We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries, while foreign direct investment flows in the opposite direction; net capital flows go from poor to rich countries; d...

There has been criticism within the real estate professions that the lack of availability of good quality data has led actuarial professionals and academics to ignore real estate for modelling purposes. It has sometimes been asserted that this is one of the reasons for the decline in institutional investment in real estate, as asset allocation experts have ignored the asset class because of the...

editorial editorial l ong ago, in a political galaxy far away, i was educated at one of the world's elite universities. neither i, nor my middle-class parents, paid a penny in upfront fees for this privilege. in fact, the state—or more precisely my local municipality—paid me a substantial 'maintenance grant' every term which covered my room in college, living expenses, books and other study ess...

This means that for all n ≥ 2, there exists no first-order sentence Fn in the language Ln = (+,−,×,=, 0, 1, In) satisfying the following property: for any real algebraic variety V of R, if we interpret the n-ary predicate In by membership to V then R |= Fn if and only if V is irreducible. Our proof will imply that irreducibility remains undefinable even if we add the exponential function to Ln....

Let us recall that Raphael Robinson’s Arithmetic Q is an axiom system that differs from Peano Arithmetic essentially by containing no Induction axioms [13, 18]. We will generalize the semantictableaux version of the Second Incompleteness Theorem almost to the level of System Q. We will prove that there exists a single rather long Π1 sentence, valid in the standard model of the Natural Numbers a...

In this paper we present the fundamental approaches of financial economics to valuation. Three methods are demonstrated by which financial economists account for risk. We illustrate how these methods relate to one another and how they can be applied in the valuation of risky corporate bonds, guaranteed investment contracts (GICs) with and without interest rate contingencies, and whole life insu...

Bjorn Poonen discussed the “recognition problem” for finitely generated rings (and fields). That is, given two finitely generated commutative rings A and B, presented in terms of generators and relations, is there a decision procedure to determine whether or not these rings are isomorphic (this being, one would think, a basic issue for algebraic geometry!). Of course, if one drops the requireme...

Taking five Anglo-Saxon countries that have relatively similar backgrounds and tax systems – Australia, Canada, New Zealand, the UK and the USA – we see that the shares of the very richest exhibit a strikingly similar pattern, falling in the three decades after World War II, before rising sharply from the mid-1970s onwards. The share of the top 1 per cent is highly correlated across AngloSaxon ...

O F ALL the materials associated with dental practice and technic, those containing gypsum products are probably used most extensively. In keeping with this fact, a great deal of research has been directed toward problems involving the physical behavior of these materials. It is felt, however, that knowledge is lacking on some of the more fundamental behavior characteristics. The manifestation ...

We study initial cuts of models of weak two-sorted Bounded Arithmetics with respect to the strength of their theories and show that these theories are stronger than the original one. More explicitly we will see that polylogarithmic cuts of models of V are models of VNC by formalizing a proof of Nepomnjascij’s Theorem in such cuts. This is a strengthening of a result by Paris and Wilkie. We can ...