Search

In mid-2020, the World Economic Forum (WEF) announced the Great Reset, an initiative launched to assert, describe, and shape the direction of an epochal transition brought about by the global coronavirus crisis. Rooted in a European tradition of social theory, this article aims to articulate the broader social context of this scenario and pinpoint its implications for management and organization theory. One of these implications is that our fields face a significant risk of co-performing rather than studying the looming “great transformation” from an economy-to a health-dominated society, thus merely replacing one reductionism with another. It follows that what is required are management and organization theories that analyze rather than ride the macro social trends that shape organizations and their environments. The article concludes that if crises are the golden moments of alternative mainstreams, then for those interested in alternatives to the emerging “new normality” the golden moment to develop the next alternative mainstream theories is now.

The Biden administration faces the opportunity to reset U.S. policy towards Africa and possesses a variety of tools to use in doing so, including traditional diplomacy, economic statecraft, development assistance, and military engagement. With the increased militarization of U.S. foreign policy over the past few decades, there is an unfortunate tendency to default to military engagement when confronted with even remote threats to U.S. national security interests, and Africa is no exception. With vital security interests in Africa, it can be argued that military engagement should be limited in its application and targeted to those situations that do not lend themselves to solution through traditional diplomacy or development assistance.

We measure the proportion of real exchange rate movements accounted for by cross-country movements in relative reset prices (prices that changed since the previous period) using CPI microdata for five countries. Relative reset prices account for almost all of the real exchange rate movements. This is a challenge for most workhorse sticky price models used to generate volatile and persistent real exchange rates, in which relative reset prices are sluggish. Models where movements in relative wages are persistent and track the nominal exchange rate do replicate both the empirical properties of the real exchange rate and of relative reset prices.

The paper aims to critically review past and emerging literature to help professionals and researchers alike to better understand, manage and valorize both the tourism impacts and transformational affordance of COVID-19. To achieve this, first, the paper discusses why and how the COVID-19 can be a transformational opportunity by discussing the circumstances and the questions raised by the pandemic. By doing this, the paper identifies the fundamental values, institutions and pre-assumptions that the tourism industry and academia should challenge and break through to advance and reset the research and practice frontiers. The paper continues by discussing the major impacts, behaviours and experiences that three major tourism stakeholders (namely tourism demand, supply and destination management organisations and policy makers) are experiencing during three COVID-19 stages (response, recovery and reset). This provides an overview of the type and scale of the COVID-19 tourism impacts and implications for tourism research Refereed/Peer-reviewed

Recurrent neural networks (RNN) based recommendation algorithms have been introduced recently as sequence information plays an increasingly important role when modeling user preferences. However, these methods have numerous limitations: they usually give undue importance to sequential changes and place insufficient emphasis on the correlation between adjacent items; additionally, they typically ignore the impacts of context information. To address these issues, we propose an attention-based context-aware sequential recommendation model using Gated Recurrent Unit (GRU), abbreviated as ACA-GRU. First, we consider the impact of context information on recommendations and classify them into four categories, including input context, correlation context, static interest context, and transition context. Then, by redefining the update and reset gate of the GRU unit, we calculate the global sequential state transition of the RNN determined by these contexts, to model the dynamics of user interest. Finally, by leveraging the attention mechanism in the correlation context, the model is able to distinguish the importance of each item in the rating sequence. The impact of outliers that are less informative or less predictive decreases or is ignored. Experimental results indicate that ACA-GRU outperforms state-of-the-art context-aware models as well as sequence recommendation algorithms, demonstrating the effectiveness of the proposed model.

A search theoretic model of repurchase agreements is constructed wherein the sellers' incentives to fail to deliver securities are explicitly incorporated. In equilibrium, too many sellers choose to fail relative to the social optimum. Two types of interventions are studied: a fails charge and an interest reset. These interventions improve efficiency by lowering the fraction of sellers who fail and making it easier for buyers to find their counterparties. In extensions of the model, the two types of optimal interventions are differently affected by fundamental variables. Thus, a policymaker needs to carefully distinguish between the workings of the two.

Civilizations have witnessed a long list of diseases that have made a devastating impact on humankind's working in almost all aspects of life. At the start, COVID-19 bought the world to a standstill. Today lakhs have lost their lives, many are still struggling on the death bed, and large numbers have lost their jobs. The world's conventional education system seems to come to a halt with the physical closure of all schools and institutions. Understanding the losses that occurred due to several diseases, the present world has to prepare a backup strategy to reduce the economic and human losses. The paper aims to identify the measures required for minimizing the losses caused by COVID-19 to human evolution. Further, this study proposes a working mechanism for several affected sectors during the disease. The paper also discusses the current challenges from the COVID-19 pandemic crisis and possible make-over in the working platform. With the help of this sustainable working platform, the affected sectors from COVID-19 can be helped. Further, we can reset specific sectors and sustainably reshape the world.

Empirical studies in reset price inflation find it difficult to justify volatile actual inflation while maintaining the volatility of reset price inflation at a reasonably low level. Firm's price setting behavior plays an important role in generating volatility of inflation. This paper employs an innovative approach by introducing firm heterogeneity into a micro-founded Calvo-type partial equilibrium model to study price setting behavior and demonstrates that granularity is a potential solution to the reset price inflation puzzle. Granular effects are also shown to be robust under different sets of parameter values.

The same capitalism vital to day-to-day wealth creation is even more important at grand scales in a modern technological society. A superior posture from which to boost infrastructure would entail separation of state and economics and a sidelining of the government-centric approach. A course correction is in order.

The crisis management and deposit insurance (CMDI) framework in the euro area requires a reset. Currently the framework is far more likely to manufacture a crisis rather than enable the authorities to manage one. Specifically, the current framework is far more likely to trigger the doom loop between weak banks and weak governments than to terminate or untie it. Nor will the current framework necessarily protect deposits. There is no guarantee that a euro in covered deposits will remain a euro, if the bank in which the deposit is held fails, and/or the Member State in which the failing bank is headquartered defaults. The CMDI framework aims to enhance financial stability, limit recourse to taxpayer money, promote competition and protect depositors. These policy objectives remain valid. What needs to change is the method that authorities use to achieve those objectives. First, the approach needs to integrate micro- and macro- aspects of crisis management. In particular, the approach needs to take account of the prospective roles of the European Stability Mechanism, both as a provider of credit to Member States as well as a guarantor of the Single Resolution Fund. Second, the approach needs encompass the central bank as a provider of liquidity to banks individually and to the market as a whole. Finally, the approach needs to recognize that by the time any reform proposed as a result of this review would become effective, the SRB and the significant institutions in the euro area will have completed the transition and become fully resolvable via bail-in. This affords the euro area the opportunity to reset expectations about resolution. The euro area should take this opportunity to make the crisis management and deposit insurance framework more European and more uniform. Specifically, there should be a single presumptive path for dealing with failed banks: the use of bail-in to facilitate the orderly liquidation under a solvent- wind down strategy. This will protect deposits and set the stage for the transformation of the Single Resolution Fund (SRF) into the Single Deposit Guarantee Scheme (SDGS) with a backstop from the European Stability Mechanism (ESM). In addition, measures should be taken to avoid forbearance, including the transfer of responsibility for emergency liquidity assistance (ELA) from national central banks to the ECB to create a single lender of last resort. Finally, national deposit guarantee schemes should become investors of last resort in the gone-concern capital of the failing bank. This will ensure that the orderly liquidation approach extends to all banks, including those without access to capital markets. Together, these measures would complete Banking Union, promote market discipline, avoid imposing additional burdens on taxpayers, help untie the doom loop between weak banks and weak governments, strengthen the euro and enhance financial stability.

The rise of China was closely associated with the strategic opportunity offered by a wave of globalization dating from the 1970s. As China grew, western growth was not restored. Soon after the arrival of the unipolar moment with the collapse of the Soviet Union, the world confronted a succession of crises that western countries struggled to handle and will lead to a shift in the centre of economic gravity to Asia and a multipolar world. In this world in which China's continuing rise was already perceived as a strategic challenge, the COVID-19 pandemic saw further examples of liberal capitalist governance failure. Notwithstanding attempts to preserve western hegemony and a western liberal world order, the COVID-19 pandemic will accelerate and intensify the trends towards a global reset, the arrival of a multipolar world and new global development paths., Highlights • Analysis of the reasons for the conflict between the United States and China, examining productivity growth, productive investment and technology, financialization, international trade and de-dollarization • Analysis of the relative success of liberal and meritocratic governance systems in handing the impacts of COVID-19 and responding to economic crisis • Identifying forces leading to a transformation from a unipolar to a polycentric or multipolar global order. • Identification of the need for international co-operation

The COVID19 crisis has magnified the issues plaguing academic science, but it has also provided the scientific establishment with an unprecedented opportunity to reset. Shoring up the foundation of academic science will require a concerted effort between funding agencies, universities, and the public to rethink how we support scientists, with a special emphasis on early career researchers.

Recently, the hybrid neuron models which combine the basic neuron models with impulsive effect(the state reset process) had been proposed, however, the preset value and the reset value of membrane potential were both fixed constants in the known models. In this paper, the Hindmarsh–Rose neuron model with nonlinear reset process is presented where the preset value and the reset value of membrane potential are variable constants. We conduct a qualitative analysis in the vicinity of the equilibrium point or the limit cycle of the proposed system by using the theories of impulsive semi-dynamical systems. Firstly, the more detailed impulsive set and phase set are given, then using the fixed point of Poincare map, the existences of order-1and order- k ( k > = 2 ) period solutions are investigated subsequently. Furthermore, numerical investigations including period-adding bifurcation, multiple attractors coexistence, switch-like behavior are presented to further describe the bifurcation and chaos phenomena. Finally, the obtained results and possible applications of the proposed model are elaborated.

© 2017 Sports Medicine Australia Objectives: To examine the frequency and time spent in the phases of Australian Football (AF) match-play and to assess the intra-assessor reliability of coding these phases of match-play. Design: Observational, intra-reliability assessment. Methods: Video footage of 10 random quarters of AF match-play were coded by a single researcher. Phases of offence, defence, contested play, umpire stoppage, set shot and goal reset were coded using a set of operational definitions. Descriptive statistics were provided for all phases of match-play. Following a 6-month washout period, intra-coder reliability was assessed using typical error of measurement (TEM) and intra-class correlation coefficients (ICC). Results: A quarter of AF match-play involved 128 ± 20 different phases of match-play. The highest proportion of match-play involved contested play (25%), followed by offence (18%), defence (18%) and umpire stoppages (18%). The mean duration of offence, defence, contested play, umpire stoppage, set shot and goal reset were 14, 14, 10, 11, 28 and 47 s, respectively. No differences were found between the two coding assessments (p > 0.05). ICCs for coding the phases of play demonstrated very high reliability (r = 0.902–0.992). TEM of the total time spent in each phase of play represented moderate to good reliability (TEM = 1.8–9.3%). Coding of offence, defence and contested play tended to display slightly poorer TEMs than umpire stoppages, set shots and goal resets (TEM = 8.1 vs 4.5%). Conclusions: Researchers can reliably code the phases of AF match-play which may permit the analysis of specific elements of competition.

Propose a new adaptive learning algorithm to address the problem of concept drift.Use a decaying factor to discount previous learning examples.Use a concept drift detector to reset the learning process upon major concept drift.The proposed algorithm was theoretically proved to have sublinear regret bound. Concept drift is the problem that the statistical properties of the data generating process change over time. Recently, the Time Decaying Adaptive Prediction (TDAP) algorithm11Scalable Time-Decaying Adaptive Prediction Algorithm. (Tan etal., 2016). was proposed to address the problem of concept drift. TDAP was designed to account for the effect of drifting concepts by discounting the contribution of previous learning examples using an exponentially decaying factor. The drawback of TDAP is that the rate of its decaying factor is required to be manually tuned. To address this drawback, we propose a new adaptive online algorithm, called Follow-the-Regularized-Leader with Adaptive Decaying Proximal (FTRL-ADP). There are two novelties in our approach. First, we derive a rule to automatically update the decaying rate, based on a rigorous theoretical analysis. Second, we use a concept drift detector to identify major drifts and reset the update rule accordingly. Comparative experiments with 14 datasets and 6 other online algorithms show that FTRL-ADP is most advantageous in noisy environments with real drifts.

This study evaluates F0 declination and reset in read speech produced by African American and White women speakers of American English as an active, linguistically-controlled process. The results demonstrate that African American women have less change in F0 over the duration of the breath group unit than White peers. There was no evidence of the use of final level or rising pitch as documented in informal African American English. The results indicate that in formal interactions, such as those expected in the educational and therapy settings, adult female African American speakers will use F0 declination and reset in sentence level breath groups in a manner consistent with White peers. Implications and directions for future research are discussed.

We study an apparent schism in the literature concerned with non-linear health insurance plans: consumers exposed to the same type of policy appear forward-looking and rational in their response to one policy feature – the end-of-year coverage reset – but not to another – that current prices depend on the year-to-date spending in a non-linear fashion. We exploit policy variation from within a unified institutional environment and uses of population-wide data. We replicate both phenomena empirically: consumers both shift the timing of their purchases in response to the end-of-year reset and react excessively to spot prices during the coverage year. Importantly, however, we show that also the end-of-year behavior is due to over-attention to short-run prices. Specifically, consumers respond entirely to the large and salient change in the spot price in connection with the reset of the coverage year, conditional on the true expected price change. We find that liquidity constraints, rather than plan literacy and cognitive decline are important for understanding the spot price bias.

This paper explores the motivation and features of industrial enterprises investing in real estate in China. Using the A-share listed companies from 2005 to 2019, we investigate the change in the dominant position of two competing effects, namely “credit relief effect” vs “resource reset effect” of real estate investment under different conditions. The empirical results show that both the likelihood and level of entering real estate sector for industrial enterprises restrain the input and output of corporate innovation. The developed region strengthens resource replacement effect of cross-border investment on corporate innovation. Resource replacement effect is more significant in developed regions, whereas the resource replacement effect is partly offset by the credit relief effect in undeveloped regions. The findings are robust after controlling for potential endogeneity concerns. The results contribute to enhancing the innovation vitality of micro subjects and preventing China's systemic financial risks under the environment of supply-side structural reform.

This article studies the problem of valuation of equity-indexed annuities (EIA) when the stock index follows a Hawkes jump–diffusion model to account for the jump risk and clustering of index price jumps. Further, the interest rate is assumed to be driven by Vasicek type model, correlated to the dynamics of the stock index. In the proposed framework, an analytical expression is obtained for the price of annual reset and point-to-point designs of EIAs by employing the measure change technique. The effects of the model parameters governing the jump risk and the clustering of jumps on the EIAs pricing are illustrated through numerical experiments.

Online reviews on digital platforms are essential in building reputation and mitigating information asymmetry between buyers and sellers. Existing reviews, however, become less informative for products whose attributes frequently change over time. To cope with this challenge, digital platforms have explored reputation update mechanisms that adequately reflect this change. One distinctive mechanism in the context of apps is where reputation, and thus the underlying review history (including volume and valence), is reset with the release of a new app update. Intuitively, apps with low prior reputation are expected to benefit from updating while apps with high prior reputation may suffer. At the same time, apps face the market pressure to get frequently updated. This setup makes the developer’s update decision a double-edged one with updating turning into a strategic reputation management instrument. Additionally, and while the updating decision is typically up to the developer, this decision can also be driven by the hosting platform updating its own technology infrastructure. Exploiting an instrumental variable approach on an App Store panel dataset, we study app demand under reputation resetting driven either by the platform or the developer. We find that when reputation resetting is platform-driven, apps with low prior reputation enjoy a sharp increase in demand while those with high prior reputation experience a sharp decline in demand. We also find a positive association between developer-driven updates and app performance for both high- and low-reputation apps. These results inform platforms and developers about the tension between operational stability and loss of reputation.

By halting the LIBOR's publication, large volumes of fixed income securities, from loans to derivatives, will fall back to an alternative fixing reference. The initial proposal of a SOFR fallback eliminated any degree of subjectivity but opened up funding risk. Overlaying a credit spread over SOFR is a remedy that goes in the right direction, but neither guarantees a robust hedge for funding risk nor prevents accidental wealth transfers. To ensure robust funding risk hedges under all scenarios, we propose to complement the fallback rate by overlaying it with periodic exchanges of Funding Valuation Adjustment (FVA) reset amounts. Our proposal accomplishes the LIBOR indexing’s mandate of transferring banks’ funding risk to counterparties more accurately and robustly than the LIBOR itself while being objective and legally robust. We conclude that the LIBOR transition is an excellent stimulus and opportunity to improve funding strategies and, if implemented with foresight, can make the financial system more resilient and efficient.

We are witnessing the biggest natural experiment in league design in Australian sporting history. Governance models are being stress-tested like never before as financial and legal relations between league administrations and clubs are reset at speed. Australia's sharpest sporting executives face harsh trade-offs and choices between bad and worse outcomes in response to the societal and financial threats of coronavirus. How do they save a league? Or a sport?

Significant reform of remuneration practices has occurred in the past decade since the global financial crisis. These changes respond not just to popular outrage at the perceived disparity of levels of remuneration but also at the belief that remuneration incentives have driven extensive non-compliance with rules, the failure of organisations, and even threatened the systemic sustainability of markets and financial systems. A series of changes has occurred, some aimed at reducing the total level of remuneration and others at the basis on which performance is incentivised, assessed and rewarded. Based on the scientific and outcome evidence to date, it is unclear to what extent any of these will prove to be successful. This article argues that the basis of incentivising, assessing and rewarding performance has to be reset. Current practice does not align with the fundamental shift in the purpose of corporations from maximising shareholder value to maximising stakeholder value and long-term sustainability. This article reviews the evidence on some simple but key questions. Do we need to incentivise workers? Do some current incentives increase the risk of disasters? If so, how do we remove or reduce that risk? The issues of fair distribution and social solidarity arise as fundamental issues to be resolved in responding to the Corona-19 crisis.

Following the Foundation of the World Economic Forum (WEF) and its founder Karl Schwab’s system change call RESET, the aim of this declaration is to provide qualified knowledge about the systemic undesirable developments in our healthcare systems and how general healthcarecould avoid future pandemics and lockdowns. This declaration is the result of the conference “System Change ?!” on July 14th and 15th, 2020, which aimed at creating a network of changing, courageous thinkers and interdisciplinary expertswholead a transition in the healthcare system to focus on preventive precaution in order to avoid future ecological and economic catastrophes. The conference start on July 14 paid tribute to the French revolution advocatingfor alleviating the emerging systemic inequalities in the wake of the COVID-19 pandemic that should be met with yet more harmonious efforts to implement aprecautionary-focused healthcare system change.

The article discusses the CJEU's most important case law, including interpretations presented in recent cases relating to data retention for both national security purposes (Privacy International, La Quadrature du Net) and the fight against serious crime (H.K). The analysis is a starting point for discussing the draft e-Privacy Regulation, in particular a controversial proposal introduced by the EU Council that may limit the Court's jurisdiction in cases involving data retention rules that cover state security. Negotiated over the past five years, the draft e-Privacy Regulation fleshes out EU data protection rules governing electronic communication services. As a result, the way in which obligations under the Regulation are defined is critical in setting a standard for retention rules consistent with CJEU case law for decades to come. At the same time, succumbing to pressure from Member States may have the opposite result – the emergence of new ambiguities concerning not only the admissibility of data retention but also the competence of EU institutions to regulate this area of the telecommunications sector.

Is the spatial distribution of urban business establishments sensitive to large, temporary shocks? This paper studies the impact of the 1906 San Francisco earthquake and fire on the agglomeration of 71 industries in the city. The disaster reset location patterns as firms moved after the destruction of thousands of buildings. Using addresses gathered from city business directories between 1900 and 1930, this study asks whether industry agglomeration in San Francisco was permanently affected by the shock. While firms had dispersed after the disaster, industries largely recovered their previous clustering patterns by 1915. The distribution of firms across city blocks, however, was susceptible to the shock as many industries—particularly in manufacturing—had permanently relocated in the wake of the disaster. Industry clustering is thus resilient to shocks, even if ties to certain areas of a city are not. Together, these outcomes suggest that agglomeration economies and other dynamic forces, more than fixed local characteristics, determine firm locations at a microscale.

In reviewing the Great Reset, an initiative launched by the World Economic Forum (WEF) in response to the global coronavirus crisis, this perspective article considers the scenario of an epochal transition from capitalism to “restorism”. To facilitate the observation of underlying trends and assumptions, a systems-theoretical framework is developed for the observation of both this Great Reset scenario and those scenarios that are by implication excluded by the WEF vision. It is thus shown that the “shared goals” advocated by the WEF would converge to a transition from a modern pluralist to a “new-normative” order stratified to the primacy of individual, institutional, and planetary health. In discussing sociological implications of this transition, a vision emerges of a new digitally enhanced medieval era where health plays the role once played by religion. In this restorist scenario of a neo-medieval world health society, the emergence of new social strata corresponding to different levels of purity, infection, or pollution would be a probable consequence. The paper concludes that idea of deliberately caused great resets and other control illusions nurtured by the WEF initiative are barely smarter than and spur what the UN Secretary-General refers to as “wild conspiracy theories”.

We price resettable convertible bonds (RCBs) whose embedded options contain conversion, call and put provisions and reset clause using complete path decomposition. The reset clause stipulates that the conversion price is adjusted downwards if the underlying stock price is lower than the conversion price by some pre-specified percentage. By assuming or identifying optimal strategies of RCBs’ issuers and investors, we completely decompose the value of RCBs into three parts: A sum of values of several path-dependent exotic options, the value of coupon payments, and the par value. Our method provides comprehensible insight of different provisions contained in RCBs.

This paper shows that households’ mortgage refinancing decisions suboptimally depend on uninformative reference points, imposing a friction to the refinancing channel of monetary policy. I study refinancing behavior in the UK, where on pre-determined dates initial fixed rates reset and mortgagors automatically move onto a reversion rate above market rates. A borrower’s expired fixed rate determines whether failing to refinance is perceived as a loss or as a gain, thus serving as a salient reference point. I find that borrowers for whom inaction implies a relative gain refinance on average 13.4% less than borrowers who face a loss. This evidence is at odds with optimal models of refinancing since future borrowing costs are unrelated to past rates.

While scholars seem united on the sentiment that abolition is the ultimate resting place for capital sentencing in the United States, their arguments vary as to how the system will reach that point. For example, Carol and Jordan Steiker argue that the systemic disarray of capital sentencing in the United States is a result of the U.S. Supreme Court’s attempt to constitutionalize capital sentencing. This Article contends that the U.S. Supreme Court's constitutional jurisprudence that has developed since 1972, when the Court reset capital sentencing in Furman v. Georgia, has aided the Court is gradually narrowing capital punishment, as a result of the controlling “evolving standards of decency” standard. Specifically, the Court has narrowed capital punishment with respect o who may be sentenced to death, how sentences of death are imposed, and how defendants are executed. As a result, this Article contends that the "evolving standards of decency" standard paves the path toward abolition. This Article first shows that incrementalism has led to the current landscape of capital punishment in the United States. Then, the Article contends that an incremental approach to reaching abolition is inherent in the governing “evolving standards of decency” standard and the most effective and realistic way of achieving abolition. Finally, the Article then proposes the next steps in this incremental approach to eliminating the death penalty in America.

We propose a theory of how the process of knowledge creation within firms affects their investment decisions. Firms accumulate knowledge through successive rounds of experimentation in the form of capital expenditures, and reset knowledge when they explore new technologies. This process generates endogenous knowledge cycles, which govern firms' investment. Because risky experimentation makes firms information averse, investment increases but Q decreases as knowledge accumulates. The relationship between investment and Q thus varies over the knowledge cycle and is strongest early in the cycle. We find empirical support for the knowledge channel using a text-based measure of knowledge cycles from public firms. The knowledge channel could explain why investment has been weak in recent years despite high valuation.

New Keynesian models have been criticised on the grounds that theyrequire implausibly large price shocks to explain inflation. Bils, Klenow, andMalin (2012) show that, while these shocks are needed to reduce the excessiveinflation persistence generated by the models, they give rise to unrealisticallyvolatile reset price inflation. This paper shows that introducing heterogeneityin price stickiness in the models overcomes these criticisms directed at them.The incorporation of heterogeneity in price stickiness reduces the need forlarge price shocks. With smaller price shocks, the new model comes close tomatching the data on reset inflation.

An open-access database has been set up to support the research project study- ing the ‘Response of Humans to Abrupt Environmental Transitions’ (RESET). The main methodology underlying this project was to use tephra layers to tie together and synchronise the chronologies of stratigraphic records at archaeological and envi- ronmental sites. The database has information on occurrences, and chemical compo- sitions, of glass shards from tephra and cryptotephra deposits found across Europe. The data includes both information from the RESET project itself and from the published literature. With over 12,000 major element analyses and over 3000 trace element analyses on glass shards, relevant to 80 late Quaternary eruptions, the RESET project has generated an important archive of data. When added to the published information, the database described here has a total of more than 22,000 major element analyses and nearly 4000 trace element analyses on glass from over 240 eruptions. In addition to the database and its associated data, new methods of data analysis for assessing correlations have been developed as part of the project. In particular an approach using multi-dimensional kernel density estimates to evaluate the likelihood of tephra compositions matching is described here and tested on data generated as part of the RESET project.

Firms embrace diversity, especially with regard to sex. Overtly optimistic predictions of a diversity dividend, some built on sex stereotypes, lead these firms to count on profits that may never materialize. This Article attempts to reset the agenda on how to study corporate board diversity. We can only assess if and how sex diversity yields benefits by understanding the who, what, and where of diversity. Whether sex diversity produces a “diversity dividend” depends on three key factors: (1) the nature of the benefit of including women (whether for their experience or other qualities); (2) the kind of firm and its governance; and (3) the jurisdiction(s) in which the firm operates. Only by further investigating the precise conditions under which diversity will have an effect can we estimate the potential instrumental benefits of sex diversity.

In just the last ten years, a growing number of states have sought to join the race to develop and sell ever-more sophisticated drones on the global market. While today the market remains stratified between makers and takers of drones, the gradual emergence of a drones arms race will have some important and potentially dangerous consequences for the international system. The emergence of a race for drones will reshape long-simmering conflicts and rivalries around the world in three ways. First, the proliferation of drones will reset the rules and norms governing surveillance and reconnaissance. Second, drones will become increasingly useful to governments in testing the strategic commitments and the nerves of their rivals. Third, the worldwide proliferation of drones will multiply the risks of conflict spirals stemming from accidents or hijacked drones. Given these risks, Washington’ should take a leading role in slowing the global race for drones and in developing strict legal and normative mechanisms to govern drone usage and sales in the future.

In paper consider the impact of information and advertising on consumer behavior and the process of productive differentiation formation. Advertising, television, radio, magazines and direct mail as major constraints of mass media may act as sources of information. Economics modernization aimed at accelerated development of the knowledge intensive industries, which contribute to Russia's entrance at the world economy; the reset of manufacturing base of Russian economics; development of import substitution industries and limited participation in international labor specialization.

We examine the convertible bonds whose conversion prices can be reset under certain conditions, by extending the asymmetric information framework of Stein (1992). These convertibles are more common in Japan and China and are in sharp contrast with the convertible bonds with fixed conversion prices. We find that resettable convertibles can help firms reduce liquidity cost. But the adverse selection problem caused by bad firms may be exacerbated if the cost of financial distress is not sufficiently high. Firms can mitigate the problem through costly signaling with fixed-price convertibles. Finally, we show that pooling and separating equilibria may coexist for some parameter values.

This paper presents a parsimonious barrier model for the optimal principal reset in a loan modification, thereby maximizing the loan value to the lender bank and minimizing the likelihood of strategic foreclosure by the homeowner. Writing down the loan-to-value (LTV) ratio will reduce the present value of future payments on the loan, but will also reduce the probability of default, thereby saving foreclosure losses. The optimal trade-off of these two countervailing effects will pinpoint the optimal LTV at which the loan must be reset. We present a simple barrier option decomposition of the loan value that makes the optimization of LTV easy to implement. An extension of the model is shown to account for varying growth rate assumptions about house prices. The model in this paper specifically accounts for the homeowner’s willingness to pay, and uses the framework to model shared-appreciation mortgages (SAMs).

We document that increased competition leads banks to reduce initial rates offered on adjustable-rate mortgages (ARMs) to attract borrowers but increase interest rates after the rate reset and thereby exploit consumer inattention in pricing terms. Consistent with theoretical predictions, we find that banks shroud more with naive borrowers or less financially sophisticated borrowers, who are more subject to behavioral bias. Although competition reduces firm profits and benefits consumers due to price reduction, the effect is small, since firms respond to competition by increasing add-on prices and loans have lower default rates and delayed prepayments since deregulation.

In this report, we examine how a sample of US homeowners changed their credit card spending in response to a predictable drop in their mortgage payment driven by the Federal Reserve’s low interest rate policy that followed the Great Recession. Using a de-identified sample of Chase customers who had a hybrid adjustable-rate mortgages (ARM) and a Chase credit card, we analyze changes in credit card spending and revolving balance leading up to and after mortgage reset. We organize our results into four findings. First, forty-four percent of the homeowners in our sample experienced a large drop in their hybrid ARM payment at reset, which on average represented over 5 percent of their monthly income. Second, homeowners increased their spending by 9 percent in advance of the anticipated drop in their mortgage payments and by 15 percent after reset, despite a considerable drop in housing wealth. Third, homeowners used credit card borrowing to finance 21 percent of their pre-reset anticipatory spending increase, and post–reset they further increased their revolving balances. Over the full two year period, their total spending increase exceeded their mortgage-related savings by 4 percent. Fourth, Homeowners used the savings from lower hybrid ARM payments to make more purchases across all spending categories, notably home improvements and healthcare. Overall, we find that in a declining interest rate environment, the income channel that transmits interest rate policy to homeowners with ARMs is automatic, the consumer response is considerable, and that there are both anticipatory and contemporaneous increases in consumption. Additional research is needed to understand if the income channel also has the intended and expected contractionary effects on consumer spending as policy rates move higher. Armed with a full understanding, housing policy makers could evaluate the policies that influence which type of mortgage (fixed-rate or variable-rate) borrowers choose and should consider the effects these policies will have on the ability of monetary policy to impact personal consumption through the business cycle.

Parisian options are complex path-dependent options developed by barrier option. Moving window Parisian options are higher path-dependent options, which are widely used in the field of convertible bonds in recent years. In this work we propose to price moving window Parisian option by use of hitting time. A simulation algorithm of the pricing is presented. As an application, we provide the pricing equations of convertible bonds with reset clause. Furthermore our simulation method is applied to price convertible bonds with reset clause using the data in China mainland stock exchange. The results show that this algorithm can undoubtedly improve the accuracy of the convertible bonds pricing.

We show that a multiple-unit descending-price auction in which the clock is not reset after each sale may be faster and yield more stable prices than an efficient alternative, thus providing sellers a rationale for using it in practice.

This paper describes a process for a reset of regulation and utilities in today’s environment of constant change. “Reset” means that we develop fresh perspectives and knowledge about the future, all the while holding in trust the wisdom of the past. The paper examines three juxtapositions. The first is to focus on next practices, not best practices. Best practice is about following in someone else’s footsteps, whereas next practice is about going into areas where no one has gone before. The second is focusing on why rather than focus on what. Asking “What should we do next?” emphasizes practice whereas asking “Why have certain practices been successful?” searches for underlying needs and context. The third juxtaposition is between leading and leadership. A leader provides direction, which is proper when the right direction is known. In contrast leadership mobilizes people to tackle difficult and often ambiguous problems and circumstances.

The effect of payment shocks on subprime hybrid ARM mortgage prepayment and delinquency is examined. Using loan level data from private label securities, we modeled the effects of payment shocks on mortgage performance. Our study provided interesting empirical results in three main areas: First, we addressed the effect of payment shocks on subsequent mortgage delinquency. Second, we studied how the effect of payment shocks varies and decays over time. Third, we disentangled the impact of payment shocks based on the reason for the shocks: payment shock due to the expiration of a teaser rate (i.e. “teaser shock”) versus the payment shock due to index rate changes at the time of reset (i.e. “market rate shock”). We find that the effect of payment shock on loan performance varies by the delinquency status of the loan at the time of the shock. That is, the payment shock has the most significant effect on “current” loans rather than loans already in delinquency. Also of note, we find that the effect of a payment shock decays only gradually over time. We find that the impact of “teaser shocks” and “market rate shocks” on mortgage performance do not differ substantially, even though teaser shocks may be somewhat more predictable than market rate shocks. This suggests that either subprime ARM borrowers did not fully understand the product and the extent of the shock at the first reset date or that financially strapped borrowers used the product to speculate and were caught by the teaser shock when they were unable to refinance or sell (i.e. “flip”) their properties . The study suggests that any modification plan designed to eliminate potential payment shocks or to otherwise lower payments will be most effective for loans that are currently performing rather than loans that are already in delinquency.

For a class of reset control systems, we reconsider the piecewise quadratic Lyapunov function construction proposed in Zaccarian et al. [2005]. In particular, we propose an alternative construction that addresses an analysis subtlety overlooked in that preliminary result. An example illustrates the potential pitfalls of ignoring this analysis subtlety. Another example is used to show that the new statement leads to numerical results that are similar to the ones that come from Zaccarian et al. [2005].

A strike reset option is an option that allows its holder to reset the strike price to the prevailing underlying asset price at a moment chosen by the holder. The pricing model of the option can be formulated as a parabolic variational inequality and the optimal reset strategy is the free boundary. The smoothness of the free boundary in some cases was showed in our article published in JDE. We would prove its smoothness in the other case in this paper by a generalized comparison principle for the variational inequality.

The reload provision in an employee stock option entitles its holder to receive one new (reload) option from the employer for each share tendered as the payment of strike upon the exercise of the stock option. The number of reloads allowed can be finite or infinite. The shout feature in a call option allows its holder to reset the option's strike price to the prevailing stock price upon shouting. We explore a symmetry relationship between the price functions of the employee reload options and shout call options. When the dividend yield of the underlying stock is zero, the value of the employee reload option can be expressed in terms of the price functions of a shout call option and a forward contract. For an employee reload option with an infinite number of allowable reloads, the payoff of the employee reload option can be related to the lookback feature of the stock price process. We also examine the optimal exercise policies of the multi-reload employee stock options. The behavior of the critical stock price at which the holder should exercise optimally is shown to depend on the relative magnitude of the dividend yield, interest rate and volatility. Our analysis of the multi-reload and multi-shout options contributes to the literature on optimal stopping policies of contingent claims with multiple stopping rights.

In this paper, I identify shocks to interest rates resulting from two administrative details in adjustable‐rate mortgage contract terms: the choice of financial index and the choice of lookback period. I find that a 1 percentage point increase in interest rate at the time of adjustable‐rate mortgage (ARM) reset results in a 2.5 percentage increase in the probability of foreclosure in the following year, and that each foreclosure filing leads to an additional 0.3 to 0.6 completed foreclosures within a 0.10‐mile radius. In explaining this result, I emphasize price effects, bank‐supply responses, and borrower responses arising from peer effects.

In this paper, we provide an efficient algorithm of the utility based reset option pricing and hedging approach in markets with both fixed and proportional transaction costs. The method results in four boundaries option prices corresponding the upper boundary and lower boundary of no transaction region and the upper boundary and lower boundary of target region, respectively. Our research substantially reduces the computational time as well as improves the computational efficiency and accuracy considerably. We propose and implement a numerical procedure for computing reset options prices and corresponding optimal hedging strategies. We elaborate on the option pricing differences between in the complete market and in the market with both fixed and proportional transaction costs.

Reset clauses on the strike price and maturity date are commonly found in derivative contracts, like insurance segregated funds, bonds and executive warrants. We analyze the optimal reset policy adopted by the holder of an option that possesses the reset rights on the strike price and date of maturity. The optimal reset policy relates closely to the temporal rate of change of the value of the new option received by the holder at the reset moment. The characterization of the optimal reset policy requires the solution of a free boundary value problem. As part of the solution procedure, we determine the critical asset price for a given time to expiry at which the holder chooses to activate the reset clause optimally. Depending on the specific nature of the reset clauses, the reset policies exhibit a wide variety of behaviors. We also manage to obtain analytic price formulas for several specific types of reset options.