Flight to Quality for Large Financial Institutions

Local correlation analysis is used to investigate flight to quality among large financial institutions before, during, and after the financial crisis of 2008-2009. While standard correlation captures general overall linear association, local correlation analysis more accurately captures changes in the associations in response to changing market conditions. Using raw, market-adjusted, and industry-adjusted stock returns of individual banks, we investigate the performance of troubled banks and the change in investing behavior. Investors react to noisy information from the financial difficulties encountered by banking institutions. This reaction results in flight to quality. While the traditional Pearson correlations capture general overall linear association, local correlation analysis captures changes in the association in response to changing market conditions. Thus, local correlation analysis more accurately measures changes in correlation where it matters most: in the loss tail of the distribution of financial returns; leading to more appropriate diversification, portfolio management, and within-industry implications

Sivil Mimarimizin İncilerinden Amcazade Hüseyin Paşa Yalısının Bezemeleri

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Perencanaan Pembangunan Sumber Daya Aparatur melalui Penyusunan Formasi Pegawai Negeri Sipil Daerah di Kabupaten Magetan

Pelaksanaan pembangunan dan penyelenggaraan pelayanan sektor publik yang efektif dan efisien membutuhkan sumber daya aparatur pemerintah yang profesional, memiliki kompetensi dan jumlah yang tepat, namun hal tersebut belum sepenuhnya terwujud. Untuk itu diperlukan perbaikan dalam pengelolaan kepegawaian ke arah yang lebih baik terutama perencanaan untuk formasi pegawai. Penelitian ini bertujuan untuk mendeskripsikan: (1) Perencanaan sumber daya aparatur melalui penyusunan formasi Pegawai Negeri Sipil Daerah yang dilaksanakan di Kabupaten Magetan; dan (2) Faktor-faktor yang berkaitan dengan penyusunan formasi Pegawai Negeri Sipil Daerah di Kabupaten Magetan. Dalam penelitian ini menggunakan pendekatan kualitatif, dengan jenis deskriptif. Hasil penelitian menunjukkan bahwa: (1) Perencanaan sumber daya aparatur di Kabupaten Magetan dituangkan dalam Rencana Strategis Badan Kepegawaian Daerah Kabupaten Magetan yang diwujudkan dalam berbagai perencanaan di bidang aparatur antara lain penyusunan formasi Pegawai Negeri Sipil yang pada tahun 2013 menggunakan data analisis jabatan dan analisis beban kerja, namun hasilnya tidak optimal karena data tersebut tidak akurat/valid; (2) faktor-faktor yang berkaitan dan menyebabkan hal tersebut adalah komitmen manajemen, kebijakan pemerintah, sumber daya perencana kepegawaian, sistem informasi sumber daya manusia atau SIMPEG dan anggaran yang belum sesuai dengan yang diharapkan

Cointegration and Causality in Capital Markets

Purpose The purpose of this paper is to study the efficiency of different oil and gas markets. Most previous studies examined the issue using low frequency date sampled at monthly, weekly, or daily frequencies. In this study, 30-minute intraday data are used to explore efficiency in energy markets. Design/methodology/approach Sophisticated statistical analysis techniques such as Granger-causality regressions, augmented Dickey-Fuller tests, cointegration tests, vector autoregressions are used to explore the transmission of information between oil and gas energy markets. Findings This study provides evidence for efficiency in energy markets. The new information that arrives either to futures markets or spot markets is digested correctly, completely, and in a fast manner, and is propagated to the other market. The evidence indicates high efficiency. Originality/value This study is one of the first papers that uses 30-minute interval intraday data to investigate efficiency in oil and gas commodity markets

An Environmental Engineering Approach to Green Chemistry-Catalysis

21 st century is the time to evaluate the “total quality” in terms of the environment, energy and resources of the world. All the nations have to unite in resource protection, depollution, reuse and recycling concepts. In order to adopt sustainable development, man has to try the way to find out processes and products that maximize economic and environmental benefits and social responsibility. Catalysis is an economically and ecologically important field in the production integrated environmental protection. There are numerous examples of catalytic applications in various industries for a cleaner production and non-stop research is going on in the field of green chemistry. In this study, the developments in the green chemistry and thereby catalysis technology have been reviewed. Also, an evaluation of the clean production conditions in Turkiye is tried

Role of the compaction energy level on the small strain stiffness of a silty sand soil subjected to wetting and drying

The dynamic properties of a soil are routinely quantified to describe its engineering behaviour under repeated loading. While the results of previous research studies indicate that the effect of changes in suction on the dynamic response is significant, only limited research has been engaged in the assessment of post-compacted changes in suction induced by cycles of wetting and drying. In this paper, aspects related to the dynamic properties with special reference to small strain shear modulus behaviour at different compaction energy levels are described and outlined. Particular emphasis is placed on the hysteric behaviour observed (i.e. amplitude of the hysteresis loop) and its dependence on the imparted compaction energy. The results not only confirm the importance of the recent suction ratio (or CSR) in governing the mechanical response at small strain, but they also indicate that higher compaction energy levels induce smaller hysteresis loops

Pattern and Outcome of Chest Injuries at Bugando Medical Centre in Northwestern Tanzania.

Chest injuries constitute a continuing challenge to the trauma or general surgeon practicing in developing countries. This study was conducted to outline the etiological spectrum, injury patterns and short term outcome of these injuries in our setting. This was a prospective study involving chest injury patients admitted to Bugando Medical Centre over a six-month period from November 2009 to April 2010 inclusive. A total of 150 chest injury patients were studied. Males outnumbered females by a ratio of 3.8:1. Their ages ranged from 1 to 80 years (mean = 32.17 years). The majority of patients (72.7%) sustained blunt injuries. Road traffic crush was the most common cause of injuries affecting 50.7% of patients. Chest wall wounds, hemothorax and rib fractures were the most common type of injuries accounting for 30.0%, 21.3% and 20.7% respectively. Associated injuries were noted in 56.0% of patients and head/neck (33.3%) and musculoskeletal regions (26.7%) were commonly affected. The majority of patients (55.3%) were treated successfully with non-operative approach. Underwater seal drainage was performed in 39 patients (19.3%). One patient (0.7%) underwent thoracotomy due to hemopericardium. Thirty nine patients (26.0%) had complications of which wound sepsis (14.7%) and complications of long bone fractures (12.0%) were the most common complications. The mean LOS was 13.17 days and mortality rate was 3.3%. Using multivariate logistic regression analysis, associated injuries, the type of injury, trauma scores (ISS, RTS and PTS) were found to be significant predictors of the LOS (P < 0.001), whereas mortality was significantly associated with pre-morbid illness, associated injuries, trauma scores (ISS, RTS and PTS), the need for ICU admission and the presence of complications (P < 0.001). Chest injuries resulting from RTCs remain a major public health problem in this part of Tanzania. Urgent preventive measures targeting at reducing the occurrence of RTCs is necessary to reduce the incidence of chest injuries in this region

Cryptocurrencies: applications and investment opportunities

Purpose This study investigates the role of cryptocurrencies in enhancing the performance of portfolios constructed from traditional asset classes. Using a long sample period covering not only the large value increases but also the dramatic declines during the beginning of 2018, the purpose of this paper is to provide a more complete analysis of the dynamic nature of cryptocurrencies as individual investment opportunities, and as components of optimal portfolios. Design/methodology/approach The mean-variance optimization technique of Merton (1990) is applied to develop the risk and return characteristics of the efficient portfolios, along with the optimal weights of the asset class components in the portfolios.Findings The authors provide evidence that as a single investment, the best cryptocurrency is Ripple, followed by Bitcoin and Litecoin. Furthermore, cryptocurrencies have a useful role in the optimal portfolio construction and in investments, in addition to their original purposes for which they were created. Bitcoin is the best cryptocurrency enhancing the characteristics of the optimal portfolio. Ripple and Litecoin follow in terms of their usefulness in an optimal portfolio as single cryptocurrencies. Including all these cryptocurrencies in a portfolio generates the best (most optimal) results. Contributions of the cryptocurrencies to the optimal portfolio evolve over time. Therefore, the results and conclusions of this study have no guarantee for continuation in an exact manner in the future. However, the increasing popularity and the unique characteristics of cryptocurrencies will assist their future presence in investment portfolios. Originality/value This is one of the first studies that examine the role of popular cryptocurrencies in enhancing a portfolio composed of traditional asset classes. The sample period is the largest that has been used in this strand of the literature, and allows to compare optimal portfolios in early/recent subsamples, and during the pre-/post-cryptocurrency crisis periods