Does Financial Liberalization Spur Growth?

We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when liberalization is instrumented with quality of institutions-variables that explain liberalization but not growth and when a growth opportunity measure is included in the regression. Capital account liberalization has a less robust effect on growth than equity market liberalization has. Other simultaneous reforms only partially account for the effect. Finally, we examine why some countries respond to equity market liberalization differently from others.

Liquidity and Expected Returns: Lessons From Emerging Markets

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion of zero daily firm returns, averaged over the month. We find that our liquidity measures significantly predict future returns, whereas alternative measures such as turnover do not. Consistent with liquidity being a priced factor, unexpected liquidity shocks are positively correlated with contemporaneous return shocks and negatively correlated with shocks to the dividend yield. We consider a simple asset pricing model with liquidity and the market portfolio as risk factors and transaction costs that are proportional to liquidity. The model differentiates between integrated and segmented countries and periods. Our results suggest that local market liquidity is an important driver of expected returns in emerging markets, and that the liberalization process has not eliminated its impact.

Does Financial Liberalization Spur Growth?

We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period. The liberalization effect is not spuriously accounted for by macro-economic reforms and does not reflect a business cycle effect. Although financial liberalizations further financial development, measures of financial development fail to fully drive out the liberalization effect. The investment/GDP ratio increases post liberalization, with the investment partially financed by foreign capital inducing worsened trade balances. Differentiating across liberalizing countries, a large secondary school enrollment, a small government sector and an Anglo-Saxon legal system tend to enhance the liberalization effect. Finally, the conditional convergence effect is larger once financial liberalization is accounted for.

Mamey (Mammea americana L.) in Martinique Island : un patrimonio para ser valorizados

Introduction. Mamey (Mammea americana L., Clusiaceae) was present in Martini-que before the Spanish colonization. Its distribution area includes tropical America and the Carib-bean. A significant phenotypical diversity is observed on the island, with fruits of very uneven quality as well as various agronomic, pomological and biochemical characteristics. The aim of our work was to localize, identify and characterize trees considered of superior quality. Materials and methods. A survey carried out between April and September 2005 allowed the selection of 10 trees renowned by the people as bearing high-quality fruits. These fruits present a small number of seeds and nonadhesive pulp, and develop a sweet taste as well as a strong flavor. During the year 2006, pomological description and biochemical analysis (total soluble solids and total titrable acidity) were carried out on the fruits. Results and discussion. The biometric and biochemical characteristics measured were generally better than those cited in the literature. Some accessions stand out and present great assets for their promotion for the fresh market as well as for processing. Moreover, some tendencies emerged from the variability observed for a few characters: thus, the variability of the biochemical characteristics measured within one accession, as well as between accessions originating from the same land, is low. It is null for the seed adhesion to the pulp for fruits belonging to the same accession. Conclusion and perspectives. Our work is one of the first relating to identification and characterization of phenotypical diversity of the M. americana L. species, especially in Martinique Island. Our results are likely to pro-mote the development of a diversification network. Some highlighted trends suggest new research to be able to distinguish the role of the environmental versus genetic components in the performance of the phenotypes observed

Breathe Easy Mississippi

Asthma disproportionately affects rural minority children and is the leading reason for all school absences in our nation. Breathe Easy Mississippi is a multi-level intervention designed to improve long term control of asthma in youth. Breathe Easy Mississippi components include: 1) Home Visits by asthma counselors to identify asthma triggers and remediate the child’s environment, and 2) School Based Curriculum (Asthma Education) to promote ideal asthma management knowledge and foster more effective relationships between children, parents, healthcare professionals and paraprofessionals. Breathe Easy Mississippi will be implemented in a total of six schools that make up the entire elementary school district in Sunflower County, Mississippi. More specifically, BEM aims to address individual and family factors through asthma education and provision of resources, environmental factors in the home through assessment and remediation, and social and institutional factors through school-based education, campaigns, and asthma action planning. Each of these intervention components are proven to address asthma risks. The scope of this program’s impact will be measureable at the individual, family, institutional, and population level

Global Growth Opportunities and Market Integration

We measure a country's growth opportunities by investigating how its industry mix is priced in global capital markets, using price earnings ratios of global industry portfolios. We derive three sets of empirical results. First, these exogenous growth opportunities strongly predict future changes in real GDP and investment in a large panel of countries. This relation is strongest in countries that have liberalized their capital accounts, equity markets, and banking systems. Second, we re-examine the link between financial development, investor protection, capital allocation, and growth. We find that financial development and investor protection measures are much less important in aligning growth opportunities with growth than is capital market openness. Third, we formulate new tests of market integration and segmentation. Under integration, the difference between a country's local PE ratio and its global counterpart should not predict relative growth, but the difference between its "exogenous" global PE ratio and the world market PE ratio should predict relative growth.

Won\u27t You Be My Neighbor

Won’t You Be My Neighbor Social identity is a person’s sense of who they are based on their group membership(s). The groups which people belong are an important source of pride and self-esteem. Groups give us a sense of belonging to the social world. Neighborhood communities like Pittsburgh’s Hill District can foster social identity for members. However, when the group we belong to is heavily judged and scrutinized our sense of identity can be affected. The current study aims to understand how personal attitudes and perceived external attitudes of one\u27s community effects the same individual’s communal identity and personal identity. To understand the relationship between these variables, we have created four surveys. Two of the surveys aim to measure attitude; both what hill district residents think of their community and what hill district residents believe others think of their community (e.g., “the future of the hill district seems promising”). The next two surveys aim to measure hill district residents’ sense of identity; both communal identity and personal identity (e.g., “I can trust people in this community”). Surveys will use Qualtrics. There are several possibilities for how these variables may correlate with one another. Perceived external attitudes could foster a greater sense of communal identity, or those same negative external attitudes could lead to negative attitudes towards one\u27s own neighborhood. Regardless of how these variables correlate, these findings will strengthen general understanding of how the way we think others perceive us and our community is correlated to what we personally think of ourselves and. communit

Half-Metallic Ferromagnetism in the Heusler Compound Co2_2FeSi revealed by Resistivity, Magnetoresistance, and Anomalous Hall Effect measurements

We present electrical transport data for single-crystalline Co$_2$FeSi which provide clear-cut evidence that this Heusler compound is truly a half-metallic ferromagnet, i.e. it possesses perfect spin-polarization. More specifically, the temperature dependence of $\rho$ is governed by electron scattering off magnons which are thermally excited over a sizeable gap $\Delta\approx 100 K$ ($\sim 9 meV$) separating the electronic majority states at the Fermi level from the unoccupied minority states. As a consequence, electron-magnon scattering is only relevant at $T\gtrsim\Delta$ but freezes out at lower temperatures, i.e., the spin-polarization of the electrons at the Fermi level remains practically perfect for $T\lesssim\Delta$. The gapped magnon population has a decisive influence on the magnetoresistance and the anomalous Hall effect (AHE): i) The magnetoresistance changes its sign at $T\sim 100 K$, ii) the anomalous Hall coefficient is strongly temperature dependent at $T\gtrsim 100 K$ and compatible with Berry phase related and/or side-jump electronic deflection, whereas it is practically temperature-independent at lower temperatures

MegaParallax: Casual 360° Panoramas with Motion Parallax

The ubiquity of smart mobile devices, such as phones and tablets, enables users to casually capture 360° panoramas with a single camera sweep to share and relive experiences. However, panoramas lack motion parallax as they do not provide different views for different viewpoints. The motion parallax induced by translational head motion is a crucial depth cue in daily life. Alternatives, such as omnidirectional stereo panoramas, provide different views for each eye (binocular disparity), but they also lack motion parallax as the left and right eye panoramas are stitched statically. Methods based on explicit scene geometry reconstruct textured 3D geometry, which provides motion parallax, but suffers from visible reconstruction artefacts. The core of our method is a novel multi-perspective panorama representation, which can be casually captured and rendered with motion parallax for each eye on the fly. This provides a more realistic perception of panoramic environments which is particularly useful for virtual reality applications. Our approach uses a single consumer video camera to acquire 200–400 views of a real 360° environment with a single sweep. By using novel-view synthesis with flow-based blending, we show how to turn these input views into an enriched 360° panoramic experience that can be explored in real time, without relying on potentially unreliable reconstruction of scene geometry. We compare our results with existing omnidirectional stereo and image-based rendering methods to demonstrate the benefit of our approach, which is the first to enable casual consumers to capture and view high-quality 360° panoramas with motion parallax.This project has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 66599

Xwnt-5A: a maternal Wnt that affects morphogenetic movements after overexpression in embryos of Xenopus laevis

To contribute to an understanding of the roles and mechanisms of action of Wnts in early vertebrate development, we have characterized the normal expression of Xenopus laevis Wnt-5A, and investigated the consequences of misexpression of this putative signalling factor. Xwnt-5A transcripts are expressed throughout development, and are enriched in both the anterior and posterior regions of embryos at late stages of development, where they are found primarily in ectoderm, with lower levels of expression in mesoderm. Overexpression of Xwnt-5A in Xenopus embryos leads to complex malformations distinct from those achieved by ectopic expression of Xwnts −1, −3A, or −8. This phenotype is unlikely to result from Xwnt-5A acting as an inducing agent, as overexpression of Xwnt-5A does not rescue dorsal structures in UV-irradiated embryos, does not induce mesoderm in blastula caps, and Xwnt-5A does not alter the endogenous patterns of expression of goosecoid, Xbra, or Xwnt-8. To pursue whether Xwnt-5A has the capacity to affect morphogenetic movements, we investigated whether overexpression of Xwnt-5A alters the normal elongation of blastula cap explants induced by activin. Intriguingly, Xwnt-5A blocks the elongation of blastula caps in response to activin, without blocking the differentiation of either dorsal or ventral mesoderm within these explants. The data are consistent with Xwnt-5A having the potential activity of modifying the morphogenetic movements of tissues