What do we know about the long-run real exchange rate?

Foreign exchange rates

The Value Relevance of Forced Top Management Departures

This paper studies the value relevance of management turnover based on a sample of Dutch events. Consistent with previous studies we find weak or insignificant aggregate announcement effects on stock prices. The evidence is in conflict with effective internal monitoring from which positive abnormal returns would result. The hypothesis is that two opposing forces underlie the inconclusive result: (1) A positive real effect of the unanticipated forced resignation of a poor performing manager and (2) A negative information effect if the change signals worse management performance than anticipated. To test the hypothesis, announcement effects on trading volumes are analyzed too. Our conclusion supports the hypothesis: forced management departures are value relevant.top management turnover/resignations/changes; corporate governance; internal monitoring; value relevance; event study.

Using self-categorization theory to uncover the framing of the 2015 Rugby World Cup: a cross-cultural comparison of three nations’ newspapers

Research into the framing of sporting events has been extensively studied to uncover newspaper bias in the coverage of global sporting events. Through discourse, the media attempt to capture, build, and maintain audiences for the duration of sporting events through the use of multiple narratives and/or storylines. Little research has looked at the ways in which the same event is reported across different nations, and media representations of the Rugby World Cup have rarely featured in discussions of the framing of sport events. The present study highlights the different ways in which rugby union is portrayed across the three leading Southern Hemisphere nations in the sport. It also shows the prominence of nationalistic discourse across those nations and importance of self-categorizations in newspaper narratives.</jats:p

On Short-Term and Long-Term Behavior of Large Diameter above Ground Steel Storage Tanks Founded on Glacial Tills

The paper summarizes settlement records taken over periods of weeks and up to 45 years on above ground steel storage tanks 20 m to 50 m in diameter, 14 m to 20 m high, founded on fine-grained glacial tills. Soil information for each of the tanks is provided from different sources such as conventional boreholes, test pits, and sometimes Dilatometer tests. Three newly constructed tanks have been instrumented with piezometers and a tank base hydraulic profiler for monitoring during hydrotesting. The presented long-term settlements for the older tanks, and the short-term monitoring data collected from the hydrotested tanks are examined and commented on with respect to the face value of the records. The ability to apply practical geotechnical engineering methods to provide reasonable predictions of the behavior of tank foundations is also discussed

The Morphology of Synovial Lining of Various Structures in Several Species as Observed with Scanning Electron Microscopy

Data concerning surface morphology of synovial lining of tendons, tendon sheaths, cruciate ligaments, infra-patellar fat pads and peripatellar synovial ridges in various species (rat, rabbit, dwarf goat, sheep, pig, dog, human) are reported on. Supportive studies with transmission electron microscopy (TEM) and light microscopy were performed. Three principal morphological appearances of the synovium are evident. On structures with a dense fibrous architecture like tendons, tendon sheaths and cruciate ligaments the intimal cells and processes are mostly slender and may tend to orientation in the length-axis of the structure. On the peri- and infrapatellar adipose tissues two principal \u27extremes\u27 are seen: one in which the contours of the fat cells are clearly visible with fungoid shaped structures in between them, and one in which the fat cell contours are not recognizable and the intima consists of cauliflower-like cells. Transitional forms exist. Several features observed on tendons and tendon sheaths which have not been reported on before are presented in this paper. A consistent classification of synovium is presented

Reduction of computing time for least-squares migration based on the Helmholtz equation by graphics processing units

In geophysical applications, the interest in leastsquares migration (LSM) as an imaging algorithm is increasing due to the demand for more accurate solutions and the development of high-performance computing. The computational engine of LSM in this work is the numerical solution of the 3D Helmholtz equation in the frequency domain. The Helmholtz solver is Bi-CGSTAB preconditioned with the shifted Laplace matrix-dependent multigrid method. In this paper, an efficient LSM algorithm is presented using several enhancements. First of all, a frequency decimation approach is introduced that makes use of redundant information present in the data. It leads to a speedup of LSM, whereas the impact on accuracy is kept minimal. Secondly, a new matrix storage format Very Compressed Row Storage (VCRS) is presented. It not only reduces the size of the stored matrix by a certain factor but also increases the efficiency of the matrix-vector computations. The effects of lossless and lossy compression with a proper choice of the compression parameters are positive. Thirdly, we accelerate the LSM engine by graphics cards (GPUs). A GPU is used as an accelerator, where the data is partially transferred to a GPU to execute a set of operations or as a replacement, where the complete data is stored in the GPU memory. We demonstrate that using the GPU as a replacement leads to higher speedups and allows us to solve larger problem sizes. Summarizing the effects of each improvement, the resulting speedup can be at least an order of magnitude compared to the original LSM method

Written expression

We are in the midst of not one, but two, revolutions in education. The first exemplified by the present OECD project, concerns the impact of New Information Technologies on teaching and on our understanding of the learning process. The second, one which seems at first to be far removed from the realm of NIT, is a radical reconception of the role of writing [by which we mean "written expression", not handwriting] in education and of how it should be taught. This report, one of four on NIT and Education, focuses on the confluence of these two revolutions. Despite initial impressions to the contrary, we suspect that NIT may have a great, if not their greatest, impact in the area of writing.published or submitted for publicationis peer reviewe