10,435 research outputs found
Competition in the Underwriting Markets of Sovereign Debt: The Baring Crisis Revisited
Flores discusses the bargaining power of Argentina\u27s federal government relative to that of the underwriting banks. It examines how the financial intermediaries\u27 gatekeeping function eroded when faced with increased competition. Under normal circumstances, underwriters should have impeded Argentinean access to capital markets or at least hardened the terms under which Argentina could borrow
Bonds and Brands : intermediaries and reputation in sovereign debt markets 1820-1830
How does sovereign debt emerge and become sustainable? This paper provides
a new answer to this unsolved puzzle. Focusing on the early 19th century, we
argue that intermediariesâ market power served to overcome information
asymmetries and sustained the development of sovereign debt. Relying on
insights from corporate finance, we argue that capitalists turned to
intermediariesâ reputations to guide their investment strategies. The outcome
was a two-tier global bond market, which was sustained by hierarchical
relations among intermediaries. This novel theoretical perspective is backed by
new archival evidence and empirical data that have never been gathered so far
Hamlet Without The Prince of Denmark: Relationship Banking and Conditionality Lending In The London Market For Foreign Government Debt, 1815 - 1913
This paper offers a theory of conditionality lending in 19th century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support countries facing liquidity crises in a manner similar to modern descriptions of ârelationshipâ lending to corporate clients by âparentâ banks. Prestigious bankersâ ability to implement conditionality loans and monitor countriesâ financial policies also enabled them to deal with solvency. We find that, compared with prestigious bankers, bondholdersâ committees had neither the tools nor the prestige required for effectively dealing with defaulters. Hence such committees were far less important than previous research has claimed.
Human activity recognition from object interaction in domestic scenarios
This paper presents a real time approach to the recognition of human activity based on the interaction between people and objects in domestic settings, specifically in a kitchen. Regarding the procedure, it is based on capturing partial images where the activity takes place using a colour camera, and processing the images to recognize the present objects and their location. For object description and recognition, a histogram on rg chromaticity space has been selected. The interaction with the objects is classified into four types of possible actions; (unchanged, add, remove or move). Activities are defined as recipes, where objects play the role of ingredients, tools or substitutes. Sensed objects and actions are then used to analyze in real time the probability of the human activity performed at a particular moment in a continuous activity sequence.Peer ReviewedPostprint (author's final draft
Is It Utility or Production of Value? Labor and Relations of Production in a Colonial "Estancia" of the RĂo de la Plata, from the case of Los Portugueses (1802-1809)
Las estancias coloniales fueron recientemente presentadas como estancias racionalmente orientadas al mercado. De ese modo, estimaron algunas tasas de utilidad y ganancia, acorde al orden de los factores, sobre todo, el de la inversiĂłn. En este trabajo se propondrĂĄ, en cambio, un anĂĄlisis de la ganancia y valorizaciĂłn de la estancia, sentando una diferente perspectiva metodolĂłgica, donde el que crea valor es el productor directo, esto es, peones y esclavos.The colonial âestanciasâ have been recently analyzed as enterprises rationally oriented to the market. Researches estimated the utility rate and profit, according to the economic factors, especially, the investment. On the other hand, this research will propose an analysis of the profit and valuation of the estancia, proposing an alternative methodological perspective, where âpeonesâ and slaves were the ones who create a new value
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