...Foundations and Trends R in Finance Vol. 4, No. 4 (2009) 247–325 c 2010 V. V. Acharya, T. Cooley, M. Richardson and I. Walter DOI: 10.1561/0500000025 Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009 By Viral V. Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter Contents 1 Introduction 2 How Did We Get There? 2.1 2.2 2.3 The Panic of 1907 and Its Aftermath Bank Competition, Financial Innovation and Risk-Taking in the Last Decades of the 20th Century Risk-Taking Incentives of Financial Institutions 249 253 253 258 264 3 The New Banking Model of Manufacturing Tail Risk 4 Alternative Explanations of the Financial Crisis 5 Conclusion A Appendix: Tail Risk in the Rest of the World References 273 292 311 314 320 Foundations and Trends R in Finance Vol. 4, No. 4 (2009) 247–325 c 2010 V. V. Acharya, T. Cooley, M. Richardson and I. Walter DOI: 10.1561/0500000025 Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009 Viral V. Acharya1 , Thomas Cooley2 , Matthew Richardson3 and Ingo Walter4 1 2 3 4 Stern USA, Stern USA Stern USA Stern USA School of Business, New York University, New York, NY 10012, vacharya@stern.nyu.edu School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, Abstract We argue that the fundamental cause of the financial crisis of 2007–2009 was that large, complex...
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...MEDIEVAL WEAPONS Other Titles in ABC-CLIO’s WEAPONS AND WARFARE SERIES Aircraft Carriers, Paul E. Fontenoy Ancient Weapons, James T. Chambers Artillery, Jeff Kinard Ballistic Missiles, Kev Darling Battleships, Stanley Sandler Cruisers and Battle Cruisers, Eric W. Osborne Destroyers, Eric W. Osborne Helicopters, Stanley S. McGowen Machine Guns, James H. Willbanks Military Aircraft in the Jet Age, Justin D. Murphy Military Aircraft, 1919–1945, Justin D. Murphy Military Aircraft, Origins to 1918, Justin D. Murphy Pistols, Jeff Kinard Rifles, David Westwood Submarines, Paul E. Fontenoy Tanks, Spencer C. Tucker MEDIEVAL WEAPONS AN ILLUSTRATED HISTORY OF THEIR IMPACT Kelly DeVries Robert D. Smith Santa Barbara, California • Denver, Colorado • Oxford, England Copyright 2007 by ABC-CLIO, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, except for the inclusion of brief quotations in a review, without prior permission in writing from the publishers. Library of Congress Cataloging-in-Publication Data DeVries, Kelly, 1956– Medieval weapons : an illustrated history of their impact / Kelly DeVries and Robert D. Smith. p. cm. — (Weapons and warfare series) Includes bibliographical references and index. ISBN-10: 1-85109-526-8 (hard copy : alk. paper) ISBN-10: 1-85109-531-4...
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...Special articles Globalisation and the Management of Indian Cities Cities in Europe and North America have been through three decades of innovation in institutions and practices as they seek to accommodate the new environment of global economic integration. Many have learned to facilitate the creation of new economies that have institutionalised incremental change with a changing political consensus, liberating themselves in part from those rigidities that make for extreme vulnerability in conditions of crisis. The same is also true of cities in Latin America and in China. However, elsewhere – including possibly India – the sovereign state is often still struggling to retain its monopoly control. In doing so, the state stifles the full potential role of cities to advance the world, to reduce the burden of world poverty. Liberating the cities is thus a key part of the agenda for the new century and for the eradication of poverty. NIGEL HARRIS I Introduction his paper seeks to present a view of the era of globalisation through highlighting particular changes which mark the break with the preceding period, the heyday of the nationstate. The exercise is undertaken in order to assess the resulting radical changes in the conception of spatial planning and thus the emergence of a new agenda for the management of cities. Following the introduction, the second part seeks to clarify what might be meant by ‘globalisation’, and the third, the main features of the management of the...
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...POLITICS, THEOLOGY AND HISTORY RAYMOND PLANT CAMBRIDGE UNIVERSITY PRESS Politics, Theology and History is a major new book by a prominent academic and an active politician. It ranges widely across the disciplines of theology, political theory and philosophy and poses acute questions about the basic moral foundations of liberal societies. Lord Plant focuses on the role that religious belief can and ought to play in argument about public policy in a pluralistic society. He examines the potential political implications of Christian belief and the ways in which it may be deployed in political debate. The book is a contribution to the modern debate about the moral pluralism of western liberal societies, discussing the place of religious belief in the formation of policy and asking what sorts of issues in modern society might be the legitimate objects of a Christian social and political concern. Raymond Plant has written an important study of the relationship between religion and politics which will be of value to students, academics, politicians, church professionals, policy makers and all concerned with the moral fabric of contemporary life. r ay m on d pl an t is Professor of European Political Thought at the University of Southampton and a Member of the House of Lords. He was a Home affairs spokesperson for the Labour Party from 1992 to 1996, and Master of St Catherine's College, Oxford, from 1994 to 2000. Lord Plant's main publications are Social and Moral Theory in Casework...
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...IIBM Institute of Business Management Corporate Governance www.iibmindia.in Chapter 1 Corporate Governance Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, crors, auditors, regulators, and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs. Governance provides the structure through which corporations set and pursue their objectives, while reflecting the context of the social, regulatory and market environment. Governance is a mechanism for monitoring the actions, policies and decisions of corporations. Governance involves the alignment of interests among the stakeholders. There has been renewed interest in the corporate governance practices of modern corporations, particularly in relation to accountability, since the high-profile collapses of a number of large corporations during 2001–2002, most of which involved accounting fraud. Corporate scandals of various forms have maintained public and political interest in the regulation of corporate governance. In the U.S., these include Enron Corporation and MCI Inc. (formerly WorldCom). Their demise is associated with the U.S. federal government passing the Sarbanes-Oxley Act in 2002, intending to restore public confidence in corporate...
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...[pic] FIRST ARMY EQUAL OPPORTUNITY REPRESENTATIVE COURSE STUDENT GUIDE TO CULTURAL AWARENESS INDEX LESSON TITLE PAGE 1 Philosophical Aspects of Culture SG- 3 C1 Native American Experience SG- 4 C2 White American Experience SG- 23 C3 Arab American Experience SG- 43 C4 Hispanic American Experience SG- 53 C5 Black American Experience SG- 76 C6 Asian American Experience SG-109 C7 Jewish American Experience SG-126 C8 Women in the Military SG-150 C9 Extremist Organizations/Gangs SG-167 STUDENTS ARE RESPONSIBLE FOR BEING FAMILIARIZED WITH ALL CLASS MATERIAL PRIOR TO CLASS. INFORMATION PAPER ON THE PHILOSOPHICAL ASPECTS OF CULTURAL DIFFERENCE Developed by Edwin J. Nichols, Ph.D. |Ethnic Groups/ |Axiology |Epistemology |Logic |Process | |World Views | | | | | |European |Member-Object |Cognitive |Dichotomous |Technology | |Euro-American |The highest value lies in the object |One knows through counting |Either/Or...
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...www.GetPedia.com History of China: Table of Contents q q Historical Setting The Ancient Dynasties r r r Dawn of History Zhou Period Hundred Schools of Thought q The Imperial Era r r r r r r First Imperial Period Era of Disunity Restoration of Empire Mongolian Interlude Chinese Regain Power Rise of the Manchus q Emergence Of Modern China r r r r r r Western Powers Arrive First Modern Period Opium War, 1839-42 Era of Disunity Taiping Rebellion, 1851-64 Self-Strengthening Movement Hundred Days' Reform and Aftermath Republican Revolution of 1911 q Republican China r r r Nationalism and Communism s Opposing the Warlords s Consolidation under the Guomindang s Rise of the Communists Anti-Japanese War Return to Civil War q People's Republic Of China r r Transition to Socialism, 1953-57 Great Leap Forward, 1958-60 r r r r r Readjustment and Recovery, 1961-65 Cultural Revolution Decade, 1966-76 s Militant Phase, 1966-68 s Ninth National Party Congress to the Demise of Lin Biao, 1969-71 s End of the Era of Mao Zedong, 1972-76 Post-Mao Period, 1976-78 China and the Four Modernizations, 1979-82 Reforms, 1980-88 q References for History of China [ History of China ] [ Timeline ] Historical Setting The History Of China, as documented in ancient writings, dates back some 3,300 years. Modern archaeological studies provide evidence of still more ancient origins in a culture that flourished between 2500 and 2000 B.C....
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...DEVELOPMENT OF CONCEPTS OF CAPITAL AND INCOME IN FINANCIAL REPORTING IN THE NINETEENTH CENTURY Calculation, Context and Consequence THOMAS REGINALD (Tom) ROWLES B.Ec (Hons), Dip.Ed (Monash) A THESIS SUBMITED FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN THE SCHOOL OF ACCOUNTING AND LAW OF RMIT UNIVERSITY, MELBOURNE, VICTORIA, AUSTRALIA ii DECLARATION I certify that: Except where due acknowledgement has been made, this thesis is mine alone; and The work has not been submitted previously, in whole or part, to qualify for any other academic award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870...
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...An Essay on Economic Theory An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général An Essay on Economic Theory An English translation of Richard Cantillon’s Essai sur la Nature du Commerce en Général Translated by Chantal Saucier Edited by Mark Thornton 4 An Essay on Economic Theory © 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-61016-001-8 Foreword Robert F. Hébert Following a century of neglect, William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” Subsequent growth and development of economic thought has not really alerted us to the subtleties of this succinct appraisal. A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before...
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...Bloom’s Classic Critical Views W i l l ia m Sha k e Sp e a r e Bloom's Classic Critical Views alfred, lord Tennyson Benjamin Franklin The Brontës Charles Dickens edgar allan poe Geoffrey Chaucer George eliot George Gordon, lord Byron henry David Thoreau herman melville Jane austen John Donne and the metaphysical poets John milton Jonathan Swift mark Twain mary Shelley Nathaniel hawthorne Oscar Wilde percy Shelley ralph Waldo emerson robert Browning Samuel Taylor Coleridge Stephen Crane Walt Whitman William Blake William Shakespeare William Wordsworth Bloom’s Classic Critical Views W i l l ia m Sha k e Sp e a r e Edited and with an Introduction by Sterling professor of the humanities Yale University harold Bloom Bloom’s Classic Critical Views: William Shakespeare Copyright © 2010 Infobase Publishing Introduction © 2010 by Harold Bloom All rights reserved. No part of this publication may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval systems, without permission in writing from the publisher. For more information contact: Bloom’s Literary Criticism An imprint of Infobase Publishing 132 West 31st Street New York NY 10001 Library of Congress Cataloging-in-Publication Data William Shakespeare / edited and with an introduction by Harold Bloom : Neil Heims, volume editor. p. cm. — (Bloom’s classic critical views) Includes bibliographical references...
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...Bloodlines of Illuminati by: Fritz Springmeier, 1995 Introduction: I am pleased & honored to present this book to those in the world who love the truth. This is a book for lovers of the Truth. This is a book for those who are already familiar with my past writings. An Illuminati Grand Master once said that the world is a stage and we are all actors. Of course this was not an original thought, but it certainly is a way of describing the Illuminati view of how the world works. The people of the world are an audience to which the Illuminati entertain with propaganda. Just one of the thousands of recent examples of this type of acting done for the public was President Bill Clinton’s 1995 State of the Union address. The speech was designed to push all of the warm fuzzy buttons of his listening audience that he could. All the green lights for acceptance were systematically pushed by the President’s speech with the help of a controlled congressional audience. The truth on the other hand doesn’t always tickle the ear and warm the ego of its listeners. The light of truth in this book will be too bright for some people who will want to return to the safe comfort of their darkness. I am not a conspiracy theorist. I deal with real facts, not theory. Some of the people I write about, I have met. Some of the people I expose are alive and very dangerous. The darkness has never liked the light. Yet, many of the secrets of the Illuminati are locked up tightly simply because secrecy is a way...
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...into four parts. The first part considers contemporary trends in national criminal procedure, examining cross-fertilisation and the extent to which these trends are resulting in converging practices across national jurisdictions. The second part explores the epistemological environment of rules of evidence and procedure. The third part analyses human rights standards and the phenomenon of hybridisation in transnational and international criminal law. The final part of the book assesses Professor Damaška’s contribution to comparative law and the challenges faced by comparative law in the twenty first century. Crime, Procedure and Evidence in a Comparative and International Context Essays in Honour of Professor Mirjan Damaška Edited by John Jackson, Máximo Langer and Peter Tillers Published in North America (US and Canada) by Hart Publishing c/o International Specialized...
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...Contents Preface to the First Edition Introduction Part 1. Thought Control: The Case of the Middle East Part 2. Middle East Terrorism and the American Ideological System Part 3. Libya in U.S. Demonology Part 4. The U.S. Role in the Middle East Part 5. International Terrorism: Image and Reality Part 6. The World after September 11 Part 7. U.S./Israel-Palestine Notes Preface to the First Edition (1986) St. Augustine tells the story of a pirate captured by Alexander the Great, who asked him "how he dares molest the sea." "How dare you molest the whole world?" the pirate replied: "Because I do it with a little ship only, I am called a thief; you, doing it with a great navy, are called an Emperor." The pirate's answer was "elegant and excellent," St. Augustine relates. It captures with some accuracy the current relations between the United States and various minor actors on the stage of international terrorism: Libya, factions of the PLO, and others. More generally, St. Augustine's tale illuminates the meaning of the concept of international terrorism in contemporary Western usage, and reaches to the heart of the frenzy over selected incidents of terrorism currently being orchestrated, with supreme cynicism, as a cover for Western violence. The term "terrorism" came into use at the end of the eighteenth century, primarily to refer to violent acts of governments designed to ensure popular submission. That concept plainly is of little benefit to the practitioners of state terrorism...
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...Praise for Jesus Is _____. “Judah Smith is a unique gift to my generation. In Jesus Is _____ , he will motivate you to let go of your preconceived, limited view of Jesus so you can embrace who He really is in our lives—more real and relevant than we have ever imagined.” —S te v en F u rtick , le a d pa Stor , e le vation c h u rch a n d author oF th e Ne w Yor k T im es beStSeller G r e aTer “Perhaps the most daunting and humbling task we have as Christians is to finish the sentence ‘Jesus is . . . .’ As many of us saved by His grace are aware, He is King. He is Lord. He is salvation. But to many in our world, He is most prominently . . . misunderstood. There is not another human being on earth whom I know personally, who could tackle a book subject like this as well as Judah Smith. To Judah, Jesus is everything. And from that platform he writes this book. I eagerly await its impact in my city, New York City, and beyond . . . it’s overdue.” —c a r l l entz , le a d pa Stor , h illSong c h u rch , n e w Yor k c it Y “Every once in a while a book is written that does not only contain a powerful message but the author is a living embodiment of the message thus making the book all the more life changing! The book you are holding in your hands is one of those. As you read through this book you will discover that Jesus is not at all like you thought and so much more than you imagined.” —c h r iStin e c a in e , Fou n der oF th e a21 c a mpa ign 00-01_Jesus Is.indd...
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...CATECHISM OF THE CATHOLIC CHURCH Table of Contents PROLOGUE I. The life of man - to know and love God nn. 1-3 II. Handing on the Faith: Catechesis nn. 4-10 III. The Aim and Intended Readership of the Catechism nn. 11-12 IV. Structure of this Catechism nn. 13-17 V. Practical Directions for Using this Catechism nn. 18-22 VI. Necessary Adaptations nn. 23-25 PART ONE: THE PROFESSION OF FAITH SECTION ONE "I BELIEVE" - "WE BELIEVE" n. 26 CHAPTER ONE MAN'S CAPACITY FOR GOD nn. 27-49 I. The Desire for God nn. 27-30 II. Ways of Coming to Know God nn. 31-35 III. The Knowledge of God According to the Church nn. 36-38 IV. How Can We Speak about God? nn.39-43 IN BRIEF nn. 44-49 CHAPTER TWO GOD COMES TO MEET MAN n. 50 Article 1 THE REVELATION OF GOD I. God Reveals His "Plan of Loving Goodness" nn. 51-53 II. The Stages of Revelation nn. 54-64 III. Christ Jesus -- "Mediator and Fullness of All Revelation" nn. 6567 IN BRIEF nn. 68-73 Article 2 THE TRANSMISSION OF DIVINE REVELATION n. 74 I. The Apostolic Tradition nn.75-79 II. The Relationship Between Tradition and Sacred Scripture nn. 80-83 III. The Interpretation of the Heritage of Faith nn. 84-95 IN BRIEF nn. 96-100 Article 3 SACRED SCRIPTURE I. Christ - The Unique Word of Sacred Scripture nn. 101-104 II. Inspiration and Truth of Sacred Scripture nn. 105-108 III. The Holy Spirit, Interpreter of Scripture nn. 109-119 IV. The Canon of Scripture nn. 120-130 V. Sacred Scripture in the Life of the Church nn. 131-133 IN BRIEF nn...
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