Paterson Education Fund: Findings from a Citywide Survey of 400 Adults in Paterson, NJ - 2010

Interview dates: March 30 - April 8, 2010. The survey reached 400 adults in Paterson, NJ. The data were weighted slightly by gender and age, in order to ensure that it accurately reflects the demographic configuration of the Paterson population.Margin of error (MOE) for the sample is +/- 4.9 percentage points. The MOE is larger when analyzing data for subgroups (race, gender, region).This presentation also reports on data from 2008 Civic Index study in order to allow a comparison of trends. The 2008 data is from the Paterson Civic Index poll of 400 adults conducted February 27-March 3, 2008 (MOE is the same)

A Study of the Chars Livelihood Programme in Northern Bangladesh

The temporary islands and embankment areas, or chars, of the Jamuna River in northwest Bangladesh are home to three million people: poor and isolated, these rural communities face multiple livelihood challenges. Opportunities to smoothen irregular household cash-flow are limited and households in the region regularly adopt severe coping strategies -- such as the distress sale of assets and reduced food intake -- to meet consumption and emergency needs. The Chars Livelihood Programme (CLP) aims to ensure that most poor char dwellers in the Jamuna River Basin have access to appropriate financial services through Savings Groups

Financial markets trend: ageing and pension system reform

Ageing have prompted important changes in the structure of pension system with substantial differences across the most developed countries. Given that ageing populations are driving a growing need for private form of saving for retirement, the pension fund industry is like to exert an increasing influence in the financial markets. Much of the additional retirement related flows to capital markets will be intermediated by pension funds although their importance varies considerably across country. This work reviews recent change in the pension funds industry (updated at 2006) originated from pension system reform across countries as well as risk management practices, such as ALM; the paper also focus the potential implication of pension funds investments strategies on financial markets identifying the main gaps in the availability of financial instruments needed for pension funds.pension system, financial markets, pension fund industry

Test of different sensitizing dyes in dye-sensitized solar cells based on Nb2O5 photoanodes

High-performance dyes routinely employed in TiO2-based dye-sensitized solar cells (DSSCs) were tested in cells assembled using Nb2O5 nanostructure-based photoanodes. The sensitizers were chosen among both metal-complex (two Ru-based, N749 and C106, and one Zn-based dye, DNF12) and metal-free organic dyes (DNF01, DNF11 and DNF15). Two different sensitization processes were performed: the one commonly used for TiO2 photoanodes, and a new process relying on high pressure by autoclavation. The assembled cells were characterized by current density–voltage (J–V) curves under air mass (AM) 1.5 G illumination and in the dark, incident photon-to-current efficiency (IPCE) measurements, and electrochemical impedance spectroscopy. The tested cells show different proportional efficiencies of the dyes under investigation for Nb2O5- and TiO2-based devices. Furthermore, the results were compared with those obtained in our previous work using N719 anchored on Nb2O5. A remarkable efficiency value of 4.4% under 1 sun illumination was achieved by coupling the C106 dye with a nonvolatile electrolyte. This value is higher than the one attained under the same conditions by using N719

Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits

The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take longer to materialize. Using a database that includes detailed information on the deposit rates of individual banks in local markets for different categories of depositors, we investigate the long-run price effects of M&As for the first time. We find strong evidence that, although consolidation does generate adverse price changes, these are temporary. In the long run efficiency gains dominate over the market power effect, leading to more favorable prices for consumers.mergers, efficiency, market power, bank mergers

Style, Fees and Performance of Italian Equity Funds

Using a clustering procedure,we classify Italian funds ex-post on the basis of the composition of their portfolios and find that the optimal number of clusters is equal to 4. The four groups which result from the statistical classification closely match the 4-level aggregation of the 20 ex-ante categories used by the Italian mutual funds association. We then estimate the risk-adjusted performance of Italian equity funds, using both net and gross returns and employing both one-factor CAPM benchmarks and multi-factor benchmarks. In addition to the standard Jensen's a, we measure risk-adjusted performance using the Positive Period Weighting measure (PPW), which is not influenced by managers' market-timing strategy.Using net returns (calculated after management fees and taxes but before load fees) the Italian equity funds' performance is not significantly different from zero. However, when the funds'performance is evaluated on the basis of gross returns (i.e.returns computed adding back management fees paid each year by the funds), the performance of the Italian equity funds is always positive. In particular, when both a 2-index benchmark that takes account of the funds' investments in government bonds and a 5-factor APT benchmark are considered, performance is positive and significant using both Jensen's a and the PPW. This result supports Grossman and Stiglitz's (1980) view of market efficiency, suggesting that informed investors (investment funds) are compensated for their information gathering.mutual funds; performance measures; investment style; management fees; market timing

Screen printed Pb₃O₄ films and their application to photoresponsive and photoelectrochemical devices

A new and simple procedure for the deposition of lead (II, IV) oxide films by screen printing was developed. In contrast to conventional electrochemical methods, films can be also deposited on non-conductive substrates without any specific dimensional restriction, being the only requirement the thermal stability of the substrate in air up to 500 °C to allow for the calcination of the screen printing paste and sintering of the film. In this study, films were exploited for the preparation of both photoresponsive devices and photoelectrochemical cell photoanodes. In both cases, screen printing was performed on FTO (Fluorine-Tin Oxide glass) substrates. The photoresponsive devices were tested with I-V curves in dark and under simulated solar light with different irradiation levels. Responses were evaluated at different voltage biases and under light pulses of different durations. Photoelectrochemical cells were tested by current density⁻voltage (J-V) curves under air mass (AM) 1.5 G illumination, incident photon-to-current efficiency (IPCE) measurements, and electrochemical impedance spectroscopy

Is there an Equity Premium Puzzle in Italy? A Look at Asset Returns, Consumption and Financial Structure Data over the Last Century

This paper reconstructs the series of the real returns on Italian equities, bank and PO deposits and long-term government bonds from 1860 to today. In the long-run the return on shares was much higher than that on government securities and also that on bank and PO deposits. However, this summary assessment is considerably influenced by the exceptional falls in the real value of government securities and bank deposits caused by the hyperinflation that occurred in conjunction with the two world wars. Within the period, there were alternate phases, paralleling the economic cycle and the main institutional changes, in which the return on shares was higher than those on the other two instruments and vice versa. Overall, the Italian equity market provided long-run returns to investors comparable to those of other major countries, although a large fraction of the risk premium for the whole period can be accounted for by the performance following of the hyperinflation episodes of the wars. However, the risk-return trade-off, owing to much larger volatility, compared unfavourably with other markets. Moreover, the Italian equity market in the last 30 years (up to 1994), when equity prices barely kept up with inflation, looks very different. The econometric analysis suggests the presence of an equity premium puzzle in Italy during the estimation period, 1892-1993. In contrast, for government securities the observed returns were approximately in line with the theoretical values. The estimates show that both the returns on government securities and those on shares include an inflation risk premium. For government securities, this was estimated at around 0.8 percentage points. The inflation risk premium was smaller for shares.intertemporal consumer choice, asset prices, equity premium, Italian financial markets history

Monetary and macroprudential policies

We use a dynamic general equilibrium model featuring a banking sector to assess the interaction between macroprudential policy and monetary policy. We find that in "normal" times (when the economic cycle is driven by supply shocks) macroprudential policy generates only modest benefits for macroeconomic stability over a "monetary-policy-only" world. And lack of cooperation between the macroprudential authority and the central bank may even result in conflicting policies, hence suboptimal results. The benefits of introducing macroprudential policy tend to be sizeable when financial or housing market shocks, which affect the supply of loans, are important drivers of economic dynamics. In these cases a cooperative central bank will "lend a hand" to the macroprudential authority, working for broader objectives than just price stability in order to improve overall economic stability.macroprudential policy, monetary policy, capital requirements

Human Rights and the War on Terror: The USA PATRIOT Act

The events of September 11, 2001 serve as the origin of the United States’ War on Terror as popularized by the Bush administration. Previously, American strategies to combat terrorism focused on attacks against its interests abroad, and support for other governments’ efforts to curb terrorist acts within their own boundaries. However, September 11 revealed vulnerability to violence by non-state actors within U.S. borders. In response, the United States reshaped its anti-terrorist strategies to prevent future attacks by targeting terrorists, foreign and domestic, known and potential