Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign risk-ratings (“ratings”). We test six hypotheses derived from the framework with 482 agency ratings for 19 countries holding 39 presidential elections from 1987-2000. We find that ratings are linked to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Consistent with the framework, rating effects are sometimes greater for right-wing compared to left-wing incumbents, perhaps, because partisan PBC considerations with right-wing (left-wing) incumbents reinforce (counteract) opportunistic PBC considerations.http://deepblue.lib.umich.edu/bitstream/2027.42/39931/3/wp546.pd

DEMOCRACY’S SPREAD: Elections and Sovereign Debt in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop and test a framework for explaining election-period changes in credit spreads for developing country sovereign bonds. Pre-election bond spread trends are significantly linked both to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Bond spreads for right-wing (leftwing) incumbents increase (decrease) as the likelihood of left-wing (right-wing) challenger victory increases. For right-wing incumbent partisan and opportunistic PBC effects bondholder risk perceptions are mutually reinforcing. For left-wing incumbents partisan PBC effects dominate bondholder risk perceptions compared to opportunistic PBC effects.http://deepblue.lib.umich.edu/bitstream/2027.42/39961/3/wp575.pd

Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign risk-ratings (“ratings”). We test six hypotheses derived from the framework with 482 agency ratings for 19 countries holding 39 presidential elections from 1987-2000. We find that ratings are linked to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Consistent with the framework, rating effects are sometimes greater for right-wing compared to left-wing incumbents, perhaps, because partisan PBC considerations with right-wing (left-wing) incumbents reinforce (counteract) opportunistic PBC considerations.economics, elections, developing countries, ratings

Advanced Langmuir Probe (LP)

The dynamic response of the MK-2 version of the Langmuir probe amplifier was studied. The settling time of the step response is increased by: (1) stray node-to-ground capacitance at series connections between high value feedback resistors; and (2) input capacitance due to the input cable, FET switches, and input source follower. The stray node-to-ground capacitances can be reduced to tolerable levels by elevating the string of feedback resistors above the printing board. A new feedback network was considered, with promising results. The design uses resistances having much lower nominal values, thereby minimizing the effect of stray capacitances. Faster settling times can be achieved by using an operational amplifier having a higher gain-bandwidth product

Bargaining for Competitiveness: Law, Research, and Case Studies

This book offers an analysis of the relationship among collective bargaining, firm competitiveness, and employment protections and creation in the United States. The contributors provide an overview of the legal framework and the economic and industrial relations research on collective bargaining, competitiveness, and employment, then follow with four case studies that provide insights into the process of collective bargaining and its current status in the evolving U.S. labor-management system.https://research.upjohn.org/up_press/1173/thumbnail.jp

Empathy Training to Combat Provider Burnout in Geriatric Healthcare

The correlation between provider empathy and the quality of patient care is strong (Hojat, 2016). Provider bias, whether conscious or unconscious, can be detrimental for patients, particularly for vulnerable geriatric populations. This population is especially vulnerable due to the ailments that often accompany age such as diabetic neuropathy, glaucoma, hearing loss, tinnitus, cataracts, retinitis pigmentosa, and illnesses that affect mobility. The Aging Awareness Activity was created to help future healthcare providers understand the difficulties facing the geriatric population. Using hands-on tools to simulate hearing, visual, dexterity, and movement impairments allows for participants to practice activities of daily living with impairment like how a significantly aged adult would. Over 250 healthcare professional students were surveyed before and after completing the Aging Awareness Activity to determine if our activity increased empathy towards the aging population. The results of this survey concluded that this activity heightened awareness and helped introduce or reinforce the knowledge of geriatric struggles. The hope is that providing this type of hands-on experience will increase empathy towards the geriatric population and thus maintain or increase the quality of care for this vulnerable population by educating future healthcare providers