Subjects, Topics, and Anchoring to the Context

The article discusses the connection between the syntactic and semantic properties of weak, strong, and referential DP subjects. In particular, I argue that nominal expressions possess a situation argument and that their interpretation and their distribution follow from the presuppositional requirements that the determiner imposes on the individual argument and situation argument of its complement nominal. These presuppositional requirements, I then argue, are embodied by local relations of the subject to a distinct head in the C domain, Fin(0) in the system of Rizzi 1997, where specific referential values of discourse antecedents are accessible

Change-of-state Paradigms and the middle in Kinyarwanda

This paper investigates the derivational relationships among members of verbal paradigms in Kinyarwanda (Bantu JD.61; Rwanda) by pursuing two interrelated goals. First, I describe a variety of derivational strategies for marking transitive and intransitive variants in change-of-state verb paradigms. Second, I focus on the detransitivizing morpheme –ik which serves as one possible marking for intransitive members of these paradigms. Ultimately, I argue that this morpheme is a marker of middle voice, and the variety of readings which appear with this form can be subsumed under a single operation of argument suppression. Finally, I provide a discussion of reflexives and the apparent lack of a reflexive reading with –ik by arguing that this reading is blocked by either lexical reflexives or the reflexive prefix i–

Regime Shifts in Mean-Variance Efficient Frontiers: Some International Evidence

Regime switching models have been assuming a central role in financial applications because of their well-known ability to capture the presence of rich non-linear patterns in the joint distribution of asset returns. This paper examines how the presence of regimes in means, variances, and correlations of asset returns translates into explicit dynamics of the Markowitz mean-variance frontier. In particular, the paper shows both theoretically and through an application to international equity portfolio diversification that substantial differences exist between bull and bear regime-specific frontiers, both in statistical and in economic terms. Using Morgan Stanley Capital International (MSCI) investable indices for five countries/macro-regions, it is possible to characterize the mean-variance frontiers and optimal portfolio strategies in bull periods, in bear periods, and in periods where high uncertainty exists on the nature of the current regime. A recursive back-testing exercise shows that between 1998 and 2010, adopting a switching mean-variance strategy may have yielded considerable risk-adjusted payoffs, which are the largest in correspondence to the 2007-2009 financial crisis