Identifying, measuring and management risks in Russian secondary stock markets

: This paper outlines the changes and challenges of Emerging Russian Stock Market and investment strategy of portfolio management for the period 1996-1998 . It also taste the West models of optimization of portfolio risks and investment decisions for Russia. The major purpose of this article was to enhance the understanding of the participants in securities markets and enhance the performance of its stock and Emerging securities. This article will review the trends in the markets and help focus on the corporate risks and management and a detailed and developed conception of the mechanism of the initial public offerings and public placement of securities the global stock markets such as the U.S., Western Europe and emerging markets. It also outlined the regulatory structure and investor?s risk management tools required by western investors. In light of the recent ?financial crisis? in Russia and other major markets such as Asia, these tools will be increasing important. During much of the past decade the Russian Securities market has been developing into a number of areas including federal securities (GKO-OFZ), sub-federal (oblast) and municipal issues, corporate securities, Ag Bonds, futures, forward contracts and currency instruments. This article is developing in all those areasm .These will be increasing important in light of the new banking environment and securities laws and regulations. In 1997 Russia has joined the league of the few emerging markets that have market capitalizations of over $100 Billion. As of June 30, 1997 the capitalization is$104 Billion and has a YTD of 134 %. The recent ?Asian induced? corrections in the markets have reduced this by 20-40% according to private estimates. Nevertheless, it remains one of the most vibrant emerging securities markets in the world. The training focused on a number of issues related to emerging market securities including privatization, auctions, IPO?s and new products in the securities markets.

Restoring Damaged Trust with Promises, Atonement and Apology.

In an experiment using two consecutive trust games, we study how “cheap” signals such as promises and messages are used to restore damaged trust and encourage new trust where it did not previously exist. In these games, trustees made non-binding promises of investment-contingent returns, then investors decided whether to invest, and finally trustees decided how much to return. After an unexpected second game was announced, but before it commenced, trustees could send a one-way message. This naturalistic quasi-experimental design allowed us to observe the endogenous emergence of trust-relevant behaviors and focus on naturally occurring remedial strategies used by promise-breakers and distrusted trustees, their effects on investors, and subsequent outcomes. In the first game 16.6% of trustees were distrusted and 18.8% of trusted trustees broke promises. Trustees distrusted in the first game used promises closer to equal splits and messaging to encourage trust in the second game. To restore damaged trust, promise-breakers used larger new promises (signals of intended atonement) and messaging (usually with apology). On average, investments in each game paid off for investors and trustees, suggesting that cheap signals foster profitable trust-based exchanges in these economic games.promise, atonement, apology, cheap talk, cheap signals, remedial strategies, trust game, reciprocity, experiments

Conflicted Minds: Recalibrational Emotions Following Trust-based Interaction.

Consistent with a modular view of the mind, both short-sighted and long-sighted programs may be simultaneously active in the mind and in conflict with one another when individuals face choice dilemmas in trust-based economic interactions. Recalibrational theory helps us identify the adaptive design features shared among subsets of superordinate emotion programs. According to this design logic and the computation of adaptive problem features produced by Trust games, we predict the activation of emotions after Trust games. While this study successfully predicts reports of twenty distinct emotional states, further studies are needed to demonstrate ultimate recalibrational functions of emotions.emotions, recalibrational theory, modularity, Trust game, experiments

Trust, Reciprocity and Rules

In the absence of enforceable contracts, many economic and personal interactions rely on trust and reciprocity. Research shows that although this reliance often works well, sometimes it breaks down. Simple rules mandating minimum standards on reciprocation prevent the most egregious trust violations, but may also undermine behavior that would have otherwise produced higher overall economic welfare. We test the efficacy of exogenously imposed minimum return rules using experimental trust games. We find that rules fail to increase trust and trustworthiness. Thus low minimum standards significantly decrease economic welfare. Although sufficiently restrictive rules restore welfare, trust and trustworthy behavior never returns.trust games, experiments, reputation, information, reciprocity

Predictable and Predictive Emotions: Explaining Cheap Signals and Trust Re-Extension

Despite normative predictions from economics and biology, unrelated strangers can often develop the trust necessary to reap gains from one-shot economic exchange opportunities. This appears to be especially true when declared intentions and emotions can be cheaply communicated. Perhaps even more puzzling to economists and biologists is the observation that anonymous and unrelated individuals, known to have breached trust, often make effective use of cheap signals, such as promises and apologies, to encourage trust re-extension. We used a pair of trust games with one-way communication and emotion surveys to investigate the role of emotions in regulating the propensity to message, apologize, re-extend trust, and demonstrate trustworthiness. This design allowed us to observe the endogenous emergence and natural distribution of trust-relevant behaviors, remedial strategies used by promise-breakers, their effects on behavior, and subsequent outcomes. We found that emotions triggered by interaction outcomes are predictable and also predict subsequent apology and trust re-extension. The role of emotions in behavioral regulation helps explain why messages are produced, when they can be trusted, and when trust will be re-extended

Der Mikrokavitäten-Array: Folien-basierte 3D-Zellkultursysteme

Die Geschichte der Zellkultur stützt sich seit jeher auf Systeme, die eine Kultivierung auf planaren Oberflächen, und damit in nur zwei Dimensionen (2D) zuläßt. Zu diesen Systemen gehören Petrischalen, Kulturflaschen und deren Derivate, wie Multiwellplatten. Die über hundertjährige Erfolgsgeschichte der 2D-Systeme ist auf die einfache Handhabbarkeit, die niedrigen Kosten und die Möglichkeit, die Zellen enorm expandieren zu können, zurückzuführen. Sobald jedoch organotypische Leistungen der kultivierten Zellen im Vordergrund stehen, können Versuche in 2D-Systemen nicht oder nur eingeschränkt durchgeführt werden, da häufig insbesondere primäre Zellen ihre organotypischen Leistungen aufgrund dieser sehr gewebsuntypischen Kulturform innerhalb weniger Tage verlieren

Turbulent fluid acceleration generates clusters of gyrotactic microorganisms

The motility of microorganisms is often biased by gradients in physical and chemical properties of their environment, with myriad implications on their ecology. Here we show that fluid acceleration reorients gyrotactic plankton, triggering small-scale clustering. We experimentally demonstrate this phenomenon by studying the distribution of the phytoplankton Chlamydomonas augustae within a rotating tank and find it to be in good agreement with a new, generalized model of gyrotaxis. When this model is implemented in a direct numerical simulation of turbulent flow, we find that fluid acceleration generates multi-fractal plankton clustering, with faster and more stable cells producing stronger clustering. By producing accumulations in high-vorticity regions, this process is fundamen- tally different from clustering by gravitational acceleration, expanding the range of mechanisms by which turbulent flows can impact the spatial distribution of active suspensions.Comment: 5 pages, 4 figure

Energy-Efficient Communication in Wireless Networks

This chapter describes the evolution of, and state of the art in, energy‐efficient techniques for wirelessly communicating networks of embedded computers, such as those found in wireless sensor network (WSN), Internet of Things (IoT) and cyberphysical systems (CPS) applications. Specifically, emphasis is placed on energy efficiency as critical to ensuring the feasibility of long lifetime, low‐maintenance and increasingly autonomous monitoring and control scenarios. A comprehensive summary of link layer and routing protocols for a variety of traffic patterns is discussed, in addition to their combination and evaluation as full protocol stacks

A theoretical approach for elastically driven cooperative switching of spin crossover compounds impacted by an ultrashot laser pulse

International audienceIn this paper we use an elastic model in order to study the elastically driven cooperative switching of spin crossover materials after femtosecond laser excitation. In this model, the molecules occupy a triangular lattice in open boundaries systems and are connected by springs. The volume change of a molecule between its two possible spin states, low-spin and high-spin, determines a variation of the spring length and therefore induces elastic interactions between molecules, which propagates throughout the whole sample as elastic distortions. This model is able to reproduce the multi-step out-of-equilibrium response to ultrashort laser excitation and especially the elastically-driven cooperative response. Then this model is developed in order to predict the behaviour of the system as a function of its different physical parameters, such as the magnitude of the elastic constant or the homogeneity of the photoexcitation. The contribution of the reorganisation of the molecular states during elastic steps, leading to clusters of high-spin molecules towards edge or corners is also revealed