Evaluating a unit on behavior in tenth-grade biology

Thesis (Ed.M.)--Boston University This item was digitized by the Internet Archive

Essays on financial economics

This thesis consists of five chapters. The first chapter previews the analysis of the following three chapters. In the second chapter, my co-author and I provide new empirical evidence that the distribution of liquidity has a strong in-sample and out of- sample predictive power on intraday market volatility. To this end, we introduce a novel way of summarizing the relative depth provision in the whole limit order book. Our measure, global depth, considers the entire quoted depth and assigns weights decreasing with distance from the best quotes. We document that global depth outperforms alternative predictors of volatility, such as the bid-ask spread, standard depth variables, and measures of trading activity, in explaining the variations in market volatility. The third chapter, forthcoming in the Journal of Banking and Finance, investigates the effects of competition and signaling in a pure order driven market and examines the trading patterns of agents when walking through the book is not allowed. My co-author and I show that the variables capturing the cost of a large market order are not informative for an impatient trader under this market mechanism. We also document that the competition effect is not present only at the top of the book but persistent beyond the best quotes. Moreover, we show that institutional investors’ order submission strategies are characterized by only a few pieces of the limit order book information. The fourth chapter analyses the relationship between the firms’ disclosure decisions and the market expected value of default probabilities. I use option prices to estimate the option implied probability of default, whereas the level of disclosure is measured by a self-constructed voluntary disclosure index for the largest 85 U.S. bank holding companies. I provide evidence that the enhanced disclosure is followed by reduced market implied default probabilities in the subsequent year. This evidence suggests that by mitigating the information asymmetries between the bank management and their depositors and regulators, disclosure affects investors’ assessments of the riskiness of a bank. Finally, Chapter 5 sums up and points out directions for further work

On the detection of gravitational waves through their interaction with particles in storage rings

It is shown that the interaction between a gravitational wave and ultra-relativistic bunches of particles in storage rings can produce a measurable effect on the non-Euclidean geometry of the space -time manifold of high energy rotating particles. Such an interaction causes simultaneous correlated deflections of bunches at different locations in a collider beam around the storage ring. T he radial deflection of a bunch of particles in a beam caused by a gravitational wave perpendicular to the surface of the ring is predicted to have a frequency equal to twice the revolution frequ ency of the bunch, and be modulated by the frequency of the gravitational wave. Using a system of beam position monitors (and possibly a streak camera), every bunch of particles can be monitored and its oscillations reconstructed so that a clear picture of the complete ring can be achieved at any moment. If the storage ring has two counter-rotating beams, noise effects can be reduced by measuring the difference, at a given point all along the beam, of the relative bunch deflections at both rings. The amplitude and frequency of the gravitational wave (and polarisation, if any) ca n then be deduced. Coincidence at different storage rings, with correlated radial deflection amplitudes and frequencies, are also expected. The position of the source can then be deduced. For gravitational waves with frequencies of the order of 100-1000 Hz and amplitudes of the order of $10^{-20}$-$10^{-23}$ the amplitude of the radial deflection can be as large as a milimeter, depen ding on the quality factor as a gravitational wave antenna and the parameters of the collider

Is the Legal Profession Too Independent?

Faced with mounting pressure to permit national law practice and increase access to legal services for those who cannot afford to pay for them and critiques about growing inequality and its failure to lead the battles for greater gender and racial justice, the legal profession’s response has been to resist reform proposals by invoking its independence. Lawyers and lawyers alone, asserts the profession, ought to determine the pace and details of nationalizing law practice, set the conditions under which nonlawyers and artificial intelligence can offer legal services, and respond to growing inequality among lawyers and concerns about the role lawyers play, and fail to play, in the quest for a more just society. Any outside interference, cautions the profession, would undermine lawyers’ independence and our commitment to the Rule of Law. Asserting the independence of the bar has proven to be an effective rhetorical ploy, successfully disarming criticisms and weakening calls for reform— because who can argue against the Rule of Law

Low volatility makes a financial crisis more likely

Jon Danielsson, Marcela Valenzuela and Ilknur Zer provide empirical evidence of Minsky’s theory of instabilit

Learning from history: volatility and financial crises

We study the effects of volatility on the probability of financial crises by constructing a cross-country database spanning 211 years. We find that volatility is not a significant predictor of crises whereas unexpected high and low volatilities are. Low volatility leads to banking crises and both high and low volatilities make stock market crises more likely, while volatility in any form has little impact on currency crises. The volatility-crisis relationship becomes stronger when financial markets are more prominent and less regulated. Finally, low-risk environments are conducive to greater buildup of risk-taking, providing empirical support for the Minsky hypothesis

Learning from history: volatility and financial crises

We study the effects of stock market volatility on risk-taking and financial crises by constructing a cross-country database spanning up to 211 years and 60 countries. Prolonged periods of low volatility have strong in-sample and out-of-sample predictive power over the incidence of banking crises and can be used as a reliable crisis indicator, whereas volatility itself does not predict crises. Low volatility leads to excessive credit build-ups and balance sheet leverage in the financial system, indicating that agents take more risk in periods of low risk, supporting the dictum that "stability is destabilizing.

Financial volatility and economic growth, 1870-2016

We investigate the causal impact of financial risk on economic growth, using a panel spanning 150 years and 74 countries. Persistent low risk encourages risky investments that ultimately augment growth but at the cost of building up of vulnerabilities in the economy and thus has a boom-to-bust effect on growth: an initial increase followed by a reversal in two years. Persistent global low risk has a more pronounced effect on growth than local risk, highlighting the relative importance of the global risk environment. While the U.S. financial markets are important, their effects on risk appetite globally are still limited. The impact of low risk is the strongest after the Bretton Woods era, for developing countries, and for countries experiencing high credit growth. Finally, long-lasting low volatility affects growth amid its notable impact on capital flows, investment, and lending quality

Fungemia de Rhodotorula em paciente com leucemia linfoblástica aguda

Objectives: Rhodotorula is an environmental yeast that belongs to Basidiomycota Phylum. Rhodotorula species are ubiquitous in nature, can be found in soil and freshwater. Immunocompromised patients can develop Rhodotorulosis due to wide-ranging exposure to Rhodotorula in the hospital environment. Case Discussion: The patient was a 3-year-old male with a diagnosis of Pro B-Acute Lymphoblastic Leukemia (ALL). He was admitted to the hospital with complaints of malaise, fatigue, weight loss, and diarrhea between courses of chemotherapy. Rhodotorula was isolated from the patient’s blood culture obtained during the elevation of temperature. After 14 days of amphotericin B treatment, clinical situation of the patient was improved and he was discharged. Conclusion: Rhodotorula spp. as a rare yet emerging pathogen, often presents as fever of unknown etiology resistant to antibacterial treatment and can be associated with fungemia and other severe complications.   Objetivos: Rhodotorula es una levadura ambiental que pertenece al filo Basidiomycota. Las especies de Rhodotorula son ubicuas en la naturaleza, se pueden encontrar en el suelo y en agua dulce. Los pacientes inmunodeprimidos pueden desarrollar Rhodotorulosis debido a una amplia exposición a Rhodotorula en el entorno hospitalario. Descripción del caso: El paciente era un niño de 3 años con diagnóstico de leucemia linfoblástica aguda Pro B (LLA). El paciente ingresó en el hospital con quejas de malestar, fatiga, pérdida de peso y diarrea entre ciclos de quimioterapia. Se aisló Rhodotorula del hemocultivo del paciente que se obtuvo durante la elevación de la temperatura. Después de 14 días de tratamiento con anfotericina B, la situación clínica del paciente mejoró y fue dado de alta. Conclusión: Rhodotorula spp. como patógeno poco común pero emergente, a menudo se presenta como fiebre de etiología desconocida resistente al tratamiento antibacteriano y puede asociarse con fungemia y otras complicaciones graves. Objetivos: Rhodotorula é uma levedura ambiental que pertence ao filo Basidiomycota. As espécies de Rhodotorula são onipresentes na natureza, podem ser encontradas no solo e na água doce. Pacientes imunocomprometidos podem desenvolver rodotorulose devido à ampla exposição a Rhodotorula no ambiente hospitalar. Descrição do caso: O paciente era uma criança de 3 anos de idade com diagnóstico de Leucemia Linfoblástica Aguda Pro B (LLA). O paciente deu entrada no hospital com queixas de mal-estar, cansaço, perda de peso e diarreia entre os ciclos de quimioterapia. A Rhodotorula foi isolada da hemocultura do paciente obtida durante a elevação da temperatura. Após 14 dias de tratamento com anfotericina B, a situação clínica do paciente melhorou e o paciente recebeu alta. Conclusão: Rhodotorula spp. como um patógeno raro, porém emergente, frequentemente se apresenta como febre de etiologia desconhecida resistente ao tratamento antibacteriano e pode estar associada a fungemia e outras complicações graves