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Risk Characteristics (risk + characteristic)
Selected AbstractsESTIMATING INTERVENTION EFFECTS IN VARYING RISK SETTINGS: DO POLICE RAIDS REDUCE ILLEGAL DRUG DEALING AT NUISANCE BARS?,CRIMINOLOGY, Issue 2 2003JACQUELINE COHEN This paper investigates the effectiveness of police raids in reducing drug dealing in and around nuisance bars. We examine effects of both dosage (number of raids) and duration (months) of the intervention, as well as the conditioning effects of land use and population characteristics in shaping the underlying risk levels of drug dealing in the target and surrounding areas. Results indicate that the police intervention suppresses levels of drug dealing during periods of active enforcement, but the effects largely disappear when the intervention is withdrawn. Also, the effects of the intervention are mediated by risk characteristics in target and surrounding areas. Target areas characterized by higher levels of risk are more resistant to intervention effects than those with lower levels of risk. Risk factors in nearby areas are also significant. Bars with high levels of risk arising from land uses in surrounding areas are easier to treat, while bars with high levels of population-based risk in surrounding areas are harder to treat. [source] Determinants of Investor Demand for Cross-Listed FirmsFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3 2010George Athanassakos G11; G12; G15 By focusing on the decisions of investors to invest in cross-listed stocks, this paper presents new evidence on why we observe striking differences in the percentage of trade in foreign markets for cross-listed stocks. With a large sample of Toronto Stock Exchange (TSX) stocks cross-listed in the U.S. and Canada, we document the effect of investor recognition and risk characteristics on the distribution of trading volume. Firms that are more visible to American investors are traded more heavily in the U.S. At the same time, firms that offer diverse risk characteristics are attractive to Americans. While investors understand the benefits of international diversification, as they are attracted to stocks that are different (e.g., the stock of small firms with few assets in the U.S.), they also seek stocks that provide them with high returns. [source] The Euro and International Capital MarketsINTERNATIONAL FINANCE, Issue 1 2000Carsten Detken Long before the introduction of the euro there was an active debate among researchers, policy-makers and financial market participants over how the new European money would change the relative roles of currencies in the international monetary and financial system. A widely held view was that the euro's use in international capital markets would be the key element. Therefore, this paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both from the viewpoint of international financing and from that of international investment activities. Time series of these new measures are presented, including euro aggregates calculated up to six years back in time. The data allow for the identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra-euro area assets/liabilities, since the start of stage 2 of EMU in 1994. A number of key factors determining the currency distribution of international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also examined empirically. It turns out that for almost all important market segments for which data are available, the euro immediately became the second most widely used currency for international financing and investment. For the flow of international bond and note issuance it even slightly overtook the US dollar in the second half of 1999. The data also suggest that most of this early supply of euro bonds by non-euro area residents, clearly exceeding the euro-predecessor currency aggregate, is actually absorbed by euro area residents and not by outside investors so far. [source] Credit cards scoring with quadratic utility functionsJOURNAL OF MULTI CRITERIA DECISION ANALYSIS, Issue 4-5 2002Vladimir Bugera Abstract The paper considers a general approach for classifying objects using mathematical programming algorithms. The approach is based on optimizing a utility function, which is quadratic in indicator parameters and is linear in control parameters (which need to be identified). Qualitative characteristics of the utility function, such as monotonicity in some variables, are included using additional constraints. The methodology was tested with a ,credit cards scoring' problem. Credit scoring is a way of separating specific subgroups in a population of objects (such as applications for credit), which have significantly different credit risk characteristics. A new feature of our approach is incorporating expert judgments in the model. For instance, the following preference was included with an additional constraint: ,give more preference to customers with higher incomes.' Numerical experiments showed that including constraints based on expert judgments improves the performance of the algorithm. Copyright © 2003 John Wiley & Sons, Ltd. [source] Alcohol, Psychological Dysregulation, and Adolescent Brain DevelopmentALCOHOLISM, Issue 3 2008Duncan B. Clark While adolescent alcohol consumption has been asserted to adversely alter brain development, research in human adolescents has not yet provided us with sufficient evidence to support or refute this position. Brain constituents actively developing during adolescence include the prefrontal cortex, limbic system areas, and white matter myelin. These areas serving cognitive, behavioral, and emotional regulation may be particularly vulnerable to adverse alcohol effects. Alternatively, deficits or developmental delays in these structures and their functions may underlie liability to accelerated alcohol use trajectories in adolescence. This review will describe a conceptual framework for considering these relationships and summarize the available studies on the relationships among risk characteristics, alcohol involvement and brain development during this period. The cross-sectional designs and small samples characterizing available studies hamper definitive conclusions. This article will describe some of the opportunities contemporary neuroimaging techniques offer for advancing understanding of adolescent neurodevelopment and alcohol involvement. [source] Transplantation Risks and the Real World: What Does ,High Risk' Really Mean?AMERICAN JOURNAL OF TRANSPLANTATION, Issue 1 2009R. B. Freeman Candidates for, and recipients of, transplants face numerous risks that receive varying degrees of attention from the media and transplant professionals. Characterizations such as ,high risk donor' are not necessarily accurate or informative unless they are discussed in context with the other risks patients face before and after transplantation. Moreover, such labels do not provide accurate information for informed consent discussions or decision making. Recent cases of donor-transmitted diseases from donors labeled as being at ,high risk' have engendered concern, new policy proposals and attempts to employ additional testing of donors. The publicity and policy reactions to these cases do not necessarily better inform transplant candidates and recipients about these risks. Using comparative risk analysis, we compare the various risks associated with waiting on the list, accepting donors with various risk characteristics, posttransplant survival and everyday risks we all face in modern life to provide some quantitative perspective on what ,high risk' really means for transplant patients. In our analysis, donor-transmitted disease risks are orders of magnitude less than other transplantation risks and similar to many everyday occupational and recreational risks people readily and willingly accept. These comparisons can be helpful for informing patients and guiding future policy development. [source] No increased risk of valvular heart disease in adult poststreptococcal reactive arthritisARTHRITIS & RHEUMATISM, Issue 4 2009J. M. van Bemmel Objective Poststreptococcal reactive arthritis (ReA) is a (poly)arthritis presenting after a Streptococcus group A infection. Acute rheumatic fever (ARF), albeit caused by the same pathogen, has different risk characteristics and is considered to be a separate entity. Whereas ARF is known to cause carditis, the risk of carditis in adult poststreptococcal ReA is unknown. Consequently, the prevailing recommendations regarding long-term antibiotic prophylaxis in poststreptococcal ReA are imprecise and derived from the data on ARF. This study was undertaken to investigate the development of valvular heart disease in an unselected cohort of adult patients with poststreptococcal ReA who did not receive antibiotic prophylaxis and were followed up prospectively. Methods All patients presenting with early arthritis to an inception cohort of >2,000 white patients were evaluated. Patients presenting with poststreptococcal ReA (n = 75) were selected. After a median followup of 8.9 years, the occurrence of valvular heart disease was evaluated by transthoracic echocardiography in 60 patients. Controls were matched for age, sex, body surface area, and left ventricular function, with a patient-to-control ratio of 1:2. Results No differences were seen in left ventricular dimensions. Morphologic abnormalities of the mitral or aortic valves were not more prevalent among patients than among controls. Mild mitral regurgitation was present in 23% and 21% of patients and controls, respectively. Mild aortic regurgitation was present in 10% and 11%, and mild tricuspid regurgitation in 43% and 39%, respectively, revealing no significant differences. Conclusion Our findings indicate that there is no increased risk of valvular heart disease in adult poststreptococcal ReA. Based on these data, routine long-term antibiotic prophylaxis is not recommended in adult poststreptococcal ReA. [source] Utility Functions whose Parameters depend on Initial WealthBULLETIN OF ECONOMIC RESEARCH, Issue 4 2003Christian S. Pedersen D81; G11 Abstract Conventional one-period utility functions in Economics assume that initial wealth only enters preferences through the definition of final wealth. Consequently, those utility functions most utilized (i.e., exponential and quadratic) have implausible risk characteristics. The authors characterize a new class of utility function whose risk parameters depend upon initial wealth and obtain several desirable results. In particular, investors with quadratic and exponential utility functions can have decreasing risk aversion, and risky assets in a quadratic utility multi-asset environment do not have to be inferior as implied by the traditional framework. [source] | |||||||||||||