Whether for identification and characterization of materials or for monitoring of the environment, space-based hyperspectral instruments are very useful. Hyperspectral instruments measure several ...dozens up to hundreds of spectral bands. These data help to reconstruct the spectral properties like reflectance or emission of Earth surface or the absorption of the atmosphere, and to identify constituents on land, water, and in the atmosphere. There are a lot of possible applications, from vegetation and water quality up to greenhouse gas monitoring. But the actual number of hyperspectral space-based missions or hyperspectral space-based data is limited. This will be changed in the next years by different missions. The German Aerospace Center (DLR) Earth Sensing Imaging Spectrometer (DESIS) is one of the new currently existing space-based hyperspectral instruments, launched in 2018 and ready to reduce the gap of space-born hyperspectral data. The instrument is operating onboard the International Space Station, using the Multi-User System for Earth Sensing (MUSES) platform. The instrument has 235 spectral bands in the wavelength range from visible (400 nm) to near-infrared (1000 nm), which results in a 2.5 nm spectral sampling distance and a ground sampling distance of 30 m from 400 km orbit of the International Space Station. In this article, the design of the instrument will be described.
Regulating Wall Street Acharya, Viral V; Cooley, Thomas F; Richardson, Matthew P ...
2010, 2010-10-28, c2011, Letnik:
608
eBook
'Regulating Wall Street' assesses the strengths and weaknesses of new regulations in response to the recent global financial crisis. It summarises key issues that regulatory reform should address, ...evaluates the key components of regulatory reform and provides analysis of how the reforms will affect financial firms and markets.
"Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of ...global development and that its impact reaches deep into the broader economy with important and complex implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor of Finance, Corporate Governance and Ethics Emeritus at the Stern School of Business, New York University, and his team of experts tackles the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the complex challenges of contemporary economy. "
Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of ...global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress.
This is a revision of the business of global banking. With the increased globalization of the world economy few sectors are the equal of banking and financial services in dynamism or structural ...change. Roy C. Smith and Ingo Walter assess this transformation-its causes, its course and its consequences. They begon by examining international commercial banking, including the issue of cross-border risk evaluation and exposure management, and the creation of a viable regulatory framework in a global competitive context. hey then undertake a parallel assessment of international investment banking, linking the two by means of a bridge chapter. Finally, they focus on the factors that determine winners and losers in these markets and explore the problems of strategic position and execution. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/0195134362/toc.html
Global Banking Smith, Roy C; DeLong, Gayle; Walter, Ingo
2012
Book
Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services or as much turbulence and damage ...to the economy and to ordinary people. Regulatory and technological changes have been among the main catalysts of change in the financial industry worldwide, making entrenched competitive structures obsolete and mandating the development of new products, new processes, new strategies, and new public policies toward the industry. This book attempts to reassess the continuing transformational process of global banking and finance - its causes, its course, and its consequences. It begins with an overview of the most recent developments and goes on to examine the major dimensions of international commercial and investment banking, including money and foreign exchange markets, debt capital markets, international bank lending, derivatives, asset-based and project financing, and equity capital markets. Later, the various advisory businesses mergers and acquisitions, privatizations, institutional asset management, and private banking are analyzed. In each case, the factors that distinguish the winners from the losers are identified. This is brought together in the final section of the book, which deals with problems of strategic positioning and execution, as well as critical risk issues and regulations. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780195335934/toc.html
Abstract
Public employee pension systems around the world show remarkable diversity in design and execution. Among these, the U.S. defined benefit public pension system has drawn increased attention ...because of questions about the long‐term sustainability of many of the underlying pension funds – as well as concerns of equity between pension plan members, retirees, taxpayers, bondholders, and users of public services. The Covid‐19 pandemic introduced new fissures in state and local government finances, heightening the need to bolster long‐term public pension fund robustness. As an alternative model, the Canadian public pension system is widely respected. This was not foreordained. The authors trace difficult decisions undertaken in Canada in the 1980s and 1990s along with essential descriptive features of the Canadian Model. Using a novel primary dataset, the authors benchmark the 25 largest U.S. plans against their ten largest Canadian peers, exploring key issues in a paired analysis. The authors extract fundamental lessons from the Canadian experience, proposing a roadmap for reform of the U.S. public pension system. They argue that long‐term pension sustainability, once politically prioritized, must be built on equity and discipline in plan design, funding, and amortization of existing deficits. They emphasize the importance of legal framework, particularly joint sponsorship, alongside enhanced governance and unified legislation. They also draw lessons from the Canadian experience with respect to enhanced investment organizations and investment strategies.
Public employee pension systems around the world show remarkable diversity in design and execution. Among these, the U.S. defined benefit public pension system has drawn increased attention because ...of questions about the long‐term sustainability of many of the underlying pension funds – as well as concerns of equity between pension plan members, retirees, taxpayers, bondholders, and users of public services. The Covid‐19 pandemic introduced new fissures in state and local government finances, heightening the need to bolster long‐term public pension fund robustness. As an alternative model, the Canadian public pension system is widely respected. This was not foreordained. The authors trace difficult decisions undertaken in Canada in the 1980s and 1990s along with essential descriptive features of the Canadian Model. Using a novel primary dataset, the authors benchmark the 25 largest U.S. plans against their ten largest Canadian peers, exploring key issues in a paired analysis. The authors extract fundamental lessons from the Canadian experience, proposing a roadmap for reform of the U.S. public pension system. They argue that long‐term pension sustainability, once politically prioritized, must be built on equity and discipline in plan design, funding, and amortization of existing deficits. They emphasize the importance of legal framework, particularly joint sponsorship, alongside enhanced governance and unified legislation. They also draw lessons from the Canadian experience with respect to enhanced investment organizations and investment strategies.
We investigate whether the diversification discount occurs partly as an artifact of poor corporate governance. In panel data models, we find that the discount narrows by 16% to 21% when we add ...governance variables as regression controls. We also estimate Heckman selection models that account for the endogeneity of diversification and dynamic panel generalized method of moments models that account for the endogeneity of both diversification and governance. We find that the diversification discount persists even with these controls for endogeneity. However, in selection models the discount disappears entirely when we introduce governance variables in the second stage, and in dynamic panel GMM models the discount narrows by 37% when we include governance variables.
PDF
