of agricultural real estate, as specified in
the law on real estate management.Przedmiotem badań były zasady szacowania gruntów stosowane w postępowaniach scaleniowych w Polsce.
W ramach pracy przeanalizowano uwarunkowania prawne odnoszące się do szacunku gruntów na potrzeby scaleń. Zebrano dokumentację sporządzoną w latach 2005-2017 dotyczącą szacunku gruntów (uchwały uczestników scalenia i protokoły z przeprowadzonego szacunku) dla 41 obiektów scaleniowych, położonych na terenie 28 powiatów z 11 województw. Przeprowadzono ankietę wśród geodetów-projektantów scaleń, składającą się
z 19 pytań. Współautorka artykułu w bieżącym roku była obecna na spotkaniach uczestników scalenia, zwołanych w celu ustalenia zasad szacowania gruntów na dwóch obiektach, zlokalizowanych w różnych województwach i zebrane materiały dotyczące tych spotkań wykorzystane zostały w artykule.
Zgromadzone dane poddano analizie, która wykazała, że w Polsce nie ma jednolitości
w sposobie szacowania gruntów na potrzeby postępowań scaleniowych oraz że stosowany sposób określania wartości gruntów z uwzględnieniem stawek szacunkowych 1 ha oraz ceny 1dt żyta wg przepisów o podatku rolnym jest niezgodny z zasadami wyceny nieruchomości rolnych określonymi w ustawie o gospodarce nieruchomościami
Ograniczenia wolności słowa w Internecie
No full textThe development of Internet services lead to many changes in forms of expression of our opinions and ideas. The author shall discuss whether the term “freedom of speech” is still suitable for modern times, regarding the conversations in the social media. As we all know, the freedom of speech and the freedom of expression were never absolute and certain limitations of them are completely legal and necessary. However, as the author will try to prove, there are some serious concerns about executing such limitations online as well as effectively proving if someone’s rights have been violated due to excess of freedom of expression. The possible ideas of fighting the hate speech and other acts of trespassing the right to free expression shall also be presented.Rozwój usług Internetowych spowodował wiele zmian w sposobach wyrażania naszych opinii i pomysłów. Autor przeprowadzi rozważania odnośnie tego czy określenie “wolność słowa” jest wciąż adekwatne do współczesnych czasów, odnosząc się do rozmów w przestrzeni mediów społecznościowych. Powszechnie wiadomo, że wolność słowa i wolność wypowiedzi nigdy nie były absolutne i pewne ich ograniczenia są całkowicie legalne oraz konieczne. Jednakże, jak autor spróbuje wykazać, istnieją poważne wątpliwości odnośnie wykonalności takich ograniczeń w sieci, a także efektywnego dowodzenia, że cudze prawa zostały naruszone w związku z przekroczeniem granic wolności wypowiedzi. Propozycje możliwych rozwiązań w walce z mową nienawiści i innymi przejawami przekraczania prawa do wolności wypowiedzi także zostaną zaprezentowane
Going Beyond Counting First Authors in Author Co-citation Analysis
No full textThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
- …
