No-Arbitrage One-Factor Models of the South African Term-Structure of Interest Rates

Short-term interest rate processes determine the term-structure of interest rates in an arbitrage-free market, and are central to the valuation of interest-rate derivatives. We obtain parameter estimates and compare the empirical fit of alternative one-factor continuous-time processes for the South African short-term interest rate (and hence of arbitrage-free term-structure models), using Gaussian estimation methods. We find support only for diffusions where the interest rate volatility is moderately sensitive to the level of the interest rate. Other common models with restrictions that either preclude this effect, or restrict it to be too high, do not fit the data. Differences in the specification of the drift function have no evident effect on model performance.bonds and interest-rate derivatives; arbitrage theory; maximum likelihood; continuous-time short rate models; term-structure of interest rates.

Praktik akuntansi lingkungan dan biaya modal pada perusahaan di Indonesia

Observe the development of social responsibility, especially in the field of environment, and the performance of corporate governance in Indonesia are important factors in the company's operations. A number of companies do not participate in this disclosure activity, which will result in new costs that will be borne by the company. The high and low cost of capital owned by a company will show how much risk the company will accept in order to obtain funding for the company's sustainability. This research was conducted to produce an analysis of the effect of the level of environmental accounting practices on the cost of equity capital or the cost of debt capital and the effect of corporate governance performance on the cost of equity capital or the cost of debt capital. This study uses data on financial statements and sustainability reports of companies listed on the Indonesia Stock Exchange from 2016 to 2020. The test results show that financial environmental accounting practices and corporate governance performance consist of block ownership, board size, gender diversity, and board tenure. has a significant effect on the cost of equity capital. on the cost of debt capital, only the board size variable has a significant effect. This research encourages companies to be able to participate in the disclosure of environmental performance and corporate governance

Kekuatan Mengikat Putusan Ajudikasi Ombudsman Dalam Proses Penyelesaian Sengketa Pelayanan Publik

Berdasarkan ketentuan yang diatur dalam Undang-undang Pelayanan Publik, apabila terjadi sengketa akibat pelayanan publik maka penyelesaian sengketa tersebut dapat dilakukan dengan dua cara, yaitu melalui mediasi dan putusan ajudikasi yang kedua upaya hukum ini dilakukan oleh atau atas inisiatif Ombudsman. Proses ajudikasi kemudian menghasilkan putusan, hal ini menjadi suatu kontradiksi karena Ombudsman bukanlah lembaga peradilan dan juga bukan suatu proses peradilan semu administrasi (administratief quasi rechtspraak), karena hasil pemeriksaan Ombudsman berbentuk rekomendasi, dan rekomendasi ini bukan putusan hakim. Berdasarkan ketentuan dalam Undang-undang Pelayanan Publik dan Undang-undang Ombudsman serta peraturan pelaksananya, putusan ajudikasi yang dilakukan Ombudsman tersebut belum final dan mengikat, karena putusan tersebut memiliki nilai sebagai rekomendasi. Terhadap putusan ajudikasi Ombudsman dalam penyelesaian sengketa pelayanan publik, karena bentuknya adalah rekomendasi, maka sesuai ketentuan yang berlaku dapat dilakukan upaya hukum lebih lanjut, yang mekanismenya serupa dengan upaya administrasi (administratief beroep)  yang berujung pada penjatuhan sanksi administrasi dan publikasi media akan hal ini. Kata kunci: pelayanan publik; putusan ajudikasi; ombudsma

Publishing as Architectural Practice

Appropriating its title from the recent collection of essays Publishing as Artistic Practice (ed. Annette Gilbert, Sternberg Press, 2016) - in which publishing is explored as a recently appropriated form of artistic practice in itself - this article begins by asserting that, contrary to the art world, the act of publishing has always been an integral aspect of architectural practice, arguably dating back to Vitruvius, at which time the architectural publication was founded as a means of authenticating, distributing and subsequently developing architectural discourse and practice. This article focuses on architectural books – the book being architecture’s longest running, most abundant, and most celebrated form of publishing – and book design in particular as a publishing practice. Although there is a considerable existing body of research canonizing the history and development of the architectural book, particularly between the mid-sixteenth and mid-twentieth centuries, the majority of this research has focused on book content rather than book design. The book is still intrinsic to the proliferation of architectural discourse, culture and the profession, but the lack of debate and development around the theories of its form and its futures is limiting the architectural book to become increasingly self-referential as a designed entity. The market-led restrictions imposed by the publishing industry are limiting the architectural book - this is the principal time crime outlined here - the design of the architectural book is in stasis due to the publishing industry: it is stuck in time. This article looks to determine how architectural book designing can be considered as relational to architectural practice, through an exploration of how book design has been theorized as a formal and material interplay and manifestation of spatial ideas – chiefly through the theories of “book usage”, “intermedia”, “topological” and “ergodic” literatures, “visual language” semiotics, and “metamediality”, originating from studies in literature, design, media and comics. Examples from my own architectural book design research praxis are discussed in relation to these theories, with a more thorough examination of three recent book works that are used as an armature to speculate on the potential futures of architectural book design, making and publishing practice. One hopes that this article will arouse debate and encourage more enthusiasm for book works as designed manifestations of spatial ideas. One might even go so far as declaring architectural book designs to be architectural projects

Digital Cottage Industries

A film project shown in the 'Experiment 01 - 60 Second Architecture' exhibition, in DDP (Dongdaemoon Design Plaza), 'Gallery Moon', Seoul, Korea, June 2015

Gaussian estimation of single-factor continuous-time models of the South African short-term interest rate

Includes bibliographical references (leaves 33-36).This paper presents the results of Gaussian estimation of the South African short-term interest rate. It uses the same Gaussian estimation techniques employed by Nowman (1997) to estimate the South African short-term interest rate using South afrcan Treasury bill data. A range of single-factor continuous-time models of the short-term interest rate are estimated using a discrete-time model and compared to a discrete approximation used by Chan, Karolyi, Lonstaff and Sanders (1992a). We find that the process followed by the South African short-term interest rate is best explained by the Constant Elasticity of Variance (CEV) model and that the conditional volatility depends to some extent on the level of the interest rate. In addition we find evidence of a structural break in the mid-1980s, confirming our suspicions that the financial liberalisation of that period affected the short rate process

Paginations: Book Designs as Architectural Projects

The book – printed or otherwise – continues to be the architect’s most fertile and celebrated form of media output. This exhibition presents over a hundred rare books from the fields of Architecture, Art, Design and Literature, and explores how book design can be conceived as a type of architectural project – the book as an interplay of formal-material ideas and a manifestation of spatial concepts through graphic means. Organised around three key themes, this exhibition investigates the book as an immersive space to be entered upon reading, the physical book as an architectural object, and speculates on the future possibilities of the architectural book. These themes are further sub-categorised through a utilisation of theories originating from studies in literature, design, media and comics. The CNC’d cabinetry in the exhibition is folded into the existing gallery space, and aims to evoke the undulations of a book’s foredge when thumbed through during reading. Also exhibited are the book works of Mike Aling, with his ongoing architectural book design research praxis explored in relation to the themes of the show. Mike’s books are known in architectural circles for their challenging design languages, spatial qualities and sumptuous materialities. Mike Aling is the MArch Architecture Design Co-ordinator and Publications lead for the AVATAR research group at the University of Greenwich

Spatial codices: On architecture book design

There is a considerable body of research canonizing the history and development of the architectural book, particularly between the mid-sixteenth and mid-twentieth centuries, with OMA/Rem Koolhaas and Bruce Mau’s 1995 S,M,L,XL as an appendix. The majority of this research has focused on books authored by architects and architectural theorists, excluding many significant works that have inspired architecture book production from outside the immediate field. There is also an emphasis on book content over book design, and the future of the architecture book is left unexplored – book futures speculation seemingly the business of media theorists alone

A New Peninsula

'A New Peninsula' an Architectural Drawing project shown in the 'Silver Linings' exhibition, held at the Academy of Fine Arts Vienna in 2015. Works from the project were exhibited and discussed at the 2 day opening and symposium on 9-10 October 2015. This project was organised by Unit 15, a postgraduate MArch architecture unit run by Nic Clear and Mike Aling at the University of Greenwich Department of Architecture and Landscape. Unit 15 specialise in using film, animation and motion graphics to generate, develop and represent architectural and spatial concepts and interventions