2,986 Works

Two Essays in Financial Engineering

Linan Yang
This dissertation consists of two parts. In the first part, we investigate the potential impact of wrong-way risk on calculating credit valuation adjustment (CVA) of a derivatives portfolio. A credit valuation adjustment (CVA) is an adjustment applied to the value of a derivative contract or a portfolio of derivatives to account for counterparty credit risk. Measuring CVA requires combining models of market and credit risk. Wrong-way risk refers to the possibility that a counterparty's likelihood...

ICSID, public opinion and the effect of (hypothetical) elite messaging

Alexandra Guisinger & Alisha Anderson
This Perspective presents a unique survey of American public opinion on ICSID, and via a survey experiment demonstrates that attempts to increase public support by Republicans or Democrats would likely backfire. Only bi-partisan framing of ICSID can positively move public opinion.

Measuring Psychopathology: Exploring Construct Validity Evidence for PTSD A 2010 Haitian Earthquake Example

Sabrina Hermosilla
Measurement is the foundation of epidemiologic thought and practice. The appropriate measurement of exposures and outcomes of interest is the underlying assumption to all causal investigations. Poor quality measurement, be it through inappropriate data collection methods or changing diagnostic criteria, which can result in erroneous estimates, has a deleterious impact on scientists, policy makers, and the public. Mental health disorders particularly suffer from a lack of diagnostic clarity as diagnosis is often based on self-report...

On Death's Doorstep: The Racially Stratified Impact of the Michigan Self-Defense Act and Why Race-Centric Advocacy is Not the Answer

Jacob Simon Wolf
On July 20, 2006, Michigan joined the growing number of states to enact “Stand Your Ground” legislation. These statutes marked a dramatic expansion of the common law Castle Doctrine by allowing individuals to employ deadly force against assailants without first considering whether there were reasonably available avenues of retreat to safety. This Note first examines the effect of the Michigan Self-Defense Act on the state’s legal landscape, ultimately concluding that the law provides individuals with...

Real-time Awareness and Fast Reconguration Capabilities for Agile Optical Networks

Atiyah Sayyidah Ahsan
Ever-growing demand for speed and bandwidth coupled with increasing energy consumption in current networks are driving the need for intelligent, next-generation networking architectures that can overcome fundamental spectral and energy limitations. Metro-only internet traffic in particular is experiencing unprecedented growth rates and increasing twice as fast as long-haul traffic. The current quasi-static peak capacity pro- visioned network is ill-equipped to support this rise of unpredictable, high bandwidth but short-duration traffic flows. A promising solution to...

ExpressionPlot: a web-based framework for analysis of RNA-Seq and microarray gene expression data

Brad Friedman & Tom Maniatis
RNA-Seq and microarray platforms have emerged as important tools for detecting changes in gene expression and RNA processing in biological samples. We present ExpressionPlot, a software package consisting of a default back end, which prepares raw sequencing or Affymetrix microarray data, and a web-based front end, which offers a biologically centered interface to browse, visualize, and compare different data sets. Download and installation instructions, a user's manual, discussion group, and a prototype are available at...

Absence of Safe Assets and Fiscal Crisis

Masaya Sakuragawa & Yukie Sakuragawa
This paper provides a fiscal crisis model that explains the low interest rates of Japanese government bonds. The key ingredient is the absence of safe assets in the sense that investors have no access to any asset that hedges fiscal risk. The interest rate is insensitive to any change in fiscal conditions and does not fully reflect the risk premium. This finding explains the low interest rates of Japanese government bonds even though the risk...

Spooning Good Singing Gum: Meaning, Association, and Interpretation in Rock Music

Travis A. Jackson
Since at least the early 1950s, scholars and critics from widely varying backgrounds have attempted to come to terms with the musics collectively known as "rock," returning again and again to the issue of meaning. Predictably, their answers to the implied question are as varied as their intellectual standpoints. Some scholars, for example, have viewed rock through the lenses of mass and youth culture, drawing on the work of Theodor Adorno and a large body...

Patricia Carpenter in Commemoration

Murray Dineen
As research scholars, we are known for our students as much as by our publications. Patricia Carpenter's published writings, listed at the end of this tribute, constitute a mayor contribution to music theory and aesthetics. But her many students, a few of whom are represented in this commemoration, measure her legacy. As these memorial sketches reveal, she shaped countless students during her twenty-six years at Barnard College and Columbia University. For Pat, scholarly investigation was...

The Composer as Pole Seeker: Reading Vaughan Williams's Sinfonia antartica

Michael Beckerman
It is a commonplace of history that we do not encounter events from the past, but rather descriptions of these events. To be more contemporary, and perhaps more accurate, we encounter "spins" on the events. While a kind of precise objectivity based on careful duplication of experiments may be prized by the "hard" sciences, most historians today do not believe that such things as "the past" or "culture" will yield to such treatment. The more...

Use of a Genesis Potential Index to Diagnose ENSO Effects on Tropical Cyclone Genesis

Suzana J. Camargo, Kerry A. Emanuel & Adam H. Sobel
ENSO (El Niño–Southern Oscillation) has a large influence on tropical cyclone activity. The authors examine how different environmental factors contribute to this influence, using a genesis potential index developed by Emanuel and Nolan. Four factors contribute to the genesis potential index: low-level vorticity (850 hPa), relative humidity at 600 hPa, the magnitude of vertical wind shear from 850 to 200 hPa, and potential intensity (PI). Using monthly NCEP Reanalysis data in the period of 1950–2005,...

Cupid’s Invisible Hand: Social Surplus and Identification in Matching Models

Alfred Galichon & Bernard Salanie
We investigate a model of one-to-one matching with transferable utility when some of the characteristics of the players are unobservable to the analyst. We allow for a wide class of distributions of unobserved heterogeneity, subject only to a separability assumption that generalizes Choo and Siow (2006). We first show that the stable matching maximizes a social gain function that trades off exploiting complementarities in observable characteristic sand matching on unobserved characteristics. We use this result...

Exam Schools, Ability, and the Effects of Affirmative Action: Latent Factor Extrapolation in the Regression Discontinuity Design

Miikka A. T. Rokkanen
Selective school admissions give rise to a Regression Discontinuity (RD) design that non-parametrically identifies causal effects for marginal applicants. Without stronger assumptions nothing can be said about causal effects for inframarginal applicants. Estimates of causal effects for inframarginal applicants are valuable for many policy questions, such as affirmative action, that substantially alter admissions cutoffs. This paper develops a latent factor-based approach to RD extrapolation that is then used to estimate effects of Boston exam schools...

Different types of central bank insolvency and the central role of seignorage

Ricardo Reis
A central bank is insolvent if its plans imply a Ponzi scheme on reserves so the price level becomes infinity. If the central bank enjoys fiscal support, in the form of a dividend rule that pays out net income every period, including when it is negative, it can never become insolvent independently of the fiscal authority. Otherwise, this note distinguishes between intertemporal insolvency, rule insolvency, and period insolvency. While period and rule solvency depend on...

Inflating Away the Public Debt? An Empirical Assessment

Jens Hilscher, Alon Raviv & Ricardo Reis
We propose and implement a method that provides quantitative estimates of the extent to which higher-than-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that relies on detailed information about debt maturity and claimholders, and that uses option prices to construct risk-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower the US fiscal...

The Econometrics of Matching Models

Pierre A. Chiappori & Bernard Salanie
In October 2012 the Nobel prize was attributed to Al Roth and Lloyd Shapley for their work on matching. Both the seminal Gale-Shapley (1962) paper and most of Roth’s work were concerned with allocation mechanisms when prices or other transfers cannot be used—what we will call non-transferable utility (NTU) in this survey. Gale and Shapley used college admissions, marriage, and roommate assignments as examples; and Roth’s fundamental work in market design has led to major...

Optimal Design for Social Learning

Yeon-Koo Che & Johannes Hörner
This paper studies the design of a recommender system for organizing social learning on a product. To improve incentives for early experimentation, the optimal design trades off fully transparent social learning by over-recommending a product (or “spamming”) to a fraction of agents in the early phase of the product cycle. Under the optimal scheme, the designer spams very little about a product right after its release but gradually increases the frequency of spamming and stops...

Structural and Functional Studies of Biotin-Dependent Carboxylases

Christine S. Huang
A persisting question in biology concerns the exceptional diversity of metabolic enzymes and how they respond to their ligands and dynamic environments with remarkable precision. In humans, the family of biotin-dependent carboxylases holds important roles in intermediary metabolism. Recent years have witnessed significant progress toward understanding these enzymes' roles in homeostatic regulation. However, due to a lack of structural information, their catalytic mechanisms, as well as the macromolecular consequences of their genetic mutations, are still...

Special Interest Partisanship: The Transformation of American Political Parties

Katherine Lyn Krimmel
Why have group-party alliances become more common since the mid-twentieth century? This dissertation employs both qualitative and statistical tools to address the puzzle of contemporary special interest partisanship. After tracing partisanship across several measures, I develop a continuum of group-party relationships, running from fluid, unstructured interactions (akin to political pluralism) to highly institutionalized alliances (as we might see in a firm). Drawing on pluralist scholarship and theories of firm formation and evolution, I explore the...

The functions of the RNA polymerase II CTD in transcription and RNA processing

Jing-Ping Hsin
RNA polymerase II (RNAP II), transcribing messenger RNAs (mRNAs), small nuclear RNAs (snRNAs), and non-coding RNAs (ncRNAs), is composed of 12 subunits. Rpb1, the largest subunit with catalytic polymerase activity, possesses a unique c-terminal domain (CTD) that consists of tandem heptad repeats with the consensus sequence of Tyr-Ser-Pro-Thr-Ser-Pro-Ser (Y1S2P3T4S5P6S7). Somewhat reflecting the complexity of the organism, the number of repeats varies, from 26 in yeast to 52 in vertebrates. The CTD, intensively phosphorylated during transcription,...

From Onegin to Ada: Nabokov's Canon and the Texture of Time

Marijeta Bozovic
The library of existing scholarship on Vladimir Nabokov circles uncomfortably around his annotated translation Eugene Onegin (1964) and late English-language novel Ada, or Ardor (1969). This dissertation juxtaposes Pushkin's Evgenii Onegin (1825-32) with Nabokov's two most controversial monuments and investigates Nabokov's ambitions to enter a canon of Western masterpieces, re-imagined with Russian literature as a central strain. I interrogate the implied trajectory for Russian belles lettres, culminating unexpectedly in a novel written in English and...

Embedded Options and the Case Against Compensation in Contract Law

Robert E. Scott & George G. Triantis
Although compensation is the governing principle in contract law remedies, it has tenuous historical, economic, and empirical support. A promisor's right to breach and pay damages is only a subset of a larger family of termination rights that do not purport to compensate the promisee for losses suffered when the promisor walks away from the contemplated exchange. These termination rights can be characterized as embedded options that serve important risk management functions. We show that...

Market Damages, Efficient Contracting, and the Economic Waste Fallacy

Robert E. Scott & Alan Schwartz
Market damages are the best default rule when parties trade in thick markets: They induce parties to contract efficiently and to trade if and only if trade is efficient, and they do not create ex ante inefficiencies. Courts commonly overlook these virtues, however, when promisors bundle services that are not separately priced. For example, a promisor may agree to pay royalties on a mining lease and later to restore the promisee's property. When the cost...

Contracting for Innovation: Vertical Disintegration and Interfirm Collaboration

Robert E. Scott, Ronald J. Gilson & Charles F. Sabel
Rapidly innovating industries are not behaving the way theory expects. Conventional industrial organization theory predicts that, when parties in a supply chain have to make transaction-specific investments, the risk of opportunism will drive them away from contracts and toward vertical integration. Despite the conventional theory, however, contemporary practice is moving in the other direction. Instead of vertical integration, we observe vertical disintegration in a significant number of industries, as producers recognize that they cannot themselves...

Panel discussion with Ke Chin-Yuan 柯金源

Columbia University Libraries/Information Services
A discussion with filmmaker Ke Chin-Yuan about his film, "Ebb and Flow" 退潮 (2010), a documentary about the traditional lifestyle and natural environment of the fishermen living in the middle-west coast of Taiwan.

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