Singing Impossible Possibilities

Singing Impossible Possibilities: Installation of Deacon Scott Knarr Mount Zion Lutheran Church, April 17, 201

A Communication Framework Towards Flexible Associations of Business Entities Within Evolving Environments

The Internet and its manifestations, such as electronic commerce or in general network communication between different groups of interest (i.e., agents) have become indispensable for many of us. To adequately use the ever increasing amount of data, attempts are being made to extend data processing from a merely lexical view towards more complex, but equally important, multi-level view, including meaning and/or context (e.g., DAML, Web Services). The goal of this paper is to introduce a formal framework, apt to model communications from such a multi-level perspective. Therein, we discuss fundamental ideas of communication, such as agents involved and their respective structure. We integrate the concept of an agent's adaptive behaviour in order to assure a high degree of understanding. The framework is then illustrated using practical examples where we briefly present its usefulness and how it may be further developed. L'Internet et l'utilisation qu'on en fait, par exemple le commerce électronique ou plus généralement l'établissement de réseaux de communications entre différents intervenants (c.-à-d., agents) est devenu indispensable pour plusieurs d'entre nous. Il devient de plus en plus difficile d'utiliser adéquatement la vaste quantité de données s'y trouvant. À cette fin, de nombreuses initiatives tentent de faire évoluer les systèmes d'information les faisant passer de simples outils permettant le traitement lexical des données à des engins complexes comprenant les données et leur contexte d'interprétation (p.ex., DAML, Web Services). Dans cet article, nous présentons un cadre formel qui modélise les interactions, tout en tenant compte de plusieurs niveaux d'abstraction (p.ex., lexical, syntaxique, sémantique, etc.). Nous nous attardons aux concepts fondamentaux de la communication, tels que les agents impliqués dans les interactions et leur structure. Nous considérons aussi comment ces agents évoluent pour assurer la plus grande compréhension possible des messages reçus. Des exemples concrets servent à mieux expliquer comment le cadre peut être utilisé et comment il peut être raffiné.Inter-enterprise communication framework, information system evolution, adaptive systems., Cadre descriptif des communications inter-entreprise, évolution des systèmes d'information, systèmes adaptatifs

Effects of regulatory policies on bank-specific risk and financial stability

Diese Arbeit umfasst drei unabhängige Aufsätze, welche die Auswirkungen verschiedener regulatorischer Maßnahmen auf das Bankenrisiko und/oder die Finanzstabilität untersuchen. Zunächst wird der Einfluss von Eigenkapitalanforderungen auf den Zusammenhang zwischen Bankgröße und Volatilität analysiert. Unsere Panel-Datenanalyse zeigt, dass strengere Eigenkapitalanforderungen den Nexus zwischen Größe und Volatilität schwächt. Große Banken haben, ceteris paribus, einen weniger volatilen Kreditbestand, wenn sie strengerer Kapitalregulierung ausgesetzt sind. Gemäß dem Granularitätskonzept kann dies ebenfalls die makroökonomische Stabilität erhöhen. Als Nächstes untersuche ich, ob MiFID II die frühzeitige Informationsweitergabe über Änderungen von Analystenempfehlungen an einzelne Anleger, genannt Tipping, reduziert hat. Die Ergebnisse zeigen, dass die absoluten Renditen und Handelsvolumina einen Tag vor Veröffentlichung einer Hoch- oder Herabstufung vor und nach Inkrafttreten von MiFID II signifikant ansteigen. Da die Aktienkurse am Veröffentlichungstag weiter steigen bzw. fallen, profitieren ausgewählte Anleger trotz der regulatorischen Änderung weiterhin von einem Informationsvorteil. Dies hat vermutlich negative Auswirkungen auf den Finanzmarkt insgesamt. Zuletzt untersuche ich wie sich die Ausgabe von Contingent Convertible (CoCo) Anleihen, die als regulatorisches zusätzliches Kernkapital (AT1) geltend gemacht werden können, auf das Bankenrisiko auswirkt. Meine Analyse zeigt, dass AT1-CoCo-Anleihen ein bis drei Jahre nach Ausgabe zu einem signifikant höheren Bankenrisiko führen. Übereinstimmend mit theoretischen Studien deutet dies darauf hin, dass CoCo-Anleihen ihr Potenzial zur Stärkung der Eigenkapitalbasis der Banken durch die regulatorischen Anforderungen genommen wurde.This thesis comprises three independent essays evaluating the impact of different regulatory policies on bank risk and/or financial stability. First, we examine the effects of capital regulation on the link between bank size and volatility. Our panel data analysis reveals that more stringent capital regulation weakens the size-volatility nexus. Hence, large banks show, ceteris paribus, lower loan portfolio volatility when facing more stringent capital regulation. According to the granularity concept, that can increase macroeconomic stability. Next, I evaluate if MiFID II reduced the early information disclosure on analyst recommendation changes to selected investors - so-called tipping. I find absolute returns and turnover rise significantly on the day preceding the up- or downgrade release before and after MiFID II became law. Given that stock prices move further in the revision direction on publication day, selected investors continue to profit from an informational advantage, notwithstanding the regulatory change. That is likely harmful to the financial market overall. Lastly, I examine the impact of issuing contingent convertible (CoCo) bonds that qualify as regulatory additional tier 1 (AT1) capital on bank risk. My treatment effects analysis reveals that issuing AT1 CoCo bonds results in significantly higher risk-taking one to three years after the issuance. That is in line with previous theoretical studies suggesting that regulators have stripped CoCo bonds of their potential to strengthen the banks’ capital bases

The Special Issue On Attachment: Overreaching Theory And Data

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/92050/1/j.1744-1617.2012.01464.x.pd

Could the decrease in Belgian government debt-servicing costs offset increased age-related expenditure? CEPS Working Document No. 2017/06, June 2017

This paper argues that none of the secular trends that have driven down real interest rates over the past two decades is likely to reverse in the near future. Thus, real rates can be expected to remain low and government debt-servicing costs to decrease further over the coming years. Based on these findings, the authors calculate direct gains accruing to the Belgian government from lower net debt interest payments. The savings on interest payments are then contrasted with the projected future increases in age-related expenditures on pensions, education and long-term care. The findings indicate that, if savings on interest payments are channelled to cover the increases in age-related expenditures, they will fully offset financing needs in these areas until 2030. The calculations are robust to a moderate increase in interest rates

Migrants in the Mediterranean: Easy and difficult solutions. CEPS Commentary, 12 October 2017

On the issue of migration, all eyes are now focused on the so-called central Mediterranean route, which runs primarily from Libya to Italy. Until July of this year, irregular crossings from Libya to Italy were on course to reach a record high for 2017 of more than 200,000 arrivals. Given its reputation as the world’s deadliest migration route, this would have meant a record number of drownings as well

Family reunification for migrants under subsidiary protection in Germany: An instrument for strategic political positioning Matthias Busse and Lars Ludolph. CEPS Commentary, 21 November 2017

The debate over migration policy played a major role in the recent collapse of German coalition talks, a first indication of how the AfD changed the country’s political discourse

Mediterranean Migrants: Little help on offer for Italy. CEPS Commentary, 6 July 2017

The Italian Prime Minister, Paolo Gentiloni, last week issued a plea to his European colleagues for help in dealing with migrants crossing the Mediterranean. Combined with the threat to close off Italian ports to vessels disembarking migrants from search and rescue operations in the Mediterranean Sea, the Italian government called for more burdensharing generally in distributing migrants across the EU. This entreaty was reiterated on Sunday, July 2nd, in a meeting of Justice and Home Affairs ministers from Italy, France and Germany. It is certain to feature predominantly at the EU meeting of Justice and Home Affairs ministers on July 6th and 7th