Interconnectedness in the interbank market Brunetti, Celso; Harris, Jeffrey H.; Mankad, Shawn ...
Journal of financial economics,
08/2019, Letnik:
133, Številka:
2
Journal Article
Recenzirano
Odprti dostop
We study the behavior of the interbank market around the 2008 financial crisis. Using network analysis, we study two network structures, correlation networks based on publicly traded bank returns and ...physical networks based on interbank lending transactions, among these public and also private banks. While the two networks behave similarly pre-crisis, during the crisis the correlation network shows an increase in interconnectedness, while the physical network highlights a marked decrease in interconnectedness. Moreover, these networks respond differently to monetary and macroeconomic shocks. Physical networks forecast liquidity problems, while correlation networks forecast financial crises.
Significant scholarship exists on anthropological fieldwork and methodologies. Some anthropologists have also published memoirs of their research experiences. Renowned anthropologist Jeffrey Cohen’s ...Eating Soup without a Spoon is a first-of-its-kind hybrid of the two, expertly melding story with methodology to create a compelling narrative of fieldwork that is deeply grounded in anthropological theory. Cohen’s first foray into fieldwork was in 1992, when he lived in Santa Anna del Valle in rural Oaxaca, Mexico. While recounting his experiences studying how rural folks adapted to far-reaching economic changes, Cohen is candid about the mistakes he made and the struggles in the village. From the pressures of gaining the trust of a population to the fear of making errors in data collection, Cohen explores the intellectual processes behind ethnographic research. He offers tips for collecting data, avoiding pitfalls, and embracing the chaos and shocks that come with working in an unfamiliar environment. Cohen’s own photographs enrich his vivid portrayals of daily life. In this groundbreaking work, Cohen discusses the adventure, wonder, community, and friendships he encountered during his first year of work, but, first and foremost, he writes in service to the field as a place to do research: to test ideas, develop theories, and model how humans cope and react to the world.
Speculators, Prices, and Market Volatility Brunetti, Celso; Büyükşahin, Bahattin; Harris, Jeffrey H.
Journal of financial and quantitative analysis,
10/2016, Letnik:
51, Številka:
5
Journal Article
Recenzirano
Odprti dostop
We use data from 2005–2009 that uniquely identify categories of traders to test how speculators such as hedge funds and swap dealers relate to volatility and price changes. In examining various ...subperiods where price trends are strong, we find little evidence that speculators destabilize financial markets. To the contrary, hedge fund position changes are negatively related to volatility in corn, crude oil, and natural gas futures markets. Additionally, swap dealer activity is largely unrelated to contemporaneous volatility. Our evidence is consistent with the hypothesis that hedge funds provide valuable liquidity and largely serve to stabilize futures markets.
Who Drove and Burst the Tech Bubble? GRIFFIN, JOHN M.; HARRIS, JEFFREY H.; SHU, TAO ...
The Journal of finance (New York),
August 2011, Letnik:
66, Številka:
4
Journal Article
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From 1997 to March 2000, as technology stocks rose more than five-fold, institutions bought more new technology supply than individuals. Among institutions, hedge funds were the most aggressive ...investors, but independent investment advisors and mutual funds (net of flows) actively invested the most capital in the technology sector. The technology stock reversal in March 2000 was accompanied by a broad sell-off from institutional investors but accelerated buying by individuals, particularly discount brokerage clients. Overall, our evidence supports the bubble model of Abreu and Brunnermeier (2003), in which rational arbitrageurs fail to trade against bubbles until a coordinated selling effort occurs.
The retinal pigment epithelium (RPE) is a monolayer of cells underlying and supporting the neural retina. It begins as a plastic tissue, capable, in some species, of generating lens and retina, but ...differentiates early in development and remains normally nonproliferative throughout life. Here we show that a subpopulation of adult human RPE cells can be activated in vitro to a self-renewing cell, the retinal pigment epithelial stem cell (RPESC) that loses RPE markers, proliferates extensively, and can redifferentiate into stable cobblestone RPE monolayers. Clonal studies demonstrate that RPESCs are multipotent and in defined conditions can generate both neural and mesenchymal progeny. This plasticity may explain human pathologies in which mesenchymal fates are seen in the eye, for example in proliferative vitroretinopathy (PVR) and phthisis bulbi. This study establishes the RPESC as an accessible, human CNS-derived multipotent stem cell, useful for the study of fate choice, replacement therapy, and disease modeling.
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► We identified adult CNS stem cells from human retinal pigment epithelium (RPESCs) ► RPESCs are multipotent, producing neural and, surprisingly, mesenchymal progeny ► RPESCs produce stable RPE cells, valuable for transplantation and disease modeling ► RPESCs can be obtained readily from the elderly, even from 99-year-old donors
Sidedness in the interbank market Brunetti, Celso; Harris, Jeffrey H.; Mankad, Shawn
Journal of financial markets (Amsterdam, Netherlands),
June 2022, 2022-06-00, Letnik:
59
Journal Article
Recenzirano
We study the motivations of traders in the interbank market around the 2007–2009 subprime crisis. We extend the market sidedness of Sarkar and Schwartz (2009) to a panel setting to study the ...dispersion of beliefs for banks domiciled in different European countries. We find that country-level sidedness reveals information from the interbank market: sidedness leads sovereign credit default swap (CDS) spreads and reacts to central bank interventions introduced during the crisis. Our results map the linkages between the interbank market and sovereigns, as well as provide insight on the channels that give rise to the sovereign-bank nexus.
•We study the motivations of traders in the interbank market around the 2007-09 subprime crisis using Sidedness of Sarkar and Schwartz (2009).•We estimate Sidedness within a panel setting using a regression-based formulation.•We show Sidedness from a European interbank market Granger causes (sometimes with feedback) sovereign CDS spreads.•Sidedness reacts to central bank interventions introduced during the crisis.
The coincident rise in crude oil prices and increased number of financial participants in the crude oil futures market from 2000-2008 has led to allegations that "speculators" drive crude oil prices. ...As crude oil futures peaked at $147/bbl in July 2008, the role of speculators came under heated debate. In this paper, we employ unique data from the U.S. Commodity Futures Trading Commission (CFTC) to test the relation between crude oil prices and the trading positions of various types of traders in the crude oil futures market. We employ Granger Causality tests to analyze lead and lag relations between price and position data at daily and multiple day intervals. We find little evidence that hedge funds and other non-commercial (speculator) position changes Granger-cause price changes; the results instead suggest that price changes precede their position changes.
We explore whether central bank intervention improves liquidity in the interbank market during the current subprime crisis with unique trade and quote data from the e-MID, the only regulated ...electronic interbank market in the world. Central bank intervention consistently creates greater uncertainty in the interbank market. Prior to the crisis, the cover-to-bid ratio effectively conveys good and bad news from the central bank, but this link is broken during the crisis, suggesting that standard (and special) interventions that do not specifically target interbank asymmetric information fail to improve market liquidity. Our results suggest that the central bank should release stress tests for individual banks, provide interbank loan guarantees, or engage in direct asset purchases rather than simply providing more capital when counterparty risk poses systemic risk to the interbank market.
Primary hyperoxaluria (PH) is a group of genetic disorders that result in an increased hepatic production of oxalate. PH type 3 (PH3) is the most recently identified subtype and results from ...mutations in the mitochondrial 4-hydroxy-2-oxoglutarate aldolase gene (HOGA1). To date, there have been 2 cases of kidney failure reported in PH3 patients. We present a case of a young man with a history of recurrent urinary tract infections and voiding dysfunction who developed kidney failure at 33 years of age. He developed a bladder stone and bilateral staghorn calculi at 12 years of age. Initial metabolic evaluation revealed hyperoxaluria with very low urinary citrate excretion on multiple measurements for which he was placed on oral citrate supplements. Further investigation of the hyperoxaluria was not completed as the patient was lost to follow-up observation until he presented at 29 years of age with chronic kidney disease stage 4 (estimated glomerular filtration rate 24mL/min/1.73m2). Hemodialysis 3 times a week was started at 33 years of age, and subsequent genetic testing revealed a homozygous HOGA1 mutation (C.973G>A p.Gly325Ser) diagnostic of PH3. The patient is currently being evaluated for all treatment options including possible liver/kidney transplantation. All cases of a childhood history of recurrent urinary stone disease with marked hyperoxaluria should prompt genetic testing for the 3 known PH types. Hyperhydration and crystallization inhibitors (citrate) are standard of care, but the role of RNA interference agents for all 3 forms of PH is also under active study.
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