292 research outputs found
Anatomy of a Sovereign Debt Crisis: CDS Spreads and Real-Time Macroeconomic Data
No full textWe construct a unique and comprehensive data set of 19 real-time daily macroeconomic indicators for 11 Eurozone countries, for the 5/11/2009{4/25/2013 period. We use this new data set to characterize the time-varying dependence of the cross-section of sovereign credit default swap (CDS) spreads on country-specific macro indicators. We employ daily Fama-MacBeth type cross-sectional regressions to produce time-series of macro-sensitivities, which are then used to identify risk regimes and forecast future equity market volatility. We document pronounced time-variation in the macro-sensitivities, consistent with the notion that market participants focused on very different macro indicators at the different times of the crisis. Second, we identify three distinct crisis risk regimes, based on the general level of CDS spreads, the macro-sensitivities, and the GIPSI connotation. Third, we document the predictive power of the macro-sensitivities for future option-implied equity market volatility, consistent with the notion that expected future risk aversion is an important driver of how CDS spreads impound macro information
A Framework for Incorporating Minority Stress Theory into Treatment with Sexual Minority Clients
No full textEmpirical research has consistently demonstrated the negative mental health consequences of minority stress among lesbian, gay, and bisexual (LGB) populations; however, there is little understanding of how minority stress should be addressed in the actual clinical situation. This article discusses how to incorporate minority stress theory into clinical practice with LGB clients. A proposed framework begins with a two-part clinical assessment. The first part, based on Meyer’s (2003) minority stress model, examines the effects of prejudice events, stigma, internalized homophobia, and sexual orientation concealment. The second part, grounded in Hatzenbuelher’s (2009) work, examines the client’s coping/emotional regulation, social/interpersonal, and cognitive processes, which can be elevated by minority stress. Following the assessment process, the framework suggests using a LGB-affirmative treatment approach. The framework will be applied to the treatment of a black lesbian client in order to demonstrate its clinical utility.Peer reviewe
Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal
No full textHow financial investors may react to policy events related to sustainability and climate change mitigation in particular, is a key question with implications for sustainable finance and financial stability. We address this question by carrying out a multi-period difference-in-difference approach on a confidential database of securities holdings of the European Central Bank, and we provide evidence of several effects related to the Paris Agreement. In aggregate, investors reduced their participation in the equities of high-carbon firms in response to the agreement, and the trend reverted after the US’s announcement of withdrawal from the agreement. However, the reaction varies across categories and geographies of the securities holders, their ownership size, and the emissions of owned firms. In particular, transition risk has been taken up by less regulated financial institutions and the BRIC countries. Our results highlight that the redirection of global financial flows towards climate action requires clear and unanimous signals from the global community of policy makers
‘The Darkest Times of My Life’: Recollections of Child Abuse among Forced Migrants Persecuted because of Their Sexual Orientation and Gender Identity
No full textNumerous studies demonstrate that lesbian, gay, bisexual, and transgender (LGBT) children and youth are likely to experience abuse by peers, parents, and other adults and that these experiences correlate with a host of mental health problems. However, there is little understanding of the experiences of LGBT children and youth living in countries where social and legal protections for sexual and gender minorities are limited or nonexistent. This qualitative study used thematic analysis to explore the child and adolescent abuse experiences and their impact on the pre-migration mental health of LGBT forced migrants. We analyzed 26 interviews with individuals who obtained refugee or asylee status in the United States or Canada on the basis of sexual orientation or gender identity. Participants originated from countries in Asia, Africa, the Caribbean, Eastern Europe, Latin America, and the Middle East. Analysis revealed the following themes: abuse by parents and caregivers, abuse by peers and school personnel, having nowhere to turn, and dealing with psychological distress. Findings indicate that participants experienced severe verbal, physical, and sexual abuse throughout childhood and adolescence and that this abuse occurred at home, in school, and in the community. Furthermore, there were no resources or sources of protection available to them. Participants linked their abuse to subjective experiences of depression, anxiety, and traumatic stress, as well as suicidal ideation and suicide attempts. We conclude with implications for refugee adjudication practices, mental health care, and international policy.© 2015. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/Peer reviewe
Anatomy of a Sovereign Debt Crisis: Machine Learning, Real-Time Macro Fundamentals, and CDS Spreads
No full text
What drives bank coverage ratios: evidence from the euro area
No full textWe analyse micro and macro drivers of coverage ratios in a cross–country sample of euro area banks. Among the former, we find that coverage ratios increase with the reliance on deposit funding and when asset quality is very poor. Among the latter, coverage ratios increase with GDP growth and with more stringent supervision and macro–prudential policies, as well as with deeper NPL secondary markets. Finally, we find evidence of peer imitation behaviour, as banks with below country average coverage ratios increase coverage ratios to catch up with their peers. As for the prevalent mechanism, banks tend to enhance coverage ratios primarily by increasing loan loss reserves rather than by resolving NPLs
Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios
No full textWe develop the first top-down method to estimate the greenness of financial portfolios, in terms of alignment to the EU Taxonomy for sustainable activities. We also develop a method to estimate, at the same time, the portfolio exposure to climate transition risk. We provide sector-level, standardized and transparent coefficients for both estimates, based on definitions of greenness and transition risk that are applicable across countries. We analyse the portfolios of Euro Area investors in 2022, based on the confidential Securities Holdings Statistics of the European Central Bank. We find that, overall, the greenness of Euro Area investors’ portfolios is lower than their exposure to transition risk (2.8% vs. 11.7%).
Across financial institutions, we estimate greenness and exposure to transition risk, respectively, at 3.2% and 12% for investment funds, at 0.8% and 5% for banks and at 4.8% and 15.1% for insurers. Our analysis also shows that investors with large amounts invested in green activities can have at the same time large exposures to transition risk
Tornare a discutere di riviste giuridiche
No full textThe Author traces back the role played by legal magazines over the years, emphasising
their being a mirror representation, genuine, silent and at the same time relentless, of the
different phases of legal theory.
The most recent magazines’ function is to renew the dialogue between legal theory and
case-law; this dialogue should neither be casual, nor a captive of the alternative, as sad as
it is popular, between occasional disapproving distancing and too enthusiastic acceptance in
respect of court’ choices
La Convenzione Ilo sulla violenza e le molestie sul lavoro
No full textThe essay analyses the impact of the ratification of the ILO Convention in the Italian legal system, with a focus on the concept of violence and harassment and its impact on other concepts, such as mobbing, and on the health and safety obligation of the employer. The author also
analyses the role of prevention strategies in counteracting violence and harassment in the workplace as psychosocial risks
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