A K-sample Homogeneity Test based on the Quantification of the p-p Plot

We propose a quantification of the p-p plot that assigns equal weight to all distances between the respective distributions: the surface between the p-p plot and the diagonal. This surface is labelled the Harmonic Weighted Mass (HWM) index. We introduce the diagonal-deviation (d-d) plot that allows the index to be computed exactly under all circumstances. For two balanced samples absent ties the finite sample distribution of the HWM index is derived. Simulations show that in most cases unbalanced samples and ties have little effect on this distribution. The d-d plot allows for a straightforward extension to the K-sample HWM index. As we have not been able to derive the distribution of the index for K>2, we simulate significance tables for K=3,...,15. An example involving economic growth rates of the G7 countries illustrates that the HWM test can have better power than alternative Empirical Distribution Function tests

The financing of Italian firms and the credit crunch: findings and exit strategies

The aim of the paper is to analyse how credit crunch has modified the traditional bank-firm relationship with a particular attention to the Italian situation. Our analysis reinforces the finding that in Italy, the credit available to the real economy is insufficient in terms not only of quantity but also of quality. The subsequent step is to identify and discuss possible exit strategies for eliminating the credit crunch and to overcome serious intrinsic shortcomings in terms of alternative instruments, markets and intermediaries. In fact, if on the one hand the crisis has revealed the underdevelopment of the Italian financial market, the insufficient role of institutional investors, the embryonic state of the corporate bond markets and the virtual non-existence of commercial paper markets; on the other hand, it could finally provide the opportunity for the development of these channels. The changing role of banks in the new scenario is also analysed as well as the characteristics firms will require to benefit from it

Язык современных СМИ как механизм интерпретации в контексте национальной культуры

Автор, опираясь на различные труды по лингвокультурологии, риторике, социальной информациологии и информационной политике, рассматривает язык современных средств массовой информации России как механизм интерпретации национальной культуры. В работе раскрыты понятия интертекстуальности и интерпретации в языке СМИ, обозначена специфика речевого поведения современных журналистов, показаны особенности языковых моделей массовой и качественной прессы.Автор, звертаясь до різноманітних трудів по лінгвокультурології ріторіки, соціальної інформаціології та інформаційної політики, розглядає мову сучасних засобів масової інформації Росії як механізм інтерпретації національної культури. В роботі відкрити поняття інтертекстуальністі в мові ЗМІ, визначена специфіка речової поведінки сучасних журналістів, відображені особистості мовних моделей масової та якісної преси.Drawing on various works on linguistic culturology, rhetorics, social informatiology and information policy, the author examines the language of modern mass media on Russia as a mechanism for interpreting national culture. The paper dwells on the concepts of intertextuality and interpretation in the language of mass media, peculiarities of modern journalists' speech behaviour and characteristic features of language models of mass and specialized media

Risk Allocation in Toll Highway Concessions in Spain: Lessons from Economic Recession

Spain has a long tradition of encouraging toll highways by granting concessions to private companies. Concessions in Spain have been characterized by a willingness to transfer considerable risk to the private sector. Traffic demand, acquisition of the right-of-way, and financial risk have often been allocated to the private sector. From 1996 to 2011, 16 toll highway concessions, covering a total distance of 835 km, were awarded by the central government of Spain with this approach. Some of those highways started their operations just before the economic recession began. The recession had negative consequences for Spain's economy. The gross domestic product per capita plummeted, and the unemployment rate increased from 9% to 20% of the working population in just 2 years. The recession also had severe consequences for the economic performance of toll highway concessions. Traffic levels declined at a much greater rate than did the gross domestic product. In addition, the conditions imposed by the financial markets on borrowers became much stricter because of the liquidity crisis. This study analyzes the impact that the economic recession ultimately had on the performance of toll highway concessions in Spain and the actions that the government adopted to avoid the bankruptcy of the concessionaires. It was found that the economic recession helped identify some deficiencies in how risk had been allocated in Spain. The measures that both Spain and the European Union are adopting so as to improve risk allocation are discussed