Forward premium puzzle and term structure of interest rates: the case of New Zealand

Using monthly data for the United States dollar – New Zealand dollar exchange rate, this paper revisits the forward premium puzzle and applies a discrete no-arbitrage affine model of the term structure of interest rates to obtain historical estimates of the time-varying foreign exchange risk premium. The two-factor model is estimated via maximum likelihood for the period 1995-2006. The results of this study demonstrate that the modeled risk premium satisfies the required Fama’s conditions, and its inclusion in an extended GARCH(1,1) model is significant in explaining both the mean and the volatility of the exchange rate. However, consistently with the extant literature, the estimated risk premium does not preclude the presence of the forward premium anomaly. Lastly, out-of-sample forecasts of the exchange rate for different specifications and time periods reveal that predictions of the proposed model for the exchange rate are far from the accuracy of a simple random walk specification.

BUYING SEVERAL INDIVISIBLE GOODS

This paper studies economies where agents exchange indivisible goods and money. Agents have potential use for all indivisible goods and the indivisible goods are differentiated. We assume that agents have quasi-linear utilities in money, have sufficient money endowments to afford any group of objects priced below their reservation values, have reservation values which are submodular and satisfy the Cardinality Condition. This Cardinality Condition requires that for each agent the marginal utility of an object only depends on the number of objects to which it is added, not on their characteristics. Under these assumptions, we show that the set of competitive equilibrium prices is a non empty lattice and that, in any equilibrium, the price of an object is between the social value of the object and its value in its second best use.

Acantholippia salsoloides : Phytochemical Composition and Biological Potential of a Thujonic Population

Acantholippia salsoloides (Verbenaceae) is an aromatic plant widespread in the Andean region. The infusion (leaves and flowers) is widely used as a digestive stimulant as well as for the treatment of various diseases in traditional medicine. A. salsoloides attributes its common name “rica-rica” to the fresh and sweet fragrance of the plant. In this work, 2 different polar extracts and the essential oil of a selected rica-rica population were studied. The phenolic composition was analyzed by high-performance liquid chromatography diode array detector; the essential oil profile was determined by gas-chromatography ion-trap mass spectrometry/flame ionization detection. For all extracts, the antibacterial potential was performed by in vitro assays; the antioxidant and α-glucosidase inhibition were determined in decoction and hydroethanolic extracts. The volatile profile allowed the identification of 26 volatile compounds, β-thujone (84%) being the major one in this rica-rica population. Eighteen phenolic compounds were identified; isoferulic acid (16%-18%) and cynaroside (45%-47%) were the larger ones. In a general way, the hydroethanolic extract was more active against Staphylococcus aureus and Micrococcus luteus (minimum inhibitory concentrations= 0.3- 1.3 mg/mL). Both polar extracts have strong antiradical activities although decoction extract proved to be more active against DPPH· (half-maximal inhibitory concentration [IC50] =36 µg/mL) and O2•− (IC50 =28 µg/mL) while hydroethanolic extract shows higher action over α-glucosidase (IC50 =217 µg/mL). The results suggest that A. salsoloides leaves and flowers may be an interesting source of natural antioxidants, antidiabetics, or antimicrobials, and could be used in dietary supplements, medicinal products and pharmaceutical formulations.Fil: Celaya, Liliana Soledad. Universidad Nacional de Jujuy. Centro Interdisciplinario de Investigaciones En Tecnologias y Desarrollo Social Para El Noa. - Consejo Nacional de Investigaciones Cientificas y Tecnicas. Centro Cientifico Tecnologico Conicet - Saltajujuy. Centro Interdisciplinario de Investigaciones En Tecnologias y Desarrollo Social Para El Noa.; Argentina. Universidad Nacional de Misiones; ArgentinaFil: Viturro, Carmen Ines. Universidad Nacional de Jujuy. Centro Interdisciplinario de Investigaciones En Tecnologias y Desarrollo Social Para El Noa. - Consejo Nacional de Investigaciones Cientificas y Tecnicas. Centro Cientifico Tecnologico Conicet - Saltajujuy. Centro Interdisciplinario de Investigaciones En Tecnologias y Desarrollo Social Para El Noa.; Argentina. Universidad Nacional de Jujuy; ArgentinaFil: Silva, Luís R.. Universidade da Beira Interior; Portuga

Community managers: PR management on the net

La proliferación de ofertas de empleo solicitando community managers y la multiplicación de cursos que preparan para ejercer como tales han convertido esta confusa profesión en un oscuro objeto de deseo y en un terreno abonado, dada la coyuntura socioeconómica en la que nos encontramos, donde desempleados y profesionales de diversas áreas relacionadas con la comunicación, marketing e informática luchan por ocupar dichos puestos, en una batalla en la que la mayoría de las veces triunfan los becarios. Existe un gran desconocimiento sobre esta figura profesional desarrollada desde la dirección de Relaciones Públicas en el ámbito on line. Pero ¿qué son realmente?, ¿qué lugar ocupan en las corporaciones?, ¿qué funciones desempeñan? Son algunas de las cuestiones que se pretenden resolver en este artículo.Instituto de Investigación en Relaciones Pública

The Minimal Overlap Rule: Restrictions on Mergers for Creditors' Consensus

This paper proposes a notion of partial Additivity in bankruptcy, -Additivity. We show that this property, together with Anonymity and Continuity, identifies the Minimal Overlap rule, introduced by O'Neill (1982).Bankruptcy Problems; Additivity; Minimal Overlap Rule

BANKRUPTCY GAMES AND THE IBN EZRA'S PROPOSAL

This paper follows the interpretation of the bankruptcy problems in terms of TU games given in O'Neill (1982). In this context we propose the analysis of the Transition Game associated to each bankruptcy problem. We explore an old solution described by Ibn Ezra in the XII century. Firstly, we study the extension of the Ibn Ezra's proposal by O'Neill (1982), the Minimal Overlap solution. We provide a characterization of this value and show that it can be understood as the composition of the Ibn Ezra solution and the Constrained Equal Loss rule. Secondly, we introduce a new way of extending the Ibn Ezra's proposal, the Generalized Ibn Ezra solution, by imposing that the general distribution principle in which is inspired remains fixed. The characterization of our proposal clarifies the analogies and differences between the two ways of generalizing the Ibn Ezra's proposal.Bankruptcy Problems, Cooperative Games, Ibn Ezra's proposal, Minimal Overlap solution.

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Accésit. Categoría Senior del Certamen