国际策展经验与亚洲当代艺术:CIGE2009论坛

Sook-Kyung Lee泰特利物浦美术馆每两年举办一次利物浦双年展,我们的顾问有来自包括台北等亚洲其他地区的策展人,正因为有了这些身份多元的策展人的参与,使得我们能够在展览当中充分地体现出不同地区的一些作品。     

Advertising Expensive Mortgages

Using information on advertising and mortgages originated by subprime lenders, we study whether advertising helped consumers find cheaper mortgages. Lenders that advertise more within a region sell more expensive mortgages, measured as the excess rate of a mortgage after accounting for borrower, contract, and regional characteristics. These effects are stronger for mortgages sold to less sophisticated consumers. We exploit regional variation in mortgage advertising induced by the entry of Craigslist and other tests to demonstrate that these findings are not spurious. Analyzing advertising content reveals that initial/introductory rates are frequently advertised in a salient fashion, where reset rates are not.     

Interwar Inflation,Unexpected Inflation,and Output Growth

Interwar macroeconomic history is a natural place to look for evidence on the correlation between output growth and inflation or unexpected inflation. We apply time‐series methods to measure unexpected inflation for more than 20 countries using both retail and wholesale prices. There is a significant, positive correlation between output growth and inflation for the entire period. There is little evidence that this correlation is caused by an underlying role for unexpected inflation. For wholesale price inflation in particular, the output declines associated with deflations were larger than the output increases associated with inflations of the same scale.     

The Pitch Rather Than the Pit: Investor Inattention,Trading Activity,and FIFA World Cup Matches

This paper analyzes stock market trading in 15 countries during the 2010 and 2014 soccer FIFA World Cups. We find evidence for substantial investor inattention during these major sporting events. The lack of attention for the trading pit is particularly large when the national soccer team is competing, with traded volumes declining by as much as 48%. During national team matches, prices on local stock markets can temporarily decouple from global financial market developments. These findings suggest that major sporting events can act as a laboratory in which to investigate investor inattention.     

DOES THE CLARITY OF CENTRAL BANK COMMUNICATION AFFECT VOLATILITY IN FINANCIAL MARKETS? EVIDENCE FROM HUMPHREY‐HAWKINS TESTIMONIES

By applying readability statistics to the Humphrey‐Hawkins testimonies given by the Federal Reserve Chairman, it is tested whether the clarity of central bank communication affects volatility in financial markets. There are three results. First, when clarity matters, it has a diminishing effect on volatility. Second, clarity of communication matters mostly for volatility of medium‐term interest rates. Third, the effects of clarity vary over time. Clarity mattered especially, but not exclusively during Alan Greenspan's Chairmanship. Overall, the analysis illustrates the importance of transparent communication on monetary policy. (JEL E44, E52, E58)     

FACTORS EXPLAINING THE ACADEMIC SUCCESS OF SECOND‐YEAR ECONOMICS STUDENTS: AN EXPLORATORY ANALYSIS

Factors influencing the academic success of first‐year economics students have been intensely researched. Lecture and tutorial attendance, age, gender, as well as matriculation results have been identified as significant in explaining academic performance. The academic success of senior students, however, has received less attention in South Africa. This paper presents the findings of an investigation into the academic performance of second‐year economics students at Stellenbosch University. Using a Heckman two‐step model, the study analyses whether the factors explaining first‐year academic success are applicable in the second year or if other factors are relevant. The results suggest that most matriculation subjects become statistically insignificant for second‐year students, whereas lecture and tutorial attendance remain important contributors to academic success. Furthermore, academic performance in the first year is an important determinant of success in the second year.     

A COMMENT ON ANDERSEN AND RISAGER (1991)

In this note it is argued that the solution method used by Andersenand Risager (1991) is flawed.     

Selling Failed Banks

The average FDIC loss from selling a failed bank is 28% of assets. We document that failed banks are predominantly sold to bidders within the same county, with similar assets business lines, when these bidders are well capitalized. Otherwise, they are acquired by less similar banks located further away. We interpret these facts within a model of auctions with budget constraints, in which poor capitalization of some potential acquirers drives a wedge between their willingness and ability to pay for failed banks. We document that this wedge drives misallocation, and partially explains the FDIC losses from failed bank sales.     

Infracapacitación,recuperación,pérdida del empleo y jubilación de trabajadores de edad en entornos de oficina. Estudio de cohorte prospectivo

Con una muestra de trabajadores de edad tomada del Maastricht Cohort Study, los autores investigan empíricamente la prevalencia y la evolución de la infracapacitación autopercibida y sus efectos en la necesidad de recuperación de los trabajadores, su riesgo de pérdida del empleo y sus intenciones de jubilación de 2012 a 2014. Encuentran la infracapacitación asociada a los dos primeros indicadores, pero no al tercero. Concluyen que es importante distinguir entre infracapacitación global o en determinadas competencias y que, en aras del empleo sostenible, conviene hacer un seguimiento del problema a lo largo de la vida profesional para intervenir a tiempo y evitar sus consecuencias.