The dynamics of short- and long-term CDS-spreads of banks

This paper studies 'Stylised Facts' and 'Determinants' of short-and long-term CDS-spreads of banks. As short-term spreads we choose 6M-, as long-term spreads we choose 5Y-spreads. In the section 'Stylised Facts' we found that the correlation between short-and long-term spreads for the total period is high (97%). However, the correlation in sub-periods varies across all possible correlations. Particularly, spreads can have negative correlation. In contrast to [Covitz and Downing, 2007], we find high positive (Covitz/Downing: high negative) correlation for turbulent market circumstances. In the section 'Deteminants' we confirm the Merton-factors (stock price, stock price volatility, interest rate level) for the 5Y-segment, but not for the 6M-segment. Furthermore, we do not find any empirical support that short-term spreads are particularly sensitive to illiquidity factors. In that sense, we also contrast [Covitz and Downing, 2007]. --Liquidity,insolvency,banks

A translational signature for nucleosome positioning in vivo

In vivo nucleosomes often occupy well-defined preferred positions on genomic DNA. An important question is to what extent these preferred positions are directly encoded by the DNA sequence itself. We derive here from in vivo positions, accurately mapped by partial micrococcal nuclease digestion, a translational positioning signal that identifies the approximate midpoint of DNA bound by a histone octamer. This midpoint is, on average, highly A/T rich (∼73%) and, in particular, the dinucleotide TpA occurs preferentially at this and other outward-facing minor grooves. We conclude that in this set of sequences the sequence code for DNA bending and nucleosome positioning differs from the other described sets and we suggest that the enrichment of AT-containing dinucleotides at the centre is required for local untwisting. We show that this signature is preferentially associated with nucleosomes flanking promoter regions and suggest that it contributes to the establishment of gene-specific nucleosome arrays

Flexible Working, Individual Performance and Employee Attitudes: Comparing Formal and Informal Arrangements

In the context of a wider trend to individualize HRM, this paper examines the relationship between flexible working arrangements and individual performance. Drawing on a range of theories, it examines potential indirect effects on employee performance via job satisfaction and organizational commitment and analyses whether these relationships vary according to whether the arrangement was set up through a formal process, or negotiated informally between the employee and their line manager. Extant research has tended to focus on formal arrangements, however, informal arrangements are widespread and may better accommodate work-life preferences, thereby potentially fostering more positive attitudes from employees. Survey data from 2617 employees in four large organizations with well-established flexible working policies are analysed. Results from structural equation models show average positive indirect effects from informal, but also negative direct effects, from formal flexible working. When two forms of flexible working amenable to being set up by both formal and informal means are examined separately: formal arrangements for flexibility over working hours are found to be negatively associated with performance, but also a source of greater job satisfaction; informal remote working arrangements have positive indirect effects via organizational commitment and job satisfaction on worker performance

Flexible Working and Performance: A Systematic Review of the Evidence for a Business Case

Interest in the outcomes of flexible working arrangements dates from the mid 1970s, when researchers attempted to assess the impact of flexitime on worker performance. This paper reviews the literature on the link between flexible working arrangements and performance related outcomes. Taken together, the evidence fails to demonstrate a business case for the use of flexible working arrangements. This paper attempts to explain the findings by analysing the theoretical and methodological perspectives adopted, as well as the measurements and designs used. In doing so, gaps in this vast and disparate literature are identified and a research agenda is developed