Testing for Contagion: a Time-Scale Decomposition

The aim of the paper is to test for financial contagion by estimating a simultaneous equation model subject to structural breaks. For this purpose, we use the Maximum Overlapping Discrete Wavelet Transform, MODWT, to decompose the covariance matrix of four asset returns on a scale by scale basis. This decomposition will enable us to identify the structural form model and to test for spillover effects between country specific shocks during a crisis period. We distinguish between the case of the structural form model with a single dummy and the one with multiple dummies capturing shifts in the co-movement of asset returns occurring during periods of financial turmoil. The empirical results for four East Asian emerging stock markets show that, once we account for interdependence through an (unobservable) common factor, there is hardly any evidence of contagion during the 1997-1998 financial turbulence

Volatility co-movements: a time scale decomposition analysis

In this paper we investigate short-run co-movements before and after the Lehman Brothers\u2019 collapse among the volatility series of US and a number of European countries. The series under investigation (implied and realized volatility) exhibit long-memory and, in order to avoid miss-specification errors related to the parameterization of a long memory multivariate model, we rely on wavelet analysis. More specifically, we retrieve the time series of wavelet coefficients for each volatility series for high frequency scales, using the Maximal Overlapping Discrete Wavelet transform and we apply Maximum Likelihood for a factor decomposition of the short-run covariance matrix. The empirical evidence shows an increased interdependence in the post-break period and points at an increasing (decreasing) role of the common shock underlying the dynamics of the implied (realized) volatility series, once we move from the 2-4 days investment time horizon to the 8-16 days. Moreover, there is evidence of contagion from the US to Europe immediately after the Lehman Brothers\u2019 collapse, only for realized volatilities over an investment time horizon between 8 and 16 days

Financial connectedness among European volatility risk premia

In this paper we use the Diebold Yilmaz (2009 and 2012) methodology to estimate the contribution and the vulnerability to systemic risk of volatility risk premia for five European stock markets: France, Germany, UK, Switzerland and the Netherlands. The volatility risk premium, which is a proxy of risk aversion, is measured by the difference between the implied volatility and expected realized volatility of the stock market for next month. While Diebold and Yilmaz focus is on the forecast error variance decomposition of stock returns or range based volatilities employing a stationary VAR in levels, we account for the (locally) long memory stationary properties of the levels of volatility risk premia series. Therefore, we estimate and invert a Fractionally Integrated VAR model to compute the cross forecast error variance shares necessary to obtain the index of total and directional connectedness

Communication Policies and Political Leadership in Mediated Democracies: The Case of Catalonia (1999-2003)

Durante el último mandato de Jordi Pujol como presidente de la Generalitat (1999-2003), su Gobierno desplegó unas singulares políticas de comunicación marcadas por dos factores: la necesidad de reordenación de un sistema mediático en mutación y las urgencias en comunicación política de una CiU en claro declive e inmersa en el proceso de sucesión de su fundador y presidente. Este artículo lleva a cabo un análisis original sobre un objeto de estudio poco analizado y pone de manifiesto la estrecha relación de las políticas de medios del Gobierno y las necesidades de comunicación política de CiU. En concreto, con la necesidad de construir una imagen de líder político a Artur Mas y su lanzamiento como sucesor de Pujol y candidato de CiU a las elecciones de 2003.info:eu-repo/semantics/publishedVersio

Les polítiques de Comunicació a les democràcies mediatitzades

Un article de professors de la UAB i la UB analitza les relacions entre governs i mitjans de comunicació a les democràcies occidentals a partir d'un cas molt particular: la darrera legislatura de Jordi Pujol com a president de la Generalitat de Catalunya (1999-2003).Un artículo de profesores de la UAB y la UB analiza las relaciones entre gobiernos y medios de comunicación en las democracias occidentales a partir de un caso muy particular: la última legislatura de Jordi Pujol como presidente de la Generalitat de Catalunya (1999-2003)

Políticas de comunicación y liderazgo político en democracias mediatizadas : el caso de Catalunya (1999-2003)

Durante el último mandato de Jordi Pujol como presidente de la Generalitat (1999-2003), su Gobierno desplegó unas singulares políticas de comunicación marcadas por dos factores: la necesidad de reordenación de un sistema mediático en mutación y las urgencias en comunicación política de una CiU en claro declive e inmersa en el proceso de sucesión de su fundador y presidente. Este artículo lleva a cabo un análisis original sobre un objeto de estudio poco analizado y pone de manifiesto la estrecha relación de las políticas de medios del Gobierno y las necesidades de comunicación política de CiU. En concreto, con la necesidad de construir una imagen de líder político a Artur Mas y su lanzamiento como sucesor de Pujol y candidato de CiU a las elecciones de 2003.During the last term of Jordi Pujol as president of the Generalitat (1999-2003),the government improved a specific communication policies marked by two factors:the necessary rearrangement of a changing media system and the need of a stronger media support for the CiU party, in clear increasing debility and immersed in the succession process of its founder and president. This article presents an original approach to an object of study rarely analyzed and highlights the close relationship between institucional media policies and political interests of CiU in the period considered. In particular, the reasearch focuses the need to build the leadership image Artur Mas in order to launch him as successor of Pujol and CiU candidate in 2003 elections

Políticas de comunicación y liderazgo político en democracias mediatizadas : el caso de Catalunya (1999-2003)

Durante el último mandato de Jordi Pujol como presidente de la Generalitat (1999-2003), su Gobierno desplegó unas singulares políticas de comunicación marcadas por dos factores: la necesidad de reordenación de un sistema mediático en mutación y las urgencias en comunicación política de una CiU en claro declive e inmersa en el proceso de sucesión de su fundador y presidente. Este artículo lleva a cabo un análisis original sobre un objeto de estudio poco analizado y pone de manifiesto la estrecha relación de las políticas de medios del Gobierno y las necesidades de comunicación política de CiU. En concreto, con la necesidad de construir una imagen de líder político a Artur Mas y su lanzamiento como sucesor de Pujol y candidato de CiU a las elecciones de 2003.During the last term of Jordi Pujol as president of the Generalitat (1999-2003),the government improved a specific communication policies marked by two factors:the necessary rearrangement of a changing media system and the need of a stronger media support for the CiU party, in clear increasing debility and immersed in the succession process of its founder and president. This article presents an original approach to an object of study rarely analyzed and highlights the close relationship between institucional media policies and political interests of CiU in the period considered. In particular, the reasearch focuses the need to build the leadership image Artur Mas in order to launch him as successor of Pujol and CiU candidate in 2003 elections

Potential association of specific Candida parapsilosis genotypes, bloodstream infections and colonization of health workers' hands

Fungal nosocomial infections continue to be a serious problem among hospitalized patients, decreasing quality of life and adding millions of euros to healthcare costs. The aim of this study was to describe the pattern of fungi associated with the hands of healthcare workers and to genotype Candida parapsilosis isolates in order to understand whether their high clinical prevalence stems from endemic nosocomial genotypes or from the real emergence of epidemiologically-unrelated strains. Approximately 39% (50/129) of healthcare workers were positive for yeasts and among 77 different fungal isolates recovered, C. parapsilosis was the most frequent (44/77; 57%). Twenty-seven diverse genotypes were obtained by microsatellite analysis of 42 selected blood and hand isolates. Most of the isolates from hands showed a new, unrelated, genotype, whereas a particular group of closely related genotypes prevailed in blood samples. Some of the latter genotypes were also found on the hands of healthcare workers, indicating a persistence of these clones within our hospital. C. parapsilosis genotypes from the hands were much more heterogeneous than clinical ones, thus reflecting a high genetic diversity among isolates, which is notably unusual and unexpected for this species

Ecologia e distribuzione di Chamaerops humilis L. (Arecaceae) nella Sicilia nord-orientale

I settori costieri e collinari della Sicilia nord-orientale e delle Eolie sono stati esplorati ai fini della raccolta di informazioni aggiornate sulla distribuzione dei popolamenti di palma nana e sulle caratteristiche ecologiche delle stazioni che li ospitano. I risultati delle indagini di campo sono stati integrati dalla verifica dei toponimi locali legati ai nomi dialettali della specie. Si con- ferma la totale assenza della palma nana lungo l’intero settore costiero dei Nebrodi. Dei nove popolamenti accertati, quattro si trovano alle Eolie, due sul versante ionico e tre sul versante tir- renico dei Peloritani; uno di questi ultimi, localizzato su Capo Calavà, risulta inedito. La conco- mitanza di diversi fattori di stress e l’impatto plurisecolare dell’uomo è probabilmente responsa- bile del carattere relittuale di gran parte dei popolamenti considerati, che danno vita a consorzi molto discontinui, e sono rappresentati da piccoli nuclei che formano aggruppamenti semplifi- cati sotto un profilo fisionomico e poveri in termini floristici, perlopiù confinati in contesti roc- ciosi costieri. Di contro, la recente espansione della palma nana registrata a Lipari sembra dipen- dere dalla cessazione delle attività agricole. Infine, i casi di naturalizzazione registrati a Milazzo, Tindari, Panarea, Scaletta Zanclea e Taormina derivano dal suo uso come pianta ornamentale e pongono in risalto l’urgente necessità di regolamentare la sua introduzione per evitare l’inquina- mento genetico dei nuclei autoctoni.The coastal and hilly sectors of NE Sicily and the Aeolian Archipelago have been explored, in order to obtain up-to-date information on the distribution of the populations of Chamaerops humilis and on their site conditions. In addition to the field surveys, any local toponym possibly related to the Sicilian vernacular names of the dwarf palm was checked and verified throughout the investigat- ed area. The total absence of the species along the coasts of Nebrodi Massif is confirmed. Of the 9 extant populations, 4 are located on the Aeolian Islands, 2 along the Ionian coast and 3 along the Tyrrhenian coast of Peloritani Mountains: among them, the one of Capo Calavà represents a new record. The co-occurrence of centuries-long human disturbance and several forms of envi- ronmental stresses could be the reason for the relict connotation of most of the considered popu- lations, which also are very discontinuous and consisting of small patches formed by a few indi- viduals, in simplified and species-poor assemblages, mostly found on sea-facing rocky cliffs. On the other hand, the recent spread of Chamaerops humilis in Lipari could be related to the aban- donment of agricultural practices. Finally, the naturalisation cases recorded in Milazzo, Tindari, Panarea, Scaletta Zanclea and Taormina, where the dwarf palm escaped from public and private gardens, point out the urgent need of regulating its introduction, in order to avoid the genetic pol- lution of the autochthonous populations

Trace elements in stomach oil of Scopoli's shearwater (Calonectris diomedea) from Linosa's colony

Calonectris diomedea is a colonial Procellariiform breeding on Mediterranean islands. The stomach oil produced during chick rearing is a peculiar trait of this species. The composition of the stomach oil is likely to reflect the composition of the prey ingested and might reveal the contaminants uptake with prey becoming a possible tool for the marine pollution monitoring. We examined the concentration of 15 trace elements by ICP-MS and direct mercury analyser. The principal component analysis revealed a heterogeneous pattern of metal concentration, showing a significant separation between samples collected 20 and 70 days after hatching. The data obtained in this work give preliminary information on the feeding habits and breeding ecology of Linosa's colony of Scopoli's shearwater. The trace metals variability found suggest that the stomach oil may have a role as trophic markers to understand predator-prey relationships and to have evidence on the accumulation of pollutants in the latter