text:
A New Form of Banking -- Concept and Mathematical Model of Venture Banking
Brian P Hanley
This theoretical model contains concept, equations, and graphical results for venture banking. A system of 27 equations describes the behavior of the venture-bank and underwriter system allowing phase-space type graphs that show where profits and losses occur. These results confirm and expand those obtained from the original spreadsheet based model. An example investment in a castle at a loss is provided to clarify concept. This model requires that all investments are in enterprises that create new utility value. The assessed utility value created is the new money out of which the venture bank and underwriter are paid. The model presented chooses parameters that ensure that the venture-bank experiences losses before the underwriter does. Parameters are: DIN Premium, 0.05; Clawback lien fraction, 0.77; Clawback bonds and equity futures discount, 1.5 x (USA 12 month LIBOR); Range of clawback bonds sold, 0 to 100%; Range of equity futures sold 0 to 70%.
A Risk Based approach for the Solvency Capital requirement for Health Plans
Fabio Baione,Davide Biancalana,Paolo De Angelis
The study deals with the assessment of risk measures for Health Plans in order to assess the Solvency Capital Requirement. For the estimation of the individual health care expenditure for several episode types, we suggest an original approach based on a three-part regression model. We propose three Generalized Linear Models (GLM) to assess claim counts, the allocation of each claim to a specific episode and the severity average expenditures respectively. One of the main practical advantages of our proposal is the reduction of the regression models compared to a traditional approach, where several two-part models for each episode types are requested. As most health plans require co-payments or co-insurance, considering at this stage the non-linearity condition of the reimbursement function, we adopt a Montecarlo simulation to assess the health plan costs. The simulation approach provides the probability distribution of the Net Asset Value of the Health Plan and the estimate of several risk measures.
An application of Zero-One Inflated Beta regression models for predicting health insurance reimbursement
In actuarial practice the dependency between contract limitations (deductibles, copayments) and health care expenditures are measured by the application of the Monte Carlo simulation technique. We propose, for the same goal, an alternative approach based on Generalized Linear Model for Location, Scale and Shape (GAMLSS). We focus on the estimate of the ratio between the one-year reimbursement amount (after the effect of limitations) and the one year expenditure (before the effect of limitations). We suggest a regressive model to investigate the relation between this response variable and a set of covariates, such as limitations and other rating factors related to health risk. In this way a dependency structure between reimbursement and limitations is provided. The density function of the ratio is a mixture distribution, indeed it can continuously assume values mass at 0 and 1, in addition to the probability density within (0, 1) . This random variable does not belong to the exponential family, then an ordinary Generalized Linear Model is not suitable. GAMLSS introduces a probability structure compliant with the density of the response variable, in particular zero-one inflated beta density is assumed. The latter is a mixture between a Bernoulli distribution and a Beta distribution.
Assessing the use of transaction and location based insights derived from Automatic Teller Machines (ATMs) as near real time sensing systems of economic shocks
Dharani Dhar Burra,Sriganesh Lokanathan
Big data sources provide a significant opportunity for governments and development stakeholders to sense and identify in near real time, economic impacts of shocks on populations at high spatial and temporal resolutions. In this study, we assess the potential of transaction and location based measures obtained from automatic teller machine (ATM) terminals, belonging to a major private sector bank in Indonesia, to sense in near real time, the impacts of shocks across income groups. For each customer and separately for years 2014 and 2015, we model the relationship between aggregate measures of cash withdrawals for each year, total inter-terminal distance traversed by the customer for the specific year and reported customer income group. Results reveal that the model was able to predict the corresponding income groups with 80% accuracy, with high precision and recall values in comparison to the baseline model, across both the years. Shapley values suggest that the total inter-terminal distance traversed by a customer in each year differed significantly between customer income groups. Kruskal-Wallis test further showed that customers in the lower-middle class income group, have significantly high median values of inter-terminal distances traversed (7.21 Kms for 2014 and 2015) in comparison to high (2.55 Kms and 0.66 Kms for years 2014 and 2015), and low (6.47 Kms for 2014 and 2015) income groups. Although no major shocks were noted in 2014 and 2015, our results show that lower-middle class income group customers, exhibit relatively high mobility in comparison to customers in low and high income groups. Additional work is needed to leverage the sensing capabilities of this data to provide insights on, who, where and by how much is the population impacted by a shock to facilitate targeted responses.
Autoregressive models of the time series under volatility uncertainty and application to VaR model
Shige Peng,Shuzhen Yang
Financial time series admits inherent uncertainty and randomness that changes over time. To clearly describe volatility uncertainty of the time series, we assume that the volatility of risky assets holds value between the minimum volatility and maximum volatility of the assets. This study establishes autoregressive models to determine the maximum and minimum volatilities, where the ratio of minimum volatility to maximum volatility can measure volatility uncertainty. By utilizing the value at risk (VaR) predictor model under volatility uncertainty, we introduce the risk and uncertainty, and show that the autoregressive model of volatility uncertainty is a powerful tool in predicting the VaR for a benchmark dataset.
Capital Structure and Financial Performance: Case Study from Pakistan Pharmaceutical Sector
Rehan, Muhammad,KARACA, Süleyman Serdar ,Alvi, Jahanzaib
The main purpose of this research is to find out the relationship between capital structure and the firm's financial performance of the listed Pharmaceutical companies in the Pakistan Stock Exchange. A further specific objective is to find out the relation of debt-equity with gross profit, earning per share, and return on capital and return on equity. This research determines that Capital Structure is adversely linked with the profitability, it suggests that a decrease in the profitability of the organizations is due to an increase in debt capital & vice versa, further the results proclaims that capital is not dramatically significant and impacting, hence results in records that debt to equity is nothing to do with ROE, increasing or decrease in debt or equity financing would affect ROE.
Cooperation in the Age of COVID-19: Evidence from Public Goods Games
Patrick Mellacher
Does COVID-19 change the willingness to cooperate? Four Austrian university courses in economics play a public goods game in consecutive semesters on the e-learning platform Moodle: two of them in the year before the crisis, one immediately after the beginning of the first lockdown in March 2020 and the last one in the days before the announcement of the second lockdown in October 2020. Between 67% and 76% of the students choose to cooperate, i.e. contribute to the public good, in the pre-crisis year. Immediately after the imposition of the lockdown, 71% choose to cooperate. Seven months into the crisis, however, cooperation drops to 43%. Depending on whether two types of biases resulting from the experimental design are eliminated or not, probit and logit regressions show that this drop is statistically significant at the 0.05 or the 0.1 significance level.
Corporate Governance, Law, Culture, Environmental Performance and CSR Disclosure: A Global Perspective
Lu, Jing,Wang, Jun
This paper investigates the impact of corporate governance and culture background on firms' environmental performance and CSR disclosure from a global perspective. It also provides evidence of a positive relationship between performance and CSR disclosure, supporting the voluntary disclosure theory. We find that common internal corporate governance best practices (such as CEO non-duality, board with ESG committee and gender diversified board) are associated with better environmental performance and more disclosure of CSR related information. Debt is an effective internal governance vehicle and positively affects firms' environmental performance and CSR disclosure. Cross-listed firms perform better environmentally and disclose more CSR information. Firms residing in countries with stronger legal systems have less voluntary CSR disclosure, implying that external governance is functional and may partially serve as a substitute for internal governance. In terms of culture influence, we find that firms in countries with low power distance, individualism, femininity, high uncertainty avoidance, and long-term orientation perform better environmentally. Firms in low power distance, collectivistic, feminine, long-term oriented, high uncertainty avoidance and restrained countries disclose more CSR information.
Cournot-Nash equilibrium and optimal transport in a dynamic setting
Beatrice Acciaio,Julio Backhoff-Veraguas,Junchao Jia
We consider a large population dynamic game in discrete time. The peculiarity of the game is that players are characterized by time-evolving types, and so reasonably their actions should not anticipate the future values of their types. When interactions between players are of mean-field kind, we relate Nash equilibria for such games to an asymptotic notion of dynamic Cournot-Nash equilibria. Inspired by the works of Blanchet and Carlier for the static situation, we interpret dynamic Cournot-Nash equilibria in the light of causal optimal transport theory. Further specializing to games of potential type, we establish existence, uniqueness and characterization of equilibria. Moreover we develop, for the first time, a numerical scheme for causal optimal transport, which is then leveraged in order to compute dynamic Cournot-Nash equilibria. This is illustrated in a detailed case study of a congestion game.
Determinants of Hedge Fund Investment in Corporate Endgames
Dobmeier, Ludwig,Lavrova, Renata,Schwetzler, Bernhard
Under German law the corporate endgame process of obtaining full control over a company offers multiple investment opportunities for investors with high investment flexibility, and is therefore particularly attractive to hedge funds. This paper investigates the determinants of hedge fund investment in corporate endgame processes based on a sample of 76 endgame situations of publicly listed German companies and investment data of 326 hedge funds. Examining characteristics of investment targets, we find that hedge funds invest in companies with a non-dominant majority owner and high stake of index funds as latter's inability to react in change of control situations creates a supportive investment environment for hedge funds. Hedge funds are most likely to invest after takeover consummation and before announcement of a new endgame transaction. Investigating the determinants of ongoing engagement after initial investment, we find that the presence of other institutional investors, especially hedge funds positively affects engagement likelihood, serving as a validation of the own investment approach. Abnormal performance and trading liquidity of target stock also positively affect hedge funds' engagement. The results indicate that the endgame process in Germany is an attractive investment opportunity for hedge funds, while hedge fund involvement also adds complexity to the corporate control process.
Does the Market for Corporate Control Influence Executive Risk-Taking Incentives? Evidence From Takeover Vulnerability
Ongsakul, Viput,Chatjuthamard, Pattanaporn,Jiraporn, Napatsorn (Pom),Jiraporn, Pornsit
Purpose: We investigate the role of the market for corporate control as an external governance mechanism and its effect on executive risk-taking incentives. Managers tend to be risk-averse as they are more exposed to idiosyncratic risk, resulting in sub-optimal risk-taking that does not maximize shareholders' wealth. The takeover market alleviates this problem, inducing managers to take more risk. Therefore, risk-taking incentives inside the firm are less powerful when the outside takeover market is more active. Design/Methodology: Exploiting a novel measure of takeover vulnerability recently constructed by Cain, McKeown, and Solomon (2017), we explore how takeover vulnerability influences executive risk-taking incentives. Using a large sample of U.S. firms, we employ fixed-effects regressions, propensity score matching, and instrumental variable analysisFindings: Consistent with our hypothesis, a more active takeover market results in less powerful risk-taking incentives. Specifically, a rise in takeover vulnerability by one standard deviation diminishes executive risk-taking incentives by 22.39%, an economically meaningful magnitude.Originality/Value: Our study is the first to explore the effect of the takeover market on managerial risk-taking incentives, using a novel measure of takeover susceptibility. Our measure of takeover vulnerability is considerably less susceptible to endogeneity, enabling us to draw causal inferences with more confidence.
Emotions in Online Content Diffusion
Yifan Yu,Shan Huang,Yuchen Liu,Yong Tan
Social media-transmitted online information, particularly content that is emotionally charged, shapes our thoughts and actions. In this study, we incorporate social network theories and analyses to investigate how emotions shape online content diffusion, using a computational approach. We rigorously quantify and characterize the structural properties of diffusion cascades, in which more than six million unique individuals transmitted 387,486 articles in a massive-scale online social network, WeChat. We detected the degree of eight discrete emotions (i.e., surprise, joy, anticipation, love, anxiety, sadness, anger, and disgust) embedded in these articles, using a newly generated domain-specific and up-to-date emotion lexicon. We found that articles with a higher degree of anxiety and love reached a larger number of individuals and diffused more deeply, broadly, and virally, whereas sadness had the opposite effect. Age and network degree of the individuals who transmitted an article and, in particular, the social ties between senders and receivers, significantly mediated how emotions affect article diffusion. These findings offer valuable insight into how emotions facilitate or hinder information spread through social networks and how people receive and transmit online content that induces various emotions.
Equity Default Clawback Swaps to Implement Venture Banking
Brian P. Hanley
In this theoretical paper, I propose creation of a venture bank, able to multiply the capital of a venture capital firm by at least 47 times, without requiring access to the Federal Reserve or other central bank apart from settlement. This concept rests on obtaining default swap instruments on loans in order to create the capital required, and expand Tier 1 and 2 base capital. Profitability depends on overall portfolio performance, availability of equity default swaps, cost of default swap, and the multiple of original capital (MOC) adopted by the venture bank. A new derivative financial instrument, the equity default swap (EDS), to cover loans made as venture investments. An EDS is similar to a credit default swap (CDS) but with some unique features. The features and operation of these new derivative instruments are outlined along with audit requirements. This instrument would be traded on open-outcry exchanges with special features to ensure orderly operation of the market. It is the creation of public markets for EDSs that makes possible the use of public market pricing to indirectly provide a potential market capitalization for the underlying venture-bank investment. Full coverage insulates the venture-bank from losses in most situations, and multiplies profitability quite dramatically in all scenarios. Ten year returns above 20X are attainable. Further, a new feature for EDS derivatives, a clawback lien, closes out the equity default swap. Here it is optimized at 77%, and is to be paid back to the underwriter at a future date to prevent perverse incentive to deliberately fail. This new feature creates an Equity Default Clawback Swap (EDCS) which can be used safely. This proposal also solves an old problem in banking, because it matches the term of the loan with the term of the investment. I show that the venture-bank investment and the EDCS underwriting business are profitable.
Estimating the Welfare Effects of School Vouchers
Vishal Kamat,Samuel Norris
We analyze the welfare effects of voucher provision in the DC Opportunity Scholarship Program (OSP), a school voucher program in Washington, DC, that randomly allocated a voucher to students. To do so, we develop new discrete choice tools to learn about the average willingness to pay for a voucher of a given amount and its average costs in a nonparametric model of school choice. Our tools exploit the insight that these welfare parameters can be expressed as functions of the underlying demand for the different schools. However, while the random allocation of the voucher reveals the value of demand at two prices, the parameters generally depend on their values beyond these prices. Our tools show how to sharply characterize what we can learn when demand is allowed to remain entirely nonparametric or to be parameterized in a flexible manner, both of which imply that the parameters are not necessarily point identified. Applying our tools to the OSP, we find that provision of the status-quo as well as a wide range of counterfactual voucher amounts has a positive net average benefit. These positive results arise due to the presence of many low-tuition schools in the program; removing these schools from the program can result in a negative net average benefit.
Financing Costs and the Efficiency of Public-Private Partnerships
Avdiu, Besart,Weichenrieder, Alfons J.
The paper compares provision of public infrastructure via public-private partnerships (PPPs) with provision under government management. Due to soft budget constraints of government management, PPPs exert more effort and therefore have a cost advantage in building infrastructure. At the same time, hard budget constraints for PPPs introduce a bankruptcy risk and bankruptcy costs. Consequently, if bankruptcy costs are high, PPPs may be less efficient than public management, although this does not result from PPPs' higher interest costs.
Firm Valuation, Capital Access and Transparency Effects of Dividend Distributions: An Emerging Market Story
Le, Ben Van,Reddy, Nischala
This paper investigates the impact of the relative ease of capital access and firm's information transparency on the relationship between dividend cash payment and firm valuation using a panel data of Vietnamese firms. Several firms in Vietnam are state-owned enterprises (SOEs) that enjoy benefits, such as easier access to external capital at a lower cost, when compared to non- SOEs. We find that there is a significant and positive relationship between firm valuation and dividend cash payments. In addition, the same amount of increase in dividend payment is associated with a higher amount of increase in firm value for firms that have less access to external capital or have lower information transparency than for firms with better access to capital or in firms with more information transparency.
Government as the First Investor in Biopharmaceutical Innovation: Evidence From New Drug Approvals 2010â€"2019
Cleary, Ekaterina,Jackson, Matthew J. ,Ledley, Fred
The discovery and development of new medicines classically involves a linear process of basic biomedical research to uncover potential targets for drug action, followed by applied, or translational, research to identify candidate products and establish their effectiveness and safety. This Working Paper describes the public sector contribution to that process by tracing funding from the National Institutes of Health (NIH) related to published research on each of the 356 new drugs approved by the U.S. Food and Drug Administration from 2010-2019 as well as research on their 219 biological targets. Specifically, we describe the timelines of clinical development for these products and proxy measures of their importance, including designations as first-in-class or expedited approvals. We model the maturation of basic research on the biological targets to determine the initiation and established points of this research and demonstrate that none of these products were approved before this enabling research passed the established point. This body of essential research comprised 2 million publications, of which 424 thousand were supported by 515 thousand Funding Years of NIH Project support totaling $195 billion. Research on the 356 drugs comprised 244 thousand publications, of which 39 thousand were supported by 64 thousand Funding Years of NIH Project support totaling $36 billion. Overall, NIH funding contributed to research associated with every new drug approved from 2010-2019, totaling $230 billion. This funding supported investigator-initiated Research Projects, Cooperative Agreements for government-led research on topics of particular importance, as well as Research Program Projects and Centers and training to support the research infrastructure. This NIH funding also produced 22 thousand patents, which provided marketing exclusivity for 27 (8.6%) of the drugs approved 2010-2019. These data demonstrate the essential role of public sector-funded basic research in drug discovery and development, as well as the scale and character of this funding. It also demonstrates the limited mechanisms available for recognizing the value created by these early investments and ensuring appropriate public returns. This analysis demonstrates the importance of sustained public investment in basic biomedical science as well as the need for policy innovations that fully realize the value of public sector investments in pharmaceutical innovation that ensure that these investments yield meaningful improvements in health.
Marginal Returns to Talent for Material Risk Takers in Banking
Stieglitz, Moritz,Wagner, Konstantin
Economies of scale can explain compensation differentials over time, across firms of different size, different hierarchy-levels, and different industries. Consequently, the most talented individuals tend to match with the largest firms in industries where marginal returns to their talent are greatest. We explore a new dimension of this size-pay nexus by showing that marginal returns also differ across activities within firms and industries. Using hand-collected data on managers in European banks well below the level of executive directors, we find that the size-pay nexus is strongest for investment banking business units and for banks with a market-based business model. Thus, managerial compensation is most sensitive to size increases for activities that can easily be scaled up.
Masters of Illusion: Bank and Regulatory Accounting for Losses in Distressed Banks
Kane, Edward J.
This essay is part of a larger work on the history of Federal Reserve policymaking entitled Banking on Bull. The study seeks to explain why the instruments of central banking inevitably break down over time. A big part of the explanation is that policymakers want accounting measures of bank net worth to be flexible enough to allow bankers and regulators to slow the release of adverse information about distressed banks, particularly very large ones. Modern regulatory frameworks focus on maintaining what can be described as the adequacy of accounting capital. But this framework is bull, because in tough times, bank accountants know how to make losses disappear.
Modality for Scenario Analysis and Maximum Likelihood Allocation
Takaaki Koike,Marius Hofert
We study the variability of a risk from the statistical viewpoint of multimodality of the conditional loss distribution given that the aggregate loss equals an exogenously provided capital. This conditional distribution serves as a building block for calculating risk allocations such as the Euler capital allocation of Value-at-Risk. A superlevel set of this conditional distribution can be interpreted as a set of severe and plausible stress scenarios the given capital is supposed to cover. We show that various distributional properties of this conditional distribution, such as modality, dependence and tail behavior, are inherited from those of the underlying joint loss distribution. Among these properties, we find that modality of the conditional distribution is an important feature in risk assessment related to the variety of risky scenarios likely to occur in a stressed situation. Under unimodality, we introduce a novel risk allocation method called maximum likelihood allocation (MLA), defined as the mode of the conditional distribution given the total capital. Under multimodality, a single vector of allocations can be less sound. To overcome this issue, we investigate the so-called multimodalty adjustment to increase the soundness of risk allocations. Properties of the conditional distribution, MLA and multimodality adjustment are demonstrated in numerical experiments. In particular, we observe that negative dependence among losses typically leads to multimodality, and thus a higher multimodality adjustment can be required.
Nonfinancial Resources Management: A Qualitative Study of Retention and Engagement in Nonprofit Community Fund Management
Edeigba, Jude,Singh, Deepica
This study identifies the factors affecting volunteer retention and engagement in New Zealand. A dearth of research has focused on volunteering for nonprofit financing organisations in New Zealand. These organisations are involved particularly in raising funds through public benevolence. There have been rising trends of nonprofit organisations around the world while the number of volunteers decreases. Information on the factors influencing volunteer retention and engagement is expected to support the management of nonprofit community services. Therefore, this study uses a case study of a nonprofit organisation to identify the factors contributing to volunteer retention and engagement. The interview data is analysed using thematic data analysis. Benightedness, communication, management support, volunteer skills and volunteer participation in management decision making are associated with volunteer retention and engagement. These findings are expected to enhance the operation process of nonprofit Community Fund Management Organisations. Future research is suggested to enhance the management of volunteers in other types of nonprofit organisations.
On Simultaneous Long-Short Stock Trading Controllers with Cross-Coupling
Atul Deshpande,John A Gubner,B. Ross Barmish
The Simultaneous Long-Short(SLS) controller for trading a single stock is known to guarantee positive expected value of the resulting gain-loss function with respect to a large class of stock price dynamics. In the literature, this is known as the Robust Positive Expectation(RPE)property. An obvious way to extend this theory to the trading of two stocks is to trade each one of them using its own independent SLS controller. Motivated by the fact that such a scheme does not exploit any correlation between the two stocks, we study the case when the relative sign between the drifts of the two stocks is known. The main contributions of this paper are three-fold: First, we put forward a novel architecture in which we cross-couple two SLS controllers for the two-stock case. Second, we derive a closed-form expression for the expected value of the gain-loss function. Third, we use this closed-form expression to prove that the RPE property is guaranteed with respect to a large class of stock-price dynamics. When more information over and above the relative sign is assumed, additional benefits of the new architecture are seen. For example, when bounds or precise values for the means and covariances of the stock returns are included in the model, numerical simulations suggest that our new controller can achieve lower trading risk than a pair of decoupled SLS controllers for the same level of expected trading gain.
Precise asymptotics: robust stochastic volatility models
Peter K. Friz,Paul Gassiat,Paolo Pigato
We present a new methodology to analyze large classes of (classical and rough) stochastic volatility models, with special regard to short-time and small noise formulae for option prices. Our main tool is the theory of regularity structures, which we use in the form of [Bayer et al; A regularity structure for rough volatility, 2017]. In essence, we implement a Laplace method on the space of models (in the sense of Hairer), which generalizes classical works of Azencott and Ben Arous on path space and then Aida, Inahama--Kawabi on rough path space. When applied to rough volatility models, e.g. in the setting of [Forde-Zhang, Asymptotics for rough stochastic volatility models, 2017], one obtains precise asymptotic for European options which refine known large deviation asymptotics.
Predicting Disaggregated CPI Inflation Components via Hierarchical Recurrent Neural Networks
Oren Barkan,Itamar Caspi,Allon Hammer,Noam Koenigstein
We present a hierarchical architecture based on Recurrent Neural Networks (RNNs) for predicting disaggregated inflation components of the Consumer Price Index (CPI). While the majority of existing research is focused mainly on predicting the inflation headline, many economic and financial entities are more interested in its partial disaggregated components. To this end, we developed the novel Hierarchical Recurrent Neural Network (HRNN) model that utilizes information from higher levels in the CPI hierarchy to improve predictions at the more volatile lower levels. Our evaluations, based on a large data-set from the US CPI-U index, indicate that the HRNN model significantly outperforms a vast array of well-known inflation prediction baselines.
Pricing the Information Quantity in Artworks
Lan Ju,Zhiyong Tu,Changyong Xue
In the traditional art pricing models, the variables that capture the painting's content are often missing. Recent research starts to apply the computer graphic techniques to extract the information from the painting content. Most of the research concentrates on the reading of the color information from the painting images and analyzes how different color compositions can affect the sales prices of paintings. This paper takes a different approach, and tries to abstract away from the interpretation of the content information, while only focus on measuring the quantity of information contained. We extend the concept of Shannon entropy in information theory to the painting's scenario, and suggest using the variances of a painting's composing elements, i.e., line, color, value, shape/form and space, to measure the amount of information in the painting. These measures are calculated at the pixel level based on a picture's digital image. We include them into the traditional hedonic regression model to test their significance based on the auction samples from two famous artists (Picasso and Renoir). We find that all the variance measurements can significantly explain the sales price either at 1% or 5% level. The adjusted R square is also increased by more than ten percent. Our method greatly improves the traditional pricing models, and may also find applications in other areas such as art valuation and authentication.
Principal Component Analysis and Factor Analysis for Feature Selection in Credit Rating
Shenghuan Yang,lonut Florescu
The credit rating is an evaluation of the credit risk of a company that values the ability to pay back the debt and predict the likelihood of the debtor defaulting. There are various features influencing credit rating. Therefore it is very important to select substantive features to explore the main reason for credit rating change. To address this issue, this paper exploits Principal Component Analysis and Factor Analysis as feature selection algorithms to select important features, summarise the similar features together and obtain a minimum set of features for four sectors, Financial Sector, Energy Sector, Health Care Sector, Consumer Discretionary Sector. This paper uses two data sets, Financial Ratio and Balance Sheet, with two mappings, Detailed Mapping and Coarse Mapping, converting the target variable(credit rating) into categorical variable. To test the accuracy of credit rating prediction, Random Forest Classifier is used to test and train feature sets. The results show that the accuracy of Financial Ratio feature sets are higher than that of Balance Sheet feature sets. What is more, Factor Analysis can reduce significantly the number of features to obtain almost the same accuracy that can decrease dramatically the time spent on analyzing data.In addition, we summarise seven dominant factors and ten dominant factors having effect on credit rating change in Financial Ratio and Balance Sheet respectively by utilizing Factor Analysis which can explain the reason of credit rating change better.
Recent Developments in Financing and Bank Lending to the Non-financial Private Sector
Alves, Pana,Blanco, Roberto,Mayordomo, Sergio,Delgado, Javier,Jiménez, Gabriel,Pérez Montes, Carlos,Arrizabalaga, Fabian
The COVID-19 pandemic has significantly altered the financing of the non-financial private sector. Financing of the self-employed and businesses has risen as a consequence of both the increase in demand, stemming from greater liquidity needs and from the perceived increase in refinancing risks, and the expansion of supply, stimulated by the introduction of public guarantee programmes and by the European Central Bank's policies on the provision of liquidity to credit institutions. In contrast, new lending to individuals has fallen, largely as a consequence of the deterioration in the macroeconomic outlook, which has reduced the supply and demand for credit in this segment. The adverse impact of the COVID-19 crisis on the credit quality of deposit institutions' portfolios is currently being mitigated by the measures taken by the economic authorities and the institutions themselves (in particular, the public guarantee programme and legislative and banking sector moratoria). However, non-performing loans have increased since the start of the pandemic, both in the case of lending to non-financial corporations and to households. The non-performing loans ratio of deposit institutions has, however, held steady since March, as the expansion in lending (the denominator of the ratio) has offset the increase in the volume of non-performing loans (the numerator).
Sovereign Debt, Default Risk, and the Liquidity of Government Bonds
Chaumont, Gaston
Secondary markets for sovereign bonds are illiquid because of trading frictions. I build a framework with endogenous illiquidity to study its implications on credit spreads and default risk. The model integrates directed search in secondary markets into a macro model of sovereign default. In equilibrium, Investors face a state dependent trade-off between transaction costs and trading probabilities that generates a time-varying liquidity premium. In the calibrated model, illiquidity increases with default risk and accounts for a sizable fraction of credit spreads - between 10% and 50%. Changes in trade flows significantly affect bonds' price and amplify credit spreads' volatility.
Tailwind and Headwind Bidding in German Takeover Offers â€" The Impact of Price Runups on Takeover Success
Schwetzler, Bernhard,Uhlenkamp, Lisa M.
Pre-bid target share price runups are increasing the cost of takeovers and thus are seen as a detriment for the efficiency of the market for corporate control. This paper investigates the three-way relationship of pre-bid runups, offer premia and takeover success with a sample of 324 takeover offers of German publicly listed companies from 2006 to 2019. Germany is of particular interest as the minimum offer price required by takeover law is the 3 month average stock price of the target (VWAP). Combined with price runups or rundowns be-fore the offer this regulation creates "headwind" and "tailwind" environments for the bid-der: In case of a runup, the stock price at the offer is higher than the VWAP and thus a positive premium on the VWAP may not be sufficient to create a positive premium on the current stock price ("Headwind"). If the pre-bid stock price decreases, the VWAP is higher than the current stock price and the legal minimum requirement automatically enforces a positive premium on the current stock price ("Tailwind"). This asymmetry in setting the of-fer price is hypothesized to additionally reduce the chances of an offer being successful.Our results support this hypothesis. While we document a general significant negative ef-fect of runups on takeover success we also show that the impact of the (VWAP) premium on takeover success is significantly higher in headwind than in tailwind environments. Our results further suggest that offer announcements in the German takeover market are pre-ceded by significant price runups and that these are only partly substituted by lower markups.
Tempered stable distributions and finite variation Ornstein-Uhlenbeck processes
Nicola Cufaro Petroni,Piergiacomo Sabino
Constructing \Levy-driven Ornstein-Uhlenbeck processes is a task closely related to the notion of self-decomposability. In particular, their transition laws are linked to the properties of what will be hereafter called the \emph{a-reminder} of their self-decomposable stationary laws. In the present study we fully characterize the L\'evy triplet of these a-reminder s and we provide a general framework to deduce the transition laws of the finite variation Ornstein-Uhlenbeck processes associated with tempered stable distributions. We focus finally on the subclass of the exponentially-modulated tempered stable laws and we derive the algorithms for an exact generation of the skeleton of Ornstein-Uhlenbeck processes related to such distributions, with the further advantage of adopting a procedure computationally more efficient than those already available in the existing literature.
The Impact of Informational Content of Intangible Assets on the Firm Performance: Evidence from MENA Countries Stock Exchanges
Alber, Nader,Barakat, Yasser
This paper attempts to investigate the impact of informational content of intangible assets on the firm performance. Informational content of intangible assets has been measured by "Current Site Rank" (RAN), "No. of Engagements on the Site" (ENG), "No. of Site Visitors" (VIS), "Change in No. of Site Visitors" (CIV), "Bounce Rate" (BOU) and "Change in Bounce Rate" (CIB), while firm performance has been measured by "Price to Tangibles Ratio" (PTR) and "Return on Assets" (ROA).This has been applied on companies listed in stock exchanges of 4 MENA countries (Egypt, KSA, Tunisia and UAE), on daily basis during the 4th quarter 2019 and 1st quarter 2020. Results indicate that "Price to Tangibles Ratio" seem to be affected by each of "No. of Site Visitors", "Change in No. of Site Visitors", and "Change in Bounce Rate". Besides, "Return on Assets" (ROA) may have been affected by each of "Current Site Rank", "No. of Engagements on the Site" and "Bounce Rate".
The Relationship between Investors Herding and Volatility (Evidence from Tehran Stock Exchange)
Shams, Shahabeddin,Golbabaei, Ali
This study examines the effect of Herding in different states (low, high and extreme volatility) in Tehran Stock Exchange during the years 2009-2013 using Chang et al. (2000) and Balcilar et al. (2013) models. In this survey, herding is tested under 3 market regimes. The results don't show evidence of herding in the market using a static model (Chang et al., 2000). So the dynamic model (Balcilar et al., 2013) was used to analyze Herding under 3 regimes in which our results support the presence of herding under 2 market regimes (high and extreme). The results also don't demonstrate evidence of herding behavior under the low volatility regime.
Why the HAF Is Not the Head of the Actuarial Function?
Ilsley, Mike,Richman, Ronald,von Rummell, Nicolai,Vigoureux, Edmond
In this paper we investigate the role of the Head of the Actuarial Function (HAF) and its implementation in the South African insurance market, two years after the passing of the new Insurance Act in 2017. We compare the current role in South Africa to actuarial roles in other jurisdictions and the prior statutory actuary role based on the Long-term Insurance Act. Based on an industry survey conducted by us, we highlight the differences in the interpretation and implementation of the role in different segments of the market. We discuss areas that have been problematic when embedding the HAF role in an organisation and investigate those from a professional, organisational and regulatory perspective. Based on this analysis we propose best practices for the implementation of the HAF role including a minimally compliant interpretation for smaller insurers and outline how the role can be interpreted, clarified or changed to achieve further improvements for the South African insurance market.


text:
http://www.discovernikkei.org/en/journal/2016/7/21/japanese-peruvian-chicago/
The Japanese Peruvian Community of Chicago
By Ryan Masaaki Yokota / 21 Jul 2016
Members of the Japanese Peruvian community of Chicago and their friends and family at a Japanese Peruvian Oral History Project event on April 25, 2015.
On a warm spring day last year, members of the Japanese Peruvian community filled the pews of the Church of Christ Presbyterian in Chicago not for church services, but instead to see the screening of a film and to hear an update from the Japanese Peruvian Oral History Project.
With some speaking Spanish in whispered conversations, the seeming incongruity of their Japanese faces and Spanish accents spoke to the reality of a World War II process that had caused the rendition of roughly 2,264 Japanese Latin Americans from their countries of origin to be imprisoned into multiple Department of Justice internment camps in the U.S. Approximately 1,800 of these internees had originated from Peru, with many settling in Chicago in the early postwar period.
Art Shibayama, now living in San Jose, California, but who had spent almost two decades of the postwar period in Chicago, exemplifies this experience, and the difficulties faced by many who ended up in Chicago from Peru.
Born in Lima, Peru in 1930, Art was only thirteen years old when he, his parents, and siblings were forcibly brought to the U.S. in 1943. At the time that his father was caught by Peruvian authorities, his grandparents had already been rendered by Peruvian authorities to the U.S. in early 1942.
In the process of being sent to the U.S., family separation and uncertainty typified the feelings of many Japanese Peruvians.
"Through the 21 days it took to go from Callao, Peru through the Panama Canal into New Orleans, I never saw my mother or the rest of my siblings," Art related. "We knew we were coming to the U.S. but we didn't know where or what was going to happen."
The U.S. government, seeking to use Japanese Latin Americans for prisoner exchanges with Japan, pressured Latin American countries to cooperate with the rendition program. Racism, anti-immigrant hysteria, political opportunism, and unfounded fears that the Japanese would form a "fifth column" informed Peruvian government collusion. Art's grandparents were caught up in these negotiations, and would eventually be repatriated to Fukuoka.
As Art noted, "My grandparents were used in one of the exchanges. So after they left Peru, I never got to see them again. By the time I went to Japan, they had already passed away."
For some Japanese Latin Americans, the internment process would extend past the formal end of the war, due to the complex legal status they received upon being brought to the U.S. Passports had been seized, and they had been classified as enemy aliens that lacked a proper entry procedure into the U.S. This meant that upon war's end, the U.S. government would consider them as illegal aliens, who would have to fight deportation hearings. The particularity of their legal status meant that many Japanese Latin Americans, as in the case of Art's family, had to continue residing at an internment camp in Crystal City, Texas.
"I was in camp for two and a half years, because we didn't get out until September 1946. This was because my dad still wanted to go back to Peru, and the Peruvian government wouldn't take us back, but we had no place to go, so we had to stay in camp."
Options in the postwar period were scarce, and were complicated by the fact that internees needed a guarantor in order to be "paroled" from the camps. For many Japanese Peruvians, Seabrook Farms in New Jersey, one of the largest frozen food and packing plants in the country at the time, served as an economic guarantor that provided an opportunity to leave the camps, though conditions were often harsh and demanding.
As Art notes, "Seabrook was just like camp except we didn't have a fence around us or guards. When we went to Seabrook my mother was pregnant and my father had a hard time feeding a family of six kids so I had to get special permission to go to work. So I didn't go to school. And since I didn't speak English, I had a heck of a time communicating with other people, even Nisei, because the Nisei didn't speak Japanese."
Resettlement in Chicago
Seeking better options, many of the Japanese Peruvians would eventually try to secure jobs and security elsewhere, and one of the more promising locations was Chicago. Kichō Yoshiya would be one of the first Japanese Peruvians to leave for Chicago in December 1947, and in January 1948 he was joined by Kunio Takeshita, Saburō Ushida, and Shūhei Katsurō. These early migrants would then help to secure jobs for others, leading to many more families moving to Chicago.
"My friend had some people he knew from camp who went to Chicago," Art related, "So that's how we moved to Chicago. You know in those days a lot of people went to Chicago from camp. Instead of coming back to California, they came to Chicago because jobs were available in those days."
Art would move to Chicago in 1950, joining the roughly 20,000 Japanese Americans whose ranks had swollen in the immediate postwar period. His father started working at a dry cleaner business, and later managed apartment buildings. Art started working at a carbon paper company in its warehouse, and reached the manager level before being shocked by a letter he received in the mail.
"In 1952 I had a nice invitation to join the army. Can you believe that? I got a draft notice. Here I am an 'illegal alien,' I was fighting deportation with an enemy alien status associated with my name, and then they send me a draft notice. Because they were trying to deport me, I thought I'd better go, so I joined the army."
Art would eventually be sent to Europe, and serve as a typist for a medical branch of the military. Due to the need to get clearance to handle secret documents, the warrant officer on duty tried to resolve Art's issues with the immigration office but was unable to do so. Later while in Chicago, changes in the immigration laws enabled him to get his green card, by a maneuver that involved him temporarily leaving the country in order to get an official legal entry status.
In Chicago, Art would find work as an auto mechanic at the Kawell-Walker Ford dealership on Chicago Avenue, a shop that was sympathetic to Nisei workers, hiring Nisei as eight of the ten mechanics working there. Later, he worked at the Hoskin Chevrolet dealership on Irving Park and Damen, which he stayed with in their move to Elk Grove Village in 1968. Two years later, Art would eventually move to California, where he remains today, though his two brothers continue to live in Chicago.
On January 27, 1968, the Japanese Peruvian community in Chicago reached a new level of organization, with the founding of the Chicago Peru-kai in Wilson Village by Kuniyoshi Matsuda, Kunio Takeshita, and Seiichi Higashide. Elections for leadership positions were to follow roughly one month later. According to Seiichi Higashide, the goal of the Peru-kai was to transmit the story of wartime internment to their kids and grandkids, and was borne out of a wish to build linkages for the next generation.
Primarily a social club, Art recalled that "every other year we used to have a reunion and we went to different places like Las Vegas."
Though this organization continued to exist for several years it would eventually dissolve, though loose networks continue to remain. Meanwhile the Japanese Peruvian community has grown to welcome newer migrants who came to the U.S. in the postwar period.
Japanese Latin American Redress Efforts
Members of the Japanese Latin American community were part of the groundswell of community activists that pushed for redress from the U.S. government and which became particularly active in the 1970s and early 1980s. Community members such as C. Harvey Gardiner, Seiichi Higashide, Eigo Kudo, Elsa Kudo, and George Fujii would testify on behalf of Japanese Peruvian redress at the September 22, 1981 Commission on Wartime Relocation and Internment of Civilians hearings in Chicago.
The 1988 Civil Liberties Act, which issued a formal apology and $20,000 in reparations to living Japanese American former internees, raised hopes that the U.S. government would at last acknowledge the wrongs of the wartime period. Japanese Latin American expectations were dashed, however, when they would be excluded from the settlement on the basis of their "illegal alien" status at the time of internment.
Lobbying efforts in 1993 and 1994 to Washington DC seeking inclusion of Japanese Latin Americans in the redress bill would eventually come to naught, and activists like Grace Shimizu, daughter of a Japanese Peruvian former internee, would help spearhead the Campaign for Justice, formed in 1996 to obtain redress and an apology for Japanese Latin Americans. The Mochizuki vs U.S. lawsuit that was at the center of the Japanese Latin Americans' campaign resulted in a controversial out of court settlement which included an apology and only $5,000 in restitution to living Japanese Latin American former internees.
And yet for some Japanese Latin Americans like Art, the inequity in this redress settlement was particularly galling.
"The apology letter that my wife received has the White House stamp on it and the letter looks legal," Art said, in referring to the redress his Japanese American wife had received. "And yet the Clinton-signed letters for the Peruvians don't even have the stamp on that. So it just looks plain, like it could be anybody's letter."
Stung by the fact that the redress provided to Japanese Latin Americans diminished their suffering in comparison with the Japanese American community, Art, his two brothers, and fourteen other Japanese Latin Americans filed suit in the U.S. District Court seeking equality in reparations, though the case was dismissed in 2002. Art's lawyers have continued to pursue legal action with a petition to the Inter-American Commission on Human Rights to hold the U.S. government accountable for failing to provide redress for war crimes and for crimes against humanity perpetuated against their families, though a decision on this case has remained pending for the last thirteen years.
Even beyond the goal of achieving equitable redress for Japanese Latin Americans, Art continues to speak out about the injustice of the internment process and the need to keep the lessons of this history alive.
In referring to the wartime internment of Japanese Latin Americans, Art's message for future generations remains clear.
"Something like this shouldn't happen. If something like this happens to you, you have to fight it, not just stay quiet and let people do whatever they want, like putting us in camp like that. You have to speak up."
Update from the Campaign for Justice:
Time is of the essence to secure proper acknowledgment and redress from the U.S. government and to document and preserve the family stories of the Japanese Latin Americans and the history of this wartime experience.
The redress struggle continues as we press the Inter-American Commission on Human Rights (IACHR) to give expedited treatment to the Shibayama petition due to the age and health of the petitioners. We want the IACHR to make a positive ruling in favor of the Shibayama brothers by 2017.
The Uncovering Hidden History: The WWII Internment of JLAs Digital Museum Project will showcase oral histories, photos, documents, and research to make the Japanese Latin American wartime and redress experience accessible online to anyone around the world in three languages (English, Spanish, and Japanese). The interactive digital museum will be complemented by a nationwide discussion program to foster dialogue and draw lessons from this past to better meet challenges to our civil and human rights in the present.
Please contact jlacampaign@gmail.com for more information.
藤井 寮一 (Fujii, Ryōichi). シカゴ日系人史 (Shikago Nikkeijin Shi – A History of Chicago Nikkeijin). シカゴ (Chicago): シカゴ日系人会 (Japanese American Association of Chicago), 1968.
伊藤 一男 (Itō, Kazuo). シカゴ日系百年史 (Shikago Nikkei Hyakunenshi – A Hundred Year History of Chicago Nikkeijin). 東京 (Tōkyō) : シカゴ日系人会 (Japanese American Association of Chicago); 日本発売所 PMC出版株式会社 (Nihon Hatsubaijo PMC Shuppan Kabushiki Gaisha), 1986.
The Shizuko Sue Lofton Papers at the Japanese American Service Committee (JASC) in Chicago, Illinois.
Notes: Names are listed in the U.S. style, with first names preceding family names.
© 2016 Ryan Yokota
Art Shibuyama camps chicago community grace shimizu japanese latin american redress japanese peruvian Japanese Peruvian Oral History Project oral history peru post-war redress resettlement Seabrook Farms Seiichi Higashide World War II
Ryan Masaaki Yokota
rmyokota
Ryan Masaaki Yokota is a Yonsei/Shin-Nisei Nikkei of Japanese and Okinawan. Currently he works as the Development and Legacy Center Director at the Japanese American Service Committee in Chicago, IL, and also teaches as an adjunct instructor at DePaul University. He received his Ph.D. in East Asian-Japanese History at the University of Chicago, and his M.A. in Asian American Studies at UCLA. He is directly descended of a great-grandfather who was incarcerated in the Japanese American Concentration Camp at Rohwer, Arkansas during World War II. Additionally, his grandparents and father survived the nuclear bombing of Hiroshima.
His academic publications include a recently published book chapter on Okinawan autonomy movements, an article on Okinawan indigenousness, a book chapter on Okinawan Peruvians in Los Angeles, an article on Japanese and Okinawans in Cuba, and an interview with Asian American Movement activist Pat Sumi. He is a founder of the Nikkei Chicago website, which highlights untold stories of the Japanese American community in Chicago.
Updated February 2018
JASC Partners With Alphawood Gallery on "Then They Came For Me;" Largest JA Incarceration Exhibit Ever in Midwest
Chicago Community Commemorates 2017 Day of Remembrance and 75 Years Since E.O. 9066; Over 700 People Attend Weekend of Arts and Youth Programming
Nikkei Uncovered: a poetry column

redpajama_set_name: RedPajamaCommonCrawl


Standing 6'6″ and 330 pounds, RS sophomore offensive lineman Jake Curhan looks to keep this Cal offense steady and upright. This past season as a freshman, he started all 12 games at right tackle. He helped quarterback Ross Bowers and running back Patrick Laird to solid seasons and looks to continue that in the 2018 season. The entire offensive line is back which should ease some of the load off of Curhan. However, he will still need to continue to block at a high level individually if the offense is to exceed the previous season.
Our expectations are that he should be the best offensive lineman on this roster. He will continue to open holes for Laird. He should also keep the pocket clean long enough for Bowers to make plays. As long as Curhan can do his job and keep defenders at bay, he should put his teammates in position to excel.
His NFL draft stock will be a little bit tougher to judge in terms of success. This will be a defensive line-heavy draft, with other skill position players being taken in the early rounds. While there will be offensive linemen, more than likely, being taken in every round, Curhan's name will probably not be called early on if he decides to declare.
My expectation right now is that his name will be called somewhere in the mid-late rounds (mid 5th – late 6th). While it does not help his case playing for a mid-level team like CAL, his on-field play should help. Scouts will notice his skill and strength, which will help him later on.
With all of that being said, the best option for Curhan may be to stay another year in Berkely to add to his college resume. While right now he is considered day two or three prospect, waiting to declare until 2020 may allow him to squeak into the first round. Especially if he ends up replacing Patrick Mekari at left tackle after Mekari graduates.
All things considered, his draft ceiling should rise if Cal can have an all-together more successful season with Curhan's help. Stay tuned, we have only reached the middle chapters of this story.
View more great sports content at Sports Al Dente.


The Texas Center for the Book is seeking qualified non-profit organizations that have made outstanding contributions to increasing literacy in Texas for the 2018 Texas Center for the Book Literacy Award. The winning organization will receive a $1,000 cash award to assist in its future work promoting reading and combating illiteracy. Additionally, an honorable mention recipient will receive $500.
The award provides public recognition to 501(c)(3) organizations committed to addressing the continuing need for literacy services and that increase public awareness of the importance of literacy. In order to be eligible, the primary purpose of the nominated nonprofit organization must be to support and encourage literacy. Organizations may self-nominate for the award or nominate partner nonprofit organizations.
The nomination period for the 2018 Literacy Award is from June 1, 2018, through September 1, 2018. The 2018 Literacy Award winner will be announced during the Third Annual Texas Author Summit; kicking off the Texas Book Festival on Oct. 25, 2018.
While this award promotes partnerships with libraries, please note that library friends organizations, public libraries, school and academic libraries, and other library entities are not eligible for nomination. These entities are encouraged to nominate literacy organizations within their local and/or regional communities.
For more information on other Texas Center for the Book initiatives, visit www.tsl.texas.gov/centerforthebook.
All nomination forms become the property of the Texas State Library and Archives Commission and may be used in whole or in part in informational or educational materials. The winning organization must provide documentation proving 501(c)(3) status.
This award is made possible by the generosity of David M. Rubenstein and the Library of Congress.


text:
Want to Resell Turnkey VoIP Services? Best Phone Info for Clients
If you're someone who's interested in reselling turnkey VoIP services, now is a great time to do so. And although you're probably ready to get started as soon as possible, it's highly recommended that you do a little research first. There's a lot to know when it comes to VoIP technology, as well as a lot to know when it comes to the new phones and various types of phone systems that are available for businesses these days.
And it's also important that you fully understand what you're up against before making the commitment to be someone who resells turnkey VoIP services. Mainly because right now there's a lot of growing interest from both small and medium-sized business owners who are looking to update their current business communication system to one that utilizes VoIP technology, and they're going to want someone who can be responsible for helping them make a lot of important decisions.
Turnkey VoIP Services
Now that turnkey VoIP services are available for anyone who's interested in utilizing these high-tech communication services (due to lowering costs), more and more business owners are looking into how VoIP services can help them run their business more efficiently. Running a business as efficiently as possible is important due to the huge amount of competition business owners face these days. And that's why smart business owners are looking for the best VoIP reseller who can answer any and all of the questions they have about integrating VoIP technology into their business.
Best Phone Info for Clients
Because the high majority of business owners who are looking to update their current (and quickly becoming known as out-of-date!) business communication system, it's highly likely that they're going to ask about any and all new phone technologies that are available that can help them take their business to another level. If you're someone who's interested in being the absolute best VoIP reseller possible, then you're going to have the answers they're looking for.
You can start by letting them know that when they upgrade their current business communication system to one that uses VoIP technology they're immediately going to have access to a number of highly beneficial features. Then the first thing you need to ask them is how many phone lines they're going to need. The majority of VoIP phones are able to accommodate up to four lines, although there are many more options available. Next, let them know about some of the more popular features that are available to them now because they're updating to using new and improved VoIP technology.
And if there's a need for a variety of phone lines, whether it's for different office locations or for many employees, there's a number of different types of phones available, which means that you can buy a specific type of phone for a specific type of purpose. For example, you can find VoIP phones that are specifically made for the conference room (excellent sound quality), for high-end executives (includes video cameras, headsets) and/or for the front office (basic system for answering and transferring incoming calls). Nice!
Want to Resell Turnkey VoIP Services?
If you're someone who's truly interested in being the best VoIP reseller you can possibly be then we invite you to contact us today. Our professional staff here at White Label Communications is made up of people who know how rewarding the reselling VoIP industry can be and therefore we all truly want to help you succeed! The majority of small and medium-sized business owners are still looking for the best VoIP reseller to help them update their current business communication system, which means that the sooner you can make the decision on whether or not you want to be the best VoIP reseller, the better.
Image courtesy of Stuart Miles/FreeDigitalPhotos.net
The Best Business VoIP Reseller Programs Offer the Best Support
Resell Private Label Cloud VoIP and Help SMBs Thrive!
Best VoIP Reseller Programs Let You Write Your Own Reselling Future
Why Resell VoIP Services? Why Start Your Own White Label? Top Reasons
Our VoIP Reseller Program Helps You Think Outside the Box
Those Who Resell VoIP Systems Can Help You Find Your Way
Need a New Career for 2015? Private Label VoIP Programs are Available
Turnkey Phone Systems are Available Now. Do You Need One?


text:
Q: Check if a cell is a valid standalone module I'd like to be able to export the contents of some cells programmatically, but before doing so I'd like to check if the cell would run as a standalone python module/file.
Is there a way of quickly executing a cell via the API in a blank/fresh context to check if it would run by itself?
The manual version of this process for reference is to copy the contents of a cell into a new python file, then run it with python newfile.py and eliminate the NameErrors one by one.

A: The best I can think of is to mess with the globals() object. That's where all top-level names are stored. You might be able to do something like this (I haven't tested it):
# top of code, to get clean globals
from copy import copy
original_globals = copy(globals())
del original_globals["copy"]

... # misc code

# now you want to check if it would work standalone, so set globals to original state
new_globals = copy(globals())
for name in new_globals:
    if name not in original_globals:
        del globals()[name]

... # do something standalone

# reset global state
for name, value in new_globals.items():
    globals()[name] = value

Not foolproof by any means (e.g. if you redefine a global like sum, but that's a bad idea generally anyway), but it should catch most what you're looking for. I would also look into implementing this feature as a context manager, so you could make it as simple as:
with restore_initial_global_state():
    ... # do something standalone

redpajama_set_name: RedPajamaStackExchange


Frosty might be made of cold snow but he has a warm heart! This adorable three piece set features The smiley snowman himself, a scandinavian style heart with a snowflake design and an adorable gingerbread house cute enough to eat!
Gift boxed, hand cast pewter, made in the USA.


Marbled Ceramic Collection - Nom Living – Tagged "jugs"
This beautiful collection brings together the classic look of marbled pottery with a wonderful contemporary twist. These pieces are created using two different colour clays, mixed by hand, resulting in truly unpredictable marbled finishes. No two items will ever be the same, each owning a pattern unique to itself. Our collection features a full dinnerware set, serving accessories and coffee and tea-ware, our contemporary interpretation of classic blue and white porcelain.


text:
Fons Hickmann
Designer and Professor, Apartment & Agency, Kreuzberg, Berlin
12 12 Jun 2013
Interviews > Fons Hickmann
Situated within the very heart of Kreuzberg 36, Mariannenplatz has been somewhat of a leftist pilgrimage destination. The former Bethanien hospital not only became part of German pop history as the Georg-von-Rauch-Haus, but also stands as an exemplary memorial for the Berlin's societal upheaval after 1968.
Today the area between Moritzplatz, Görlitzer Bahnhof, and Landwehrkanal attracts a diverse population of people from all around the world, who want to participate in shaping their own future environment. Graphic designer and professor Fons Hickmann is no exception. Fons lives and works inside a red brick building at Mariannenplatz with an eclectic mix of neighbors that include his agency 'Fons Hickmann M23'.
Before moving in twelve years ago, the building housed a Turkish mosque. Shortly after moving in, the prayer rugs were replaced with his children's hamster cage. The lower floor was turned into the agency where Fons' unique conceptual perspective to design, based on his academic background in literature and philosophy, helped develop its strong reputation. It is not all work, however; as and importance is placed on both professional duties and a healthy dose of competitive ping-pong. This highly regarded designer is also one of the most likeable.
This portrait is part of our ongoing collaboration with FormFiftyFive who present a special curation of our pictures on their site here.
How long have you been living at Mariannenplatz?
I have had my office m23 for twelve years in this house and have lived with my kids here for two years now. Our neighbours are a great mix of people. Above us lives a painter, beneath we have a landscape architect, and there is a a flat share under the roof. Before, and this is an actual true story, a man used to live there with his goat. He would take it down every morning to Mariannenplatz so it could have some grass. During the summer, we also grill on the roof.
What was this building's prior function?
The atelier used to serve as Turkish mosque. When I visited this building for the first time oriental carpets were hanging everywhere, the walls were panelled with green plastic wood, and the bathrooms only had foot bath basins.
Do you have a favourite piece of furniture or object in your flat?
I really like my action figurines. The salamander figures come from the shoe store of my parents. As a child I used to play with them in the shop windows. My books are also really important to me, both literature and novels. Books change over the years, they live! Even the stories of a book alter, the content always changes. Just like Heraclitus said, one couldn't step twice into the same river; for the other waters are ever flowing on to you.
Can you tell us about your journey as a designer that turned you into what you are today?
I don't consider myself as a designer. I also studied philosophy which still influences me today. During my studies I mainly did artistic work, even though I couldn't truly handle the etiquette of art and design. I did my diploma under a painter, Dieter Glasmacher. This man put an immense amount of life into his teaching. He showed me the true importance of passion in work and that one should be willing to burn for it. In the end the medium of expression didn't matter – I still don't know how to paint. However, the work needed to express an idea. Something you feel or something that shows a bridge between heart and brain. I underwent this journey until I understood that design was best for my expression. It was so beautiful to realise that people understood what I did. The idea that design is not something hermetical but should communicate with words and prove its relevance. Of course, Uwe Loesch also influenced me greatly, under whom I studied in Wupperal. Still to this day he is one of the smartest designer celebrities that I know. That's how I became a designer.
In which moment do you realise that your job as a designer influences your private life?
All the time. I don't know when the borders between private and professional life intertwined. Perhaps it has something to do with the fact that there are people who live their work and I am just one of them. This influence goes in both directions and I have no idea why.
Tell us about your table tennis passion.
I started playing table tennis during my years at University of Applied Arts of Vienna. There was a table tennis table by the design agency Walking Chair. The net in the middle would spin, which sparked my instinct to play. Just like that we would practice regularly.
Which clients are you favourites?
I really appreciate clients from the cultural and social sector. Semperoper, theatre festivals, music labels, Amnesty International… it is a great gain to work with cultured people who respect and understand what we do. It was a hard road to be where we are now, to be able to choose who we want to work for. But the work was worth it and continues to be. Working with equally respected clients means that both sides will profit, be feared, and will learn from each other. For me it is very important to work with people I like. This is a good idea: never work with assholes.
So you are a AFC – Asshole Free Company?
I never heard that expression – is that a standard term?
I recently learned that at a talk with Michael Politzer in Hamburg.
It certainly makes sense. One wants to work with people who it also would be great to get a beer with and who are able converse about other things than work. One needs to work with people who will bring along life and have something to say, and who don't pretend that life is just a paroxysm of joy lacking any kind of problems. I am interested in those who have experienced ups and downs and are able to admit to them.
I was always good at combining sport and work, which also led to the eventual act of playing soccer in the lecture hall. It started with a handful of students, a softball on two tables as goals. At the end, an event with the entire university and half of Vienna came into existence. Every summer I organised a soccer tournament which would last an entire day.
How and when did you come to Berlin?
It was 2000. I studied in Düsseldorf, then I received an invitation to be a guest professor in Dortmund, I was accepted for an lectureship in Essen, and then I essentially went to Vienna for art. Back then, I was 32 years old. I was naive and went in a relaxed sport-outfit to the interview. I had no idea what it would mean to study at one of the best schools in Europe. When the kids arrived, it became too exhausting to fly back and forth. That constant AC on planes, the dry air – that is pure hell. Nowadays I hate flying. So I decided to fully concentrate on Berlin and go to UdK.
What does it mean to you to pass on knowledge?
I love to teach, something I have started at an early age – I have been a professor for twelve years and before that I had lectureships. So I never really left university and my teachings have taken me around the world.
The teacher is the one who speaks, it doesn't matter who has the word at that moment – that was my philosophy. We all sit in a circle and everybody is equal. Every week everybody informs each other which later on will be talked and discussed about. I present these rounds and give impulses. Here, my experience is a great help as I continue working as designer while teaching.
I also receive a lot of input and realise the students' concerns and needs. Design is a process that doesn't know how to stand still. Next to music, design is the most direct contemporary form of expression.
What do you appreciate nowadays in Berlin?
People not only come here to work but to manifest themselves. There is work in Berlin, but the pay is miserable and the creative scene hinders itself. So there must be something else that makes Berlin so attractive. I think there is great space for tolerance in regards to choices that won't be judged. Berlin offers the freedom to be how you want to be.
Thank you Fons for sharing insights into your life and working philosophy.
You find a complete overview on all recent projects on Fons' agency website m23 here.
This portrait is part of our ongoing collaboration with ZEIT Online who present a special curation of our pictures on their site. Have a look here.
Photography: Luke Abiol
Text: Sarah Weinknecht
Interview: Frederik Frede


text:
SBIA Applauds House Passage Of Bipartisan Bill to Drive More Capital to Domestic Small Businesses
FOR IMMEDIATE RELEASE CONTACT:
Catherine Kuerbitz
Small Business Investor Alliance
press@sbia.org
WASHINGTON, D.C. (July 17, 2018) – The Small Business Investor Alliance, the leading association of lower middle market private equity funds and investors, applauds House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Ranking Member Maxine Waters (D-CA) on the House passage of the bipartisan Jobs and Investor Confidence Act , which includes language from H.R. 2364, the Investing in Main Street Act and H.R. 79, the Helping Angels Lead our Startups Act. Frequently referred to as 'Jobs Act 3.0', the bill is comprised of a package of 32 bipartisan bills focused on driving investment and promoting capital access for small businesses, all of which had previously passed the Committee or full House with substantial bipartisan support. The measure passed the House of Representatives today by a vote of 406-4.
Chief among the included measures is H.R. 2364, the Investing in Main Street Act, which increases the percentage a financial institution can invest in a Small Business Investment Company (SBIC) while maintaining robust oversight to unlock additional growth capital for domestic small businesses and preserving important protections . The measure was introduced by Representative Judy Chu (D-CA) and cosponsored by Reps. Steve Knight (R-CA) and Grace Meng (D-NY). It passed the House of Representatives by a unanimous vote in July 2017.
"Capital access is a challenge felt by small businesses nationwide. The SBIC program supports small businesses and entrepreneurs so they can do what they do best — create jobs and grow the American economy," said SBIA President Brett Palmer. "Thanks to the bipartisan work of Chairman Hensarling and Ranking Member Waters, the inclusion of the Investing in Main Street Act is a key first step toward increasing the amount of growth capital available for investment in domestic small businesses."
Anchoring the Jobs Act 3.0 legislation is H.R. 79, the Helping Angels Lead Our Startups (HALOS) Act, which provides clarity for early stage businesses through its definition of "angel investor groups" and eases restrictive burdens on individuals seeking to invest in startups. Current rules inhibit the introduction of accredited investors and fund managers with startups, entrepreneurs
and other small business investment opportunities, harming economic growth and job creation in the United States. HALOS introduces a modest change to improve the process of raising investment capital under the securities laws and advance the ability of third party organizations to connect investors with small business investment opportunities.
SBIA has worked with Chairman Hensarling, Ranking Member Waters and bipartisan Members of Congress from the Small Business and Financial Services Committees to create a pro-small business regulatory environment. The passage of Jobs Act 3.0 will increase the amount of capital available for investment into domestic small businesses nationwide and will allow SBIA's membership to continue supporting America's entrepreneurs with less regulatory burden. SBIA looks forward to working with the Senate Banking Committee to encourage the bill's swift advancement to the President's desk.


Please review our Payments & Refunds information. Please don't hesitate to contact us with any questions you may have.
NWIC Inc. accepts online payments by Visa, MasterCard or American Express over a secured SSL web-portal.
Accounts will not be activated or reactivated without prior approved payment.
All fees and renewal fees are due on the 1st of the month. Your first month will be pro-rated for the remaining days of the month.
Incomplete, incorrect or questionable signup information can result in an account NOT being activated or renewal fees not being accepted.
Any losses or expenses experienced by the Customer, due to actions taken by NWIC Inc. Inc. in response to Customer non-payment, are not the responsibility of NWIC Inc. Inc.
By purchasing NWIC Inc. Inc. services, you are agreeing to allow NWIC Inc. Inc. to place your account on a recurring payment plan. The account will automatically be re-billed according to the terms of the plan you select.
You grant NWIC Inc. Inc. permission to charge your credit card for any and all services you request and any renewals thereof.
If NWIC Inc. Inc. is unable to process a payment for your plan by its due date we may immediately, and without notice, suspend your account by disabling service features in whole or in part. Any such suspension will continue until payment is successfully processed. Furthermore, in the event your account has been placed in suspended status for non-payment, NWIC Inc. Inc. may permanently disable service features and terminate your account on written notice of thirty (30) days. NWIC Inc. Inc. may issue such notice by sending an e-mail message to the registered e-mail address associated with your account.
Other than for your failure to comply with the applicable EULA, NWIC Inc. Inc. will use commercially reasonable efforts to make your Data available for you to download for a period of seven (7) days after account termination. NWIC Inc. Inc. has no obligation to provide you with a copy of your Data and may remove and discard any backup data.
It is a violation of this Agreement for you to misuse or fraudulently use credit and debit cards. A determination of such misuse or fraudulent use shall be at the sole discretion of NWIC Inc. Inc. Further, NWIC Inc. Inc. may report all such misuses and fraudulent uses (as determined by NWIC Inc. Inc in its sole discretion) to appropriate government authorities, credit reporting services, financial institutions and credit card companies.
You are free to cancel your account at any time. Similarly, NWIC Inc. Inc. reserves the right to cancel any account at any time, for any reason, including, but not limited to, a breach of this Agreement or the EULA.


You may be wondering what your initial visit to my office will be like. At Anderson Chiropractic Clinic in Sacramento, our mission during your first visit is to get to know you, and figure out the true nature of your problems. If it is a problem that can be helped with chiropractic, we will give you a practical no-nonsense care plan.
If your problem looks more serious, or if related problems are identified that require a referral to another provider, you will receive a referral and recommendations.
Like other health care providers, you'll find Anderson Chiropractic Clinic in a professional office setting. It's very comfortable. I know that not all chiropractors practice alike, but I can share what my procedures are. I have carefully refined them over the past twelve years and make use of the best tools of the trade I can find.
My assistant will greet you when you come in and explain the few forms that are necessary. These provide the foundation for your case and family history. Then I'll personally consult with you and ask a number of questions to get to know you and your concerns better.
I also take the time for "show and tell" with spine models, posters, etc., and explain what it is I will be looking for during the examination and what you can expect from chiropractic care.
For your Sacramento chiropractic examination, we have you change into a gown that exposes your back. Your vitals will be checked. During the comprehensive examination you will be asked to turn and bend, your posture will be checked, your reflexes, sensation and strength will be tested, and a number of orthopedic and neurologic tests may be performed as well. Your feet, knees and hips may be examined.
Additionally, the function of your wrists, elbows and shoulders may be assessed, depending on your conditions. As a chiropractor, I specialize in determining the functionality of your joints, particularly those of your spine. They should have a certain "feel" in regards to alignment and motion.
Lastly, based on the history and examination findings I often utilize x-rays to really hone-in on the structural problems. They can reveal underlying pathologies and can pinpoint your stage of what is called subluxation degeneration or osteoarthritis. These images are very helpful for creating a program of care to begin stabilizing and correcting your problem.
When you consult with me or any other provider, you enter into a unique partnership. Your current health is the result of your habits, your thoughts, your actions, and all the circumstances of your life. Little can be done about the past, but we're here to help you with the future. It is truly a teamwork approach.
Your program of care is based on your age, condition, lifestyle and unique spinal problems. It will include specific chiropractic adjustments to restore normal ranges of motion and function to your joints and nerves. It may include decompression of your discs with the Vertebral Distraction Pump. It may also include in-office therapy such as electrical muscle stimulation to relax tight muscles or gentle intersegmental traction, also called the "roller table" to relax the joints in your spine. You may be given a gel pack for home therapy pain relief.
Your plan will likely include general nutritional supplement recommendations such as glucosamine sulfate, Omega -3 essential fatty acids, or Juice Plus. It's much easier for the body to strengthen and heal if the right raw materials, vitamins and minerals are available to the cells of your body.
Additionally, your Sacramento chiropractic program of care may involve specific exercises or stretches and/or postural retraining with a home exercise device, an exercise ball, or perhaps a Posture Pump. A number of other wellness products and services may be recommended as well. Lastly, your examination may reveal that your feet have challenges that contribute to your pelvic and spinal dysfunction. For these we can prescribe truly custom orthotics.
I look forward to meeting you. You will be treated like family.


text:
Kropz PLC Elandsfontein update
24 Octobre 2022 - 08:00AM
RNS Number : 7719D
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Elandsfontein update
Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, provides an update on the delays in the ramp-up of operations at Kropz Elandsfontein (Pty) Ltd ("Elandsfontein"), as announced on 9 August 2022, which reported delays to ore variability in the current mining area.
Mining Variability
Previous geological modelling identified 'phosphorite' as a compact material present in the otherwise sandy resource. The 2018 resource model, as described in the 2018 Competent Person's Report, estimated that the relative proportion of phosphorite to semi-consolidated material was <8%.
As announced on 9 August 2022, higher than anticipated volumes of compact material were uncovered in Pit 1. The previous geological modelling had described the hard bank material as lenses, however, excavation in the pit in June and July 2022 revealed undulating slabs, rather than discontinuous lenses. The compact material was subsequently redefined as 'hard bank'.
In September 2022, following the re-logging of historical cores, Elandsfontein's independent geological consultants remodelled the resource using an implicit modelling function. They also included the drilling results of closely spaced infill drilling which took place in late 2021 and the most recent results from the current 2022 infill drilling programme. Although higher volumes of the hard bank were present, the initial updated model indicates that there is sufficient sandy ore available within Pits 1 and 2 to support mining and processing activities until at least the end of 2023. Further drilling work, to be completed, is expected to support the longer-term mining plan. The updated modelling also indicates that Pits 1 and 2 contain approximately 12% hard bank. While the initial slab of hard bank, uncovered in July 2022, was contrary to expectations based on previous work, the revised volume of hard bank does not appear to differ significantly from the previous modelling.
The geological interpretation of the occurrence of the hard bank is still work-in-progress and will be supplemented by additional drilling. Mineralogy can confirm whether the hard bank is a post-formation event, which would assist in further refinement of the model. Geophysical methods are being investigated as an alternative to drilling to further improve the interpretation of the extent of the hard bank material. Alternative mining methods are also being investigated.
Independent geological consultants have been commissioned to provide an updated Mineral Resource Estimate, to confirm the confidence levels in terms of grade, contact elevation, physical properties and continuity. This is expected to be finalised in late 2022 pending the outcomes of the ongoing 2022 infill drilling programme.
Update on ramp-up operations at Elandsfontein
Elandsfontein continues to make progress during its ramp-up phase and has moved to a revised shift cycle, which has shown improved plant performance. Although optimisation at the plant is still ongoing, there have been meaningful improvements in the plant running times, leading to improved plant stability over the past eight weeks which has contributed to increased concentrate production. Elandsfontein is building up stock for its first bulk sale, expected in late 2022. At the date of this announcement, 18,500 tonnes of phosphate rock concentrate were in stock at the Saldanha Bay storage facility.
Kropz Plc                       Via Tavistock
+44 (0) 207
Mark Summers (CEO)               920 3150
Grant Thornton UK LLP           Nominated
George Grainger                +44 (0) 20
Ciara Donnelly                  7383 5100
Andrew Chubb                    +44 (0) 20
Ernest Bell                     7907 8500
Tavistock                       Financial
PR & IR (UK)
Nick Elwes                      +44 (0) 207
Jos Simson                      920 3150
Emily Moss                      kropz@tavistock.co.uk
R&A Strategic Communications    PR (South
Africa)
Charmane Russell                +27 (0) 11
UPDMBBATMTJTBFT