House price comovements in the Eurozone economies

The house price boom in major industrialized countries since the early 1990s has been unprecedented. Co-movement is a key feature of it and it has been attributed by scholars to synchronization of monetary policy, financial liberalization, integration of international financial markets, as well as global business cycle linkages. In this paper we focus on seven European countries, all members of the EMU, and ask the question if, the apparent co movement of the housing prices in the seven major euro zone economies implies convergence of their housing markets. Using monthly data from DSI Statistical Bases for 1990(1)-2009(4), we concentrate on the impact of the adoption of the common currency on real house prices movements. We conduct the analysis using country-specific macroeconomic variables and then extend it by adding foreign-specific macro variables to each country’s model. The empirical analysis includes cointegration analysis and VAR specifications. Our findings suggest that the movement of the housing prices of the euro zone countries apart from the well known fundamentals of GDP, interest rates and stock returns is also based on a number of idiosyncratic and structural factors like demographics, the tax system and government intervention which determine the duration and the strength of the housing cycles in each country. Furthermore, it seems that the degree of convergence underlying housing prices co movement is limited given the diversities in living standards, regulation of property markets, government intervention and attitudes to residential housing.peer-reviewe

A Representational-Hierarchical Account: A New Theory of False Memories

Past research has supported a representational-hierarchical theory of memory and perception that extends the ventral visual stream into the medial temporal lobe. In this account, representations are organized in a hierarchical manner, such that structures located further anterior in the brain contain complex representations of whole objects and areas further posterior in the visual cortex contain representations of simple features. When conjunctive representations are compromised, an individual must rely on simple-feature representations to complete mnemonic and perceptual tasks. However, these simple-feature representations are susceptible to feature-level interference, which can cause false recognition of novel objects. The goal of the present study was to explore the account’s third assumption: the effect of interference. Experiment 1 examined the effect of interference on neural representations during fMRI. Experiment 2 investigated the effect of different types of interference on a behavioral memory task with older adults thought to have impaired conjunctive representations. Although the results of the first experiment were inconclusive, the second experiment revealed that older adults’ recognition memory performance was shielded from semantic, but not perceptual, interference. The implications of this finding are discussed

A single aromatic residue in transcriptional repressor protein KorA is critical for cooperativity with its co-regulator KorB

A central feature of broad host range IncP-1 plasmids is the set of regulatory circuits that tightly control plasmid core functions under steady-state conditions. Cooperativity between KorB and either KorA or TrbA repressor proteins is a key element of these circuits and deletion analysis has implicated the conserved C-terminal domain of KorAand TrbAin this interaction. By NMR we show that KorA and KorB interact directly and identify KorA amino acids that are affected on KorB binding. Studies on mutants showed that tyrosine 84 (or phenylalanine, in some alleles) is dispensable for repressor activity but critical for the specific interaction with KorB in both in vivo reporter gene assays and in vitro electrophoretic mobility shift and co-purification assays. This confirms that direct and specific protein–protein interactions are responsible for the cooperativity observed between KorB and its corepressors and lays the basis for determining the biological importance of this cooperativity

The Impact Of Analysts? Recommendations: Evidence From The Athens Stock Exchange

This study aims to investigate the usefulness of analysts’ recommendations on firms listed on the Athens Stock Exchange (ASE). It contradicts the majority of published works which conclude that analysts’ recommendations do offer valuable investment opportunities. The unique feature of this work is that it sheds light on the issue, adopting a practical approach stemming from the investor’s point of view. It is shown through an event study methodology, that analysts’ recommendations do not result to any significant excess returns

Analysis Of Teacher Readiness And Provision Of Infrastructure In Implementing The Independent Curriculum At SMA Negeri 1 Lembang Jaya

The background of this research is the readiness of schools and teachers in implementing the independent curriculum, so that learning objectives can be achieved effectively and efficiently. The purpose of this research is to see what schools, teachers and in terms of the facilities and infrastructure available at SMA Negeri Lembang Jaya have to prepare to support the learning process. In addition, this study also aims to assess how far the implementation of the independent curriculum has been implemented by SMA Negeri 1 Lembang Jaya. The method used in this research is descriptive qualitative method. The results of this study indicate that readiness in implementing the independent learning curriculum is not only seen from the readiness of teachers and students, but also by looking at the readiness of schools and facilities and infrastructure that will support the implementation of fun learning. So it can be concluded that SMA Negeri 1 Lembang Jaya is a school that implements a level 2 independent curriculum, namely independent change. Schools and teachers make changes independently without financial assistance from the government. Teachers conduct training on the independent teaching platform independently so that teachers better understand how the independent curriculum is implemented in schools and what the teacher\u27s assessment process is

Peran Guru dalam Peningkatan Motivasi Belajar Siswa Mata Pelajaran IPS Kelas VIII SMPN 7 Kubung

Tujuan dalam penelitian ini adalah untuk mengetahui bagaimana peran seorang guru dalam memberikan motivasi belajar bagi siswanya. etode yang digunakan adalah dengan metode wawancara dan observasi. Menggunakan pendekatan kualitatif bersifat deskriptif dan cenderung menggunakan analisis. Dalam artikel terdapat landasan teori yang dapat menjadi pedoman agar terfokus pada penelitian yang sesuai dengan fakta yang ada dilapangan. Penulis melaksanakan penelitian di SMPN 7 Kubung dengan menjadikan siswa/siswi kelas VIII dan beberapa guru menjadi subjek penelitian. Masalah yang ditemukan peneliti adalah bagaimana peran seorang guru dalam memberikan pembelajaran ips dan motivasi belajar siswa dalam pembelajaran ips. Hasil penelitian menunjukkan bahwa peran seorang guru sebagai pemimpin kelas,pengajar dan pembimbing sudah terlaksana dengan baik dalam memberikan ilmu atau pengajaran dengan baik. Motivasi belajar seorang siswa dalam menghadapi tugas, menghadapi kesulitan dan belajar mandiri sudah terlaksana dengan sangat baik

Stress-testing and credit risk revisited: A shipping sector application

Conventional stress-testing in credit risk management may considerably underestimate economic losses associated with the most negative scenarios. In this paper, we show that in order to properly stress-test credit risk, we need to derive initially the default correlation among assets or companies. Then a risk measure needs to be applied to the stressed default rate distribution, in order to obtain default rates attached to the most negative scenarios. We find that the application of both the stressed default correlation and the risk measure deliver considerable deviations from the conventional approach. To illustrate our approach we use 192 publicly listed shipping corporations, over 2000–2016, and show that conventional stress-testing tools may underestimate losses under certain conditions. Furthermore, we show that the Vasicek (1987) model assumption of independence, between the systemic factor and the default correlation may not hold in certain cases. This assumption may actually be the reason for the likelihood of underestimation of credit risk capital requirements as applied in the context of the Basel internal ratings-based (IRB) approach

18–30-vuotiaiden nuorten aikuisten asuminen

Tämä opinnäytetyö käsittelee 18–30-vuotiaiden nuorten aikuisten nykyistä asumista ja millaisia ajatuksia heillä on asumisestaan tulevaisuudessa. Opinnäyte koostuu teoriaosasta ja tutkimusosasta. Teoriaosuudessa on keskitytty tarkastelemaan Suomen asuntomarkkinoita, erityisesti asuntojen hintojen kehitystä, kysynnän ja tarjonnan tilannetta sekä nuorten aikuisten käyttäytymistä asunnon ostajina. Tutkimus on suoritettu kvantitatiivisena ja suunnattu Satakunnan ammattikorkeakoulun opiskelijoille ja työntekijöille. Kysely on lähetetty vastaajille marraskuussa 2012. Vastauksia saatiin yhteensä 699 henkilöltä. Vastaajista selkeästi suurin ikäryhmä oli 18–30-vuotiaat, joten tutkimus on rajattu tähän ryhmään. Tästä ryhmästä tarkempi tarkastelu on tehty opiskelijoiden ja työelämässä olevien välillä. Tutkimuksen tuloksista käy ilmi, että vastaajien mielestä asuntojen hintaso on tällä hetkellä liian korkea, eikä siihen odoteta tulevan muutosta. Yleisin asumismuoto vastaajien kesken oli vuokra-asuminen kerrostalossa, sillä opiskelijat olivat vastaajissa enemmistönä. Ehdottomasti suosituin asumismuoto tulevaisuudessa oli omakotitaloasuminen.This thesis is about the current residency of 18-30-year old young adults and what kind of thoughts they have about their housing in the future. The thesis consists of a theory section and an analysis of a survey. In the theory section the focus is on the Finnish housing market, especially in the development of pricing of the housing, the situation of demand and supply and how young adults behave as buyers of residences. The research has been made as a quantitative and directed to students and employees of Satakunta University of Applied Sciences. Questionnaire was sent in November 2012. 699 replies were received. The major age group of respondents was 18–30-year old so the research has been defined to this group. More specific review within this group has been made between students and employees. The results of the research indicate that respondents think the price level of housing is too high and no change is to be expected. The most common type of residency is rental housing in apartment house, because most of the respondents were students. Definitely the most wanted type of housing was detached house

Tampereen ja Oriveden terveydenhoitajien käsitykset iPana Äitiys - sähköisestä äitiyskortista

iPana Äitiys – sähköinen äitiyskortti on kehitetty entisen pahvisen äitiyskortin tilalle seuraamaan raskausaikaan, synnytykseen, vastasyntyneeseen ja jälkitarkastukseen liittyviä tietoja. Pirkanmaan sairaanhoitopiiri ja Tampereen yliopistollisen sairaala ottivat Suomessa ensimmäisenä käyttöönsä iPana Äitiys – sähköisen äitiyskortin maaliskuussa 2017. Tämän tutkimuksen tavoitteena on selvittää terveydenhoitajien suhtautumista iPana Äitiys – sähköiseen äitiyskorttipalveluun Tampereen ja Oriveden neuvolapalveluissa. Terveydenhoitajien käsityksiä ja käsitysten eroavaisuuksia analysoitiin iän ja työkokemuksen mukaan. Tarkoituksena on kartoittaa ennen integraation toteutumista sähköisen äitiyskortin täyttämisen mielekkyyttä, selkeyttä, tiedonsiirtoa, vastuullisuutta ja terveydenhuollon asiantuntijoiden näkemystä odottavien äitien suhtautumisesta palveluun. Aineistoon kuuluu palvelua käyttäviä terveydenhoitajia Tampereella ja Orivedellä, joille suunnattuun Webropol-kyselyyn laadittiin vastattavaksi monivalinta- ja avoimia kysymyksiä. Saadut käyttökokemukset ja mielipiteet sähköisestä äitiyskortista analysoitiin SPSS-tilasto-ohjelmalla käyttäen ristiintaulukointia. iPana Äitiys – sähköinen äitiyskortti koettiin nykyaikaiseksi apuvälineeksi raskauden seurantaan, mutta se ei ole merkittävästi vähentänyt terveydenhoitajien työtä tietojen kaksoiskirjauksen johdosta. Tulos on osin linjassa aiempien tutkimusten kanssa, sillä sähköistä äitiyskorttia pidettiin tarkoituksenmukaisena raskauden seurannassa. Vain pieni osuus terveydenhoitajista haluaisi palata entisten pahvisten äitiyskorttien käyttöön, mikä puoltaa iPana Äitiys – sähköisen äitiyskortin potentiaalista käyttökelpoisuutta

PENDAFTARAN SERTIFIKAT HAK ATAS TANAH SECARA MASAL SEBAGAI UPAYA UNTUK MEMPEROLEH KEPASTIAN HUKUM DI DESA SIDOMULYO KECAMATAN SIDOREJO KABUPATEN MAGETAN

The lives of living creatures are always related to land, especially humans. Humans get many benefits from land, from shelter to the food they consume, everything is related to land. Land has economic value for humans. And for the government, land is an important thing that can be managed for the development of the country. With this, in order to reduce dispute problems and provide legal certainty to land owners. The government has issued a program to make it easier for the public to process land title certificates. This refers to Government Regulation No. 24 of 1997 concerning Land Registration. Before the Complete Systematic Land Registration (PTSL) program was implemented, the land registration program was known as the National Agrarian Operation Project (Prona). The difference between Prona and Complete Systematic Land Registration (PTSL) is that the implementation of Complete Systematic Land Registration (PTSL) is centralized in one area and for all levels of society. In the Prona program the budget for a year can be spread across several villages, even up to 10 villages. This is different from Complete Systematic Land Registration (PTSL), where the annual budget is only centralized for one village. In the Prona program, not all uncertified plots of land in one village are provided with assistance but in stages. Meanwhile, for the Complete Systematic Land Registration (PTSL) program, all land in one area that does not yet have a certificate can be issued. This research will examine the legal procedures for issuing land registration certificates and what obstacles are faced in implementing land certificate registration. The approach method used is empirical juridical using primary and secondary data. Sampling was carried out using purposive non-random sampling. Meanwhile, the sample village is Sidomulyo Village, Sidorejo District, Magetan Regency In its implementation, the village head only acts as a facilitator and decision maker for mass land registration, while the mediator between the participants and the Defense Office is the PTSL Adjudication Committee and the Task Force. This is stated in Article 11 Paragraph (1) of the Minister of ATR/Head of BPN Regulation Number 6 of 2018. Mass registration of land certificates in Sidomulyo Village is very effective, while the obstacles themselves can be overcome thanks to coordination carried out by members of the PTSL Adjudication Committee and the Task Force. The conclusion of this research is that the registration of land certificates in Sidomulyo Village has gone well. This can be strengthened by information from the committee which stated that the program was running with a percentage of 100%. Keywords: Land Registration, PP No. 24 of 1997, Article 11 Paragraph (1) Minister of ATR/Head of BPN Regulation Number 6 of 201