Legitimacy in financial markets: credit default swaps in the current crisis

The current financial crisis appears to be a moment of epochal change, an archetypal ‘legitimation crisis’. This paper examines the impact of this collapse on one particular section of the financial markets that concerned with credit default swaps. This paper shows how and why the markets for these products expanded and why they were integral to the financial crash. The consequence of the crash was a huge loss of legitimacy for these markets. This paper examines the processes whereby this legitimacy is being reconstructed. In particular, it distinguishes between the re-establishment of pragmatic legitimacy, which is the primary concern of the market participants, and the re-establishment of broader political legitimacy, which concerns governments and regulators. It argues that these two forms of re-establishing legitimacy work in different ways and proceed at different rates. It explores the tensions to which this leads in terms of reconstructing the financial system

Transcription of child sign language: A focus on narrative

This paper describes some general difficulties in analysing child sign language data with an emphasis on the process of transcription. The particular issue of capturing how signers encode simultaneity in narrative is discussed

'Children are just lingual': The development of phonology in British Sign Language (BSL)

This paper explores three universal tendencies in spoken language acquisition: consonant and vowel harmony, cluster reduction and systemic simplification, using a corpus of 1018 signs from a single child exposed to British Sign Language from birth. Child signs were recorded from naturalistic deaf parent-deaf child interaction between the ages of 19-24 months. Child errors were analysed by handshape, movement and location segments, as well as the accurate production of prosodic features, using an autosegmental phonology approach. Unadult like forms at this age were observed with 41% of handshapes, 45% of movements and 25% of locations. There were 47% of signs produced with unadult like prosodic features. Analysis of the results concludes that early child signing broadly follows proposed universal tendencies in language acquisition

Summary of airport technology needs

The need for improvement in airport noise assessment methodology is summarized and specific investigations of the relationship between noise level and individual and community response outlined

Funding for voluntary sector infrastructure: a case study analysis

This paper outlines the policy context for grant-making to voluntary sector infrastructure organisations, and describes a qualitative research programme undertaken in the UK in which a detailed study of 20 such grants were investigated from multiple perspectives in terms of their perceived impact after the projects had finished. The grants were selected on tightly determined stratification criteria, from a large pool of grants for voluntary sector infrastructure work made by the Community Fund (one of the distributors of funds to “good causes” from the UK National Lottery). Particular emphasis was placed in the study on assessing the impact on other voluntary and community organisations likely to benefit from the support given to infrastructure organisations. The paper concludes that in general terms, grant-making for voluntary sector infrastructure is an effective way of supporting the voluntary and community sector more generally, although there are important lessons both for funders and for grant-recipients to improve the effectiveness of grant-making in this field

Remarks on the boundary set of spectral equipartitions

Given a bounded open set $\Omega$ in $\mathbb{R}^n$ (or a compact Riemannian manifold with boundary), and a partition of $\Omega$ by $k$ open sets $\omega_j$, we consider the quantity $\max_j \lambda(\omega_j)$, where $\lambda(\omega_j)$ is the ground state energy of the Dirichlet realization of the Laplacian in $\omega_j$. We denote by $\mathfrak{L}_k(\Omega)$ the infimum of $\max_j \lambda(\omega_j)$ over all $k$-partitions. A minimal $k$-partition is a partition which realizes the infimum. The purpose of this paper is to revisit properties of nodal sets and to explore if they are also true for minimal partitions, or more generally for spectral equipartitions. We focus on the length of the boundary set of the partition in the 2-dimensional situation.Comment: Final version to appear in the Philosophical Transactions of the Royal Society

The development of complex verb constructions in British Sign Language

This study focuses on the mapping of events onto verb-argument structures in British Sign Language (BSL). The development of complex sentences in BSL is described in a group of 30 children, aged 3;2–12;0, using data from comprehension measures and elicited sentence production. The findings support two interpretations: firstly, in the mapping of concepts onto language, children acquiring BSL overgeneralize the use of argument structure related to perspective shifting;secondly, these overgeneralizations are predicted by the typological characteristics of the language and modality. Children under age 6;0, in attempting to produce sentences encoded through a perspective shift, begin by breaking down double-verb constructions (AB verbs) into components, producing only the part of the verb phrase which describes the perspective of the patient. There is also a prolonged period of development of non-manual features, with the full structure not seen in its adult form until after 9;0. The errors in the use of AB verbs and the subsequent protracted development of correct usage are explained in terms of the conceptual–linguistic interface

The challenges of viewpoint-taking when learning a sign language: Data from the 'frog story' in British Sign Language

Little is known about how hearing adults learn sign languages. Our objective in this study was to investigate how learners of British Sign Language (BSL) produce narratives, and we focused in particular on viewpoint-taking. Twenty-three intermediate-level learners of BSL and 10 deaf native/early signers produced a narrative in BSL using the wordless picture book Frog, where are you? (Mayer, 1969). We selected specific episodes from part of the book that provided rich opportunities for shifting between different characters and taking on different viewpoints. We coded for details of story content, the frequency with which different viewpoints were used and how long those viewpoints were used for, and the numbers of articulators that were used simultaneously. We found that even though learners’ and deaf signers’ narratives did not differ in overall duration, learners’ narratives had less content. Learners used character viewpoint less frequently than deaf signers. Although learners spent just as long as deaf signers in character viewpoint, they spent longer than deaf signers in observer viewpoint. Together, these findings suggest that character viewpoint was harder than observer viewpoint for learners. Furthermore, learners were less skilled than deaf signers in using multiple articulators simultaneously. We conclude that challenges for learners of sign include taking character viewpoint when narrating a story and encoding information across multiple articulators simultaneously