1,721,161 research outputs found
Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank
No full textWe model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the system to a coordination failure (gridlock equilibrium) even if all banks are solvent. When one bank is insolvent, the stability of the banking system is affected in various ways depending on the patterns of payments across locations. We investigate the ability of the banking industry to withstand the insolvency of one bank and whether the closure of one bank generates a chain reaction on the rest of the system. We analyze the coordinating role of the Central Bank in preventing payments systemic repercussions and we examine the justification of the Too-big-to-fail-policy
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe 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
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Essays on mutual funds and their impact on financial stability
No full textThis dissertation consists of two chapters that explore some of the financial stability issues that concern mutual funds. The first chapter demonstrates that the massive sale by US funds of Mexican equity in 2008 triggered the underpricing of US-fund-held Mexican stocks. Mexican funds that also owned these stocks joined the US funds in selling, while those that did not bought them. Ultimately, I find that the Mexican fund purchases counterbalanced the price pressure from US funds, while the sales exacerbated stock mispricing. In the second chapter, I present a novel mechanism by which fund managers can have risk-taking incentives when monetary policy is loose. I develop a model of portfolio allocation with costly information and show that poor fund returns are penalized less by investor outflows when the risk-free rate is lower. I likewise establish that this effect is more pronounced for funds with higher information costs. Using the Federal funds rate as the riskless rate and fund age as a proxy for information costs, I provide empirical support for these predictions.Esta tesis consta de dos capítulos que estudian algunos de los aspectos de estabilidad financiera que afectan a los fondos de inversión. El primer capítulo muestra cómo la gran venta de acciones mexicanas por parte de los fondos estadounidenses en 2008 desencadenó la subvaloración de las acciones mexicanas que tenían en propiedad los fondos estadounidenses. Los fondos mexicanos que tenían estas acciones también las vendieron, mientras que los fondos que no las tenían las compraron. Como consecuencia, encuentro que las compras de los fondos mexicanos contrarrestaron la presión sobre los precios ocasionada por los fondos de EE.UU., mientras que las ventas agravaron la infravaloración de las acciones. En el segundo capítulo, presento un mecanismo novedoso por el cual los gestores de fondos pueden tener incentivos para asumir riesgo cuando la política monetaria está relajada. Desarrollo un modelo de asignación de cartera con información costosa y muestro que el rendimiento bajo de un fondo resulta menos castigado por la salida de los inversionistas cuando la tasa libre de riesgo es menor. También establezco que este efecto es más pronunciado para los fondos con mayor coste de información. Utilizando la tasa de fondos federales como la tasa sin riesgo y la edad del fondo como un indicador del coste de información, aporto evidencia empírica de las predicciones del modelo.Programa de doctorat en Economia, Finances i Empres
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