A non-parametric investigation of risk premia

This paper investigates features of credit risk using non-parametric techniques, studying determinants of risk premia using a non-parametric term-structure model of the corporate spread. The model, which measures the extra return of defaultable corporate bonds on their government counterparts, involves the rate of inflation, a key macroeconomic variable that is found to explain the spread non-linearly. This approach demonstrates the usefulness of non-linear approaches in contrast with standard linear approaches. The model is also useful to forecast the future course of the spread.Risk premium, affine models, non-parametric regression

Testing Linearity in Term Structures

Recent empirical studies suggests that affine models, a popular framework to analyse term structures of interest rates, are misspecified. This evidence is mainly based on time series properties of the data. This article re-examines this controversy, by investigating both cross-sectional and dynamic properties of affine models. To do so, it applies robust non-parametric techniques to two different sets of financial data, which contain information on the UK and US yield curve. The analysis shows the strong non-linearity in the relationship of yields to the US and UK short rate. The non-linear pattern is concave in the state variable, and increasing with respect to the maturity, for both countries. Linear and non-linear specifications are then compared by means of a formal statistical criterion, the Generalised Likelihood-Ratio test statistics, which confirms evidence against the linear specification.interest rates; term structure; affine models; non-linearity; non-parametric regression.

A Spectrometer to Study Elastic and Diffractive Physics at LHC

The possibility to study elastic and diffractive physics in pp collisions at LHC is investigated. For this purpose we have considered detectors close to the beam in conjunction with the magnetic elements of the accelerator to provide a high precision spectrometer for very forward final state protons. The geometrical acceptance is given and momentum resolution is calculated for different spatial resolution detectors.Comment: 26 pages, 13 figures, Latex, submitted in International Journal of Modern Physics

Reciprocal attention and norm of reciprocity in blogging networks

Bloggers devote significant time not only producing content for others to read, watch or listen to, but also paying attention to and engaging in interactions with other bloggers. We hope to throw light not only on the factors that gain bloggers significant readership and lively interactions with their audience, but also on the rules that govern their relations with others. We relate bloggers' activity with the size and structure of their network of fellow bloggers. A blogger's readership increases with his activity, while bloggers who read back proportionally fewer of their readers tend also to be more active. We find evidence that those bloggers who read back proportionally fewer of their readers have less readers than bloggers who reciprocate more, but tend to receive more comments per posts.Blog, Community, Interaction, Internet, LiveJournal, Media, Network, Reciprocity, Social Network, Web 2.0

Research Articles in Simplified HTML: a Web-first format for HTML-based scholarly articles

Purpose. This paper introduces the Research Articles in Simplified HTML (or RASH), which is a Web-first format for writing HTML-based scholarly papers; it is accompanied by the RASH Framework, a set of tools for interacting with RASH-based articles. The paper also presents an evaluation that involved authors and reviewers of RASH articles submitted to the SAVE-SD 2015 and SAVE-SD 2016 workshops. Design. RASH has been developed aiming to: be easy to learn and use; share scholarly documents (and embedded semantic annotations) through the Web; support its adoption within the existing publishing workflow. Findings. The evaluation study confirmed that RASH is ready to be adopted in workshops, conferences, and journals and can be quickly learnt by researchers who are familiar with HTML. Research Limitations. The evaluation study also highlighted some issues in the adoption of RASH, and in general of HTML formats, especially by less technically savvy users. Moreover, additional tools are needed, e.g., for enabling additional conversions from/to existing formats such as OpenXML. Practical Implications. RASH (and its Framework) is another step towards enabling the definition of formal representations of the meaning of the content of an article, facilitating its automatic discovery, enabling its linking to semantically related articles, providing access to data within the article in actionable form, and allowing integration of data between papers. Social Implications. RASH addresses the intrinsic needs related to the various users of a scholarly article: researchers (focussing on its content), readers (experiencing new ways for browsing it), citizen scientists (reusing available data formally defined within it through semantic annotations), publishers (using the advantages of new technologies as envisioned by the Semantic Publishing movement). Value. RASH helps authors to focus on the organisation of their texts, supports them in the task of semantically enriching the content of articles, and leaves all the issues about validation, visualisation, conversion, and semantic data extraction to the various tools developed within its Framework

KC-Viz: a novel approach to visualizing and nNavigating ontologies

There is empirical evidence that the user interaction metaphors used in ontology engineering toolkits are largely inadequate and that novel interactive frameworks for human ontology interaction are needed. Here we present a novel tool for visualizing and navigating ontologies, called KC Viz, which exploits an innovative ontology summarization method to support a ’middleout ontology browsing’ approach, where it becomes possible to navigate ontologies starting from the most information-rich nodes (i.e., key concepts). This approach is similar to map-based visualization and navigation in Geographical Information Systems, where, e.g., major cities are displayed more prominently than others, depending on the current level of granularity

Long Term Structural Changes in the EU Countries (1970-2000): Convergence or Divergence in the Agri-Food System?

The main objective of this paper is to analyse the structural changes in European Agri-food systems in the last 30 years in order to verify the presence of a convergence process towards a more homogeneous structure among EU countries. This analysis considers the relative importance of the main components of Agri-food systems (agriculture, food industry and food consumption) and how they change over time. The analysis of convergence utilise the European National Accounting Data (from the SEC2 Data Base of Eurostat) from 1970 to 2000 for twelve EU countries. We use tests of convergence on cross section data by countries, but also stochastic kernel methodologies to verify the dynamic evolution of groups of countries inside the EU. The results show there are important process of convergence among countries for the variables of the Agri-food system that are more linked to the economic development, such as the importance of agriculture and food consumption in GDP. On the other hand there are divergences on the variables more linked to the openness degree and to the competitiveness of the Agri-food system. The presence of polarisation process among groups of countries contribute to the permanence of long run structural changes among Northern and Southern countries in the EU.agro-food System, structural Changes, EU countries, convergence, Industrial Organization, A1, C23, O1, Q10, Q17,

SAVE-SD 2017: Third Workshop on Semantics, Analytics and Visualisation: Enhancing Scholarly Data

The third edition of the Workshop on Semantics, Analytics and Visualisation: Enhancing Scholarly Data (SAVE-SD 2017) is taking place in Perth, Australia on the 3rd of April 2017, co-located with the 26th International World Wide Web Conference. The main goal of the workshop is to provide a venue for researchers, publishers and other companies to engage in discussions about semantics, analytics and visualisations on scholarly data