Some Facts About the Cyclical Convergence in the Euro Zone

In the context of a single currency and a common monetary policy defined by the European Central Bank for the euro area as a whole, it is important to evaluate the degree of business cycle resemblance among the participant countries. We resort to the association and synchronization concepts to define cyclical convergence. Using a time domain approach, we purport to use several parametric and non-parametric statistics to investigate whether the cycles of these countries have converged to the euro area business cycle during the sample period. The results obtained are in line with those from previous studies and suggest that Italy, Spain, Austria, the Netherlands, Portugal and Greece have cyclically converged to the euro area business cycle. Regarding the United Kingdom, the evidence suggests the existence of a strong degree of association with the euro zone, exhibiting however a lead cycle in the more recent period.

Labor hiring, investment and stock return predictability in the cross section

We document that the firm level hiring rate predicts stock returns in the cross-section of US publicly traded firms even after controlling for investment, size, book-to-market and momentum as well as other known predictors of stock returns. The predictability shows up in both Fama-MacBeth cross sectional regressions and in portfolio sorts and it is robust to the exclusion of micro cap firms from the sample. We propose a production-based asset pricing model with adjustment costs in labor and capital that replicates the main empirical findings well. Labor adjustment costs makes hiring decisions forward looking in nature and thus informative about the firms’ expectations about future cash-flows and risk-adjusted discount rates. The model implies that the investment rate and the hiring rate predicts stock returns because these variables proxy for the firm’s time-varying conditional beta

Aromatic Plants in Eurasian Blue Tit Nests: The ‘Nest

The ‘Nest Protection Hypothesis’ suggests that some birds add aromatic plants to their nests to repel or kill ectoparasites. This behavior has been described for several species, including the Eurasian Blue Tit (Cyanistes caeruleus). We studied the reproductive performance, based on 26 nests (in nest boxes), of this species in mixed forested areas of Quercus spp. and Pinus pinea in the Parque Florestal de Monsanto, the largest park of Lisbon, Portugal. The frequency of aromatic plants in nests was compared with frequency of these plants in the study area. The three most frequent aromatic plants (Dittrichia viscosa, Lavandula dentata, Calamintha baetica) in nests were used more than expected from their availability in the study area. We could not reject the null hypothesis that nest survival rate is independent of the presence of aromatic plants in the nest

Functional analysis of novel genes differentially expressed genes in heart/hemangioblast precursor cells (H/HPC)

info:eu-repo/semantics/publishedVersio

Leaf Beetles of the Cayman Islands (Coleoptera: Chrysomelidae)

Data are presented for 29 chrysomelid species (Coleoptera: Chrysomelidae) occurring in the Cayman Islands, West Indies, 26 of these not having been reported from these islands previously. Altica occidentalis Suffrian is removed from the genus Lysathia Bechyné and reinstated in Altica Geoffroy. Chaetocnema perplexa Blake is synonymized with Chaetocnema confinis Crotch, new synonymy. Omophoita cyanipennis octomaculata (Crotch) is synonymized with Omophoita cyanipennis (Fabricius), new synonymy. The following nine species are named and described: Apraea luciae, Apraea priscilae, Cryptocephalus catharinae, Cryptocephalus kirki, Cryptocephalus paulotigrinus, Longitarsus alisonae, Megistops adiae, Nyctiplanctus bifasciatus, Syphrea thurstonae, all are new species. Taxonomic notes and a key to species, as well as information on plant associations and extralimital distribution, are also provided

Corrupting Learning: Evidence from Missing Federal Education Funds in Brazil

While cross-country analysis suggests that corruption hinders economic growth, we have little evidence on the mechanisms that link corruption to long-run economic development. We provide micro-evidence on the consequences of corruption for the quality of education. We use data from the auditing of Brazil’s local governments to construct objective measures of corruption involving educational block grants transferred from the central government to municipalities. Using variation in the incidence of corruption across municipalities and controlling for students’, schools’ and municipal characteristics, we find that corruption significantly reduces the school performance of primary school students. Students residing in municipalities where corruption in education was detected score 0.35 standard deviations less on standardized tests, and have significantly higher dropout and failure rates. We also provide evidence on the mechanisms that link corruption and mismanagement to learning and school attainment. The results are consistent with corruption directly affecting economic growth through the reduction of human capital accumulation. JEL Codes: D73, I21, H72