12,263 research outputs found

    Miniature vibration isolator Patent

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    Miniature vibration isolator utilizing elastic tubing materia

    Semantic browsing of digital collections

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    Visiting museums is an increasingly popular pastime. Studies have shown that visitors can draw on their museum experience, long after their visit, to learn new things in practical situations. Rather than viewing a visit as a single learning event, we are interested in ways of extending the experience to allow visitors to access online resources tailored to their interests. Museums typically have extensive archives that can be made available online, the challenge is to match these resources to the visitor’s interests and present them in a manner that facilitates exploration and engages the visitor. We propose the use of knowledge level resource descriptions to identify relevant resources and create structured presentations. A system that embodies this approach, which is in use in a UK museum, is presented and the applicability of the approach to the broader semantic web is discussed

    Moral hazard and bail-out in fiscal federations: evidence for the German Länder

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    We identify investor moral hazard in the German fiscal federation. Our identification strategy is based on a variable, which was used by the German Federal Constitutional Court as an indicator to determine eligibility of two German states (Länder) to a bail-out, the interest payments-to-revenue ratio. While risk premia measured in the German sub-national bond market react significantly to the relative debt level of a state (Land), we also find that a larger interest payments-to-revenue ratio counter-intuitively lowers risk premia significantly. Furthermore, with increasing values the risk premia decrease more strongly. This is evidence of investor moral hazard, because a larger indicator value increases the likelihood of receiving a bail-out payment. Quantitatively, the effects are, however, quite small. Our findings are robust to a variety of sample changes. In addition, we provide a case study of the recent Federal Constitutional Court ruling on the Land Berlin, which had filed for additional federal funds. The negative response of the court did not lead to a change in financial markets' bail-out expectations. In sum, our results indicate significant investor moral hazard in the sub-national German bond market. --moral hazard,bail-out,sovereign bond spreads,fiscal federalism,Germany

    Expected budget deficits and interest rate swap spreads - Evidence for France, Germany and Italy

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    This study analyses whether expected budget deficits have an impact on interest rate swap spreads in France, Germany and Italy. We use monthly deficit forecasts from financial market participants to take the forward-looking behaviour of financial markets into account. Results of a SUR estimation show no significant impact of expected deficits on swap spreads over the whole sample period (1994-2004). However, we find an increase in market discipline for Germany and France since the signing of the Stability and Growth Pact, and for Germany also since the start of European monetary union. --Budget deficits,interest rate swap spreads,EMU,Stability and Growth Pact
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