1,721,041 research outputs found
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
On the Stability of Different Financial Systems
Get PDFAn economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those available to banks. With this fraction comparatively low, the evolving financial system can be interpreted as market-oriented. In this system, banks only provide efficient investment opportunities to households with inferior investment alternatives. Banks are not active in the secondary financial market nor do they provide any liquidity insurance to their depositors. Households participate to a large extent in the primary as well as in the secondary financial markets. In the other case of a relatively high fraction of households with inefficient direct investment opportunities, a bank-dominated financial system arises, in which banks provide liquidity transformation, are active in secondary financial markets and are the only player in primary markets, while households only participate in secondary financial markets. Secondly, we analyze the effect a run on a single bank has on the entire financial system. Interestingly, we can show that a bank run on a single bank causes contagion via the financial market neither in market-oriented nor in extremely bank-dominated financial systems. But in only moderately bank-dominated (or hybrid) financial systems fire sales of long-term financial claims by a distressed bank cause a sudden drop in asset prices that precipitates other banks into crisis
On the Stability of Different Financial Systems
No full textAn economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those available to banks. With this fraction comparatively low, the evolving financial system can be interpreted as market-oriented. In this system, banks only provide efficient investment opportunities to households with inferior investment alternatives. Banks are not active in the secondary financial market nor do they provide any liquidity insurance to their depositors. Households participate to a large extent in the primary as well as in the secondary financial markets. In the other case of a relatively high fraction of households with inefficient direct investment opportunities, a bank-dominated financial system arises, in which banks provide liquidity transformation, are active in secondary financial markets and are the only player in primary markets, while households only participate in secondary financial markets. Secondly, we analyze the effect a run on a single bank has on the entire financial system. Interestingly, we can show that a bank run on a single bank causes contagion via the financial market neither in market-oriented nor in extremely bank-dominated financial systems. But in only moderately bank-dominated (or hybrid) financial systems fire sales of long-term financial claims by a distressed bank cause a sudden drop in asset prices that precipitates other banks into crisis.Im vorliegenden Papier wird eine Ökonomie modelliert, in der Diamond/ Dybvig- Banken neben einem Finanzmarkt koexistieren. Innerhalb dieses Ansatzes lässt sich zunächst zeigen, dass zwei sehr unterschiedliche Finanzsysteme entstehen, je nach dem wie hoch der Anteil von solchen Haushalten in der Ökonomie ist, die im Vergleich zu Banken weniger effiziente Anlagemöglichkeiten am Finanzmarkt haben. Ist der Anteil dieser Haushalte vergleichsweise gering, so entsteht ein Finanzsystem, das sich als markt-orientiertes auffassen lässt. In diesem System beschränkt sich die Funktion von Banken darauf, auch den Haushalten mit weniger rentablen Direktanlagemöglichkeiten eine effiziente Investitionsalternative zu bieten. Während hier Banken nicht am sekundären Finanzmarkt partizipieren, handeln private Haushalte sowohl am Primär- als auch am Sekundärmarkt. Einlageverträge von Banken bieten in diesem Finanzsystem keine Liquiditätsversicherung. Ist hingegen der Anteil der Haushalte mit wenig effizienten Direktanlagemöglichkeiten vergleichsweise hoch, so bildet sich eine bank-dominiertes Finanzsystem heraus, in dem Bankeinlagen sehr wohl eine Liquiditätsversicherung darstellen. In diesem Finanzsystem sind nur die Banken am Primärmarkt aktiv und partizipieren darüber hinaus auch am Sekundärmarkt. Sämtliche private Haushalte handeln hingegen nur am Sekundärmarkt. In einem zweiten Schritt wird der Effekt untersucht, der vom Zusammenbruch einer Bank auf das gesamte Finanzsystem ausgeht. Interessanterweise zeigt sich hier, dass ein Run auf eine Bank weder in einem markt-orientierten noch in einem stark bank-dominierten Finanzsystem zu Ansteckungseffekten über den Finanzmarkt führt. Nur in schwach bank-dominierten (oder hybriden) Finanzsystemen verursachen die Notverkäufe von langfristigen Finanztiteln durch eine illiquide Bank einen Preisverfall dieser Anlagen, der weitere Banken zusammenbrechen lässt
On the Stability of Different Financial Systems
Get PDFAn economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those available to banks. With this fraction comparatively low, the evolving financial system can be interpreted as market-oriented. In this system, banks only provide efficient investment opportunities to households with inferior investment alternatives. Banks are not active in the secondary financial market nor do they provide any liquidity insurance to their depositors. Households participate to a large extent in the primary as well as in the secondary financial markets. In the other case of a relatively high fraction of households with inefficient direct investment opportunities, a bank-dominated financial system arises, in which banks provide liquidity transformation, are active in secondary financial markets and are the only player in primary markets, while households only participate in secondary financial markets. Secondly, we analyze the effect a run on a single bank has on the entire financial system. Interestingly, we can show that a bank run on a single bank causes contagion via the financial market neither in market-oriented nor in extremely bank-dominated financial systems. But in only moderately bank-dominated (or hybrid) financial systems fire sales of long-term financial claims by a distressed bank cause a sudden drop in asset prices that precipitates other banks into crisis. -- Im vorliegenden Papier wird eine Ökonomie modelliert, in der Diamond/ Dybvig- Banken neben einem Finanzmarkt koexistieren. Innerhalb dieses Ansatzes lässt sich zunächst zeigen, dass zwei sehr unterschiedliche Finanzsysteme entstehen, je nach dem wie hoch der Anteil von solchen Haushalten in der Ökonomie ist, die im Vergleich zu Banken weniger effiziente Anlagemöglichkeiten am Finanzmarkt haben. Ist der Anteil dieser Haushalte vergleichsweise gering, so entsteht ein Finanzsystem, das sich als markt-orientiertes auffassen lässt. In diesem System beschränkt sich die Funktion von Banken darauf, auch den Haushalten mit weniger rentablen Direktanlagemöglichkeiten eine effiziente Investitionsalternative zu bieten. Während hier Banken nicht am sekundären Finanzmarkt partizipieren, handeln private Haushalte sowohl am Primär- als auch am Sekundärmarkt. Einlageverträge von Banken bieten in diesem Finanzsystem keine Liquiditätsversicherung. Ist hingegen der Anteil der Haushalte mit wenig effizienten Direktanlagemöglichkeiten vergleichsweise hoch, so bildet sich eine bank-dominiertes Finanzsystem heraus, in dem Bankeinlagen sehr wohl eine Liquiditätsversicherung darstellen. In diesem Finanzsystem sind nur die Banken am Primärmarkt aktiv und partizipieren darüber hinaus auch am Sekundärmarkt. Sämtliche private Haushalte handeln hingegen nur am Sekundärmarkt. In einem zweiten Schritt wird der Effekt untersucht, der vom Zusammenbruch einer Bank auf das gesamte Finanzsystem ausgeht. Interessanterweise zeigt sich hier, dass ein Run auf eine Bank weder in einem markt-orientierten noch in einem stark bank-dominierten Finanzsystem zu Ansteckungseffekten über den Finanzmarkt führt. Nur in schwach bank-dominierten (oder hybriden) Finanzsystemen verursachen die Notverkäufe von langfristigen Finanztiteln durch eine illiquide Bank einen Preisverfall dieser Anlagen, der weitere Banken zusammenbrechen lässt.
On the stability of different financial systems : [Version June 2003]
No full textAn economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those available to banks. With this fraction comparatively low, the evolving financial system can be interpreted as market-oriented. In this system, banks only provide efficient investment opportunities to households with inferior investment alternatives. Banks are not active in the secondary financial market nor do they provide any liquidity insurance to their depositors. Households participate to a large extent in the primary as well as in the secondary financial markets. In the other case of a relatively high fraction of households with inefficient direct investment opportunities, a bank-dominated financial system arises, in which banks provide liquidity transformation, are active in secondary financial markets and are the only player in primary markets, while households only participate in secondary financial markets. Secondly, we analyze the effect a run on a single bank has on the entire financial system. Interestingly, we can show that a bank run on a single bank causes contagion via the financial market neither in market-oriented nor in extremely bank-dominated financial systems. But in only moderately bank-dominated (or hybrid) financial systems fire sales of long-term financial claims by a distressed bank cause a sudden drop in asset prices that precipitates other banks into crisis
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
Impact of financial stability related actions taken by European authorities on financial markets
No full textDISERTAČNÍ PRÁCE: Dopad opatření souvisejících s finanční stabilitou přijatých evropskými orgány na finanční trhy Pandemie COVID-19 zdůraznila potřebu robustní finanční stability a účinných regulačních opatření v pojišťovacím sektoru. Tato disertační práce zkoumá tři klíčové oblasti pro posílení odolnosti tohoto sektoru. Za prvé, hodnotí dopad doporučení Evropského orgánu pro pojišťovnictví a zaměstnanecké penzijní pojištění (EIOPA) pozastavit distribuci dividend a zpětné odkupy akcií během pandemie. S využitím metodiky eventové studie výzkum zjistil, že tato opatření neměla významný vliv na ceny akcií pojišťoven, což dokládá odolnost tohoto sektoru. Za druhé, práce analyzuje reakce trhu na celoevropské zátěžové testy pojišťovnictví. Porovnáním omezeného dopadu testů z roku 2014 se silnějšími reakcemi v roce 2018 studie zdůrazňuje význam transparentního a efektivního zátěžového testování pro udržení důvěry trhu. Za třetí, disertace zkoumá rizika spojená s klimatickou transformací ve vztahu k portfoliím státních dluhopisů pojišťoven. Pokročilý rámec pro oceňování státních dluhopisů odhaluje významnou variabilitu klimatických rizik mezi evropskými zeměmi a identifikuje klíčové faktory, jako jsou domácí zaujatost, velikost společnosti a role zajišťovatelů. Tato disertační práce přináší cenné poznatky..
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
Dopad opatření přijatých evropskými orgány v oblasti finanční stability na finanční trhy
No full textDISERTAČNÍ PRÁCE: Dopad opatření souvisejících s finanční stabilitou přijatých evropskými orgány na finanční trhy Pandemie COVID-19 zdůraznila potřebu robustní finanční stability a účinných regulačních opatření v pojišťovacím sektoru. Tato disertační práce zkoumá tři klíčové oblasti pro posílení odolnosti tohoto sektoru. Za prvé, hodnotí dopad doporučení Evropského orgánu pro pojišťovnictví a zaměstnanecké penzijní pojištění (EIOPA) pozastavit distribuci dividend a zpětné odkupy akcií během pandemie. S využitím metodiky eventové studie výzkum zjistil, že tato opatření neměla významný vliv na ceny akcií pojišťoven, což dokládá odolnost tohoto sektoru. Za druhé, práce analyzuje reakce trhu na celoevropské zátěžové testy pojišťovnictví. Porovnáním omezeného dopadu testů z roku 2014 se silnějšími reakcemi v roce 2018 studie zdůrazňuje význam transparentního a efektivního zátěžového testování pro udržení důvěry trhu. Za třetí, disertace zkoumá rizika spojená s klimatickou transformací ve vztahu k portfoliím státních dluhopisů pojišťoven. Pokročilý rámec pro oceňování státních dluhopisů odhaluje významnou variabilitu klimatických rizik mezi evropskými zeměmi a identifikuje klíčové faktory, jako jsou domácí zaujatost, velikost společnosti a role zajišťovatelů. Tato disertační práce přináší cenné poznatky...Institut ekonomických studiíInstitute of Economic StudiesFakulta sociálních vědFaculty of Social Science
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