A large and growing literature has demonstrated in recent years how deep and efficient financial markets help to foster economic growth, by promoting investment and productivity growth (e.g., Rajan and Zingales, 1998). Through their role in selecting and monitoring projects, diversifying risks, and allowing investment and production to be carried out in the most productive scale and time frame,...

The process of financial integration in Europe has gathered pace in recent years with the introduction of the EMU, but reflects a much longer and deeper process of capital market liberalisation and expansion of large financial intermediaries. This process has been extensively studied, but mainly from the point of view of financial market efficiency – particularly the degree of inter-bank bank c...

In the framework of an incomplete financial market where the stock price dynamics are modeled by a continuous semimartingale, an explicit first-order expansion formula for the power investor’s value function seen as a function of the underlying market price of risk process is provided and its second-order error is quantified. Two specific calibrated numerical examples illustrating the accuracy ...

In the general framework of a semimartingale financial model and a utility function U defined on the positive real line, we compute the firstorder expansion of marginal utility-based prices with respect to a “small” number of random endowments. We show that this linear approximation has some important qualitative properties if and only if there is a risk-tolerance wealth process. In particular,...

The term “New Economy’’ refers to a golden, or at least gilded, age in the late 1990s that was driven by optimism about the financial prospects for information technology (IT). There were three back-toback investment shocks during this period: telecommunications deregulation in 1996, the “year 2K’’ problem in 1998-1999, and the “dot.com’’ boom in 1999-2000. These events stimulated significant i...

Many hospital systems, over the last several years, have tended to avoid the large scale employment of physicians or the acquisition of practices. This history resulted from many of the financial problems hospitals encountered from acquisitions and expansion in the 1990s. During that period, many systems literally bankrupted themselves due to practice acquisition and employment costs. Hospitals...

lace expansion and suggesting that it might converge in five dimensions, and to Takashi Hara for the pleasure of four years of collaboration and for permission to include unpublished joint work. We gratefully acknowledge financial support from the Natural Sciences and Engineering Reearch Council of Canada. Finally we offer our thanks and deep appreciation to Joyce Kruskal and Joanne Nakonechny ...

ing a robust primary care system is more than a bureaucratic exercise; in Brazil, it has required long-term social movements and professional commitments. The future of Brazil’s FHS, its sustained expansion to the remaining urban centers and the middle classes, and its effective integration into secondary and tertiary care will require continued engagement by health care providers and the publi...

A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth. Levine and Zervos (1998) show that banking and stock market development are good predictors of economic growth.1 At the microeconomic level, Demirguc-Kunt and Maksimovic (1998) and Rajan and Zingales (1998) find that financial institutions are crucial for firm and industrial expansi...

MSCs and osteoblastic but not endothelial and osteoclastic cells furthers our understanding of differential effects of individual niche components on specific HSC behaviors. Because the agrin receptor is present on human CD34 cells,9 this novel therapeutic target may be of use in clinical scenarios where specific expansion of ST-HSCs may reduce morbidity, such as in recovery from iatrogenic or ...