Digital Commons Network^™

Release Concerning Bes' Balance Sheet As At 4 August 2014, Banco Espirito Santo

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No abstract provided.

Financial Stability: Jak Is Sold In Half A Year, Christopher Lund-Hansen

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No abstract provided.

Moody's Changes Outlook On Heta's Ca Carinthian-State-Guaranteed Debt Ratings To Developing; Affirms Ratings, Moody's Investor Service

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No abstract provided.

First Price Auctions With General Information Structures: Implications For Bidding And Revenue, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

We explore the impact of private information in sealed-bid first-price auctions. For a given symmetric and arbitrarily correlated prior distribution over values, we characterize the lowest winning-bid distribution that can arise across all information structures and equilibria. The information and equilibrium attaining this minimum leave bidders indifferent between their equilibrium bids and all higher bids. Our results provide lower bounds for bids and revenue with asymmetric distributions over values. We also report further characterizations of revenue and bidder surplus including upper bounds on revenue. Our work has implications for the identification of value distributions from data on winning bids and …

Pentoxifylline As An Adjunct To Antimicrobial Therapy To Reduce Length Of Stay In Infants With Sepsis, Philip J. Yinger

Yale School of Medicine Physician Associate Program Theses

Context: Neonatal sepsis is associated with prolonged hospital stay and increased morbidity and mortality despite appropriate antimicrobial therapy. There are discordant results in the existing literature regarding the association between adjunctive pentoxifylline therapy and duration of stay or mortality.

Hypothesis: We hypothesize that among preterm infants with blood culture-confirmed sepsis who are treated with pentoxifylline plus appropriate antimicrobial therapy, as compared to infants treated with placebo plus appropriate antimicrobial therapy, median duration of stay in the neonatal intensive care unit will be significantly reduced.

Methods: We propose a multicenter, double-blind, placebo-controlled, parallel-group randomized controlled trial to investigate …

Inefficiency And Self-Determination: Simulation-Based Evidence From Meiji Japan, Eric Weese, Masayoshi Hayashi, Masashi Nishikawa

Discussion Papers

No abstract provided.

Efficient Estimation Of Multivariate Semi-Nonparametric Garch Filtered Copula Models, Xiaohong Chen, Zhuo Huang, Yanping Yi

Cowles Foundation Discussion Papers

This paper considers estimation of semi-nonparametric GARCH filtered copula models in which the individual time series are modelled by semi-nonparametric GARCH and the joint distributions of the multivariate standardized innovations are characterized by parametric copulas with nonparametric marginal distributions. The models extend those of Chen and Fan (2006) to allow for semi-nonparametric conditional means and volatilities, which are estimated via the method of sieves such as splines. The fitted residuals are then used to estimate the copula parameters and the marginal densities of the standardized innovations jointly via the sieve maximum likelihood (SML). We show that, even using nonparametrically filtered …

Introduction To Jet Symposium Issue On ‘Dynamic Contracts And Mechanism Design, Dirk Bergemann, Alessandro Pavan

Cowles Foundation Discussion Papers

The Introduction to the Symposium Issue on “Dynamic Contract and Mechanism Design” of the Journal of Economic Theory provides an overview of the dynamic mechanism design literature. We then introduce the papers that are contained in the Symposium issue and finally conclude by discussing avenues for future research. Several of the papers contained in the Symposium issue were presented at the Economic Theory Workshop of the Cowles Foundation for Research in Economics at Yale University in June 2013.

First Price Auctions With General Information Structures: Implications For Bidding And Revenue, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

This paper explores the consequences of information in sealed bid first price auctions. For a given symmetric and arbitrarily correlated prior distribution over valuations, we characterize the set of possible outcomes that can arise in a Bayesian equilibrium for some information structure. In particular, we characterize maximum and minimum revenue across all information structures when bidders may not know their own values, and maximum revenue when they do know their values. Revenue is maximized when buyers know who has the highest valuation, but the highest valuation buyer has partial information about others’ values. Revenue is minimized when buyers are uncertain …

Information And Market Power, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

We analyze demand function competition with a finite number of agents and private information. We show that the nature of the private information determines the market power of the agents and thus price and volume of equilibrium trade. We establish our results by providing a characterization of the set of all joint distributions over demands and payoff states that can arise in equilibrium under any information structure. In demand function competition, the agents condition their demand on the endogenous information contained in the price. We compare the set of feasible outcomes under demand function to the feasible outcomes under Cournot …

Information And Market Power, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

We consider demand function competition with a finite number of agents and private information. We analyze how the structure of the private information shapes the market power of each agent and the price volatility. We show that any degree of market power can arise in the unique equilibrium under an information structure that is arbitrarily close to complete information. In particular, regardless of the number of agents and the correlation of payoff shocks, market power may be arbitrarily close to zero (so we obtain the competitive outcome) or arbitrarily large (so there is no trade in equilibrium). By contrast, price …

First Price Auctions With General Information Structures: Implications For Bidding And Revenue, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

We explore the impact of private information in sealed-bid first-price auctions. For a given symmetric and arbitrarily correlated prior distribution over values, we characterize the lowest winning-bid distribution that can arise across all information structures and equilibria. The information and equilibrium attaining this minimum leave bidders indifferent between their equilibrium bids and all higher bids. Our results provide lower bounds for bids and revenue with asymmetric distributions over values. We report further analytic and computational characterizations of revenue and bidder surplus including upper bounds on revenue. Our work has implications for the identification of value distributions from data on winning …

Identification In Differentiated Products Markets, Steven T. Berry, Philip A. Haile

Cowles Foundation Discussion Papers

Empirical models of demand for — and, often, supply of — differentiated products are widely used in practice, typically employing parametric functional forms and distributions of consumer heterogeneity. We review some recent work studying identification in a broad class of such models. This work shows that parametric functional forms and distributional assumptions are not essential for identification. Rather, identification relies primarily on the standard requirement that instruments be available for the endogenous variables — here, typically, prices and quantities. We discuss the kinds of instruments needed for identification and how the reliance on instruments can be reduced by nonparametric functional …

Team Production, Endogenous Learning About Abilities And Career Concerns, Evangelia Chalioti

Cowles Foundation Discussion Papers

This paper studies career concerns in teams where the support a worker receives depends on fellow team members’ effort and ability. In this setting, by exerting effort and providing support, a worker can influence her own and her teammates’ performances in order to bias the learning process in her favor. To manipulate the market’s assessments, we argue that in equilibrium, a worker has incentives to help or even sabotage her colleagues in order to signal that she is of higher ability. In a multiperiod stationary framework, we show that the stationary level of work effort is above and help effort …

Gutted, The Economist

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No abstract provided.

First Price Auctions With General Information Structures: Implications For Bidding And Revenue, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

We explore the impact of private information in sealed bid first price auctions. For a given symmetric and arbitrarily correlated prior distribution over values, we characterize the lowest winning bid distribution that can arise across all information structures and equilibria. The information and equilibrium attaining this minimum leave bidders uncertain whether they will win or lose and indifferent between their equilibrium bids and all higher bids. Our results provide lower bounds for bids and revenue with asymmetric distributions over values. We report further analytic and computational characterizations of revenue and bidder surplus including upper bounds on revenue. Our work has …

Direction To The National Asset Management Agency Pursuant To Section 14(1) Of The National Asset Management Agency Act 2009 In Relation To The Interest Rate On The Nama Senior Note Programme, Ireland: Department Of Finance/An Roinn Airgeadais, Michael Noonan

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No abstract provided.

Система Докапитализации Банков Пока Не Начала Работать В Полную Силу, Perchyan Andrey Vilenovich

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Original title in Russian is "Система докапитализации банков пока не начала работать в полную силу"

Austria's Top Court Says 2014 Hypo Law Unconstitutional, Reuters Staff

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No abstract provided.

Former Head Of Collapsed Portuguese Bank Bes Put Under House Arrest, Agence France Presse (Afp)

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No abstract provided.

State Aid: Twelfth Prolongation Of The Portuguese Guarantee Scheme, Margrethe Vestager

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No abstract provided.

Pbc Official Answered Press Questions On Announcement Of Targeted Rrr Cuts And Benchmark Loan And Deposit Interest Rates Reductions, People's Bank Of China

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No abstract provided.

Immeubles Proposés À La Vente Mai - Juin 2015, Société Nationale De Recouvrement

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No abstract provided.

Incorporating Liquidity Shocks And Feedbacks In Bank Stress Tests, Jill Cetina

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No abstract provided.

Mexico: Critical Reaction To Us Rescue Package, Ap Archive

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No abstract provided.

About Us (The Credit Review Office), The Credit Review Office

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No abstract provided.

Deputy Governor Adam Balog Resigns, Magyar Nemzeti Bank (Mnb)

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No abstract provided.

Rbi Signs Special Currency Swap Agreement With The Central Bank Of Sri Lanka, Reserve Bank Of India

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No abstract provided.

Federal Reserve's Second Monetary Policy Report For 2015 Hearing Before The Committee On Banking, Housing, And Urban Affairs - United States Senate, United States: Congress: Senate: Committee On Banking, Housing, And Urban Affairs, Federal Reserve System

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No abstract provided.

Greek Bank Holiday Extended Until 17 July, Bbc Monitoring European

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No abstract provided.