Why do contracts differ between VC types? : market segmentation versus corporate governance varieties

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks may increase their reserve holdings through an internalization effect or decrease them because of a diversification effect. The merger also affects loan market competition, which in turn modifies the distribution of bank sizes and aggregate liquidity needs. Mergers among large banks tend to increase aggregate liquidity needs and thus the public provision of liquidity through monetary operations of the central bank. JEL Classification: G24, G32, G3

Predicting expected TCP throughput using genetic algorithm

Predicting the expected throughput of TCP is important for several aspects such as e.g. determining handover criteria for future multihomed mobile nodes or determining the expected throughput of a given MPTCP subflow for load-balancing reasons. However, this is challenging due to time varying behavior of the underlying network characteristics. In this paper, we present a genetic-algorithm-based prediction model for estimating TCP throughput values. Our approach tries to find the best matching combination of mathematical functions that approximate a given time series that accounts for the TCP throughput samples using genetic algorithm. Based on collected historical datapoints about measured TCP throughput samples, our algorithm estimates expected throughput over time. We evaluate the quality of the prediction using different selection and diversity strategies for creating new chromosomes. Also, we explore the use of different fitness functions in order to evaluate the goodness of a chromosome. The goal is to show how different tuning on the genetic algorithm may have an impact on the prediction. Using extensive simulations over several TCP throughput traces, we find that the genetic algorithm successfully finds reasonable matching mathematical functions that allow to describe the TCP sampled throughput values with good fidelity. We also explore the effectiveness of predicting time series throughput samples for a given prediction horizon and estimate the prediction error and confidence.Peer ReviewedPostprint (author's final draft

Interim report on Media Analysis

PACHELBEL WP4 “Stimulus Materials” uses findings from WP3 (Policy Assumptions) and from additional sources to prepare stimulus materials for the group-based process to be implemented in WP5. The output, informed by the present report, will be a set of materials to inform and stimulate the group-based process. These will take the form of real or simulated media coverage and/or documentary materials produced by various sources, scenarios, vignettes, and dramatised accounts. Another output, also informed by this report, will be an individual questionnaire for use in the group-based process. The present deliverable is centred on one of the data-gathering and analytic activities set up by WP4 to identify pertinent representational elements that should be included in the future stimulus materials, country by country. “Representational elements” have been defined in WP4 as typical images, anecdotes, examples, and references which are used by policy actors to explain and justify policy choices within the policy domains pertinent to PACHELBEL. Particular attention is given to references made to citizens, their perceptions and behaviours. In Task 4.2, PACHELBEL partners gathered representational elements in their respective contexts. To support this task, a “media analysis” template was developed by WPL SYMLOG for discussion at the second Consortium project meeting (Dorking, Mo. 6). Criteria were agreed for the analysis of a selection of actual publications in a range of media (print periodicals, public information materials disseminated by authorities, etc.). In Summer 2010, partners in each country used the template to analyze and report a sample of several dozen articles in selected policy areas. This interim report (D4.2) recalls methodology (Part 1), presents representational elements country by country (Part 2) and provides a summary overview of similarities and contrasts across country samples (Part 3). Conclusions and next steps are presented in Part 4. Also provided are a simplified media analysis template (Annex 1) and the compiled basic frequency analysis (Annex 2)

Safety Net Design and Systemic Risk: New Empirical Evidence

Recent econometric evidence has noticeably changed views on the desirability and the appropriate design of explicit Deposit Insurance Schemes (DIS). The purpose of this paper is to take a second look at the data. After surveying recent empirical work and providing a theoretical framework, we argue that existing studies may suffer from a selection bias. Building on a new database on explicit deposit insurance compiled by the author, we perform a variety of semi-parametric and parametric tests to see whether and how explicit deposit insurance (de)stabilizes banking systems. We find that the evidence indeed suggests that a selection bias is present. Controlling for this bias leads to a reassessment of recent studies. In particular, making deposit insurance explicit has a rather moderate and, if any, stabilizing effect on the probability of experiencing a systemic crisis

Holding it all together? The management of supply cover in the teaching profession

There have for some years been concerns in Scotland about the availability of supply cover, the quality of supply teachers and the adequacy of support and development provided for them. This is a report of a study which focuses on the management of supply cover in Scotland. It presents an analysis of qualitative and quantitative data collected from education authorities, schools and supply teachers

Abraham Wald

This paper grew out of a lecture presented at the 54th Session of the International Statistical Institute in Berlin, August 13 - 20, 2003, Schneeweiss (2003). It intends not only to outline the eventful life of Abraham Wald (1902 - 1950) in Austria and in the United States but also to present his extensive scientific work. In particular, the two main subjects, where he earned most of his fame, are outline: Statistical Decision Theory and Sequential Analysis. In addition, emphasis is laid on his contributions to Econometrics and related fields