221,430 research outputs found
The determinants of ‘domestic’ original sin in emerging market economies
No full textThis paper explains why domestic debt composition in emerging economies is risky. It carries out an analysis of the determinants of ‘domestic’ original sin, which refers to the inability of emerging economies to borrow domestically in local currency, at long maturities and fixed interest rates. The latter is a measure of financial vulnerabilities arising from domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper builds on a large dataset compiled by the authors from national sources. It finds that domestic original sin is severe when inflation is lofty, the debt service-to-GDP ratio high, the slope of the yield curve inverted and the investor base narrow. These results suggest that sound macroeconomic policies, attractive long-term yields and policies aimed at widening the investor base are instrumental to reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed, local currency instruments. JEL Classification: F34, F41, G15domestic debt, emerging economies, Original sin
The Determinants of Sin Stock Returns : Evidence on the European Market.
No full textThis article deals with the time-series variation in average sin stock returns – returns on publicly-traded companies involved in producing tobacco, alcohol, and gaming. Next to nothing has been written about this class of stocks, especially on the European stock market. The hypothesis I explore in this paper is that sin stock returns depend on legal and cultural characteristics such as religious preferences, the level of excise taxation, and the degree of litigation risk. Using data on 18 European countries over the period 1975-2006, my results show evidence that Protestants are more “sin averse” than Catholics, and require a significant premium on sin stocks. Moreover, sin stocks have higher risk-adjusted returns when they are located in a country with high excise taxation; and sin stocks outperform other stocks when the litigation risk is higher, even after controlling for well-known risk factors such as market capitalization and book-to-market ratio. These findings suggest that sin stock returns depend on both legal and religious environments of each country.Litigation; taxation; Religion; Sin stocks; European markets;
The determinants of "domestic" original sin in emerging market economies
No full textThis paper explains why domestic debt composition in some emerging economies is risky. To this end, it carries out a systematic analysis of the determinants of the so-called domestic original sin, which refers to the inability of emerging economies to borrow domestically in local currency, at long maturities and fixed interest rates. As such, the latter is a measure of financial vulnerabilities arising from domestic debt composition, which encompasses maturity mismatches, rollover risk and interest payment contingency. The paper builds on a large dataset compiled by the authors from national sources. It finds that domestic original sin is particularly severe when inflation is lofty, the debt service-to-GDP ration high, the slope of the yield curve inverted and the investor base narrow. These results suggest that sound macroeconomic policies, attractive long-term yields and policies aimed at widening the investor base are instrumental to overcome domestic original sin, reduce domestic debt riskiness and tilt its composition towards safer, long-term, unindexed, local currency instrumentsOriginal sin, domestic debt, emerging economies
Characteristics of Self-Citation in Journal of Natural Rubber Research 1988-1997: a Ten-Year Bibliometric Study
No full textAnalyses the extent of journal self-citation and author self-citation in the research articles and short communications published in Journal of Natural Rubber Research during 1988 to 1997. Results show that 53% of articles contained journal self-citations; the rate of journal self-citations per article ranges between 1 to 12; a high percentage of authors (61.4%) contributing articles to the journal cited themselves; a tendency is noticed for authors affiliated to the institution publishing the journal to cite the journal; the highest self-citing author is A. D. Roberts
MeSH term explosion and author rank improve expert recommendations
No full textInformation overload is an often-cited phenomenon that reduces the productivity, efficiency and efficacy of scientists. One challenge for scientists is to find appropriate collaborators in their research. The literature describes various solutions to the problem of expertise location, but most current approaches do not appear to be very suitable for expert recommendations in biomedical research. In this study, we present the development and initial evaluation of a vector space model-based algorithm to calculate researcher similarity using four inputs: 1) MeSH terms of publications; 2) MeSH terms and author rank; 3) exploded MeSH terms; and 4) exploded MeSH terms and author rank. We developed and evaluated the algorithm using a data set of 17,525 authors and their 22,542 papers. On average, our algorithms correctly predicted 2.5 of the top 5/10 coauthors of individual scientists. Exploded MeSH and author rank outperformed all other algorithms in accuracy, followed closely by MeSH and author rank. Our results show that the accuracy of MeSH term-based matching can be enhanced with other metadata such as author rank
Virtues of SIN - effects of an immigrant workplace introduction program
No full textWe evaluate an immigrant workplace introduction program aimed at helping individuals considered employable but at the same time expected to experience substantial difficulties in finding work. Using supported employment methods, the SIN program may influence outcomes through several channels. We use in-dividual data and a difference-in-differences approach to estimate the effects of the program. The results suggest that the program increased transitions from unemployment to work experience schemes, and improved future employment probabilities for those who entered these schemes.Unemployment; labor market programs; immigrants
EXPERIMENTAL INVESTIGATION OF INTERNAL COOLING PASSAGES ON GAS TURBINE BLADE WITH PIN-FINS AND RIB-TURBULATORS
No full textHeat transfer and pressure characteristics in a rectangular channel are experimentally explored in detailed. The study consisted of 3 parts: 1) effects of detached pin space, 2) combined effects of detached pin space and ribs, and 3) effects of pin-fin geometry on heat transfer. The overall channel geometry (W=76.2 mm, E=25.4 mm) simulates an internal cooling passage of wide aspect ratio (3:1) in a gas turbine airfoil. With a given pin diameter, D=6.35 mm= ¼E, three different pin-fin height-to-diameter ratios, H/D = 4, 3, and 2, were examined. Each of these three cases corresponds to a specific pin array geometry of detachment spacing (C) between the pin-tip and one of the endwalls, i.e. C/D = 0, 1, 2, respectively. The Reynolds number, based on the hydraulic diameter of the un-obstructed cross-section and the mean bulk velocity, ranges from 10,000 to 25,000. The experiment employs a hybrid technique based on transient liquid crystal imaging to obtain distributions of the local heat transfer coefficient over all of the participating surfaces, including the endwalls and all the pin elements. Pressure drop of each test case is also measured in order to evaluate the performance of each case based on a non-dimensional parameter, performance index, PI.
Experimental results reveal that the presence of a detached space between the pin-tip and the endwall have a significant effect on the convective heat transfer and pressure loss in the channel. The presence of pin-to-endwall spacing promotes wall-flow interaction, generates additional separated shear layers, and augments turbulent transport. In general, an increase in detached spacing, or C/D leads to lower heat transfer enhancement and pressure drop.
Addition of broken ribs and full ribs has significant impact on heat transfer enhancement at the endwall only. Due to the geometry of the ribs, that is relatively low as compared to the overall height of the channel, the pressure loss seems to be insensitive to the presence of the ribs. Results showed that ribs underperform as compared to the cases without ribs.
Triangular pin-fins with sharp edges have the advantages of generating additional wakes and vortices compared to circular and semi-circular pin-fins which contribute to higher heat transfer at the downstream region. However, heat transfer at the leading region of the triangular pin-fins are lower due to a more streamlined geometry at the leading region and without the presence of horseshoe vortices, that is one of the major contributing factors of heat transfer enhancement for circular and semi-circular pin-fins. Having the largest number of pin-fins and arranged in a dense configuration, the TRI3 case has the highest overall heat transfer enhancement ranging between 3.5-3.8, that is approximately 5%-20% higher than that of the circular pin-fin array. As the TRI1 and TRI2 cases show comparable heat transfer enhancement, this suggests that the heat transfer performance of the triangular pin-fin arrays is insensitive to the transverse spacing. In addition, more uniform heat transfer is also observed on the endwall and neighboring pin-fins in all triangular shaped pin-fin arrays. The semi-circular pin-fin array has the lowest heat transfer performance ranging from 2.7-3.4. However, triangular pin-fin arrays give the highest pressure loss due to the largest induced form drag among all cases, while circular pin-fin array exhibits the lowest pressure loss
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
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?
No full textThe current pattern of sudden stops and financial crises in emerging markets has great resonance to events in the first era of globalization, from 1870-1913. In this paper I present descriptive statistics on capital flows, current account reversals and financial crises during the period 1870-1913 and compare them with the recent experience. I analyze the incidence of crises and measure their effects on real output losses. Furthermore, I consider the influence of openness to trade, original sin and currency mismatches on the pattern of sudden stops and financial crises. I find strikingly similar patterns across both eras of globalization. The pre-1914 sudden stops were associated with significant output losses comparable with the recent events, and their effects differed considerably depending on a country%u2019s economic circumstances, just as they do today.
- …
