Measuring risk with multiple eligible assets

The risk of financial positions is measured by the minimum amount of capital to raise and invest in eligible portfolios of traded assets in order to meet a prescribed acceptability constraint. We investigate nondegeneracy, finiteness and continuity properties of these risk measures with respect to multiple eligible assets. Our finiteness and continuity results highlight the interplay between the acceptance set and the class of eligible portfolios. We present a simple, alternative approach to the dual representation of convex risk measures by directly applying to the acceptance set the external characterization of closed, convex sets. We prove that risk measures are nondegenerate if and only if the pricing functional admits a positive extension which is a supporting functional for the underlying acceptance set, and provide a characterization of when such extensions exist. Finally, we discuss applications to set-valued risk measures, superhedging with shortfall risk, and optimal risk sharing

Aggregation and management of metadata in the context of Europeana

The creation of connected content and the linking of metadata are basic requirements for the realisation of the semantic web. Semantic linkage of data enables the joint search of heterogeneous databases and facilitates future machine learning. The present article outlines the metadata management and metadata linking activities of the European Digital Library. A short overview on the current core research areas and implementation strategies in this field is presented. Various projects and metadata services tailored to natural history data, regional cultural heritage data and audio collections are described

Beyond cash-additive risk measures: when changing the num\'{e}raire fails

We discuss risk measures representing the minimum amount of capital a financial institution needs to raise and invest in a pre-specified eligible asset to ensure it is adequately capitalized. Most of the literature has focused on cash-additive risk measures, for which the eligible asset is a risk-free bond, on the grounds that the general case can be reduced to the cash-additive case by a change of numeraire. However, discounting does not work in all financially relevant situations, typically when the eligible asset is a defaultable bond. In this paper we fill this gap allowing for general eligible assets. We provide a variety of finiteness and continuity results for the corresponding risk measures and apply them to risk measures based on Value-at-Risk and Tail Value-at-Risk on $L^p$ spaces, as well as to shortfall risk measures on Orlicz spaces. We pay special attention to the property of cash subadditivity, which has been recently proposed as an alternative to cash additivity to deal with defaultable bonds. For important examples, we provide characterizations of cash subadditivity and show that, when the eligible asset is a defaultable bond, cash subadditivity is the exception rather than the rule. Finally, we consider the situation where the eligible asset is not liquidly traded and the pricing rule is no longer linear. We establish when the resulting risk measures are quasiconvex and show that cash subadditivity is only compatible with continuous pricing rules

Labor Unions, Race and the Changing Face of the Post War Democratic Party

Over the past half century America’s two party system has undergone significant geographic, ideological and demographic shifts. The Democratic Party that once had a strong support base of working class whites and southerners, has now become a party comprised of mostly progressives and racial minorities. I expected that the decline of private sector unions over the past fifty years was contributing to a pattern of working class whites abandoning the contemporary Democratic Party. Moreover I expected the fall in labor membership numbers along with a rise in white collar unions at the expense of traditional manufacturing organizations, to affect the ability of labor leaders to politically mobilize members in the same successful manner that characterized much of the mid 20th century. In testing these expectations I gathered ANES survey data from the 1960 and 2008 election cycles and created a number of variables that would paint a picture of the electoral environment in both years. What I found was that racial polarization between the two parties had replaced the traditional class divisions that had existed for over a century. Across the country, the binding relationship that once existed between working voters and the Democratic Party had disappeared. The splintering of the working class vote has been compounded by consistently low voter turnout among poorly educated individuals relative to individuals with a college background. This paper reveals the increased political isolation of working class voters and the emergence of a highly racially polarized two party system

Gαq and its \u3ci\u3eAkt\u3c/i\u3eions

No abstract available

Keine Zukunft ohne Vergangenheit : Ein Abriss der Geschichte der Datenbanken und ihrer Nutzung

Since the beginning of the 20th century, the development of new methods in the field of library and information science have been characterised by the influence of electronic data processing. The new services were corresponding with the latest technological innovations: beginning with literature search based on magnetic tapes and the development of magnetic drums and magnetic disks led to online-hosts which are still an important part of library services. Beginning with the 1960s, publishers of printed indexes began to use data processing in order to compile the indexes automatically and aggregate them quarterly, half-yearly, or annually. At the same time, NASA contracted the company Lockheed with the development of a technical documentation in order to prepare the landing on the moon. As a by-product of these activities, magnetic tapes occurred that could be searched sequentially. In Austria, the Institute for Automatic Documentation in Graz developed own database programs. At the end of the 1960s, the content of these tapes was inverted and divided into linear and inverse data. These databases could be retrieved externally via data cables. Dialog, a department of Lockheed, became independent, provided services for external clients, and established additional hosts. In 1975, the first U.S. libraries began to use this service, and in 1978 Austrian libraries became clients. The information agencies at these libraries were the only places at the universities with online access to the databases. Beginning with 1988, CD-ROM databases entered the market; beginning with 1995 they were also represented in the World Wide Web. 1997 was the starting year for publishers' platforms (Springer, Elsevier, Wiley, etc.), where the content was documented and full texts could be downloaded. Libraries and information centres have used them increasingly

Stink Bugs (Hemiptera: Heteroptera: Pentatomidae) of Minnesota: An Annotated Checklist and New State Records

Pentatomidae have been relatively poorly documented in Minnesota. Based on literature and museum records, an annotated checklist of the Pentatomidae of Minnesota was created. State-level and county-level records for Minnesota and the distribution of each species in North America are provided. Fifty-one species of Pentatomidae (12 Asopinae, 37 Pentatominae, and 2 Podopinae) are recorded for Minnesota. Of this total, 15 species are newly recorded for the state. Knowledge of the fauna of Pentatomidae in Minnesota will be important for providing baseline data for monitoring of potential shifts in the fauna resulting from the invasions of exotic Pentatomidae. Furthermore, a list of native Pentatomidae will be necessary for monitoring non-target impacts, if classical biological control is implemented for management of exotic Pentatomidae