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Working paper
Expected Issuance Fees and Market Liquidity
This paper studies the impact of expected issuance fees on market liquidity in the Euro-area government bond market. We pose that investment banks have a dual role as primary dealer in the secondary market as well as competitor for lead manager in the primary market. Therefore, primary dealers have the incentive to increase liquidity due to competition for issuance fees. We find that the expected issuance fee is significantly related to market liquidity. Issuance fee driven liquidity is especially strong for countries with high funding needs, in periods of high uncertainty, and for bonds with low risk.
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Time-Varying Importance of Country and Industry Factors in European Corporate Bonds
In: Journal of Empirical Finance, Forthcoming
SSRN
On the Biasedness of Forward Foreign Exchange Rates: Irrationality or Risk Premia?
In: The journal of business, Band 67, Heft 3, S. 321
ISSN: 1537-5374
Gearing the Gravity of Gamma. Utilizing Gamma Positioning of Dynamic Hedgers to Improve Market Quality
In: JFM-D-22-00125
SSRN
SSRN
Designing development interventions: the application of service design and discrete choice experiments in complex settings
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 158, S. 1-14
World Affairs Online
Consumption of a recommended serving of wheat bran cereals significantly increases human faecal butyrate levels in healthy volunteers and reduces markers of inflammation ex vivo
Wheat bran cereals are an important source of dietary fibre. The aim of the study was to investigate if a high intake (120 g) of fibre rich breakfast cereal (which delivers the UK Government guidelines for fibre intake in one serving but is three-fold higher than the manufacturers recommended serving) has additional potential health benefits compared to the recommended serving (40 g, containing 11 g of dietary fibre). To assess this, the study determined the short chain fatty acid (SCFA) profiles in human faecal, urine and plasma samples after consumption of two different servings of fibre-rich cereal. Inhibition of prostanoid production was measured (ex vivo) in human colonic fibroblast cells after cytokine (IL-1β) inflammation stimulation. Eight healthy volunteers, 18-55 years old; BMI (18-30 kg/m2) consumed the wheat bran-rich "ready to eat cereal", at both the high (120 g) serving and recommended (40 g) serving. Faecal, urine and plasma samples were collected at baseline, throughout the five-hour intervention period and approximately 24 hours following consumption. Faecal butyrate showed the largest increase (p < 0.05) of more than a two-fold change following the consumption of the recommended serving of wheat bran cereal (from 13.95 ± 9.17 to 31.63 ± 20.53 mM) and no significant change following the higher serving (from 21.96 ± 11.03 to 22.9 ± 12.69 mM). ANOVA analysis also found a weak serving effect (p = 0.046) of the portion size (high vs. recommended) only for butyrate in urine 24 hours after consumption of the bran cereal. The physiological nutritionally relevant concentrations of faecal SCFAs, as determined in the volunteers' faecal samples showed significant anti-inflammatory activity or the individual faecal SCFAs; acetate (p < 0.001), propionate (p < 0.001) and butyrate (p < 0.01), as well as in combination. Plasma folate was also increased after consumption of both wheat bran servings and was significant (p = 0.037) at the three-hour time point following consumption of the high wheat ...
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Memorias del Seminario Internacional Cambio clímático: ciencia, historia y política
Poco es lo que entendemos sobre el comportamiento individual y colectivo, los paradigmas individuales y colectivos, los paradigmas de desarrollo y las respuestas institucionales y políticas al cambio climático. Por eso, en el marco del XI mes de la investigación, en la Universidad Nacional de Colombia Sede Amazonia, con el apoyo de los grupos de investigación Historia, Ambienta y Política: Limnología Amazónica; Etnología y lingüística Amazónica y Desarrollo Regional Amazónico; se realizó este evento en torno a las siguientes temáticas: la ciencia del cambio climático, cambio climático: ciencia, política y sociedad, cambio climático en América Latina, cambio climático en la Amazonia. El objetivo general del evento fue fomentar el diálogo entre las Ciencias Naturales y las Ciencias Sociales, a propósito del Cambio Climático. Sus objetivos específicos fueron dos: primero, socializar con la comunidad académica las reflexiones que resultan del Cambio Global e invitar a pensar las dimensiones humanas del cambio climático. Segundo, difundir las reflexiones históricas, políticas y sociales del cambio climático, articulándolas para el caso de América Latina y la Amazonia. ; Los títulos de las presentaciones son los siguientes: La ciencia del Cambio Climático / Las ciencias sociales y el cambio climático / Dinámicas, patrones y causas de fuegos en el noroeste de la Amazonia / Efectos de pequeños sistemas fluviales en los grandes ciclos de carbono amazónico / Cambio Climático: ciencia, política y sociedad / Hecho científico o .? Ontología política del cambio climático / Ética y política, pilares de un mundo post cambios climáticos / Cambio climático desde Múltiples Perspectivas / Cambio Climático en América Latina / La acción climática como parte integral de la sustentabilidad / Trayectorias del cambio climático en las regiones sur-austral de chile: representaciones científicas, políticas y ciudadanas de un fenómeno en (re) construcción / Cambio Climático oportunidad para urgir un cambio sistemático: Propuestas conceptuales desde las Ciencias Sociales / Cambio Climático en la Amazonia / Bosques Amazónicos y Cambio Climático / Cuantificación del flujo de carbono en un arroyo de aguas negras La Arenosa (Leticia, Amazonas) / Adaptación y conocimiento tradicional en el sistema Andes - Amazonia / Cambio climático como política, naturaleza y sociedad en la Amazonia
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Evaluating environmental risk assessment models for nanomaterials according to requirements along the product innovation Stage-Gate process
Nanomaterial risk governance requires models to estimate the material flow, fate and transport as well as uptake/bioavailability, hazard and risk in the environment. This study assesses the fit of such available models to different stages during the innovation of nano-enabled products. Through stakeholder consultations, criteria were identified for each innovation stage from idea conception to market launch and monitoring. In total, 38 models were scored against 41 criteria concerning model features, applicability, resource demands and outcome parameters. A scoring scheme was developed to determine how the models fit the criteria of each innovation stage. For each model, the individual criteria scores were added, yielding an overall fit score to each innovation stage. Three criteria were critical to stakeholders and incorporated as multipliers in the scoring scheme; the required time/costs and level of expertise needed to use the model, and for risk assessment models only, the option to compare PEC and PNEC. Regulatory compliance was also identified as critical, but could not be incorporated, as a nanomaterial risk assessment framework has yet to be developed and adopted by legislators. In conclusion, the scoring approach underlined similar scoring profiles across stages within model categories. As most models are research tools designed for use by experts, their score generally increased for later stages where most resources and expertise are committed. In contrast, stakeholders need relatively simple models to identify potential hazards and risk management measures at early product development stages to ensure safe use of nanomaterials without costs and resource needs hindering innovation. ; acceptedVersion ; Peer reviewed
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Evaluating environmental risk assessment models for nanomaterials according to requirements along the product innovation Stage-Gate process
In: Sørensen , S N , Baun , A , Burkard , M , Dal Maso , M , Hansen , S F , Harrison , S , Hjorth , R , Lofts , S , Matzke , M , Nowack , B , Peijnenburg , W , Poikkimäki , M , Quik , J T K , Schirmer , K , Verschoor , A , Wigger , H & Spurgeon , D J 2019 , ' Evaluating environmental risk assessment models for nanomaterials according to requirements along the product innovation Stage-Gate process ' , Environmental Science: Nano , vol. 6 , no. 2 , pp. 505-518 . https://doi.org/10.1039/C8EN00933C
Nanomaterial risk governance requires models to estimate the material flow, fate and transport as well as uptake/bioavailability, hazard and risk in the environment. This study assesses the fit of such available models to different stages during the innovation of nano-enabled products. Through stakeholder consultations, criteria were identified for each innovation stage from idea conception to market launch and monitoring. In total, 38 models were scored against 41 criteria concerning model features, applicability, resource demands and outcome parameters. A scoring scheme was developed to determine how the models fit the criteria of each innovation stage. For each model, the individual criteria scores were added, yielding an overall fit score to each innovation stage. Three criteria were critical to stakeholders and incorporated as multipliers in the scoring scheme; the required time/costs and level of expertise needed to use the model, and for risk assessment models only, the option to compare PEC and PNEC. Regulatory compliance was also identified as critical, but could not be incorporated, as a nanomaterial risk assessment framework has yet to be developed and adopted by legislators. In conclusion, the scoring approach underlined similar scoring profiles across stages within model categories. As most models are research tools designed for use by experts, their score generally increased for later stages where most resources and expertise are committed. In contrast, stakeholders need relatively simple models to identify potential hazards and risk management measures at early product development stages to ensure safe use of nanomaterials without costs and resource needs hindering innovation.
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Indigeneity and the Sacred: Indigenous Revival and the Conservation of Sacred Natural Sites in the Americas
In: Environmental Anthropology and Ethnobiology 22
This book presents current research in the political ecology of indigenous revival and its role in nature conservation in critical areas in the Americas. An important contribution to evolving studies on conservation of sacred natural sites (SNS), the book elucidates the complexity of development scenarios within cultural landscapes related to the appropriation of religion, environmental change in indigenous territories, and new conservation management approaches. Indigeneity and the Sacred explores how these struggles for land, rights, and political power are embedded within physical landscapes, and how indigenous identity is reconstituted as globalizing forces simultaneously threaten and promote the notion of indigeneity
Many Labs 2: Investigating Variation in Replicability Across Samples and Settings
In: Klein , R A , Vianello , M , Hasselman , F , Adams , B G , Adams , R B , Alper , S , Aveyard , M , Axt , J R , Babalola , M T , Bahník , Š , Batra , R , Berkics , M , Bernstein , M J , Berry , D R , Bialobrzeska , O , Binan , E D , Bocian , K , Brandt , M J , Busching , R , Rédei , A C , Cai , H , Cambier , F , Cantarero , K , Carmichael , C L , Ceric , F , Chandler , J , Chang , J-H , Chatard , A , Chen , E E , Cheong , W , Cicero , D C , Coen , S , Coleman , J A , Collisson , B , Conway , M A , Corker , K S , Curran , P G , Cushman , F , Dagona , Z K , Dalgar , I , Dalla Rosa , A , Davis , W E , de Bruijn , M , De Schutter , L , Devos , T , de Vries , M , Doğulu , C , Dozo , N , Dukes , K N , Dunham , Y , Durrheim , K , Ebersole , C R , Edlund , J E , Eller , A , English , A S , Finck , C , Frankowska , N , Freyre , M , Friedman , M , Galliani , E M , Gandi , J C , Ghoshal , T , Giessner , S R , Gill , T , Gnambs , T , Gómez , Á , González , R , Graham , J , Grahe , J E , Grahek , I , Green , E G T , Hai , K , Haigh , M , Haines , E L , Hall , M P , Heffernan , M E , Hicks , J A , Houdek , P , Huntsinger , J R , Huynh , H P , Ijzerman , H , Inbar , Y , Innes-ker , Å H , Jiménez-leal , W , John , M , Joy-gaba , J A , Kamiloğlu , R G , Kappes , H B , Karabati , S , Karick , H , Keller , V N , Kende , A , Kervyn , N , Knežević , G , Kovacs , C , Krueger , L E , Kurapov , G , Kurtz , J , Lakens , D , Lazarević , L B , Levitan , C A , Lewis , N A , Lins , S , Lipsey , N P , Losee , J E , Maassen , E , Maitner , A T , Malingumu , W , Mallett , R K , Marotta , S A , Međedović , J , Mena-pacheco , F , Milfont , T L , Morris , W L , Murphy , S C , Myachykov , A , Neave , N , Neijenhuijs , K , Nelson , A J , Neto , F , Lee Nichols , A , Ocampo , A , O'donnell , S L , Oikawa , H , Oikawa , M , Ong , E , Orosz , G , Osowiecka , M , Packard , G , Pérez-sánchez , R , Petrović , B , Pilati , R , Pinter , B , Podesta , L , Pogge , G , Pollmann , M M H , Rutchick , A M , Saavedra , P , Saeri , A K , Salomon , E , Schmidt , K , Schönbrodt , F D , Sekerdej , M B , Sirlopú , D , Skorinko , J L M , Smith , M A , Smith-castro , V , Smolders , K C H J , Sobkow , A , Sowden , W , Spachtholz , P , Srivastava , M , Steiner , T G , Stouten , J , Street , C N H , Sundfelt , O K , Szeto , S , Szumowska , E , Tang , A C W , Tanzer , N , Tear , M J , Theriault , J , Thomae , M , Torres , D , Traczyk , J , Tybur , J M , Ujhelyi , A , Van Aert , R C M , Van Assen , M A L M , Van Der Hulst , M , Van Lange , P A M , Van 't Veer , A E , Vásquez- Echeverría , A , Ann Vaughn , L , Vázquez , A , Vega , L D , Verniers , C , Verschoor , M , Voermans , I P J , Vranka , M A , Welch , C , Wichman , A L , Williams , L A , Wood , M , Woodzicka , J A , Wronska , M K , Young , L , Zelenski , J M , Zhijia , Z & Nosek , B A 2018 , ' Many Labs 2: Investigating Variation in Replicability Across Samples and Settings ' , Advances in Methods and Practices in Psychological Science , vol. 1 , no. 4 , pp. 443-490 . https://doi.org/10.1177/2515245918810225
We conducted preregistered replications of 28 classic and contemporary published findings, with protocols that were peer reviewed in advance, to examine variation in effect magnitudes across samples and settings. Each protocol was administered to approximately half of 125 samples that comprised 15,305 participants from 36 countries and territories. Using the conventional criterion of statistical significance (p < .05), we found that 15 (54%) of the replications provided evidence of a statistically significant effect in the same direction as the original finding. With a strict significance criterion (p < .0001), 14 (50%) of the replications still provided such evidence, a reflection of the extremely high-powered design. Seven (25%) of the replications yielded effect sizes larger than the original ones, and 21 (75%) yielded effect sizes smaller than the original ones. The median comparable Cohen's ds were 0.60 for the original findings and 0.15 for the replications. The effect sizes were small (< 0.20) in 16 of the replications (57%), and 9 effects (32%) were in the direction opposite the direction of the original effect. Across settings, the Q statistic indicated significant heterogeneity in 11 (39%) of the replication effects, and most of those were among the findings with the largest overall effect sizes; only 1 effect that was near zero in the aggregate showed significant heterogeneity according to this measure. Only 1 effect had a tau value greater than .20, an indication of moderate heterogeneity. Eight others had tau values near or slightly above .10, an indication of slight heterogeneity. Moderation tests indicated that very little heterogeneity was attributable to the order in which the tasks were performed or whether the tasks were administered in lab versus online. Exploratory comparisons revealed little heterogeneity between Western, educated, industrialized, rich, and democratic (WEIRD) cultures and less WEIRD cultures (i.e., cultures with relatively high and low WEIRDness scores, respectively). Cumulatively, variability in the observed effect sizes was attributable more to the effect being studied than to the sample or setting in which it was studied.
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