Subprime consumer credit demand: evidence from a lender's pricing experiment

We test the interest rate sensitivity of subprime credit card borrowers using a unique panel data set from a UK credit card company. What is novel about our contribution is that we were given details of a randomized interest rate experiment conducted by the lender between October 2006 and January 2007. We find that individuals who tend to utilize their credit limits fully do not reduce their demand for credit when subject to increases in interest rates as high as 3 percentage points. This finding is naturally interpreted as evidence of binding liquidity constraints. We also demonstrate the importance of truly exogenous variation in interest rates when estimating credit demand elasticities. We show that estimating a standard credit demand equation with nonexperimental variation leads to seriously biased estimates even when conditioning on a rich set of controls and individual fixed effects. In particular, this procedure results in a large and statistically significant 3-month elasticity of credit card debt with respect to interest rates even though the experimental estimate of the same elasticity is neither economically nor statistically different from zero. JEL Classification: D11, D12, D14liquidity constraints, randomized trials, subprime credit

Analysis and Functional Annotation of Expressed Sequence Tags from the Asian Longhorned Beetle, Anoplophora glabripennis

The Asian longhorned beetle, Anoplophora glabripennis (Motschulsky) (Coleoptera: Cerambycidae), is one of the most economically and ecologically devastating forest insects to invade North America in recent years. Despite its substantial impact, limited effort has been expended to define the genetic and molecular make-up of this species. Considering the significant role played by late-stadia larvae in host tree decimation, a small-scale EST sequencing project was done using a cDNA library constructed from 5th -instar A. glabripennis. The resultant dataset consisted of 599 high quality ESTs that, upon assembly, yielded 381 potentially unique transcripts. Each of these transcripts was catalogued as to putative molecular function, biological process, and associated cellular component according to the Gene Ontology classification system. Using this annotated dataset, a subset of assembled sequences was identified that are putatively associated with A. glabnpennis development and metamorphosis. This work will contribute to understanding of the diverse molecular mechanisms that underlie coleopteran morphogenesis and enable the future development of novel control strategies for management of this insect pest

Research Regarding Connections between Risks and Processes within Small and Medium Enterprises

AbstractBusiness process approach is a current concern for many scholars and practitioners as the performance of any organization is directly influenced on how the objectives of these activities are achieved. The methodology framework consists of a literature review regarding the main concepts which are underlying the connection between risk and process. Main findings of the study will comprise of identifying the risks along with the trigger causes or circumstances and their potential effect not only on the activity, but also on the overall process. The importance to detect the risks whose impact has critical effect on the SMEs activity in terms of sustainable development and business continuity will be emphasized. In this respect, the potential processes highly exposed to risks are the most reliable indicators highlighting where an SME is vulnerable and to where should resources be directed to. A clear understanding of the types and intensity of the relationships and interactions between processes and their particular risks leads to cost effective decisions regarding undertaking long term mitigating strategies. The awareness of the link between different types of processes with their specific risks has become highly important as the overall vulnerability of an enterprise is enlarging in line with the business development

Antimicrobial Activity of Natural and Synthetic Compounds Against Candida spp., Gram-Positive and Gram-Negative Bacteria

Antibiotics resistant bacteria have become over the last few decades one of the greatest threats to global health. Infections caused by multi-drug-resistant pathogens are generally difficult to treat and are often fatal. Biofilm formation has been recognized as one of the most important, and most difficult to treat, among the mechanisms conferring antibiotics tolerance to pathogens. There is currently an urgent need for novel and effective approaches to fight the global health challenge of antibiotic resistance and in particular biofilm based tolerance. In this context, antimicrobial peptides (AMP) and antimicrobial plant extracts are among the most promising solutions. This thesis work was aimed at the discovery, characterization and evaluation of the antimicrobial, and especially anti-biofilm, activity of novel AMPs and novel plant extracts. A set of analyses integrating bioinformatics, synthetic biology and biochemical approaches has been employed to identify new antimicrobial compounds. Clinical phenotype as well as reference fungal and bacterial strains were used to test the antimicrobial and anti-biofilm potential of these new compounds. Antimicrobial activity assays were performed by microdilution method and time kill assays, while anti-biofilm activity was evaluated with biomass quantification, biofilm vitality assessment and by means of confocal laser scanner microscopy. Finally, cytotoxic experiments were performed against human cells to determine if the discovered compounds could be considered promising candidates for the development of topical antimicrobial agents. As a first step, a cryptic AMP-like peptide named VLL-28, identified in the sequence of an archaeal protein was analyzed and characterized with efficient antifungal and anti-biofilm activities against all tested clinical strains. Then, a second cryptic AMP-like peptide (PAP-A3), derived by in silico screening of human proteins, was identified in the Pepsinogen A activation peptide along with two other fragments (IMY25 and FLK22). These three peptides exhibited considerable antimicrobial and anti-biofilm properties against a range of pathogenic bacteria, including foodborne organisms infecting the stomach and biofilm producing strains. Furan-motifs and lignan-motifs were than employed to identify new molecules exhibiting antimicrobial properties. This activity led to the characterization of fourteen synthetic arylfurans and lignan-like arylbenzylfurans, that in turn were tested against Gram-negative (Pseudomonas aeruginosa, Escherichia coli) and Gram-positive bacteria (Staphylococcus aureus and S. epidermidis). One of these compounds, methyl 4-(2-hydroxybenzyl)-2-phenylfuran-3-carboxylate, was found to be active against S. aureus and S. epidermidis. This latter showed also a good anti-biofilm activity and was found to be nontoxic in human cells. Finally, Abietic acid, a tricyclic diterpenoid derived from the resin of pine trees, was tested against Staphylococcus pseudintermedius strains and was found to be able to increase the susceptibility to Methicillin in Methicillin-resistant isolates of S. pseudintermedius (MRSP) by modulating the expression of mec genes. Moreover, Abietic acid also displayed a good anti-biofilm activity by killing almost all cells embedded in biofilm already at very low concentrations. In conclusion, new possible sources were explored in this work to find novel antimicrobial compounds to fight the emerging antimicrobial resistance to conventional drugs. As a result, a series of new and effective antimicrobial agents were detected, characterized and tested against a wide range of pathogens

Labor market institutions and the business cycle Unemployment rigidities vs. real wage rigidities

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the New Keynesian framework we argue that labor market institutions should be divided into those institutions that cause Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with deterministically varying coefficients and find that there is a profound difference in the responses of unemployment and inflation to shocks under different constellations of the labor market. JEL Classification: E32, E24, E52business cycle, Labor Market Search, monetary policy, Real Wage Rigidity, Unemployment

Idealism and Actualization. Saint-Just in Theory, Practice, and Exigency

Louis-Antoine Léon de Saint-Just (1767-1794) was a revolutionary, a statesman, and a political philosopher, yet it is largely only as a revolutionary that he is remembered. As a political person who occupied these three different but overlapping roles, Saint-Just is ideal as the subject and center of a study of actualization, the taking of political ideals into reality. Saint-Just’s political philosophy was that of an idealist, and yet he, by force of circumstance, ability, and audacity, had the opportunity in his short life to attempt to establish and put into practice his political ideals. In his work as a political person Saint-Just created templates for the understanding of the relationship between political theory and political action. Saint-Just’s political theory is examined in relation to his political action, using the concepts of ‘the natural’, ‘the civil’, ‘the social’ and ‘the political’, concepts which are central in Saint-Just’s political philosophy. Saint-Just’s formulations of these concepts, concepts which have also been central to the history of political philosophy, and his understanding of the relations between these concepts, helps to establish him as a political philosopher of some importance, as does the theory and practice approach to politics which his attempts demanded and which his political life demonstrated. In Saint-Just’s function as political philosopher the thesis finds the theoretical element of politics, which becomes redefined in its interaction with Saint-Just’s other functions as statesman and revolutionary, the latter two of which correspond roughly to practice and exigency. As a theorist who is also a statesman in a context of exigency, or revolution, Saint-Just’s political life is a constantly rearranged juxtaposition of theory, practice, and revolution, albeit one which never loses it essential ties to its philosophical base, even in the hours of greatest emergency. Such dedication to a philosophical base, one which refuses to dispense with political philosophy, demonstrates a new conception of political philosophy for the modern world, fills in elements of a theory of revolution as a phenomenon of both theory and action, and provides a contained case for examination of political philosophy and political action, questioning their disunity

From interpersonal to interorganizational trust: The role of indirect reciprocity

How does interpersonal trust (i.e., between individuals) lead to interorganizational trust (i.e., between groups of individuals)? I build a bottom-up theory in which interorganizational trust arises from individuals and their dispositions, actions, and observations. The theory is based on indirect reciprocity, whereby A helps B and then C helps A. Using a simulation model, I analyze (a) whether indirect reciprocity can lead to trust between two organizations even when many people are involved, when the extent of their indirect reciprocation differs, and when helping others is costly; and (b) how the presence of a boundary spanner affects this process. The main findings are that (a) indirect reciprocity can indeed create interorganizational trust under such conditions, and that, in fact, indirect may outperform direct reciprocity. Furthermore, (b) boundary spanners can decrease or increase interorganizational trust: They may decrease it by boosting their own trust at the expense of that of others, and they may increase it by enhancing indirect reciprocity for everyone through four mechanisms: contributing, discriminating, initiating, and consolidating

Kontrastiivinen kielto : Konstruktioiden vaihtelu kielten sisällä ja niiden välillä

This dissertation examines contrastive negation. Contrastive negation is a cover term for constructions that combine a negated and affirmed element that refer to the same state of affairs (e.g. not today but tomorrow). There are many ways to express contrastive negation across languages and even within one language. In my dissertation, I ask what the functions of contrastive negation are, what forms it takes, and what explains the variation between these forms. I investigate these questions both within one language – English – and cross-linguistically. Previous research on contrastive negation has mostly resorted to introspectively constructed examples and its main focus has been on metalinguistic negation (e.g. not good but excellent). The main method used in this dissertation is corpus linguistics, i.e. the qualitative and quantitative study of electronically stored collections of naturally occurring texts. My aim has been to study contrastive negation as it actually appears in language use rather than focusing on artificially created ideal cases. I complement the corpus-linguistic perspective with interactional linguistics. In other words, I study how contrastive negation is used in casual conversation to create various socially relevant actions. The theoretical framework of the study is construction grammar, which starts with the assumption that language consists of constructions, i.e. pairings of form and function that language users learn from usage by using domain-general cognitive mechanisms. According to the corpus analysis, contrastive negation favours argumentative and interactive genres, such as newspaper editorials and conversation. There are gradient and sometimes quite subtle functional differences among the constructional schemas that are used to express contrastive negation in English newspaper discourse. In conversation, a difference emerges between English and Finnish constructional straregies: English favours asyndetic combinations of a negative and an affirmative clause while in Finnish, constructions that employ corrective conjunctions are used relatively frequently. In both languages, the forms that contrastive negation takes are adapted to the interactional context and function, especially to whether the construction is used reactively or not. In the last study of the dissertation, a comparison of 11 European languages reveals differences especially in the extent to which corrective conjunctions are used in the languages studied. The dissertation extends our understanding of contrastive negation. Instead of metalinguistic negation, which has dominated previous studies on the constructions, the central questions for this dissertation are whether the contrast is additive (not only Finland but also Sweden) or restrictive (not every day but merely at weekends), and whether the construction is used reactively or not.Tämä väitöskirja käsittelee kontrastiivista kieltoa. Kontrastiivisella kiellolla tarkoitetaan rakenteita, joissa yhdistyy samaa asiaintilaa kuvaava myönteinen ja kielteinen osa (esimerkiksi ei tänään vaan huomenna; ravistettuna, ei sekoitettuna). Kontrastiivisella kiellolla on monia ilmenemismuotoja eri kielissä ja myös saman kielen sisällä. Väitöskirjassani kysyn, mihin kontrastiivista kieltoa käytetään, mitä eri muotoja sillä on ja mikä niiden välistä vaihtelua selittää. Tutkin kontrastiivista kieltoa sekä yhdessä kielessä – englannissa – että kieltenvälisesti. Aiempi tutkimus kontrastiivisesta kiellosta on painottanut keksittyjä lause-esimerkkejä ja erityisesti niin sanottua metalingvististä kieltoa (esimerkiksi ei hyvä vaan loistava). Tämän tutkimuksen metodina on korpuslingvistiikka eli sähköisessä muodossa tallennettujen aitojen tekstien kokoelmien analysointi sekä laadullisesti että määrällisesti. Tarkoituksena on kuvata kontrastiivista kieltoa sellaisena kuin sitä käytetään idealisoitujen esimerkkien sijaan. Täydennän analyysia vuorovaikutuslingvistiikalla eli tutkin myös, miten kontrastiivista kieltoa käytetään arkikeskustelussa luomaan erilaisia sosiaalisesti merkityksellisiä toimintoja. Tutkimuksen teoreettisena viitekehyksenä käytän konstruktiokielioppia, jonka mukaan kieli koostuu muodon ja merkityksen yhteenliittymistä eli konstruktioista, joita kielen puhujat oppivat yleisten kognitiivisten mekanismien perusteella kielenkäytön pohjalta. Korpusanalyysin perusteella kontrastiivinen kielto on tyypillinen kielen piirre argumentatiivisissa ja vuorovaikutteisissa tekstilajeissa kuten pääkirjoituksissa ja arkikeskustelussa. Englanninkielisessä sanomalehtiaineistossa kontrastiivisen kiellon eri muotojen välillä on jatkumomaisia ja joskus hienovaraisiakin funktionaalisia eroja. Keskusteluaineistojen osalta englanti ja suomi eroavat toisistaan siinä, millaisia strategioita niiden puhujat käyttävät kontrastiivisen kiellon ilmaisemiseen: englannissa kontrastiivinen kielto ilmaistaan keskustelussa tyypillisesti kielteisen ja myönteisen lauseen asyndeettisenä rinnastuksena, kun taas suomessa myös korrektiivisten konjuntioiden (vaan ja kun) käyttö on suhteellisen tavallista. Kummassakin kielessä kontrastiivisen kiellon muoto motivoituu vuorovaikutustilanteesta ja -funktiosta, erityisesti siitä, käytetäänkö konstruktiota reaktiivisesti vai ei. Väitöskirjan viimeisessä osatutkimuksessa 11 kielen vertailu paljastaa kieltenävälisiä eroja erityisesti korrektiivisten konjunktioiden käyttöalassa. Väitöskirjan tulokset laajentavat kuvaa kontrastiivisesta kiellosta. Aiempaa tutkimusta hallinneen metalingvistisyyden sijaan keskeiseksi nousee kysymys siitä, onko kontrasti korvaava (ei tänään vaan huomenna), lisäävä (ei vain Suomi vaan myös Ruotsi) vai rajaava (ei joka päivä vaan ainoastaan viikonloppuisin), sekä siitä, onko konstruktion käyttö reaktiivista vai ei

Reinventar o futuro em sintonia com a identidade : traçado de uma ecovia que potencie os patrimónios natural e cultural dos terceirenses

Dissertação de Mestrado, Gestão e Conservação da Natureza, 14 de outubro de 2019, Universidade dos Açores.A ilha Terceira, sendo uma ilha do arquipélago dos Açores, com cerca de 400 km2, torna possível e fácil a deslocação das pessoas de bicicleta, diminuindo o impacto dos combustíveis fósseis. Como a velocidade atingida é inferior à de um carro, é possível apreciar a natureza omnipresente sem lhe causar grande impacto. O acentuado crescimento de um turismo de natureza nas ilhas vem, a par do incremento de estilos de vida saudáveis junto dos residentes, reforçar a necessidade de criar condições para que as pessoas possam usufruir deste meio de transporte alternativo, desfrutando em segurança dos recursos paisagísticos existentes. É, neste sentido, que surge a ideia de criar uma ecovia. A sua implementação exige, todavia, que seja ponderado um conjunto de vertentes tão distintas quanto: as questões climáticas e orográficas do terreno, os recursos naturais e culturais, o ordenamento do território, as infraestruturas existentes, entre outras. Para a escolha do traçado, que melhor valorize estas caraterísticas, foi necessário recorrer a um conjunto de informações indagadas pela investigadora e ao saber especializado e processado de peritos, através de entrevistas, que sustentaram posições muito distintas sobre esta questão. A informação recolhida foi projetada em diferentes mapas, através dos SIG, possibilitando o traçado de diferentes cenários possíveis, dividido em vários troços, que delimitaram as áreas com maior aptidão para implementação de uma ecovia na Ilha Terceira. Desta forma, a metodologia adotada assumiu um caráter multidisciplinar, desenvolvida em três momentos distintos: no tratamento de recolha de dados, no processo de análise de dados e na apresentação e discussão dos resultados obtidos da 1ª proposta do traçado edafoclimático e da 2ª proposta do traçado com a valorização dos patrimónios naturais e histórico-culturais da ecovia, bem como a apresentação das conclusões. A proposta do traçado final é a mais confiável para a implementação de uma ecovia na Ilha Terceira, pois resultou de uma metodologia diversificada e robusta, que emergiu do conhecimento de profissionais, recolhido e testado através de métodos e ferramentas, tornando-se crucial para estar à altura do dinamismo exigido por este projeto.ABSTRACT: Terceira Island is in Azores archipelago. This Island has 400km2 what permits people cycling all the day, reducing the consumption of fossil fuels. The speed is lower than a car, so it is possible to enjoy and appreciate all landscapes, with no direct impact. The strong growth of nature tourism in all islands combined with the healthy lifestyle of population have created the need to join conditions for people cycling securely and enjoying the peaceful and charming landscapes. This is why the idea of creating a Greenway emerges. However, its implementation requires a deep analysis of distinct areas, such as: climate and topography issues in the ground, natural and cultural resources, territorial planning, and infrastructures, among others. To choose the best track, the researcher gathered data combined with expert’s knowledge through structured interviews which supported very distinct positions about this subject. The collected data was processed in SIG’s maps, allowing the creation of numerous tracks, divided into different sections, which delimited regions with more ability to the Greenway’s implementation, in Terceira Island. Thus, the adopted methodology led a multidisciplinary dimension, developed in three moments: data cleaning/analysis, data handling and present/discuss the conclusion and obtained results in the 1st edaphic track proposal and in the 2nd track proposal with the valorisation of the natural, cultural and historical heritage. The final track proposal is the most trusted to implement the Greenway in Terceira, due it’s resulted from a straight application of the strong and appropriate methodology, which emerged of expert’s knowledge and tested using methods and tools. This proposal is the key to match this project’s dynamism