On the Static Efficiency of Secondary Bond Markets

The major strand of finance literature understands market efficiency through the market’s ability to process information into prices. Another strand of literature refers to the economists’ usual sense of the word, i.e. that markets ensure that resources are allocated to their most profitable expected use, and provide services at the lowest cost. This paper, deploying the second definition, suggests a concept of static efficiency, and claims this can also be seen as a measure of market quality. The paper develops a measure of qualitative static efficiency for bond markets built on four indicators: transparency, number of maturities and issuers, spread, and liquidity. Indicators of market quality should be easily accessible, and permit international and inter-temporal comparison. Using Nordic markets as case studies, we show that these markets became more efficient during the 1990’s, but that transparency of efficiency remains a problem. A number of measurement problems with the static efficiency indicators are discussed, as well as interdependence issues. The paper concludes with comments on future applications of the static efficiency measure.Efficiency; Transparency; Market Liquidity; Bond Markets

Politicising stardom: Jane Fonda, IPC Films and Hollywood, 1977-1982

PhDThis thesis is an empirical analysis of Jane Fonda’s films, stardom, and political activism during the most commercially successful period of her career. At the outset, Fonda’s early stardom is situated in relation to contemporaneous moral and political ideologies in the United States and how she functioned as both an agent and symbol of these ideologies. Her anti-war activism in the early-1970s constituted the apex of Fonda’s radicalisation and the nadir of her popular appeal; a central question of this thesis, therefore, is how her stardom was rehabilitated for the American mainstream to the point of becoming Hollywood’s most bankable actress. As the star and producer of IPC Films, Fonda developed political projects using commercial formats, namely Coming Home (1978), The China Syndrome (1979), Nine to Five (1980), and Rollover (1981). The final IPC film, On Golden Pond (1981), signalled an ideological breach in this political strategy by favouring a familial spectacle, and duly outperformed its predecessors significantly. The first and last chapters of this work provide historical parameters for IPC in Fonda’s career, while the remaining chapters are structured by the conceptual and political aspects of each IPC project. Julia (1977) is discussed as an IPC prototype through its dramatisation of political consciousness. Coming Home, The China Syndrome, Nine to Five, and Rollover all exhibit this motif whereas On Golden Pond employs melodramatic nostalgia. Often discussed reductively as a star symbolising change, this thesis instead uses archival and published sources to analyse Fonda’s individual agency in historical context, as well as the cultural and political impact of her stardom. The IPC enterprise provided cinematic apparatus for Fonda’s political recuperation within the American mainstream, which, more broadly, harboured significance for the nation’s conservative resurgence at the end of the 1970s

Perceptions Of Empowered Teacher Leaders

Teacher Leadership movements over the last 30 years have attempted to create leadership opportunities within and across an organization. The purpose of this mixed method case study was to evaluate the impact of a district’s teacher leadership opportunities to reduce teacher isolation and increase teacher collaboration. This study illustrated how effective teacher leadership initiatives should take Piaget’s idea (1971) of discovery learning and combine it with the concept that teaching and learning are more powerful when they involve social interaction (Bandura, 1987). A literature review revealed a gap in understanding what systems and structures made collaboration more successful for teacher leaders. The design of these structures should move away from punitive accountability to developing new capacities that promote the improvement of the group (DuFour & Fullan, 2013). The study employed an interpretive qualitative research design (Creswell, 2015). The research process documented how the roles and supports from district leaders impacted teacher capacity and the collaborative culture of the organization. The perceptions of the teacher leaders who participated in the teacher leadership academy were that the experience had influenced the way they teach. Additionally, the use of teacher leadership as an improvement strategy helped reduce teacher isolation and improve collaboration among colleagues. It was found that effective collaboration should exist in smaller settings and have a common area of focus to increase the ability of teachers to take risks and to embrace innovative teaching practices. An important finding was the need for leaders to understand organizational culture and possible misunderstandings that arise when teacher leaders are viewed as formal leaders by colleagues. This case study added to the body of knowledge about the importance of processes and structures in supporting teacher leadership development

Stacking-induced fluorescence increase reveals allosteric interactions through DNA

From gene expression to nanotechnology, understanding and controlling DNA requires a detailed knowledge of its higher order structure and dynamics. Here we take advantage of the environment-sensitive photoisomerization of cyanine dyes to probe local and global changes in DNA structure. We report that a covalently attached Cy3 dye undergoes strong enhancement of fluorescence intensity and lifetime when stacked in a nick, gap or overhang region in duplex DNA. This is used to probe hybridization dynamics of a DNA hairpin down to the single-molecule level. We also show that varying the position of a single abasic site up to 20 base pairs away modulates the dye–DNA interaction, indicative of through-backbone allosteric interactions. The phenomenon of stacking-induced fluorescence increase (SIFI) should find widespread use in the study of the structure, dynamics and reactivity of nucleic acids

From Development and Grand Corruption to Governance

In development policy circles, corruption has become a pressing global issue. Yet the contemporary relationship between corruption and development is complex and contested. For many, corruption robs people of economic resources and social wealth, and denudes the state of important capacities. That is, corruption prevents or blocks development. For others, corruption often occurs in the process of development as the form in which a class of developers accumulates wealth. That is, corruption is a phase of development. This article explores the contested relationship through two case studies: in Sub-Saharan Africa and in the former Soviet Union. The article also links contemporary debates about corruption and development with earlier thinking about capitalist progress and development

Relative effects of mammal herbivory and plant spacing on seedling recruitment following fire and mining

<p>Abstract</p> <p>Background</p> <p>There is much debate concerning which ecological constraints are the most limiting factors to seedling recruitment in disturbed communities. We provide the first comparison between selective herbivory and plant competition effects among two post-mined forest ecosystems (primary succession) and one post-fire woodland ecosystem (secondary succession). Animal exclosure assessments of nine common species across eight sites were performed for comparison within three locations separated by up to 200 km. Additionally, we asked whether pre-browsed plants differed in nutrient content between or within species in the separate systems.</p> <p>Results</p> <p>Among the nine common species, seven of these were affected by mammal herbivory while five shared a similar vulnerability to predation regardless of system. One species was limited by competition (planting density). There was a strong linear correlation between herbivore selectivity (% browsed) and impact (biomass loss) on the fertilized minesites, but not post-fire sites. Phosphorus and potassium were higher for most species in the post-mined system. Principal components analyses revealed that nutrients in shortest supply may be the most likely components of selection within each system. Among all locations, species with highest levels of phosphorus, ADF and leaf water content were often favoured, while high tannins and nitrogen content were generally selected against.</p> <p>Conclusion</p> <p>Herbivory, rather than seedling competition, was the limiting factor for plant performance among post-fire and post-mined reclamation areas. The post-fire seedlings were smaller and more water and nutrient limited, nevertheless browsing prevalence was equivalent at all locations with nearly all seedlings predated. Kangaroo density in the post-fire community declined from the beginning of the experiment, while numbers in the post-mined revegetation increased fourfold within one year. Differences in water and nutrient availability may explain why herbivores are more likely to be attracted to post-mined communities.</p