it total assets of $31 B), while the value fund would receive (.80)*(10) = $8 B (giving it total assets of $89). In the counterfactual world the total investment in CISCO is given by (.1)*(31) = $3.1, which is 19.4% of its market capitalization. Hence, the FLOW for CISCO, the percent ownership of Cisco due

Abstract: Online learning initia-tives over the past decade have become increasingly comprehen-sive in their selection of courses and sophisticated in their presen-tation, culminating in the recent announcement of a number of consortium and startup activities that promise to make a university

Caractérisation des problèmes conjoints de détection et d'estimation

A particularly important sector for the stability of financial systems is the banking sector. Banks play a central role in the money creation process and in the payment system. Moreover, bank credit is an important factor in the financing of investment and growth. Faltering banking systems have

of con-cepts. This main goal is motivated by the basic fact, constituting also the main problem of KDD, that languages we may choose for knowledge description are incomplete. A fortiori, we have to describe concepts of interest (features, proper-ties, relations etc.) not completely but by means

great plasticity in the number of seeds produced, there is much less plasticity in seed size or quality. In addition, maternal environment effects are often small compared with the effect of the environment in which a seedling grows Technically, suppose that for a parent with state x, the fecundity

branes float in a five-dimensional anti-de Sitter bulk, while the second investigates a class of dark energy models from an effective field theory perspective. Investigations of models including extra dimensions have led to modifications of gravity involving a number of interesting features

Paper prepared for the NBER project on “Risks of Financial Institutions”. We benefited from suggestions and criticism by many participants in the NBER project on “Risks of financial institutions”, in particular by the organizers Mark Carey (also involving Dean Amel and Allen Berger) and Rene Stulz, by our discussant Tony Saunders and by Patrick de Fontnouvelle, Gary Gorton, Andy Lo, Jim O’Brien and Eric Rosengren. Furthermore, we are grateful for comments we received at the 2004 European Finance Association Meetings in Maastricht, in particular by our discussant Marco da Rin and by Christian Upper, at the 2004 Ottobeuren seminar in economics, notably the thoughts of our discussant Ernst Baltensberger, of Friedrich Heinemann and of Gerhard Illing, as well as at seminars of the Max Planck Institute for Research on Collective Goods, the Federal Reserve Bank of St. Louis, the ECB and the University of Frankfurt. Gabe de Bondt and David Marques Ibanez supported us enormously in finding yield spread data, Lieven Baele and Richard Stehle kindly made us aware of pitfalls in Datastream equity data. Very helpful research assistance by Sandrine Corvoisier, Peter Galos and Marco Lo Duca as well as editorial support by Sabine Wiedemann are gratefully acknowledged. Any views expressed only reflect those of the authors and should not be interpreted as the ones of the ECB or the Eurosystem. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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, tend to execute the same two queries in the reverse order. The first premise, that valuation is based on a series of queries, suggests that people respond to a question like "How much would you pay for this mug?" by decomposing it into a series of standard queries Our second premise is based