Unveiling the Price of Obscenity: Evidence from Closing Prostitution Windows in the Netherlands

This paper quantifies the aversion of residents to on-site prostitution. To establish causality, we first exploit the fact that Amsterdam's Red Light Districts (RLDs) are delimited by canals, together with a policy that closed several prostitution windows since 2007. Using a two-dimensional difference-in-discontinuity estimator, we find that households require at least 6,000 euros/year to be right next to a brothel. To estimate the economic impact outside the RLD, we also look at the closings of all brothels in Utrecht in 2013. Using a spatial difference-in-slope estimator, the effect on house prices is found to be heterogeneous and some households pay up to 1,600 euros/year to be distant from prostitution. Both cities also experienced crime reduction in the RLDs, but the explained changes in house prices are mostly driven by drug-related crimes and minor nuisances. In Amsterdam, more than 70% of the discount applied to houses beside brothels remains unexplained

Access to liquidity and corporate investment in Europe during the financial crisis

We use a unique data set to show how firms in Europe used credit lines during the financial crisis. We find that firms with restricted access to credit (small, private, non-investment-grade, and unprofitable) draw more funds from their credit lines during the crisis than their large, public, investment-grade, profitable counterparts. Interest spreads increased (especially in "market-based economies"), but commitment fees remained unchanged. Our findings suggest that credit lines did not dry up during the crisis and provided the liquidity that firms used to cope with this exceptional contraction. In particular, credit lines provided the liquidity companies needed to invest during the crisis

MQTT+: Enhanced syntax and broker functionalities for data filtering, processing and aggregation

In the last few years, the Message Queueing Telemetry Transport (MQTT) publish/subscribe protocol emerged as the de facto standard communication protocol for IoT, M2M and wireless sensor networks applications. Such popularity is mainly due to the extreme simplicity of the protocol at the client side, appropriate for low-cost and resource-constrained edge devices. Other nice features include a very low protocol overhead, ideal for limited bandwidth scenarios, the support of different Quality of Services (QoS) and many others. However, when an edge device is interested in performing processing operations over the data published by multiple clients, the use of MQTT may result in high network bandwidth usage and high energy consumption for the end devices, which is unacceptable in resource constrained scenarios. To overcome these issues, we propose in this paper MQTT+, which provides an enhanced protocol syntax and enrich the pub/sub broker with data filtering, processing and aggregation functionalities. MQTT+ is implemented starting from an open source MQTT broker and evaluated in different application scenarios

Demonstrating MQTT+: An advanced broker for data filtering, processing and aggregation

The Message Queueing Telemetry Transport (MQTT) publish/subscribe protocol is the de facto standard at the application layer for IoT, M2M and wireless sensor networks applications. This demonstration showcases MQTT+, an advanced version of MQTT which provides an enhanced protocol syntax and enriches the broker with data filtering, processing and aggregation functionalities. Such features are ideal in all those applications in which edge devices are interested in performing processing operations over the data published by multiple clients, where using the original MQTT protocol would result in unacceptably high network bandwidth usage and energy consumption for the edge devices. MQTT+ is implemented starting from an open source MQTT broker and evaluated in different application scenarios which are demonstrated live using the Node-RED IoT prototyping framework

Nonsense-mediated decay mechanism is a possible modifying factor of clinical outcome in nonsense cd39 beta thalassemia genotype

Nonsense-mediated mRNA decay (NMD) is a surveillance system to prevent the synthesis of non-functional proteins. In β-thalassemia, NMD may have a role in clinical outcome. An example of premature translation stop codons appearing for the first time is the β-globin cd39 mutation; when homozygous, this results in a severe phenotype. The aim of this study was to determine whether the homozygous nonsense cd39 may have a milder phenotype in comparison with IVS1,nt110/cd39 genotype. Genotypes have been identified from a cohort of 568 patients affected by β-thalassemia. These genotypes were compared with those found in 577 affected fetuses detected among 2292 prenatal diagnoses. The nine most common genotypes, each with an incidence rate of 1.5% or over, and together accounting for 80% of genotype frequencies, underwent statistical analysis. Genotype prevalence was calculated within the overall group. Results are expressed as proportions with 95% confidence intervals; P≤0.05 was considered statistically significant. A binomial distribution was assumed for each group; z-tests were used to compare genotype frequencies observed in the patient group with frequencies in the affected fetus group. In the absence of selecting factors, prevalence of these two genotypes was compared between a cohort of 568 β-thalassemia patients (PTS) and 577 affected fetuses (FOET) detected during the same period. IVS1,nt110/cd39 was significantly more prevalent in FOET than PTS (P<0.0001), while there was no significant difference in prevalence of cd39/cd39 in FOET compared with PTS (P=0.524). These results suggest a cd39 genotype NMD mechanism may be associated with improved clinical outcomes in thalassemia major

Risk propensity in the foreign direct investment location decision of emerging multinationals

A distinguishing feature of emerging economy multinationals is their apparent tolerance for host country institutional risk. Employing behavioral decision theory and quasi-experimental data, we find that managers’ domestic experience satisfaction increases their relative risk propensity regarding controllable risk (legally protectable loss), but decreases their tendency to accept non-controllable risk (e.g., political instability). In contrast, firms’ potential slack reduces relative risk propensity regarding controllable risk, yet amplifies the tendency to take non-controllable risk. We suggest that these counterbalancing effects might help explain observation that risk-taking in FDI location decisions is influenced by firm experience and context. The study provides a new understanding of why firms exhibit heterogeneous responses to host country risks, and the varying effects of institutions

Composite Indicator of Social Inclusion for European Countries

Social inclusion is one of the key challenges of the European Union (EU) Sustainable Development Strategy. We use four indicators from EU policies to measure social inclusion for the 27 member countries of Europe. In particular, we aggregate the four indicators in a multiplicative composite indicator via a DEA-BoD approach with weights determined endogenously with proportion constraints. We obtain a score of social inclu- sion that allows us to grade the 27 EU countries from 2006 to 2010. In this way, we highlight the specific role played by the four indicators in determining improvements and deteriorations of social inclusion during the European phase of the financial and economic crisis