Collateral Services Research Articles

Cover Picture: Geomechanics and Tunnelling 3/2024

AbstractIn Stockholm, Implenia builds of one of the world's deepest metro stations. This new metro station is an extension of the Blue Line to Södermalm. Beside the station single‐track tunnels for the subway, lift shafts, and a collateral service tunnel are constructed. Due to the difficult geological conditions and the bad quality rock, the AT – Pipe Umbrella System with squeeze connections were used to reinforce excavations and bolster safety during construction (photo: DSI Underground).

Chelvi Paramanathan

Chelvi Paramanathan earned the CQF in 2018. Chelvi started her career as an engineer in the scientific research industry in Singapore, before transitioning to a career in finance, and working her way up to her current role as Global Head of Pricing and Analytics for Agency Securities Finance and Collateral Services business at J.P. Morgan Chase & Co. We spoke to Chelvi about how she made the move into finance, the biggest challenges facing the industry over the next few years, and her advice for people looking for their next role in quant finance.

КОГНИТИВНО-ДИСКУРСИВНЫЕ ПАТТЕРНЫ ВЗАИМОДЕЙСТВИЯ ДЕТЕЙ И РОДИТЕЛЕЙ В КОНТЕКСТЕ ФИНАНСОВОГО ВОСПИТАНИЯ В КНР (НА ПРИМЕРЕ НОВОГОДНИХ РАСПИСОК)

The New Year's Receipt is one of the modern discursive practices in the Chinese linguoculture, through which parent forms a financially literate child's personality. The article provides a comprehensive study of cognitive-discursive patterns «child – parent» interaction, the functioning of linguistic means in the process of text formation. The empirical material analysis has shown that the main lexical and grammatical features include legal terms, cultural names, localities, collateral service unions and bundles, digital registry, temporary constructions.

Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas

AbstractDoes the ability to pledge an asset as collateral, after purchase, affect its price? This paper identifies the impact of collateral service flows on house prices, exploiting a plausibly exogenous constitutional amendment in Texas that legalized home equity loans in 1998. The law change increased Texas house prices 4 $\%$; this is price-based evidence that households are credit-constrained and value home equity loans to facilitate consumption smoothing. Prices rose more in locations with inelastic supply, higher prelaw house prices, higher income, and lower unemployment. These estimates reveal that richer households value the option to pledge their home as collateral more strongly.

LA CONTINUITÀ NELLA PUBBLICA AMMINISTRAZIONE

"Continuità" e "pausa", sono le parole chiave dell'amministrazione italiana, la prima generalmente prevalente sulla seconda. Ma in più di 150 anni, nonostante la continuità, ci sono state numerose interruzioni. Il modello della Legge Cavour (1853) è stato subito frammentato dalla creazione di uffici speciali, nuove funzioni e servizi collaterali. Il ridotto numero di dipendenti crebbe notevolmente nel tempo. La conoscenza tecnica a volte accompagnava la cultura burocratica dominante. Nacquero le amministrazioni "di guerra"; poi, con il fascismo, il parastato, le corporazioni, la burocrazia del Partito crebbe. Le principali caratteristiche della pubblica amministrazione furono le seguenti: la continuità degli uomini nel passaggio dal regime alla democrazia, ma anche le rotture, come quelle della Cassa per il Mezzogiorno e dell'Ente nazionale idrocarburi (ENI); le innovazioni del centro-sinistra (rottura) contro la tradizione (continuità); i successivi tentativi di riforma contro la resistenza dell'apparato. La continuità vince? Tuttavia, l'Europa, la digitalizzazione e le trasformazioni strutturali degli Stati agiscono come nuove fratture.

What Can Fifty-Two Collateralizable Wealth Measures Tell Us About Future Housing Market Returns? Evidence from U.S. State-Level Data

We use a novel U.S. state-level database to evaluate the role of housing wealth as a provider of collateral services. First, we estimate the cointegrating relationship between housing wealth and labour income for all 50 states, as well as the District of Columbia (D.C.), and overall U.S. Then, we assess the predictive ability of the housing wealth-to-income ratios (labelled by hwy) for state-level future real housing returns. We uncover: (i) positive estimates for the elasticity of housing wealth with respect to labour income, which are also largely heterogeneous across U.S. states; and (ii) a negative link between the housing wealth-to-income ratios and future housing returns, albeit the forecasting power of hwy also varies considerably across states. We conclude that country-level regressions typically "mask" this diversity of features surrounding the usefulness of housing in collateral provision and unfavourable labour income shock smoothing that state-level frameworks are able to recover.

Collateral, labour monitoring and banking accelerator

This paper derives the determination of external finance premium (EFP) in the context of banking sector profit maximisation behaviour. EFP/credit spread stems from the managerial cost, associated with the intermediation process, of factor payments to collateral and labour services. The stake of entrepreneurs is relevant to determine the EFP on two grounds: (a) the ratio of entrepreneurial net wealth to collateral value influences the total managerial cost; and (b) entrepreneurs' net worth (fraction of total collateral) helps mitigate the EFP from extracting rebate from collateral service. Based on these, we can derive an observationally similar relationship between EFP and entrepreneurial leverage, as in previous studies. This provides a rationale for us to understand the financial friction from a novel perspective. Besides the leverage ratio, the EFP is shown to be determined also by the resource cost of financial intermediation, for which the model generates a mechanism that contains broader ingredients in determining the behaviour of EFP.

Evaluating festival attributes adopting S-D logic: The mediating role of visitor experience and visitor satisfaction

To symbolize the importance of contextual factors of provision in the contemporary service era, in festival research, the term festivalscape has been proposed. Despite the large number of works investigating the construct, extant research does not adequately assess the systemic and interactive nature of festivals, which can be viewed as a set of interconnected elements. To bridge this gap, this article evaluates four festival attributes (atmosphere, service quality, people interaction and collateral services) according to service-dominant logic and service-ecosystem view. Current work examines a light festival organized in Salerno during the Christmas holiday using a sequential regression analysis, revealing the mediating role of experience and satisfaction in influencing behavioural intention.

커피전문점 서비스품질 속성이 전반적 만족도에 미치는 대칭 및 비대칭 분석

The identification of primary service quality attributes that generate customer satisfaction is critical to organizational success. This study investigates the symmetric and asymmetric nature of the relationship between service quality attributes and overall customer satisfaction using two brand coffee shops (Starbucks and Ediya). Findings show that there are six dimensions of 24 service quality attributes. (employee service, shop facilities, collateral service, the brand, the menu, & the coffee quality). Within this symmetric relationship, most of the service factors positively affect the overall satisfaction with both brands. However, within an asymmetric relationship based on a three-factor model of customer satisfaction, many of the aforementioned attributes are classified differently. Employee service & shop facilities are identified as 'performance factors', while collateral service, brand, menu, & coffee quality are 'basic factors' for Starbucks. On the contrary, menu is identified as a 'performance factor', shop facility as 'excitement factor', and collateral service & brand are 'basic factors' for Ediya. Differences between a traditional symmetric approach and an asymmetric approach using a three-factor model of customer satisfaction are delineated. Furthermore, the theoretical and practical implications of the results are discussed.

Implementation of a Prolonged Infusion Guideline for Time-Dependent Antimicrobial Agents at a Tertiary Academic Medical Center.

Administration of time-dependent beta-lactam antibiotic as a prolonged infusion may maximize the pharmacodynamic target of time above the minimum inhibitory concentration. We describe the implementation of a prolonged infusion at a tertiary academic medical center, and a 1-year compliance analysis with the guideline. After performing a thorough literature search, a guideline was developed by members of the Department of Infectious Diseases and Department of Pharmacy. Approval and endorsement of the guideline was obtained by the Antimicrobial Subcommittee and Pharmacy and Therapeutics Committee. Physical champions were instrumental in the implementation of the guideline institution-wide. We then performed a 1-year retrospective analysis of guideline compliance from January 1, 2011 to December 31, 2011. Noncompliant administrations were obtained from smart infusion pumps. The total number of doses administered was taken from pharmacy information resources. In total, nearly 85,000 time-dependent doses were administered. Compliance with the prolonged infusion guideline was 89%. Rates of compliance did not significantly differ between medications (P = 0.555). Obtaining support from key stakeholders in collateral services and institutional leadership was vital for the success of this guideline. Compliance with the guideline 1 year after implementation was high. Implementation of a prolonged infusion guideline is feasible with institutional support and motivation.

Warehouse to Manage Collateral — Kaul’s Dilemma

NCMSL, incorporated in India in 2004 was a Mumbai-based Collateral Management (CM) services organisation that was facing a dilemma in expanding its operations. It was set up with the objective of empowering stakeholders mainly in agricultural commodities business to deal with various risks. Its major businesses were managing warehouses and providing collateral management services. It provided CM services to its clients that lent based on collaterals (warehoused non-perishable commodities). Competitors included National Bulk Handling Corporation among others, who provided similar offerings in the market. Banks were its major clients. The assets under NCMSL’s management and income varied considerably over the last four financial years (FY 2008–12). Mr Sanjay Kaul, NCMSL’s MD & CEO was wondering whether investing in an own-warehousing network would make business sense. He was exploring whether increasing the bank network for business expansion would bear any fruit. He anticipated answers to his questions from the data available.

컨테이너 항만경쟁력 결정요인 분석

Abstract The aim of this study is to analysis factors that determine the competitiveness of container ports using the KJ and AHP methods. For this, 54 detailed attributing factors were identified both by previous studies and port users. 24 attributing factors were identified by a group of port experts. also, These were grouped 18 detailed attributing factors into 6 attributing factors by a group of port experts using the KJ method. These were made into a model of hierarchical structure with 3 levels, taking 1 goal factor, 6 evaluation factors and 18 detailed evaluation factors. The collected date of questionnaires were analyzed by a group of port experts using the AHP method. The analysis result of the evaluation factors in container port shows that port cargo volume is the most important factor, followed by port location, port cost, port service, port facility and port management. The analysis results of detailed evaluation factors in container port shows that import and export cargo volume is the most important factor, followed by transshipment cargo volume, distance from main trunk, cargo handling cost, distance from the point of importing and exporting, speediness of cargo handling, stability of cargo handling, vessel/cargo cost in port entry and leaving, punctuality in port entry and leaving, number and length of berth, collateral service cost, terminal area, hinterland accessibility, ability of terminal operation company, front depth of berth, etc.Key words : AHP, Determinations Factors, KJ, Port Container Port CompetitivenessCorresponding author : 051-410-2055, whiterih@naver.com

Outpatient Psychotropic Medication Use in the US: A Comparison Based on Foster Care Status

Using data from the Client/Patient Sample Survey, a nationally representative study of outpatient mental health service utilization, the prevalence and correlates of psychotropic medication receipt for youth who live with families and in foster care are compared. The medication rate is similar for both groups, with slightly more than one-third of youth treated with medication. Additionally, when medication is prescribed, it is the sole intervention provided for close to one half of each group, and the distribution of other services received (such as clinical case management and collateral services) is similar, regardless of living situation. However, the predictors of medication use differ for the two groups. Among foster care youth, only presenting problems of depressed mood, being withdrawn, and suicidality significantly increase the odds of medication; among youth with families, sociodemographic characteristics (male gender), and a range of clinical factors (disruptive behavior disorder, presenting problems of hyperactivity and sleep disturbance, prior mental health service receipt, and inpatient or residential care referral sources) increase the likelihood of medication. The conclusion that distinct sets of factors predict medication for the two groups was reinforced by results of multivariate analyses; foster care status moderates the association between medication receipt and only one of the correlates examined (gender). Implications, limitations, and areas for future research are presented.

Food in IKEA: A Strategy to Support the Core Business

This work moves from the idea that new and atypical marketing techniques can support commerce. These devices are useful because they answer to a new kind of relationship between business and consumer. One such unconventional approach is demonstrated in the example of a specialty furniture company. The multinational company IKEA implemented a food-marketing policy as collateral service to the core business. The strategic importance of this policy was demonstrated through the resulting boost in sales. The empirical evidence was gathered through measurement and analysis of consumer expenditure. This was monitored under various purchasing conditions. Analysis presents the dimensions resulting from such a successful strategy, showing how the most effective promotional technique is carried out within a single store.

Short-Run and Long-Run Effects of Banking in a New Keynesian Model

This paper introduces both endogenous capital accumulation and deposit-in-advance requirements for investment in the banking model of Goodfriend and McCallum (2007). Impulse response functions from technology and monetary shocks show some attenuation effect due to the procyclical behavior of the marginal finance cost. In addition, an adverse financial shock produces sizeable declines in output, inflation and interest rates. In the long-run analysis, we finnd the following effects of banking intermediation: (i) the stock of capital increases to take advantage of its collateral services, and (ii) consumption and labor fall in response to the finance cost attached to purchases of goods. Using the baseline calibrated model, we show how a 10 percent increase in banking efficiency would result in a permanent welfare gain equivalent to 0.3 percent of output.

Professionals' Perspectives on Organizational Factors That Support or Hinder the Successful Implementation of Family-Centered Practice

This article presents findings from an exploratory, qualitative study whose objective was to identify professionals' perceptions of organizational factors that support or hinder the implementation of family-centered practice (FCP). Two disability services organizations in Manitoba, Canada, were selected as the research sites. In 2002, all staff were invited to participate in qualitative interviews and focus groups, resulting in 36 people responding (front-line service coordinators, supervisors, and key informants). The analysis identified factors related to the organization's culture and climate (such as caseload size and activity, supervision, and training), policy limitations, and collateral services, as negatively affecting the ability to successfully implement FCP. The findings suggest that organizations should develop and maintain organizational cultures and climates necessary to support, implement and sustain FCP to positively impact service quality and outcomes.

Feasibility of Expanding Services for Very Young Children in the Public Mental Health Setting

A quality-improvement study evaluated the feasibility of training mental health providers to provide mental health screening and relationship-based intervention to expand services for children 0 to 5 years of age in eight California county mental health systems from November 2002 to June 2003. State-level training was provided to more than 582 participants and county-level training to more than 5425 participants, including ongoing supervision. Direct services and use of collateral services were tracked. Psychiatric symptoms were screened with new Mental Health Screening and Risk Assessment tools for 388 children (mean age, 34 months). At intake and after intervention (mean of 22 visits), an index sample (93 children) were further characterized by the Diagnostic Classification for Zero to Three and DSM-IV, and parent-child relationship was characterized by the Diagnostic Classification for Zero to Three Parent-Infant Relationship Global Assessment Scale. Providers reported that 41% of their service time was directed to the parent and child together, 35% to the parent alone, and 24% to the child alone. The 93 index children and 295 children in a clinic reference sample were comparable, supporting generalizability. After intervention, Mental Health Screening and Risk Assessment scores were significantly lower. Global Assessment of Functioning scores improved (effect size, 0.35), as did the relationship (Parent-Infant Relationship Global Assessment Scale effect size, 0.16). Training mental health staff to provide treatment to infants and preschool children and families in public mental health settings is feasible and leads to an increase in numbers of children served.

Financing the culture in Italy

The paper deals with financing the culture in Italy. The public expenses for the culture are shared as expenses of the government, of the regions, of the provinces and of the municipalities. The relationships of the cultural organisations with the public sector are very strong because they belong to the public sector, or they broadly depend on public funds. A specific attention is devoted to other forms of financing, about the role of the entrance fees and the entrances of the game “Lotto”, which subsidy the cultural goods and the Interministerial Committee for the Economic Planning (CIPE) allocations to the depressed areas. We will also be faced up to the examination of other sources of private financing as the sponsorships, the entrances of collateral services about museum visits (coffee and bookstore) and the supply of banking foundations. The fiscal incentives refer directly to the cultural institution or to the external financing of the nonprofit institutions by donations or sponsorships. Finally, the cultural institutions will have always to operate more and more by a strategic vision of financial and managerial field, on the basis of high qualitative standards. The activities and cultural projects will have to be able to attract additional sources of income in addition to the public one; the search of private financial resources is developed in a situation of increasing competition among the institutions, while tools of innovative finance have to be used to satisfy the increasing demand of culture. It is difficult nevertheless to define the possible best method of public–private financing, if you take consideration of the distinctive features of the different institutions and interests of the operators who are involved: artists, cultural institutions, public bureaucracy, besides the economic effects which follow alternative choices. The recent evolution of the institutional, financial and managerial models of the culture in Italy plans a larger integration between public and private sectors for a great involvement of individuals, enterprises and foundations about the financing of the cultural services offer.

Chapter 5: Perspectives on the Integration of Employee Assistance and Work-Life Programs

SUMMARY A recent qualitative study explored perceptions of critical issues and challenges from the point of view of experts and key informants working in diverse roles in the Employee Assistance Program (EAP) field (Sharar & Hertenstein, 2005). One of the central themes that came out of the study is that EAPs have become a type of platform for the expansion of integrated collateral services, chiefly work-life (WL) programs. This paper presents a variety of perceptions and opinions from experts in the EAP field, both pro and con, on the growing convergence of EA and WL programs, including the rationale to integrate, segregate, and concerns regarding the diffusion of traditional and core EAPs. The paper concludes with the authors? perspectives on implications for the EA field, along with the need to find ways to measure if and when integration leads to employee and organizational improvement.

Does family-centered out-of-home care work? Comparison of a family-centered approach and traditional care

This research assessed the effectiveness of a family-centered approach to out-of-home care in reunifying children with their families by comparing differential exit rates of children whose families received family-centered services with children whose families received routine child welfare services. The sample included 472 children who were in foster care from 1994 to 1996 in Missouri. Survival analysis was used to calculate the probability that a child would be reunified with his or her family at a particular time and to compare the differential exit rates for the children who experienced subsequent placement during the study period. The authors used Cox regression analysis to compare the likelihood of reunification between the two groups. Findings indicate that during the latter part of the study, family-centered out-of-home care counties reunified children at a faster rate than comparison counties. Key words: child welfare; family-centered services; out-of-home care; reunification; survival analysis ********** The implementation of the Adoption and Safe Families Act of 1997 (ASFA) (P.L. 105-89) makes it important for us to understand how best to support families whose children have been removed from them for maltreatment. Family-driven practice, in which families are treated as experts and collaborators in goal setting and mobilization of solutions, has produced successful outcomes (Briar-Lawson, 1998). Fraser and colleagues (1997) provided support for this approach in their review of family preservation services (FPS). They found that empowerment of parents, the use of collateral services, and an in vivo focus in which services are provided in a home or a community setting were common elements in successful family preservation programs. They also suggested that successful services are culturally sensitive, action oriented, and carried out in collaboration with family members. Although family preservation services have not been as effective as hoped for in the prevention of placement (Cole, 1995; Fraser et al., 1997; Wells & Tracy, 1996), there is evidence that intensive family preservation services are useful in improving family functioning and can be used as an initial response to families where maltreatment is a problem. Wells and Tracy suggested using FPS to assess a family's strengths and weaknesses, to meet critical concrete needs, and to plan intervention. Walton (1998) described a program using FPS that successfully reunited children with their families. Although the results at a six-year follow-up were somewhat mixed, the families receiving FPS were significantly more likely to be stabilized than a control group of children who received routine foster care services. Timeliness is one of the guiding features of ASFA, which was implemented to move children quickly into permanent placements. For workers to achieve case goals within the ASFA time frames, they must ensure that families have individualized service plans and high-quality comprehensive services, while ensuring that children are safe. All staff need to collaborate with other service providers, quickly engage families in treatment, and determine the parents' capacity for change (U.S. Department of Health and Human Services, 2000). These conditions can be met if intensive assessment and planning with families occurs when a child first enters care. In other words, a family-centered approach to foster care that integrates effective components of FPS and is implemented as soon as the child enters care should ensure the safety of the child and decrease the time the child spends in foster care. However, for FPS to be successful, assessment and planning should recognize and distinguish between problems that are easily resolved and problems that contribute to longer stays in care. For example, a number of studies have found that neglect is more difficult to treat than other types of abuse (Berry, 1992; Nelson & Landsman, 1992; Terling, 1999). …