Miracle-dz/UniFAR-FTUs huggingface dataset:
LIQUIDITY RISK EXPOSURE FOR SPECIALIZED AND UNSPECIALIZED REAL ESTATE BANKS: EVIDENCES FROM THE ITALIAN MARKET

Liquidity is the ability of a bank to collect money necessary for financing assets and meet obligations as they come due, without incurring unsustainable losses; the maturity transformation of short-term deposits into long-term loans makes banks inherently vulnerable to liquidity risk (Basel Committee on Banking Supervision, 2008). As banks specialized on real estate finance show an average high duration of the assets (Booth, 2002), liquidity risk is extremely relevant to ensure the stability of the financial intermediary. Under an asset and liabilities management approach (ALM), the paper is aimed to analyze the impact of the maturities structure on the liquidity position, discriminating between residential property specialized lenders and others. Yearly and half-yearly balance sheet data are collected from the ABI Banking Data database over the period 2000-2008. Data attain the individual balance sheet and all consolidated balance sheets are excluded from the analysis. In order to construct a sample that is representative of the Italian market, all banks available in each semester are selected independently from number of semesters for which the data are available The asset / liability structure analysis considers the banking book of each bank and computes, for each semester, measures of the liquidity risk exposure as: contractual maturity mismatch (Drago, 2003); concentration on funding (Matz and Neu, 2007); available unencumbered assets (Resti and Sironi, 2007). The sample is classified on the basis of the percentage of residential loan exposures on the total assets using a threshold the 40% per cent (Eisenbeis and Kwast, 1991). Total active banks are stratified in three groups according to the number of years in which they could be classified as specialized real estate banks (Blasko and Sinkey, 2006). A comparison of ALM measures for different subsamples is released in order to evaluate if the choice to specialize in the real estate sector affect the exposure at risk of the bank Results obtained will show that misalignment between asset and liability structure affects the liquidity position of the bank. The borroweris business sector and characteristics affect the bankis liquidity risk exposure. Banks that are structurally more exposed are those that are specialized in the real estate sectors. Empirical evidence provided demonstrates that the current debate on the need to define asset/liability maturity regulatory constraints could have relevant implication for the Italian banking sector, especially for the banks involved in the property market.
Large-Scale, High-Resolution Multielectrode-Array Recording Depicts Functional Network Differences of Cortical and Hippocampal Cultures

Understanding the detailed circuitry of functioning neuronal networks is one of the major goals of neuroscience. Recent improvements in neuronal recording techniques have made it possible to record the spiking activity from hundreds of neurons simultaneously with sub-millisecond temporal resolution. Here we used a 512-channel multielectrode array system to record the activity from hundreds of neurons in organotypic cultures of cortico-hippocampal brain slices from mice. To probe the network structure, we employed a wavelet transform of the cross-correlogram to categorize the functional connectivity in different frequency ranges. With this method we directly compare, for the first time, in any preparation, the neuronal network structures of cortex and hippocampus, on the scale of hundreds of neurons, with sub-millisecond time resolution. Among the three frequency ranges that we investigated, the lower two frequency ranges (gamma (30–80 Hz) and beta (12–30 Hz) range) showed similar network structure between cortex and hippocampus, but there were many significant differences between these structures in the high frequency range (100–1000 Hz). The high frequency networks in cortex showed short tailed degree-distributions, shorter decay length of connectivity density, smaller clustering coefficients, and positive assortativity. Our results suggest that our method can characterize frequency dependent differences of network architecture from different brain regions. Crucially, because these differences between brain regions require millisecond temporal scales to be observed and characterized, these results underscore the importance of high temporal resolution recordings for the understanding of functional networks in neuronal systems.
Adolescents and Their Parents: A Review of Intergenerational Family Relations for Immigrant and Non-Immigrant Families

The present review seeks to ascertain how intergenerational relations between adolescents and their parents are experienced through their socialization when cultural values are shared and practised by two generations in a family context. Within the framework of three culture-related developmental issues, (1) the influence of culture on family socialization, (2) the continuity of cultural transmission across generations, and (3) the impact of sociocultural context on enculturation, this review examines an initial hypothesis that there will be more intergenerational disagreement and difficulty in immigrant families than non-immigrant families. The cultural distance between the culture of origin and that of the new society can threaten the harmony of immigrant family relations, but when the core cultural values of family embeddedness are supported by their own culture as well as their own ethnocultural social network, immigrant families are able to maintain healthy intergenerational relations. Immigrant adolescents from collectivistic societies sustain these positive family relations in part by delaying their pursuit of autonomy. As with non-immigrant families, socioeconomic hardship in immigrant families necessitates collaboration by family members; yet, unlike the former, collaboration and participation by family members in the latter are encouraged by their own ethnic culture as well. Consequently, experiences of hardship do not result in overly adverse effects on intergenerational relations within the immigrant family. It is important to point out, however, that studies currently available in the literature are limited to immigrant groups which have settled in a small number of Western individualistic countries. Considering that migration movements are increasing under globalization, more effort needs to be put into examining the characteristics of the many other migrating groups and their receiving societies.
The Degree of Standardization

A contingency framework is presented by synthesizing previous theoretical research and empirical findings based on three sets of contingency variables: product characteristics, country characteristics and consumer segment characteristics. Prescriptive propositions regarding global marketing strategies can be developed based on this contingency framework. The author concludes that the degree of standardization can be analyzed for each firm based on a continuum in terms of the particular interaction effect among these three contingent variables. Managerial implications and future research directions are provided.
A Ring Architecture Strategy for BIST Test Pattern Generation

This paper presents a new effective Built-In Self Test (BIST) scheme that achieves 100% fault coverage with low area overhead, and without any modification of the circuit under test (CUT), i.e., no test point insertion. The set of patterns generated by a pseudo-random pattern generator, e.g. a Linear Feedback Shift Register (LFSR), is transformed into a new set of patterns that provides the desired fault coverage. To transform these patterns, a ring architecture composed by a set of masks is used. During on-chip test pattern generation, each mask is successively selected to map the original pattern sequence into a new test sequence. We describe an efficient algorithm that constructs a ring of masks from the test cubes provided by an automatic test pattern generator (ATPG) tool. Moreover, we show that rings of masks are implemented very easily at low silicon area cost, without requiring any logic synthesis tool; a combinational mapping logic corresponding to the masks is placed between the LFSR and the CUT, together with a looped shift register that acts as a mask selecting circuit. Experimental results are given at the end of the paper, demonstrating the effectiveness of the proposed approach in terms of area overhead, fault coverage and test sequence length. Note that this paper is an extended version of [1].
Hypnosis Before Wake-Up Call?! The Revival of Sovereign Credit Risk Perception in the EMU-Crisis

This paper qualifies the view of pronounced overpricing of sovereign bonds for the so-called GIIPS countries during the financial crisis. We use annual data for 21 OECD countries from 1980 to 2012. As opposed to related studies, our data set allows us to contrast the pricing of macroeconomic fundamentals between three distinct phases: The period before the signing of the Maastricht treaty, the EMU-convergence era, and the financial crisis. In detail, we find: (i) Since the 1980s the role of public debt for the pricing of government bonds has changed twice: Firstly following the signing of the Maastricht treaty, and again with the wake-up call due to the onset of the financial crisis. (ii) Before the financial crisis EMU member countries had - de facto - been perceived as a homogenous group with regard to the role of public debt for sovereign risk pricing. (iii) With the reconsideration of country-specfic fundamentals the role of public debt has not only been revived but its impact upon bond yield spreads has become comparable to the time before the Maastricht treaty.
Interannual variation of the surface temperature of tropical forests from satellite observations

Land surface temperatures (LSTs) within tropical forests contribute to climate variations. However, observational data are very limited in such regions. This study used passive microwave remote sensing data from the Special Sensor Microwave/Imager (SSM/I) and the Special Sensor Microwave Imager Sounder (SSMIS), providing observations under all weather conditions, to investigate the LST over the Amazon and Congo rainforests. The SSM/I and SSMIS data were collected from 1996 to 2012. The morning and afternoon observations from passive microwave remote sensing facilitate the investigation of the interannual changes of LST anomalies on a diurnal basis. As a result of the variability of cloud cover and the corresponding reduction of solar radiation, the afternoon LST anomalies tend to vary more than the morning LST anomalies. The dominant spatial and temporal patterns for interseasonal variations of the LST anomalies over the tropical rainforest were analyzed. The impacts of droughts and El Ninos on this LST were also investigated. Differences between early morning and late afternoon LST anomalies were identified by the remote sensing product, with the morning LST anomalies controlled by humidity (according to comparisons with the National Centers for Environmental Prediction (NCEP) reanalysis data).
Why the Western Pacific Subtropical High Has Extended Westward since the Late 1970s

The western Pacific subtropical high (WPSH) is closely related to Asian climate. Previous examination of changes in the WPSH found a westward extension since the late 1970s, which has contributed to the inter-decadal transition of East Asian climate. The reason for the westward extension is unknown, however. The present study suggests that this significant change of WPSH is partly due to the atmosphere's response to the observed Indian Ocean-western Pacific (IWP) warming. Coordinated by a European Union's Sixth Framework Programme, Understanding the Dynamics of the Coupled Climate System (DYNAMITE), five AGCMs were forced by identical idealized sea surface temperature patterns representative of the IWP warming and cooling. The results of these numerical experiments suggest that the negative heating in the central and eastern tropical Pacific and increased convective heating in the equatorial Indian Ocean/ Maritime Continent associated with IWP warming are in favor of the westward extension of WPSH. The SST changes in IWP influences the Walker circulation, with a subsequent reduction of convections in the tropical central and eastern Pacific, which then forces an ENSO/Gill-type response that modulates the WPSH. The monsoon diabatic heating mechanism proposed by Rodwell and Hoskins plays a secondary reinforcing role in the westward extension of WPSH. The low-level equatorial flank of WPSH is interpreted as a Kelvin response to monsoon condensational heating, while the intensified poleward flow along the western flank of WPSH is in accord with Sverdrup vorticity balance. The IWP warming has led to an expansion of the South Asian high in the upper troposphere, as seen in the reanalysis.
3 To My Family A small step towards understanding the mysteries of the female brain

1 Abbreviations. 2 Original Papers. 3 Introduction. 5 Hormone-induced negative mood. 5 Premenstrual dysphoric disorder (PMDD) . 5 Menopause . 7 Estrogen treatment and effects on mood. 9 Progestagen treatment and effects on mood . 9 Steroid biosynthesis and metabolism. 10 Absorption of progesterone. 13 Pathophysiology of hormone induced mood changes . 13 Steroid hormone receptors. 14 The serotonin system. 15 The gamma aminobutyric acid (GABA) system . 17 Steroids and the central nervous system (CNS). 18 Neurosteroids, neuroactive steroids and GABA-steroids . 19 The GABAA receptor modulators, behaviour and mood. 20 Neurosteroids and GABAA receptors . 20 Benzodiazepines and GABAA receptors. 21 Alcohol and GABAA receptors . 22 Biphasic effect . 23 Aims of the Thesis . 25 Material and Methods . 26 Subjects . 26 Study design. 28 Measurements of mood. 32 Steroid assays. 33 Statistics . 34
Business Cycles in Singapore: Stylized Facts for a Small Open Economy

This paper sets out to discover the salient characteristics of economic fluctuations in the small open economy of Singapore. To this end, band‐pass filters and unobserved components models are first used to extract the cyclical components in macroeconomic variables. The extent to which domestic business cycles are influenced by foreign economic cycles with regards to their persistence, comovement and volatility properties are then assessed using time‐series statistics. The paper also documents how shocks originating from abroad are propagated to the broader economy. Although it is found that idiosyncratic features are present in Singapore's macroeconomic fluctuations, there are also stylized business cycle facts to be learnt about small open economies in general.
Monitoring Networked Applications With Incremental Quantile Estimation

Networked applications have software components that reside on different computers. Email, for example, has database, processing, and user interface components that can be distributed across a network and shared by users in different locations or work groups. End-to-end performance and reliability metrics describe the software quality experienced by these groups of users, taking into account all the software components in the pipeline. Each user produces only some of the data needed to understand the quality of the application for the group, so group performance metrics are obtained by combining summary statistics that each end computer periodically (and automatically) sends to a central server. The group quality metrics usually focus on medians and tail quantiles rather than on averages. Distributed quantile estimation is challenging, though, especially when passing large amounts of data around the network solely to compute quality metrics is undesirable. This paper describes an Incremental Quantile (IQ) estimation method that is designed for performance monitoring at arbitrary levels of network aggregation and time resolution when only a limited amount of data can be transferred. Applications to both real and simulated data are provided.
Credit Rating Change Modeling Using News and Financial Ratios

Credit ratings convey credit risk information to participants in financial markets, including investors, issuers, intermediaries, and regulators. Accurate credit rating information plays a crucial role in supporting sound financial decision-making processes. Most previous studies on credit rating modeling are based on accounting and market information. Text data are largely ignored despite the potential benefit of conveying timely information regarding a firm’s outlook. To leverage the additional information in news full-text for credit rating prediction, we designed and implemented a news full-text analysis system that provides firm-level coverage, topic, and sentiment variables. The novel topic-specific sentiment variables contain a large fraction of missing values because of uneven news coverage. The missing value problem creates a new challenge for credit rating prediction approaches. We address this issue by developing a missing-tolerant multinomial probit (MT-MNP) model, which imputes missing values based on the Bayesian theoretical framework. Our experiments using seven and a half years of real-world credit ratings and news full-text data show that (1) the overall news coverage can explain future credit rating changes while the aggregated news sentiment cannot; (2) topic-specific news coverage and sentiment have statistically significant impact on future credit rating changes; (3) topic-specific negative sentiment has a more salient impact on future credit rating changes compared to topic-specific positive sentiment; (4) MT-MNP performs better in predicting future credit rating changes compared to support vector machines (SVM). The performance gap as measured by macroaveraging F-measure is small but consistent.
The Metabolic Syndrome: Prevalence, Associated Factors, and Impact on Survival among Older Persons in Rural Bangladesh

Objectives To describe the prevalence of the metabolic syndrome (MetS) among older persons in rural Bangladesh, to investigate whether the prevalence varies by age, sex, literacy, marital status, nutritional status and socio-economic status, and to assess the impact of MetS on survival. Methods The study consisted of 456 persons who were aged ≥60 years living in a rural area of Bangladesh during July 2003–March 2004. Data were collected through interview, clinical examination, and laboratory tests, and their survival status until 30th June 2009 was ascertained through the Matlab surveillance system. We defined MetS following the NCEP ATP III criteria, with minor modifications, i.e., presence of any three of the following: hypertension (BP ≥130/85 mm Hg); random blood glucose (RBG) level ≥7.0 mmol/L; hyper-triglyceridemia (≥2.28 mmol/L); low level of HDL-cholesterol (<1.04 mmol/L for men and <1.29 mmol/L for women); and BMI ≥25.0 kg/m2. Data were analysed with logistic regressions for the influential factors of MetS, and with Cox models for the association of MetS with the survival status. Findings The overall prevalence of MetS was 19.5%, 20.8% in women, and 18.0% in men. Asset-index and nutritional status were independently associated with MetS. During 4.93 years of follow-up, 18.2% died. In the presence of high RBG, MetS has a significant negative effect on survival (69.4% vs 95.2%, log rank p = 0.02). Conclusion This study highlights the importance of the metabolic syndrome in rural Bangladesh. Our findings suggest that there is a need for screening programmes involving the metabolic syndrome to prevent diabetes and cardiovascular diseases.
Measuring the impact of trade flows on employment in the Turkish manufacturing industry

This paper investigates the impact of export and import flows on the change in manufacturing employment using an accounting-identity based approach which enables the change in employment to be decomposed into the contribution made not only by trade but also by domestic consumption and productivity change. The analysis is carried over (i) four subperiods, two belonging to the period before 1980 when Turkey switched from a regime of import-substitution based growth to one of export-orientation, and the other two, to the period after 1980, and (ii) three tradebased categories; net exporting, import competing and noncompeting sectors. It is found (a) that trade has a more significant role to play in employment change in the post-1980 periods, (b) that this is observed more in the net exporting and noncompeting categories rather than the import competing category, and (c) that the switch to export-oriented growth in 1980 did not lead to export-based employment to be dominant in employment changes but has acted as a buffer in the sense that employment may either have grown much less or declined more severely if the post-1980 expansion of exports had not occurred.
Differential Adaptation Strategies to Climate Change in African Cropland by Agro-Ecological Zones

This paper quantifies how African farmers have adapted their crop and irrigation decisions to their farm's current agro-ecological zone. The results indicate that farmers carefully consider the climate and other conditions of their farm when making these choices. These results are then used to forecast how farmers might change their irrigation and crop choice decisions if climate changes. The model predicts African farmers would adopt irrigation more often under a very hot and dry climate scenario but less often with a mild and wet scenario. However, farms in the deserts, lowland humid forest, or mid elevation humid forest would reduce irrigation even in the very hot and dry climate scenario. Area under fruits and vegetables would increase Africa-wide with the very hot and dry climate scenario, except in the lowland semi-arid agro-ecological zone. Millet would increase overall under the mild and wet scenario, but decline substantially in the lowland dry savannah and lowland semi-arid agro-ecological zones. Maize would be chosen less often across all the agro-ecological zones under both climate scenarios. Wheat would decrease across Africa. The authors recommend that care must be taken to match adaptations to local conditions because the optimal adaptation would depend on the agro-ecological zone and the climate scenario.