Generic Market Models

Currently, there are two market models for valuation and risk management of interest rate derivatives, the LIBOR and swap market models. In this paper, we introduce arbitrage-free constant maturity swap (CMS) market models and generic market models featuring forward rates that span periods other than the classical LIBOR and swap periods. We develop generic expressions for the drift terms occurring in the stochastic differential equation driving the forward rates under a single pricing measure. The generic market model is particularly apt for pricing of Bermudan CMS swaptions, fixed-maturity Bermudan swaptions, and callable hybrid coupon swaps

The nature of social work research by Dutch universities of applied sciences:An overview

The knowledge base for Social Work is strengthening. Underpinning of Social Work deriving from scientific research is necessary given the growing complexity of the work and its context. How this research should be conducted and to what type of outcomes it must lead, is part of an ongoing debate. In the Netherlands, practice-based research at Universities of Applied Sciences (UAS) is a relative new approach. Social Work research groups at UAS assert to conduct practice-based research in order to contribute to knowledge and support the objectives of Social Work. The current study was carried out to obtain insight into the characteristics of this research approach. A sample of publications was analysed in terms of knowledge purpose, methodology, and level and type of participation. Results show a strong focus on producing descriptive knowledge and to a lesser extent on control knowledge, using primarily qualitative research methods, and with limited direct participation by stakeholders. In order to practice more what they preach the research can strengthen by doing more empirical research, by diversifying the research in terms of design and methods and increasing the level of participation of stakeholder

Actively coping with violation:Exploring upward dissent patterns in functional, dysfunctional, and deserted psychological contract end states

Recently, scholars have emphasized the importance of examining how employees cope with psychological contract violation and how the coping process contributes to psychological contract violation resolution and post-violation psychological contracts. Recent work points to the important role of problem-focused coping. Yet, to date, problem-focused coping strategies have not been conceptualized on a continuum from constructive to destructive strategies. Consequently, potential differences in the use of specific types of problem-focused coping strategies and the role these different strategies play in the violation resolution process has not been explored. In this study, we stress the importance of focusing on different types of problem-focused coping strategies. We explore how employee upward dissent strategies, conceptualized as different forms of problem-focused coping, contribute to violation resolution and post-violation psychological contracts. Two sources of data were used. In-depth interviews with supervisors of a Dutch car lease company provided 23 case descriptions of employee-supervisor interactions after a psychological contract violation. Moreover, a database with descriptions of Dutch court sentences provided eight case descriptions of employee-organization interactions following a perceived violation. Based on these data sources, we explored the pattern of upward dissent strategies employees used over time following a perceived violation. We distinguished between functional (thriving and reactivation), dysfunctional (impairment and dissolution) and deserted psychological contract end states and explored whether different dissent patterns over time differentially contributed to the dissent outcome (i.e., psychological contract end state). The results of our study showed that the use of problem-focused coping is not as straightforward as suggested by the post-violation model. While the post-violation model suggests that problem-focused coping will most likely contribute positively to violation resolution, we found that this also depends on the type of problem-focused coping strategy used. That is, more threatening forms of problem-focused coping (i.e., threatening resignation as a way to trigger one's manager/organization to resolve the violation) mainly contributed to dysfunctional and deserted PC end states. Yet, in some instances the use of these types of active coping strategies also contributed to functional violation resolution. These findings have important implications for the literature on upward dissent strategies and psychological contract violation repair

Grapevine fanleaf virus detection in various grapevine organs using polyclonal and monoclonal antibodies

Monoclonal antibodies prepared with grapevine fanleaf virus (GFV) are useful for detecting the virus in plant extracts. In this paper we describe comparisons between different ELISA techniques using rabbit and chicken immunoglobulins as weil as monoclonal antibodies (MCA). The technique using chicken immunoglobulins for coating the plates followed by MCA and goat anti-mouse phosphatase conjugate was the best one for detecting GFV in plant sap. In this technique, ascitic fluids containing MCA could be diluted up to 10-6. Our experiments clearly demonstrate that the detection of GFV is possible in grapevine not only from leaves or rootlets, but also from wood shavings, without grinding them. We replaced the classical nicotine containing extraction medium by a harmless phosphate or Tris-HCl buffer. To detect GFV with these media it is essential that the buffer should contain polyvinylpyrrolidone and that its molarity should not be less than 0.1 M

Self-managed programmes in homeless care as (reinvented) institutions

Purpose: Self-managed institutional homeless programmes started as an alternative to regular shelters. Using institutional theory as a lens, we aim to explore the experiences of stakeholders with the institutional aspects of a self-managed programs. Method: The data we analysed (56 interviews, both open and semi-structured) were generated in a longitudinal participatory case-study into JES, a self-managed homeless shelter. In our analysis we went back and forth between our empirical data and theory, using a combination of systematic coding and interpretation. Participants were involved in all stages of the research. Results: Our analysis revealed similarities between JES and regular shelters, stemming from institutional similarities. Participants shared space and facilities with sixteen people, which caused an ongoing discussion on (enforcement of) rules. Participants loathed lack of private space. However, participants experienced freedom of choice over both their own life and management of JES and structures were experienced more fluid than in regular care. Some structures also appeared stimulated self-management. Conclusion: Our analysis showed how an institutional context influences self-management and suggested opportunities for introducing freedom and fluidity in institutional care

How is participation related to well-being of homeless people?:An explorative qualitative study in a Dutch homeless shelter facility

The majority of homeless people is socially excluded which negatively affects their well-being. Therefore, participation-based programs are needed. The current research is conducted within a Dutch homeless shelter facility that offers educational, recreational, and labor activities to clients in an environment which is designed to feel safe (an enabling niche). The main aim of these activities is to facilitate social participation. We conducted two qualitative studies consisting of 16 semi-structured interviews, to explore clients’ experiences with participation in activities in relation to their well-being. The findings showed that clients experienced that participation had led to an improvement of physical, social, and mental well-being. In general, clients reported that due to participation in activities they have strengthened their social support network, improved their (mental and physical) health, self-esteem and personal growth. We concluded that in order to facilitate long-term positive outcomes of participation in practice, it is necessary to focus on group cohesion, and on the social worker’s behavior and attitud

Onzekerheid over de baten van de Betuwelijn

Model estimates of the pay-off of the Betuwe railway have played an important role for politicians to decide to build this railway. This has already been discussed extensively, especially with respect to the macro-economic effects of this investment. A deeper analysis shows that these effects are very difficult to assess. The NIJFER institute for example calculated a long term profit of 52.1 biljon Dutch guilders, but our analysis of this model shows that the profitlays with 50 reliability between 15 and 30 biljon Dutch guilders. Our conclusion is that this political investment decision is not sufficiently supported by the expected macro-economic pay-off. A prudent use of quantitative research requires that the involved uncertainties in the model outcomes is properly taken into account.investment;cross-country analysis;regression;infrastructure;policy design