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Only One Dimension (only + one_dimension)
Selected AbstractsHow Theories of Financial Intermediation and Corporate Risk-Management Influence Bank Risk-Taking BehaviorFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 5 2001Michael S. Pagano This paper examines the rationales for risk-taking and risk-management behavior from both a corporate finance and a banking perspective. After combining the theoretical insights from the corporate finance and banking literatures related to hedging and risk-taking, the paper reviews empirical tests based on these theories to determine which of these theories are best supported by the data. Managerial incentives are the most consistently supported rationale for describing how banks manage risk. In particular, moderate/high levels of equity ownership reduce bank risk while positive amounts of stock option grants increase bank risk-taking behavior. The review of empirical tests in the banking literature also suggests that financial intermediaries coordinate different aspects of risk (e.g., credit and interest rate risk) in order to maintain a certain level of total risk. The empirical results indicate hedgeable risks such as interest rate risk represent only one dimension of the risk-management problem. This implies empirical tests of the theories of corporate risk-management need to consider individual sub-components of total risk and the bank's ability to trade these risks in a competitive financial market. This finding is consistent with the reality that banks have non-zero expected financial distress costs and bank managers cannot fully diversify their bank-related personal investments. [source] The World Development Report: concepts, content and a Chapter 12,JOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 3 2001Robert Chambers The World Development Report (WDR) process set new standards for openness and consultation. Its concepts and content are a major advance on its 1990 predecessor. The intention that its concepts and content should be influenced by voices of the poor was partly fulfilled. Conceptually, the VOP findings support the multidimensional view of poverty as ,pronounced deprivation of wellbeing', and the use of income-poverty to describe what is only one dimension of poverty (though this welcome usage is not consistent throughout in the WDR). Two concepts or analytical orientations were not adopted: powerlessness and disadvantage seen as a multidimensional interlinked web; and livelihoods. On content, three areas where the influence fell short were: how the police persecute and impoverish poor people; the diversity of the poorest people; and the significance of the body as the main but vulnerable and indivisible asset of many poor people. A weakness of the WDR is its lack of critical self-awareness. Chapter 11 is self-serving for the International Financial Institutions: it lumps loans with grants as concessional finance; it makes liberal use of the term donor, but never lender; and it does not consider debt avoidance as a strategy. The Report ends abruptly, a body without a head. Its multidimensional view of poverty is not matched by a multidimensional view of power and responsibility. A Chapter 12 is crying out to be written. This would confront issues of professional, institutional and personal commitment and change. It would stress critical reflection as a professional norm, disempowerment for democratic diversity as institutional practice, and personal values, attitudes and courageous behaviour as primary and crucial if development is to be change that is good for poor people. A new conclusion is suggested for the WDR, and a title for the World Development Report 2010. Copyright © 2001 John Wiley & Sons, Ltd. [source] Utility transversality: a value-based approachJOURNAL OF MULTI CRITERIA DECISION ANALYSIS, Issue 5-6 2005James E. Matheson Abstract We examine multiattribute decision problems where a value function is specified over the attributes of a decision problem, as is typically done in the deterministic phase of a decision analysis. When uncertainty is present, a utility function is assigned over the value function to represent the decision maker's risk attitude towards value, which we refer to as a value-based approach. A fundamental result of using the value-based approach is a closed form expression that relates the risk aversion functions of the individual attributes to the trade-off functions between them. We call this relation utility transversality. The utility transversality relation asserts that once the value function is specified there is only one dimension of risk attitude in multiattribute decision problems. The construction of multiattribute utility functions using the value-based approach provides the flexibility to model more general functional forms that do not require assumptions of utility independence. For example, we derive a new family of multiattribute utility functions that describes richer preference structures than the usual multilinear family. We also show that many classical results of utility theory, such as risk sharing and the notion of a corporate risk tolerance, can be derived simply from the utility transversality relations by appropriate choice of the value function. Copyright © 2007 John Wiley & Sons, Ltd. [source] Validation of a composite score for clinical severity of hemophiliaJOURNAL OF THROMBOSIS AND HAEMOSTASIS, Issue 7 2008S. SCHULMAN Summary.,Introduction:,Evaluation of modulators of the phenotypic expression of hemophilia may benefit from a scoring system that reflects several aspects of the clinical severity instead of only one dimension. Methods:,We describe here how we constructed a composite Hemophilia Severity Score (HSS) and performed validation. The items in the HSS are annual incidence of joint bleeds, World Federation of Hemophilia Orthopedic joint score, and annual factor consumption. The latter two were adjusted for age at start of prophylaxis and body weight. Data for 100 adolescent or adult patients with hemophilia A or B in the mild, moderate or severe form without inhibitors were collected for the 1990,1999 period. We evaluated the reliability (multidimension property, test,retest) and validity (content, convergent, discriminant and known groups) of the score. Results:,The HSS ranged from 0 to 0.94 and was higher in severe hemophilia A than severe hemophilia B (median 0.50 and 0.24; P = 0.031). The validation indicated that the HSS is reliable and reflective of the clinical severity of hemophilia. The presence of factor V G1691A or prothrombin G20210A polymorphisms was found in 13 patients. The clinical severity, measured as the HSS or each of the three components, appeared to be modified by prothrombin G20210A but not by FV G1691A. Conclusion:,The HSS is a well-defined tool that provides a comprehensive representation of the clinical severity of hemophilia in adults. It would be useful in larger studies on the assessment of modulators of the phenotypic expression of hemophilia. [source] Visual P3 amplitude and self-reported psychopathic personality traits: Frontal reduction is associated with self-centered impulsivityPSYCHOPHYSIOLOGY, Issue 1 2009Scott R. Carlson Abstract Past studies have examined P3 amplitude as an index of cognitive function related to psychopathy with mixed results. Psychopathy is a heterogeneous set of dissociable traits, and no previous study has examined relationships between P3 and specific traits. A Two Process Theory (TPT) of psychopathy has recently been advanced predicting that P3 reductions are related to only one dimension. We evaluated the relationship between P3 and the two factors of the Psychopathic Personality Inventory (PPI) in 96 undergraduates who performed a visual task. One factor of the PPI, Self-Centered Impulsivity, is related to the dimension of the TPT predicted to underlie P3 reduction. Frontal amplitude reduction was uniquely and inversely related to this trait. The other PPI factor, Fearless Dominance, was associated with faster reaction times. Future work on psychopathic personality and P3 should evaluate whether relationships are unique to one personality dimension. [source] | ||||||||||