Time-varying market integration and stock and bond return concordance in emerging markets

We investigate the extent to which emerging stock market integration affects the joint behavior of stock and bond returns using a two-stage semi-parametric approach. Using a sample of 18 emerging markets, we find an unambiguous and robust link between emerging stock market integration and stockbond return decoupling. We explain this with a decline in the segmentation risk premia in equities modeled by De Jong and De Roon [De Jong, F., De Roon, F.A., 2005. Time-varying market integration and expected returns in emerging markets. Journal of Financial Economics 78, 583613] that leads to increased demand for stocks and reduced or unchanged demand for bonds. Our findings deliver new insights into the financial liberalization and stockbond comovement literatures

The marginally stable Bethe lattice spin glass revisited

Bethe lattice spins glasses are supposed to be marginally stable, i.e. their equilibrium probability distribution changes discontinuously when we add an external perturbation. So far the problem of a spin glass on a Bethe lattice has been studied only using an approximation where marginally stability is not present, which is wrong in the spin glass phase. Because of some technical difficulties, attempts at deriving a marginally stable solution have been confined to some perturbative regimes, high connectivity lattices or temperature close to the critical temperature. Using the cavity method, we propose a general non-perturbative approach to the Bethe lattice spin glass problem using approximations that should be hopeful consistent with marginal stability.Comment: 23 pages Revised version, hopefully clearer that the first one: six pages longe

A unified stability property in spin glasses

Gibbs' measures in the Sherrington-Kirkpatrick type models satisfy two asymptotic stability properties, the Aizenman-Contucci stochastic stability and the Ghirlanda-Guerra identities, which play a fundamental role in our current understanding of these models. In this paper we show that one can combine these two properties very naturally into one unified stability property

К ВОПРОСУ ОБ ОБУЧЕНИИ НОРМАМ ПЕРЕВОДА

The article deals with the analysis of translation norm classification and their role in teaching future translators. The author endeavours to illustrate the theoretical position by a number of specific examples.Рассмотрены существующие классификации норм перевода и их роль в обучении будущих переводчиков. Теоретические положения проиллюстрированы рядом оригинальных примеров.Розглянуто існуючі класифікації норм перекладу та їх роль у навчанні май-бутніх їх перекладачів. Теоретичні положення проілюстровано рядом оригінальних прикладів