Do CDS Spreads and Inflation Move Together? The Experience of the Fragile Five Countries and the BRICS-T

International investors wish to measure the sovereign risk premiums of the countries they want to invest in. Credit Default Swap Spread (CDS), which also shows the credit risks, is one of the important proxies that measure the country risk. Increased CDS spreads increase the cost of borrowing of countries and therefore the factors affecting the CDS spreads should be determined correctly. From this point of view, this study investigates the factors that have impacts on CDS spread ratios of BRICS-T and Fragile Five countries. According to panel regression results, exchange rate, inflation rate, unemployment rate and VIX positively affect CDS spreads. However, Industry Production Index, GDP growth and S&P 500 Index level negatively affect CDS spreads. These results are accurate both for BRICS-T and Fragile Five countries. We also find that Industry production index, GDP growth rate and unemployment rate are the significant determinants of inflation for both BRICS-T countries and Fragile Five countries.JEL Codes - F34; P24; H6

Rigid, quasi-rigid and matrix rings with (σ,0)-multiplication

Let R be a ring with an endomorphism σ. We introduce (σ, 0)-multiplication which is a generalization of the simple 0- multiplication. It is proved that for arbitrary positive integers m ≤ n and n ≥ 2, R[x; σ] is a reduced ring if and only if Sn,m(R) is a ring with (σ, 0)-multiplication

Eight Days of L-Citrulline or L-Arginine Supplementation Did Not Improve 200-m and 100-m Swimming Time Trials

The effects of L-citrulline or L-arginine supplementation on exercise performance are equivocal, and the effects on swimming performance are unclear. We aimed to assess whether 8-day supplementation with L-arginine or L-citrulline supplementation would improve 200 m and 100 m freestyle swimming time-trial performances. After the baseline trial (first visit), in a double-blind, randomised design, 15 trained/developmental (5 females) swimmers and triathletes were assigned to three groups and underwent an 8-day supplementation period, with a daily dose of either 8 gr L-arginine (Arg, n = 5) or L-citrulline (Cit, n = 5) or placebo (Pla, n = 5). On day 9, participants completed experimental trial (second visit). In each trial, after blood sampling, participants performed both 200 m and 100 m freestyle swimming time-trials, with 30 min recovery between trials. Plasma nitric oxide (NOx) and blood lactate concentrations (BLa) were collected immediately before and after 200 m and 100 m TTs, respectively. No significant difference was observed in NOx between groups (p = 0.201). There was no significant difference in 200 m (p = 0.226) and 100 m swimming time-trials (p = 0.993) between groups. There was a main effect of time on BLa concentration (p < 0.001), but no trial × group (p = 0.243) and trial × lactate × group interaction effect (p = 0.276) was present. Furthermore, 8-day either L-citrulline or L-arginine supplementation did not enhance middle (200 m) and short-distance (100 m) swimming performance in trained/developmental swimmers and triathletes. These findings do not support the use of L-citrulline or L-arginine supplementation as ergogenic aids for swimming performance

Foreign vs domestic ownership on debt reduction: an investigation of acquisition targets in Italy and Spain

This paper examines the role of foreign versus domestic ownership in reducing the debt levels of acquired firms in Italy and Spain over the period 2002–2010. Acknowledging that lower debt levels can mitigate the risk of failure and thus enhance the chances for a positive post-acquisition performance and survival, we particularly examine the causal effect of foreign and domestic acquisitions on two firm-level debt measures: gearing and short-term leverage. To estimate causal relationships, we control for selection bias by applying propensity score matching techniques. Our results indicate that foreign acquisition leads to a significant and steady reduction in the debt ratios of the target companies. In contrast, the relationship between domestic acquisition and debt reduction appears to be smaller and statistically less robust

Information asymmetry, disclosure and foreign institutional investment: an empirical investigation of the impact of the Sarbanes-Oxley Act

Do foreign institutional investors (FII) regard the introduction of rigorous disclosure requirements as a major incentive to invest in U.S. equities? We investigate the role of information asymmetry and the impact of firm-level disclosure on FII decisions. We use a unique context for analysis -- the enactment of the Sarbanes-Oxley Act (SOX), and find that foreign institutional investors increase their equity holdings in U.S. listed firms following the passage of SOX. The increase in U.S. equity holdings is largely accounted by passive, non-monitoring FII, who have the most to gain from the SOX-led reduction in the value of private information

Thirlwall Yasasi: Turkiye Ornegi, 1982-2008

Bu calismada odemeler dengesi kisitli buyume orani olarak da bilinen Thirlwall yasasi, sermaye hareketleri ve dis borc servisi dikkate alinarak 1982-2008 donemi itibariyle Turkiye icin Kalman filtre tahmin yontemi ile test edilmistir. Elde edilen sonuclara gore, Thirlwall ve Hussain (1982) ve Elliott ve Rhodd (1999)’un odemeler dengesi kisitli buyume orani gerceklesen buyume oraninin iyi bir tahmincisidir.Odemeler Dengesi Kisidi, Ekonomik Buyume, Sermaye Girisi, Borc Servisi

On the support of general local coholology modules and filter regular sequences

Click on the link to view the abstract.Keywords: Local cohomology module, generalized local cohomology module, support of local cohomology module, lter regular sequence, Matlis duality functor.Quaestiones Mathematicae 34(2011), 479-48