We document a positive relation between firm‐specific investor sentiment (FSIS) and the value of cash. We also show that FSIS has a stronger positive effect on the value of cash than the value of ...other types of assets, suggesting that our finding is not a simple reflection of firm‐level overvaluation. Our finding is robust to alternative measures of change in cash, different cash regimes, FSIS measured by order imbalance, news sentiment and the tone of earnings conference call transcripts and controlling for market‐wide sentiment, institutional monitoring, corporate governance and endogeneity. Cross‐sectional analyses suggest that the positive relation between FSIS and the value of cash is stronger for firms with better future growth opportunities, larger investment, more innovation activities, higher information asymmetry and more liquid stocks. Overall, our paper sheds light on the important role of FSIS in corporate outcomes.
El Salvador's civil war, which left at least 75,000 people dead and displaced more than a million, ended in 1992. The accord between the government and the Farabundo Martí National Liberation Front ...(FMLN) has been lauded as a model post-Cold War peace agreement. But after the conflict stopped, crime rates shot up. The number of murder victims surpassed wartime death tolls. Those who once feared the police and the state became frustrated by their lack of action. Peace was not what Salvadorans had hoped it would be. Citizens began saying to each other, "It's worse than the war."El Salvador in the Aftermath of Peace: Crime, Uncertainty, and the Transition to Democracychallenges the pronouncements of policy analysts and politicians by examining Salvadoran daily life as told by ordinary people who have limited influence or affluence. Anthropologist Ellen Moodie spent much of the decade after the war gathering crime stories from various neighborhoods in the capital city of San Salvador. True accounts of theft, assaults, and murders were shared across kitchen tables, on street corners, and in the news media. This postconflict storytelling reframed violent acts, rendering them as driven by common criminality rather than political ideology. Moodie shows how public dangers narrated in terms of private experience shaped a new interpretation of individual risk. These narratives of postwar violence-occurring at the intersection of self and other, citizen and state, the powerful and the powerless-offered ways of coping with uncertainty during a stunted transition to democracy.
We provide an overview of the basic models of the aftershock processes and advanced methods used to predict postseismic hazard. We consider both the physical mechanisms for aftershock generation and ...models of aftershocks and time-dependent models of aftershock processes. In particular, we provide a validation of the aftershock process using a superposition of the Gutenberg–Richter and Omori–Utsu laws. We show that the key role in assessment of postseismic hazard is earthquake productivity, which characterizes the ability of earthquakes to produce subsequent shocks. We discuss the recently established exponential law of earthquake productivity and show that the exponential form is invariant under variations in magnitude and focus depth. Being in discordance with the popular epidemic type aftershock sequence (ETAS) model, the law makes it possible to build a corrected model. We study versions of theoretical validation for the Båth law, which specifies the mean difference between the magnitudes of the main shock and the largest aftershock. We consider also the time-dependent Båth law. We provide a detailed review of modern approaches and methods for dealing with the estimation of the magnitude of the largest aftershock. As well, we review the problem of estimating the duration of aftershocks with magnitudes equal to or greater than a specified value, the hazardous period.
When the regime led by Slobodan Milošević came to an end in October 2000, expectations for social transformation in Serbia and the rest of the Balkans were high. The international community declared ...that an era of human rights had begun, while domestic actors hoped that the conditions that had made a violent dictatorship possible could be eliminated. More than a decade after the International Criminal Tribunal for the Former Yugoslavia initiated the process of bringing violators of international humanitarian law to justice, significant legal precedents and facts have been established, yet considerable gaps in the historical record, along with denial and disagreements, continue to exist in the public memory of the Yugoslav wars.
Guilt, Responsibility, and Denialsets out to trace the political, social, and moral challenges that Serbia faced from 2000 onward, offering an empirically rich and theoretically broad account of what was demanded of the country's citizens as well its political leadership-and how these challenges were alternately confronted and ignored. Eric Gordy makes extensive use of Serbian media to capture the internal debate surrounding the legacy of the country's war crimes, providing one of the first studies to examine international institutional efforts to build a set of public memories alongside domestic Serbian political reaction. By combining news accounts, courtroom transcripts, online discussions, and his own field research, Gordy explores how the conflicts and crimes that were committed under Milošević came to be understood by the people of Serbia and, more broadly, how projects of transitional justice affect the ways society faces issues of guilt and responsibility. In charting the legal, political, and cultural forces that shape public memory,Guilt, Responsibility, and Denialpromises to become a standard resource for studies of Serbia as well as the workings of international and domestic justice in dealing with the aftermath of war crimes.
From earthquakes to tornados, elected officials' responses to natural disasters can leave an indelible mark on their political careers. In the midst of the 1992 primary season, Hurricane Andrew ...overwhelmed South Florida, requiring local, state, and federal emergency responses. The work of many politicians in the storm's immediate aftermath led to a curious "incumbency advantage" in the general election a few weeks later, raising the question of just how much the disaster provided opportunities to effectively "campaign without campaigning."
David Twigg uses newspaper stories, scholarly articles, and first person interviews to explore the impact of Hurricane Andrew on local and state political incumbents, revealing how elected officials adjusted their strategies and activities in the wake of the disaster. Not only did Andrew give them a legitimate and necessary opportunity to enhance their constituency service and associate themselves with the flow of external assistance, but it also allowed them to achieve significant personal visibility and media coverage while appearing to be non-political or above "normal" politics.
This engrossing case study clearly demonstrates why natural disasters often privilege incumbents. Twigg not only sifts through the post-Andrew election results in Florida, but he also points out the possible effects of other past (and future) disaster events on political campaigns in this fascinating and prescient book.
How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial debt in fixed-rate, prepayable mortgages means that the ability to ...stimulate the economy by cutting interest rates depends not just on their current level but also on their previous path. Using a household model of mortgage prepayment matched to detailed loan-level evidence on the relationship between prepayment and rate incentives, we argue that recent interest rate paths will generate substantial headwinds for future monetary stimuli.
The Nagoya Protocol is an unprecedented international environmental agreement that equally addresses development, distributive justice, and environmental sustainability. With a balanced view of the ...various possible interpretations of the Protocol provisions, in light of different national and regional perspectives, and a systematic highlighting of its legal innovations, Unraveling the Nagoya Protocol: A Commentary on the Nagoya Protocol on Access and Benefit-sharing to the Convention on Biological Diversity will serve as a seminal work for all those interested in the environment, human rights, economics and both legal and scientific innovations. Readership: Academics and practitioners interested in international environmental law, biodiversity, human rights and sustainable development.
Im November 2019 ist eine A1‐Änderung von Eurocode 2 – DIN EN 1992‐1‐2: Tragwerksbemessung für den Brandfall veröffentlicht worden. Diese A1‐Änderung enthält sieben Bemessungstabellen im neuen Anhang ...C: „Knicken von Stützen unter Brandbedingungen“ für Feuerwiderstandsklassen R30 bis R240. Mit diesem Tabellenverfahren steht eine weitere Möglichkeit der Heißbemessung von Stahlbetonstützen mit rechteckigem Querschnitt in ausgesteiften und nicht ausgesteiften Bauwerken zur Verfügung. Die bauaufsichtliche Einführung über die Verwaltungsvorschriften der Länder ist vermutlich 2021/2022 zu erwarten.
Die wissenschaftlichen Hintergründe und die Validierung des neuen Anhangs C mit den dazugehörigen Restriktionen werden in diesem Beitrag erläutert. Auf diesen Grundlagen wird die Anwendung der Tabellen des Anhangs C nunmehr auch in Deutschland ermöglicht (A2‐Änderung des Nationalen Anhangs). Der Beitrag zeigt an zwei Bemessungsbeispielen die praktische Anwendung der neuen Tabellen und gibt abschließend einen kurzen Ausblick auf die geplante Erweiterung des Anwendungsbereichs dieser Tabellen in der nächsten Eurocode‐Generation.
An alternative method of fire design of reinforced concrete columns with tabulated data – Explanations of new Annex C in DIN EN 1992‐1‐2/A1
In November 2019, an A1‐amendment to Eurocode 2 – DIN EN 1992‐1‐2: Structural design for fire exposure has been published. This A1‐amendment contains seven design tables in the new Annex C: „Buckling of columns under fire conditions“ for fire resistance classes R30 to R240. With these design tables an alternative method is available for the fire design of reinforced concrete columns with a rectangular cross section in braced and non‐braced structures. The introduction by the building authorities in the administrative regulations of the federal states is probably expected in 2021/2022.
The scientific background and the validation of the new Annex C and the associated restrictions are explained in this paper. On this basis, the tables of Annex C can now also be used in Germany (A2 amendment to the National Annex). The paper demonstrates the practical application of the new tables in two design examples and concludes with a brief outlook on the planned extension of the scope of these tables in the next Eurocode generation.
Marine Protected Areas in International Law - an Arctic perspective by Ingvild Ulrikke Jakobsen, examines the legal rights and obligations of states under international law using Marine Protected ...Areas to protect marine biodiversity, with a particular emphasis on the Arctic region.
Abstract
This article studies the macroeconomic implications of imperfect risk sharing implied by a class of New Keynesian models with heterogeneous agents. The models in this class can be ...equivalently represented as a representative-agent economy with wedges. These wedges are functions of households’ consumption shares and relative wages, and they identify the key cross-sectional moments that govern the impact of households’ heterogeneity on aggregate variables. We measure the wedges using U.S. household-level data and combine them with a representative-agent economy to perform counterfactuals. We find that deviations from perfect risk sharing implied by this class of models account for only 7% of output volatility on average but can have sizable output effects when nominal interest rates reach their lower bound.
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